Forex Trading - Poker Players Often Become Trading Millionaires the Skills Needed Are the Same

If you thought that poker paying couldn't teach you much about forex trading you would be dead wrong. If you can play poker successfully you can trade and win because there is a unique mindset needed for both. Even if you don't play poker you will learn the skills needed from this article.

Any successful poker player will tell you that to win you need to know when to bet ( when the odds are in your favour) how much to bet and when to quit, to preserve equity and the skills needed are neatly summed up in the old gamblers saying:

"There's a time to hold them a time to fold them and a time to get out of town fast"

The successful poker player relies on himself there is no one to help him at the table (contrast this with most forex traders who trust mentors gurus or junk robots) and they rely on tremendous discipline to not trade at all, or quit and take a loss and keep their losses small (contrast this with the forex trader who hates admitting their wrong), now you can see why they make great traders.

Trading relies on you - no one else can help you.

You must get the right education and have confidence in it and then the hard part - apply your trading system with discipline in the market. Just like in poker your playing the odds not the certainties, many guru's would have you believe.

You have to have total confidence in what you are doing and the equation for market success is:

Logical well thought out method + the discipline to execute it = forex market success.

If you don't have the discipline to execute your trading system - you may as well not have one!

The poker player will take loss after loss - but he will have the confidence and discipline to know that his time will come, when he can load up his trades and win big. Most traders simply cannot take a strong of losses but that's part of trading and you must do this.

You need to understand you have to lose to win.

Forex trading is actually quite simple anyone can learn to trade currencies but 95% of traders lose. The reason is not because they can't learn to trade, it's because they like to follow others or want to win all the time.

They simply don't have the discipline, or mindset to win and the poker player does.

So learn this:

You need to stand on your own two feet. No following others or believing all the hype that forex trading is easy - its not.

You then need to have confidence in what you're doing, to give you confidence and the discipline to preserve your equity by taking small losses and wait for your opportunities and run them to big profits, when they come.

So if you play poker successfully or for that matter blackjack, then you already have the traits needed to win. If you don't play poker you will see the logic of the material enclosed and can incorporate it in your forex trading strategy and seek forex trading success.

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