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DOI: We hope you enjoy this McGraw-Hill eBook! Dedication I T IS WITH THE utmost respect and my sincere admiration that I dedicate this book to my wife Susan; who has helped me watch my thoughts as they became my words, helped me watch my words as they became my actions, helped me watch my actions as they became my habits, helped me watch my habits as they became my character, and most importantly helped me build my character, which ultimately protected our destiny.
She is my partner for life! I further dedicate it to our eight children and three grand children, who have been a miracle in my life and forced me to stay humble. Thank you for being the grinding stone in my life. May you all enjoy each day of your life—I love you all! Click here for terms of use. After his speech, the leaders of NASA franti- cally called the White House declaring his proclamation to be impossible.
It is their talent and capability that allowed me the freedom to write this book. Her sheer genius never ceases to amaze me. Thank you for opening up your homes and your hearts to me and my family.
It has been through your perception of the world, the mar- ket and your countless challenging questions that have allowed me to widen my perception of the world and the market. In addition, I would like to thank all our staff and worldwide partners at MTI for their dedication, support and belief in our vision. You are not only great business partners, but have become some of my best friends. I am deeply grateful to Jeanne Glasser and all the staff at McGraw-Hill who have participated in bringing this book to market.
Thank you for believing in me. I cannot finish my acknowledgements without recognizing my parents who constantly grounded me in an attempt to harness my adventurous spirit. I give tribute to you all! Forex, or the foreign exchange market, offers incredible financial opportunity for those who are ready for the adventure, but it can be disastrous and financially devastating for those who are unprepared.
My focus as an author is to be a mentor to those readers eager to enter the world of Forex trading. Some of the material in this book took me years to discover, develop, and just plain figure out.
I hope you will realize that this book, although written primarily for traders, is ultimately about self-improvement. I have discovered that no one can become successful at trading, or for that matter at anything, without first establishing their personal constitution.
It is this aspect of yourself that either destroys you or allows you to succeed in life, and that includes Forex. To be successful in your financial journey, you will need to be prepared for what the market demands the most—change and discipline! If you can- not find the courage to change and then remain disciplined to that change, you will be unable to develop a trading strategy that aligns with your per- sonality and your perception of life.
If you can learn the when and the why, you will be able to make market movements work for you allowing you to capture the majority of potential profit from the move.
When you do this, you have discovered your personal holy grail in trading! I believe this book can become your holy grail if you let it! Trading needs to be fun, emotionally exciting, personally and finan- cially fulfilling, and stress-free. You will also need to master your emotions. Success lies in mastering four skills, three of them technical. These technical skills include knowing: 1. How to find market direction in any time frame, anytime, 24 hours a day.
How to establish a successful entry strategy that works consistently. Every trader wants the market to move in his or her direction from entry. How to create two solid exit strategies: one to protect yourself financially should the market not go your way, and one to capture profit if it does.
The remaining skill is more difficult; it is learning how to overcome the battle that takes place in your mind. Believe it or not, our daily destructive habits hold us back from achieving what is rightfully ours in this life.
Learning to become a successful currency trader is a dream highly sought after by countless people around the world. I am here to tell you that it is a worthy and attainable dream. Dreams are attainable! However, there is a set of steps that needs to be mastered in order to make your dreams come true. This book will help you to learn these steps and to acquire the courage and commit- ment to take them. Always remember that man was not created to just get by—he was created to reach his highest potential!
One wolf is very evil. It forces you to deal with anger, envy, jealousy, sorrow, regret, greed, arrogance, self-pity, guilt, resentment, inferiority, lies, false pride, superiority, and a self-centered, destructive ego. The other wolf is good. It helps you to experience joy, peace, love, hope, serenity, humility, kindness, benevolence, empathy, generosity, truth, compassion, faith, self-respect, and to develop a giving, constructive ego.
There are successful people who have either been taught by a mentor, acquired some special knowledge, or implemented disciplines that enabled them to achieve their financial goals. The saddest part about this process is that most people do not display the sufficient humility and open-mindedness to acquire all this information and mentorship at an early stage in their lives.
I am adamant about one thing: if you are on the hunt for success in any field or any walk of life and have not yet acquired it, then perhaps you have been looking in the wrong places.
The reason is universal: successful people focus on feeding the good wolf. Individuals who manage their mediocrity or poverty in life are focused on feeding the wrong wolf—the evil wolf.
They carry around past emotional baggage and, in time, it becomes so heavy that all they can think about is survival. This mindset seriously affects their personality, performance, and ability to maintain emotional control, which is essential for success in life and success in trading. I have noticed a pattern among people around the world, regardless of country, race, or culture; they become what I call rainbow chasers.
Every few months they come up with a get-rich-quick plan, but these endeavors are doomed to fail, and then comes the inevitable blaming. Very seldom do those people accept responsibility for their outcome and look inside themselves to discover why they have failed. They go from one business opportunity to another, never achieving their end result, and are clearly locked into self-destructive habits.
They repeat their bad habits, continue to chase rainbows, and fail at just about everything they do. Life is not capricious; it will always provide the rich and poor alike with new opportunities. Forex is such an opportunity. This book will help you understand how to trade in Forex, or the foreign exchange market, and reap the financial outcome you desire. Please embrace this inform- ation with excitement, because you will be given the exact education and trading tools used by some of the best money managers in the world.
Whether you succeed or fail is solely determined by what is in your head and your heart. Believe it or not, this is how history repeats itself in their lives. If this describes you, then this book can really help you make a change in your life. Not only does it teach the technical side of trading, but also it will force you to address some of those unproductive bad habits.
When trading Forex, your daily actions will be based on a clear productive mindset of: Reappointment versus disappointment Resilience versus resentment Better versus bitter A winner not a whiner A star not a scar A victor not a victim A conquerer not a crumbler The reality in life is that the choice is yours. Your success will be determined by how confident you feel, what you think, and how you respond when bad things do happen. In any financial or business endeavor, success starts in your head, is fueled by your heart, and the results are driven by your actions.
These will determine your Forex experience. In this book, you will learn certain disciplines and habits that will help you become a better trader. There are three questions you have to ask yourself before you trade: 1. Do I want to make a lot of money? Do I want to make an average income? Do I just want to get by and break even? You need to understand these things about yourself because the market tends to be self-fulfilling.
Remember, you will always find what you are looking for, whether it be good or bad. Nothing in life is perfect, and if you set yourself up with an unrealistic expectation that things should be perfect, you put yourself in a position to focus only on negative events. If you bring this perspective to the trading table, it will have a similarly destructive effect. Uncover who you are and what you are looking for before you trade so that you can lay the proper foundation on which to build your trading career.
Your moral constitution, work ethic, and personal beliefs will mirror your trading habits. If you are a rule breaker, then there is no point in trying to learn a new successful skill that requires rules to be followed. If it is in your character to break rules, then learning a new successful skill that can change your financial future is useless. You will simply break the rules and self-destruct.
I know a person who is habitually late to work. As a result of his tardiness, he is repeatedly terminated. Yet he refuses to change his behavior. He is more willing to go through the trouble of searching for a new job than he is to change a simple, yet critical, destruc- tive personal habit. What I find with most unsuccessful people is that they fail to see the importance of following rules that will lead to their success, such as showing up on time. People underestimate how important preparation is for success.
However, the reason they get locked into poverty and mediocrity—only getting by—is that they show up to the battlefield totally unprepared and unprotected. Their focus quickly turns from the cause they were fighting for to survival and self-preservation. To survive the coming learning curve and successfully transition to a productive career trading on Forex, you will need to properly arm yourself.
Creating your personal constitution is like acquiring the best helmet possi- ble to protect your most important asset—your mind. Your mind is the epicenter of your body and the control tower of your destiny. You first need to identify, and perhaps define, who you truly are. The following exercise will help you discover your personal constitution. Once you have completed this exercise, you will be able to see what you need to change in your personal life to become a successful trader.
This exercise is what I call a litmus test. Are you more honest than dishonest? Do you always tell the truth? As a child, I acquired the habit of exaggerating from my dad.
He would exaggerate about nearly everything he did, saw, and experienced. When I began dating my wife, she challenged me about my exaggerations the same way I did my dad. When you exaggerate, you are outright lying. That is not a good habit! It builds relationships and earns security, trust, and respect from those with whom you associate. It helps others know who you truly are. It also prevents future trading missteps. You will lie to yourself about how well you follow the rules when in reality you are trading on emotion and hunches.
And if you lie about your level of success, that bad habit will curse you when everyone wants to see proof of your trading prowess. Be honest in everything you do! Are you a promise keeper or a promise breaker? Integrity is all about making sure your word equals your deed. If your word does not equal your deed, then you are a promise breaker. No one likes a promise breaker. You will not be able to attract the right people in your life unless you become a promise keeper.
When you make commitments to yourself and others, you need to keep them. You will make promises to yourself and then break them. Believe me when I say that if you promise never to trade without a protective stop-loss order, which is an order that protects you from losing all your money in a single trade, and then break that promise, your career as a trader will quickly be over.
Avoid this fate—be a promise keeper. Are you a rule maker or a rule breaker? Freedom is something of a paradox because in order to be free, you must abide by a plethora of rules.
Just look at all the rules when driving your car. But the more you obey the rules, the safer you are when driving. Breaking the rules, however, will endanger your life and may cost you your freedom. Our lives are filled with rules. Then we learn rules about school, about dating, about working, about marriage, parenting, and so on.
The rules in our life protect us and help us get where we are going faster and safer. Breaking those rules creates risks, problems, and, eventually, setbacks. These setbacks can take you completely off track and dramatically delay you from achieving your goal in a timely manner.
Learning to trade, and being successful at it, requires that you follow certain rules. Ignoring the rules will cause you trouble when you are trading. You will be driven by your emotions and will be caught up in chasing the market, changing your mind, and breaking every rule in the book in the spirit of trying to save yourself.
Are you a good or bad listener? Being a good listener has its rewards. The greatest reward comes to those who develop the art of hearing what is not said. I used to be a bad listener, constantly interrupting people when they were talking and completing their sentences for them. I assumed I already knew what they were going to say and where they were going with the conversation. And yet I was almost always wrong. To overcome this habit, I had to learn to keep my mouth shut until the person speaking to me finished what they were saying.
Imagine the impact of such an interruption on a trade in process. Learning to be a successful trader requires good listening skills. Because history repeats itself, where the market has been begins to predict where it is going. If you interrupt its story and try to second guess what it is going to say, you will set yourself up to make a poor decision.
Although trading charts are unable to express themselves verbally, they do communicate to traders who are good listeners.
Do you think before you speak or speak before you think? Have you ever wished you could take back something you just said? Your words are like the sound of the bell—they resonate! People who speak before they think are often branded as ignorant and annoying; few are respected. On the other hand, we respect and look up to people who think before they speak; we value their conversation and opinions because they are carefully considered.
Which do you do? Are you habitually putting your foot in your mouth? Or do you respond with educated answers and arguments? As a trader, you must engage in a conversation with the market and your response can either be ignorant or intelligent. If you are disciplined enough to think before you speak, you will probably find success in trading. However, if you insist on speaking before you think, the market will allow you to prove your ignorance. Do you think before you act or act before you think?
The conscious and subconscious parts of your mind are your greatest assets and your greatest liabilities. The conscious mind dissects, considers, and categorizes everything you see and hear. If action is needed, the conscious mind thinks through how it will execute the action. If action is taken, the subconscious mind records the thought with the action and matches the two for future reference.
In the future, all we have to do is think that thought, and the subconscious mind stands by to automatically execute the exact action that matched the thought. That is how a habit is formed. Think about it once, do it once, and you have started a habit. Please upgrade your browser to improve your experience. To ensure optimal security, this website will soon be unavailable on this browser.
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