Forex Trading Secrets - Why Understanding A Game Of Poker Is The Secret Of Forex Success

It's a fact that many of the world's super traders come from a background of professional poker playing

. Most don't have degrees in economics and many didn't even go to university but these top traders make huge gains. So you might be thinking why does the secret of Forex trading success lie in a game of poker? Let's take a look.

The major mistake most traders make is thinking there is some hidden mathematical order to trading or prices move to some higher force so they use predictive theories such as Fibonacci, Gann, Elliot wave and a huge number of predictive robots and they get wiped out. There is no hidden order to Forex markets, to win you simply need to trade the odds

Good poker players know, there are no certainties in the game and they don't know what cards will come out of the deck but they can calculate the odds of success and when the odds are in their favour they play their hand. Its the same in Forex, you are trading odds not certainties and you don't need to predict to win, the odds will tell you when to trade.

Good poker players are patient, they only trade when the set up is right and you need to do the same in Forex. Most novice traders trade to much and lose but if you want to win you only trade when the odds are in your favor.

The real secret of poker success and Forex success is this!

The problem most Forex traders have is they won't take a small lose, they hang on and hope the trade turns around and that leads to disaster. There ego won't let them take losses and discipline goes out the window. Contrast this with the professional poker player, he has no problem in folding and taking losses and keeping them small. He knows protection of equity is vital and if he waits, he will get big winners which will more than cover his losses and give him a healthy gain.

He has no ego, keeps his emotions under control, trades with iron discipline and of course, all the great traders have these traits too.

Forex trading is like poker and secret of success is knowing how to trade the odds but more importantly, executing a strategy with discipline and keeping emotions under control. There is an old gamblers saying which is not just the secret of poker success, its also the secret of Forex trading success - here it is:

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

If you want to win at Forex - trade the odds at all times and then, have the discipline to take your losses, the courage to get into big trades and hold them and above all else protect your chips, because if you lose them you can't bet.

To simple?

Well Forex trading is simple and if you think about the above, you will see that if you have the mindset of a good poker player Forex trading success awaits you.

by: K Price

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