Draw the Fire Line in the Sand When Trading Forex

Focus: STRATEGIES

Robert Rapier Image Robert Rapier Editor, Investing Daily

Rob Tovell of DailyForex.com offers some educational tips he feels are most essential to try and put the odds of succeeding in the newbie forex trader's favor and sheds some light on a trading technique involving what he calls, "Fire Lines."

Trading is, without a doubt, one of the most alluring and exciting professions an individual could ever embark upon. It is also, arguably, one of the most dangerous. A career as a trader can be over in a heartbeat if the trader has not been properly educated to the market's fickle ways. It is the potential of unlimited riches and income that seduce so many, yet the odds of success are heavily stacked against them. What is it that makes the difference? Why do so few succeed, where most others fail? The answer can be summed up in four words: discipline, education, hard work. It is the purpose of this article to equip you, the budding trader, with some of the education necessary to help you put the odds of succeeding in your favor. As for the discipline and hard work part, that is up to you. I would be willing to guess that success in trading is probably close to 10% knowledge and 90% discipline/hard work. Perhaps this is why the mortality rate of would-be-traders is so high. Not everyone is suited to short-term trading. Many brilliant people have been shot down in flames while trading.