Knowledge of 3 forex trading levels was the beginning point of my journey in my quest to financial freedom.
My knowledge on different levels of forex trading helped me identify my ultimate goal, where I want to be and how soon I want to achieve it.
I have identified three levels of forex trading. I think of it as a map that will aid me throughout my journey to the top.
Every trader must start somewhere to study the logistics of how forex works. The beginner trader's goal is to study the forex constitution, understand them and establish a methodology to work on.
Even before a trader decides to learn charts and fundamentals I think it's absolutely imperative to understand your own personality traits in order to create a winning trading methodology. Very few trader will ever highlight on this issue.
All your past habits, mindset, and they way you will react to day-to-day events will come into direct play when it comes to determine your success or failure in forex trading.
Moreover, if your personality conflicts with your trading psychology then chances are you'll likely default in making wrong choices.
So take this FREE and quick Jung and Isabel Myers-Briggs typology personality test.
This test is FREE. Analyze and understand it. It will greatly help you in setting the right mindset not only in forex trading but also in your day-to-day personal life.
The competent traders are one who have gained conscious competence in forex trading.
Such traders have learned to distinguish between emotional trading versus trading based on educational training.
In this forex trading level, competent traders have created their trading methodology and begun to trade real money account with confidence.
The expert traders are on who have gained unconscious competence.
In this forex trading level, literally speaking, such traders execute profitable trades without any emotion. The expert traders are one who have figured out ins and outs of the forex trading. Such traders trade with confidence and achieve consistent financial returns.
Every trader must have a goal. Well all trader claim they have a goal. However, my goal as a forex trader is quite different from many trader's goal.
My ultimate goal is to reach the expert status while many trader's goal is to hoard as much cash as they can in a short period of time. This difference in our goal also determines who will likely success and who will fail.
I think of "the expert level" as achieving PhD in forex trading. The best part is other PhD holders will have to start looking for JOB (=Just Over Broker) soon after getting PhD to pay the racking college debt whereas the expert forex traders will be making money while earning the PhD status so they will never have to imprisoned their life within four walls of small cubicle.
Or think this way: would you prefer $1,000,000 in cash right now or want to achieve one million dollar idea in about 6-36 months.
Your honest reply to this question will very likely answer -
What kind of life you will likely live?
What kind of house you will live?
What kind of car you will drive?
How many times a year you will take a vacation with your family?
To me, I prefer to achieve one million dollar idea even if it takes me 7 years because once I master the idea then I can duplicate it over and over for the rest of my life as opposed to one million dollar in cash right now.
So what do you prefer cash in hand or knowledge in brain?
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