I don’t think so - although there are many vendors out there trying to sell you the Holy Grail of Forex Trading. But the real holy grail lies within you ....
- Your psychological state is the most important factor for your trading success.
The second most important factor is your management of risk.
Other factors such as determining an entry point, interpreting charts and following trends are far less important than your mindset and your use of Stop Loss and Take Profit.
For his book ‘Market Wizards’, Jack Schwager interviewed profitable traders. One question that he asked was, with the advantage of hindsight, would they do anything differently as new traders. The majority said that they would spend less time learning how to spot entry signals and more time becoming aware of their psychology as a trader and developing their rules for risk management.
The ‘Holy Grail of Forex Trading’ ? If you see it for sale, don’t buy it.
Julie
http://who-gives-a-forex.blogspot.com/
