By James McKee
The best Forex currency exchange traders have a lot in common with the best poker players, they set things such as fear and un-certainty aside in order to achieve more wins than losses. Losing is just as much a part of being a Forex trader as it is being a poker player and while winning more than losing is the key to success it is not always possible. Forex trading like professional poker is a lifetime commitment and each will have its up and downs over a lifetime, not just in the short term. Having the proper mindset however will enable you to maintain a winning strategy and achieve success.
Patience, this is a HUGE part of both poker and Forex, without patience you could either go all in on a busted hand or hop onto a trade too late or too early. Patience and careful analysis of the market will be invaluable to overall success, do not second guess yourself even when a trade you decided not to go would have made you money. Sometimes the best strategy is the one that keeps you out of “iffy” situations, even if they turn out to be successful.
Playing in free tournaments in poker rooms online is a lot like using a demo account for Forex (except that you can possibly make money in a freeroll). Your reward with regard to a demo account is infinitely more valuable than money though, your reward is the ability to safely test trading systems to see whether or not they are profitable. Such knowledge can earn you a living for the rest of your life so long as you apply due diligence in developing your system and making it work for you. Reading books and the advice of others can be valuable in some situations however everyone is different and so you should combine elements of other strategies to make your own.
About the Author
Author is a Forex trader and financial analyst residing in Denver, Colorado. To stay up to date on all the latest developments in the financial world and beyond be sure to check out the forex exchange rates regularly.
