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How To Become One Of The 5% Of Forex Traders Who Win Broadcast Review

13 April 2009, 11:32

 

There are a lot of videos on YouTube that deal with Forex trading, and there are also some members who have concentrated on providing a series of useful instructional videos that each deal with an isolated part of the Forex trading arena.

One such example of this is the Trading Mastermind Forex Trading Video Series, which has been posted by the member tradeartist.  The particular video we're going to review here is the second one in the series, and is called 'How to Become One of the 5% of Forex Traders Who Win'.  The title alone (not to mention the tiny 5% figure mentioned in it) should be more than enough to keep you watching, and indeed it does – just as it has kept over fifteen thousand other people watching to date.

The video itself is fifteen minutes long, which is plenty of time to delve into this subject in length.  The narrator, Scott, aims to show us how the 5% stand out from the vast majority of people who never manage to make a profit in this field.  Forex trading is known to be a risky proposition – especially if you don't know what you are doing or you tackle it with the wrong approach – so it is in your best interests to listen to this video.

Scott starts by pointing out the fact that not all the errors people make are down to their techniques and what they do tactically when they make Forex trades.  A good percentage of the errors are also prompted by more personal reasons – ones which are connected with our mental and emotional thought processes.

One of the great things about this video is that you aren't treated to a picture of Scott sitting there talking to you!  Instead he opts to use screenshots which reinforce what he's telling you at the time.  This is a useful technique and it also means you are more likely to take in what you are hearing, because you can see the message on your screen at the same time as you are listening to it.

Around eighty seconds in to the video Scott shares an intriguing fact with us that makes that tiny 5% figure even more interesting – and somehow more attainable.  You can watch the video at http://youtube.com/watch?v=-7HdyVfFvBI to find out what this fact is, but it will make you look at life on the whole in a different way too!

Scott goes on to give a compelling case for making sure you are in the right state of mind when you start trading in the foreign exchange markets.  This lesson hinges on the importance of positive thinking and having a positive state of mind, and in this sense it doesn't matter whether you are trading currency on a daily basis or simply watching this video out of curiosity; this is a lesson you can take forwards with you into any and every area of your life.

One of the things that make this video different from many others is that Scott ends it by recommending a couple of books to read which will give you a lot more information on how your thinking can affect your life.  These books are not related to Forex trading directly but as Scott points out they can be applied to that field with great results.

One of the books he recommends concerns the Law of Attraction, and Scott relates this to currency trading by saying that a lot of people spend a lot of time trying to prevent LOSS instead of trying to WIN.  Without even knowing it these people are sending a powerful and NEGATIVE message which is focused on losing and their fear of it to their brain.

This is an outstanding video and one that takes a different stance on the world of currency trading.  There are plenty of technical videos around which concentrate on telling you how to do certain things, how to make successful trades, when to buy and when to sell and so on, but there is also room for this type of video and you should make the effort to watch it if you want to approach Forex trading with the right state of mind to win.

Once you have watched this video there is a very good chance you will want to see the rest of the series, which you can easily access by looking at the rest of tradeartist's videos and selecting the one of interest to you.

 

Comment

  1. This looks like a great resource for me – I’m trying to get some more knowledge for the Forex markets at the moment. I’ve only been dabbling in it and I need to know more before I can really get started properly.

    I’m not sure if I feel good or bad about that 5% figure though – I can’t believe so many people lose a lot of money doing this! I guess it depends on what you know though, so in that sense I feel good about trying to figure some more stuff out before diving in!

    Does anyone else know any more good resources like this for Forex?

    — JamieK · Apr 27, 10:00 AM · #