Forex Trading: Is The Holy Grail Syndrome Real?

What is the “Holy Grail?”

Traders lose a lot of time and money chasing it around, looking for the next best system, trying to find this magical holy grail. They try this Forex trading system or that Forex strategy for a week and then they read another eBook and change systems again. Traders look for holy grails.

They don’t understand how counter-productive this is. They believe there is a secret that, once discovered, will provide a simple, fail-safe answer to all their trading questions. That, of course, is nonsense. This kind of thinking will just hold you back. Success takes hard work!

Once you find a Forex trading strategy that makes sense and works for other people give it a proper chance to work for you.  Forward test it on demo and follow ALL the rules exactly as taught.  You must do this to begin with before you stamp your own personality on it.

Holy Grail Syndrome sufferers look for something that will give them a signal to trade rather than learning how to trade. They look for magic systems (advertised everywhere) that will make money for them every day. They look for automated trading robots to make money for them “while they sleep” and other such nonsense.

They have unrealistic expectations and want to make millions with a starting capital of just $100. They are fodder for the professional “gurus” who will just take their money. Please don’t be one of these Holy Grail seekers; learn how to trade.

Forex trading is a profession and like any profession it can be learned with hard work, time and dedication. This business could change your life if you take it seriously and be professional. Amateur traders turn into professional traders when they stop looking for the “next great technical indicator or system” and start controlling their risk on each trade.

My suggestion is that you swap your TV time for trading time for the next three months. Once you taste success (financial and emotional), you will find it easy to devote the time and energy necessary to reach your trading goals.

By |2013-03-04T09:55:28-06:00February 15th, 2012|Forex Trading Strategies, Phil's Forex Blog|0 Comments