Don’t be smart, but be effective!

In the article “Keep it simple in case of forex trading” you could have learned why it’s important to handle a forex trading system using simple and well-defined rules and that you should be selective when it’s about gathering knowledge. In this article I’m going to explain why intelligence or gathering a lot of knowledge could be leading to a pitfall and what really is the key to being successful in the long term.

Although simplicity in case of the OFS Trading System plays a very important role to be able to get successful in the long term, the content of this article is applying to every forex trader, regardless of the kind of forex trading system you will be using!

Intelligence could be a handicap!

Although people frequently think otherwise, in actual practice intelligence is often playing a minor role in case of forex trading. You don’t need to be intelligent to become profitable in the forex market. Issues like simplicity, discipline, patience and a long term vision are much more important.

In actual practice intelligence often rather acts like a pitfall. Intelligent people are frequently inclined to figure out everything, to gather more and more knowledge and to keep on tampering their way of analyzing and trading. They’re constantly discovering new possibilities to improve things and they consequently are hardly able to refrain from “correcting “ something. The result of all this often happens to be that they cannot succeed to get profitable, because they have totally lost “the key to simplicity” out of their sight.

Does being intelligent always has to be a handicap? Definitely not, at least if you use your intelligence to understand the content of this article and to comply with it.

The story of the turtles

A striking example to illustrate that intelligence/knowledge doesn’t really matter to become successful, is the story of the turtles. Trading legend Richard Dennis teached a random group of people, all having different backgrounds, how they should act to be able to trade profitable. These people had absolutely no knowledge whatsoever of trading and within a period of two weeks they were trained to be able to handle one simple trading method. During the following four years this group earned no less than $100 million!

Did they achieved this by deepening their knowledge in a very fast way? No, they didn’t. During all these years they only used this one and only simple method. The key to their success was their discipline to persistently keep following the rules of this trading system. This result needed no intelligence, let alone profound knowledge. On the contrary, what this result needed was confidence, discipline, patience and a long term vision!

In my previous article I already indicated that a simple forex trading system with well-defined rules is essential when you aim to become successful in the long term. If there still should be the slightest doubt about this indication, the story of the turtles proves the opposite once again.

Don’t try to deepen everything, but be effective

The tale of the turtles of course happens to be a nice story, but the essence of the story applies for all profitable forex traders. All successful forex traders do have one thing in common: they dispose of a good trading system with well-defined rules and the reason why they are successful lies in the fact that they have the discipline to comply with their own rules and that they are handling the right bankroll management. They trust their own trading system en don’t lose valuable time caused by unnecessarily “correcting their system” or “increasing their knowledge” while hoping to make even more profit as a result of this.

Conclusion

To be able to trust your trading system just like the successful forex traders do, you’ll need to dispose of a long term vision. In the next article I’ll show you how to create such a long term vision, as a result of which you can fully trust your trading system. If you’re not yet having a forex trading system with well-defined rules at your disposal, you’re welcome to take advantage of our offer to get the OFS Trading System free of charge!

Summary of the article series “Forex Trading is simple!”:

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