Forex and The Secret

Forex SecretIs the Law of Attraction applicable in Forex world? Is it just another Self-Help BS or there is more to it? Is there a true Forex Secret? Let’s explore.

You may find this strange topic to write and may be wondering how on earth something like The Secret relates to Forex. I never thought I’ll write an article that has Secret in its title but here it is anyway.

What is The Secret?

First of all if you don’t know The Secret is then I suggest you Google it, there is a book and a 90 minute video. Once you have done that come back to this article and it will make more sense.

I came across this video through spam email which landed in my inbox, it asked me to see this video and then take quick action to buy their product. I did see the video but didn’t buy whatever they were selling, not because I hated The Secret but I couldn’t correlate between the two.

The Secret talks about “Law of Attraction” (some would say a fancy name for “day dreaming” ). The Law of Attraction states that like attracts like; your thoughts and feelings attract corresponding experiences. Your thoughts become things and by simply imagining it and taking actions you can get everything in life.

To some degree it is true since it emphasise heavily on positive thinking. Though not necessarily true in Forex. Let me explain.

Where it Fails?

Imagine a day when you encounter a big loss in the market. If you are firm believer of The Secret you would avoid any negative thoughts that come to your mind, wipe the complete day out of your memory and start fresh next day. This may not sound too bad but there is a problem.

Successful trading is an incremental learning process. It is not different then a player watching a recording of his / her performance, noticing mistakes and avoiding them the next time he / she is out there performing again. By completely neglecting the past performance you would miss out on the constructive learning process. The Secret fails miserably at this point.

The Real Forex Secret

There is a Forex Secret. The secret is not only to record your mistakes but also to record what you did “Right”. Repeating over and over again the “Right” and avoiding the “Wrong” is the real Forex Secret. That’s how you excel not only in Forex but in anything in life.

This article is meant to raise a lot of eyebrows and to inspire conversation, so go ahead and comment. I would love to hear your thoughts.

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26 Responses to “Forex and The Secret”

  1. Duke 10 March 2010 at 10:48 am #

    Thank you for this article. I agree that not looking back will be the greatest mistake you'll ever do in forex.

  2. Scott 10 March 2010 at 10:49 am #

    It would seem that the real secret is in following your trading plan. The plan generates a signal that either works or fails. There is nothing right or wrong about this because there is nothing for you to do right or wrong if you follow the plan. However, when you interpret or stray from the plan, that is where the right or wrong comes into play. The secret, then, is in creating a trading plan and sticking with it. That is essentially what FirePips is doing.

    • FirePips 10 March 2010 at 12:16 pm #

      Thanks for mentioning Trading Plan…that reminds me to write an article on it :)

  3. Indy 10 March 2010 at 10:54 am #

    Having a trading plan is key as Scott mentioned, but what's more important for longer term success (and this is not just applicable to trading) is to go through this reflective process at least once a week. Keep it simple: do more of what works, and less of what doesn't work.

    • FirePips 10 March 2010 at 12:15 pm #

      Well said Andy…"do more of what works, and less of what doesn't work"

  4. Darren 10 March 2010 at 11:04 am #

    Many never appreciate the benefit of simply getting it right! We are human, at the time there is excitement when a trade brings home the bacon!, we forget to check what took us to that point of success in that trade?
    It is good to ask yourself ''how did I get that right''? ''was there something that I did that I did last time I got that right''?
    write it down !
    Great article , simply great!
    Thank you

  5. Scott 10 March 2010 at 11:05 am #

    Doing more of what works is correct! But how many traders do you suppose blow through their accounts trying to find their groove – the strategy that works for them? I know someone who struggles greatly to find a system of rules that works for her style, R/R and timeframe. I find it interesting that traders in FX do not share their strategies. The FX market is so big, and the big guns follow their own systems anyway. Perhaps sharing strategies would greatly reduce the "wrong" and make the less successful traders more successful.

    • FirePips 10 March 2010 at 12:24 pm #

      You do have a point…but let me tell you something. Once you get a signal wrong you then get hundreds of new suggestion on how improve and fix it.

      Most people don't understand that losses are part of trading. They got caught up in endless cycle of modifying their system, hoping that the new change will fix everything.

      The "wrong" is part of trading…without "wrong" there is no "right". It is like if you believe in God you gotta believe in Devil too… lol

  6. Indy 10 March 2010 at 11:24 am #

    Like FP has mentioned in a previous article, we all need to find our own niche. You could give all struggling traders a profitable system and will still find that a surprising majority of them still lose. There are plenty of traders who blow up trying to find their niche as they have no business trading at such a high $ per pip amount when they are still in the initial testing stages. Sadly, greed takes over and stops their trading career short before they have found that niche. Human emotions invariably get in the way regardless of methodology. What FP is doing with his blog is interesting, but without any insight into how he selects his trades, his plan is not as helpful to us as it should be.

    • FirePips 10 March 2010 at 12:19 pm #

      You are right. New traders get eager to make profits. Trading is supposed to be boring task…if someone wants excitement then they are better off playing poker.

  7. CC1 10 March 2010 at 12:12 pm #

    Monitor, record, monitor and record again.Follow the plan, Thanks Firepips for your thoughts.

  8. @TrishaMariaPena 10 March 2010 at 12:29 pm #

    I have been studying The Law of Attraction for over a decade and can attest that it is easy to see how it works in your life. I have been trading live for less than 6 months after a year of study, demo accounts, etc. This is my only income. An experienced trader gave me an EA that she lives off of, making 20%+ a month. I have lost half my account while using it. :( I believe that the Universe brought forex trading t me, but cannot understand why I have suffered as I have so far. I have turned off the EA and now trade my scalping style, getting 2, 5, 10 pips per trade several times a day. I pray that this works for me and praise the Universe for the opportunity to do this.

  9. HT-Trader 10 March 2010 at 1:25 pm #

    People don't fail, They GIVE UP!

  10. Art 10 March 2010 at 2:05 pm #

    Try to google "The Opus" movie. some people call it "the secret 2". i know its on youtube in 8 parts

  11. Tracy 10 March 2010 at 2:53 pm #

    Thanks for the article FP..:)

  12. malaysia 11 March 2010 at 1:57 am #

    the price of discipline (failure) is better than the pain of regret

  13. Palmer 11 March 2010 at 2:00 am #

    While I agree that as traders the most valuable thing we can do is to evaluate our trades. However I don't agree with your interpretation of the Secret. I don't think anywhere does it say just forget the past. I think it just says focus on what you have and the positives in your life rather than focusing on the negatives.

    Focus on your abilities rather than the weaknesses.

    Also thanks for your signals, while I don't use them on their own I do use them as a confirmation for mine and would love to learn more about your trading style if you ever feel like teaching it.

    • FirePips 10 March 2010 at 11:19 pm #

      You said the Golden words "Focus on Your Strengths, and Workaround Your Weaknesses" :)

  14. Rob 11 March 2010 at 2:42 am #

    Nice work FP,
    Sticking to my trading plan as painful as it can be at times has returned over 600% profit in the last 12 months on my trading account. Belief in yourself and your system will get you through the tough times that are associated with trading.
    Great posts everyone ;-)

  15. 4xgolfer 12 March 2010 at 11:37 pm #

    FirePips – You Rock!!!!

  16. Todd 14 March 2010 at 2:58 pm #

    The Law of Attraction is a rule I live by and my trading follows within that context. The Law of Attraction is knowing that trading will provide the desired outcome. That you proceed with enough diligence and learn to trade proficiently — and ultimately successfully.

    There are many books, etc… that delve into this science. I would recommend Napoleon Hill's Think and Grow Rich, Charles D. Wattles The Science of Getting Rich, among many others fine books.

    Once your mind is right, you can begin to learn to trade and be successful. It cannot rule every single trade individually, but all your trade combined.

    It has changed my life and helped me become a successful trader.

    • FirePips 15 March 2010 at 12:48 am #

      Those are great books…thanks for suggesting.

  17. Maggies 18 March 2010 at 10:37 pm #

    Only problem I see with this is that, one day what you do in trading forex is right/correct/positive, but you do the same the next day and it will not work. It is about probabilities, so it is not so simple as :

    There is a Forex Secret. The secret is not only to record your mistakes but also to record what you did “Right”. Repeating over and over again the “Right” and avoiding the “Wrong” is the real Forex Secret. That’s how you excel not only in Forex but in anything in life.

    Rather, you have to find what usually is right most days.

    just seems right to me, there is no 100% right or wrong…I do believe that being in a positive zone is good, you need to be positive so when that 'moment' comes you are ready to pull the trigger. I you are not in the zone you hesitate and miss then you get emotional and chase.

  18. Brian Campbell 23 March 2010 at 2:13 am #

    The biggest benefit of the law of attraction for forex trading is that it helps you to have a positive mindset about possibilities for success. By believing that you'll be successful, you become successful.

  19. trickster 30 May 2010 at 3:16 pm #

    "I will become a successful trader." If you ever had that thought and then began(by whatever route you took) to make money in forex…you used the Secret whether you knew it or not.

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