Firstly 95% of traders lose money but don’t let this worry you to much.
The facts also point out that everything about forex trading can be specifically learned, by those traders prepared to put in the time and effort to do so.A stunning example of this was “the turtle” experiment (see our other articles) where traders with no previous experience were taught to trade successfully in 14 days and ALL went on to make millions!
In forex trading the lessons from the above experiment you would be wise to learn are:
1. You need to work smart not hard
Knowledge is not power in forex
markets and accumulating knowledge
for the sake of it won’t help you.
You don’t get paid for effort in
forex markets you get your reward
for being RIGHT.
All you need is a simple Forex
trading system that you can have
confidence and you need to keep it
simple as - they work far better
than complicated ones, as there are
fewer elements to break, in the
brutal world of real time trading.Again keep in mind what we have
said earlier:
You get paid for being RIGHT that’s
it - so don’t try and be clever.
You may be thinking this all sounds
a bit easy and yes learning to trade
is not hard – the hard bit is -
executing the knowledge in a
disciplined fashion.
2. You Need to Have confidence and discipline
If you can’t execute your forex
trading strategy with discipline,
you don’t have a strategy at all!
Executing a system in a disciplined
fashion is the hard part in forex
trading.
It’s well known that emotions get
involved and ruin most traders.
Trading with discipline sounds
easy but is anything but – its hard
especially when money is on the
line.
If you want to have discipline you
need to have confidence and this
really comes from building and
understanding your own trading
system.
You can’t buy this for a few hundred
dollars – its doing the groundwork
and doing it yourself that will give
you the confidence to follow your
system with discipline.
3. The Key To Your Success
Perhaps the one element I have
missed out is desire.
If you have a burning desire to win
and succeed - chances are you will
do what is necessary to make it so.
If you read about the great traders
and a good place to start is with
Market Wizards – Jack schwager
(Edit) - You will note that all the
traders interviewed (and this is the
cream of trading talent) had a
burning desire to succeed, love what
they’re doing, are humble and enjoy
taking risks and the challenge Forex
trading presents.
The Challenge
If that sounds like you, then there is nothing to stop you making it to – all you need to do is work smart and go into forex trading with the right mindset.
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