Trading is a totally learned skill, so anyone can be successful think it’s easy and the markets give you a reality check and wipe you out that’s why 95% of traders lose. Give it respect and get the right currency education and you can win and that’s what this article is all about…
Firstly let’s get a few things straight you won’t win if you have any of these beliefs
– You can follow a so called expert system and win based on their back testing
– You can trade without losing for long periods
– You can predict market action in advance
– If you work hard you will succeed
– If you are clever you will succeed
– If you listen and trade breaking news you would win
All the above beliefs are wrong, lead to equity wipe out and most new traders fall prey to them.
So How do you win?
The first point to keep in mind is success depends on you and that means learning the right knowledge, having confidence in it and trading with discipline, through losing periods until you hit a home run – and its not easy!
That’s why the rewards are so big, for those who can achieve the above.
Do not believe the so called mentors or experts who tell you that there systems with no profits to support them and a simulation backwards will help you they wont. If trading was easy 95% of traders wouldn’t lose but this opens up an opportunity for the trader prepared to get the right knowledge and mindset.
Work Smart NOT Hard
Currency trading success requires you to work smart, get the right information and avoid the myths and then you need a simple system ( simple systems work best as they are more robust) and then you have to have the confidence in your rules to cheerfully take your losses and focus on the long term.
It should take you only a few weeks to learn currency trading and then you can make big profits in around 30 minutes a day – if you understand the next point.
Discipline is the Key
Even when you have a good solid forex trading strategy, its hard when the market hands you losses and makes you look a fool – but if you can keep going executing your trading signals and keeping your losses small, you will be rewarded.
Currency trading isn’t easy, as trading discipline is hard to achieve but if you can have a disciplined mindset, you only need a simple system and the confidence to apply it and you can enjoy currency trading success.