The facts enclosed should be obvious but most traders ignore them and lose and if you make the same mistake you will lose too – so lets take a look at them and give you some ideas on how to get on the road to currency trading success.
Lets first look at the way most traders seek currency success and its by buying a hundred buck robot or expert advisor. These traders seriously think they are going to make huge gains for life, with no effort and all for the cost of a night at the bar and of course they all lose. These systems are so cheap because they don’t make money.
Let’s state a fact 95% of traders lose money and if you could get rich with no effort a lot more people would win at Forex and they Don’t. You need to learn the basics, as you do in any profession but the fact is:
Forex trading is simple and simple systems work best, as they are more robust and less likely to break than a system cluttered with indicators – so don’t try and be too clever or work to hard, as these traits will not increase your chances of success! Anyone can learn a simple system with the potential to win but you have to make it win, this now brings us to our last fact which is the reason 95% of traders ALWAYS lose money.
The reason traders lose money is simply due to mindset and you must have the correct one to win – so what is the correct mindset?
The correct mindset involves taking losses unemotionally and keeping them small. Most traders hate taking a loss and when their losing they refuse to take it and get wiped out. It sounds easy taking losses but it’s not when the market is taking your money and making you look an idiot but it’s what you must do and if you keep your losses under control, the markets will always reward you with some great trends you can run.
Forex trading is simple to learn yet few traders succeed and its not that they can’t learn a successful system- they can in fact – anyone can however a good system is not enough to make you money on its own.
The reason for this is you need to apply it with the correct mindset to make big gains but the good news is – choosing the right mindset is a choice, if you swallow your ego and keep your losses under control, your on the road to currency trading success.
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