If It's As Easy As Many Claim Why Do 95% of Traders Lose?
If you read a lot of the vendors online you would think forex trading is a walk in the park and of course its not, that's why 95% of traders lose. The good news however is you can win - if you follow the advice in this article...
Most forex traders fall for vendors telling them they can make money easily, by following their advice or a mechanical forex robot.
These so called forex experts though are anything but and all they have to back up their claims are back tested paper simulations. That's trading knowing the closing prices and it's so easy a child could do it. Don't take this nonsense seriously.
A back tested simulation, means absolutely nothing, in terms of how you will do and in most instances, traders who buy these trading systems get wiped out.
Now in life, you know that to make money you need to make an effort. You need to the basics and learn your art.
Forex trading is EXACTLY the same, you need to know what you are doing and have confidence in your knowledge.
The Good News is
For the effort you need to make, the rewards are huge!
Even better news is - it's proven that everything about successful forex trading can be specifically learned by anyone with a willingness to learn. Now, let's look at a story which will inspire you.
A famous trader called Richard Dennis, set out to prove the point anyone could succeed at trading, with the right mindset and education. He taught a group of people who had never traded before to trade in just 2 weeks - the result?
These traders made $100 million, in just 4 years and went down in trading history as legends.
Learning a successful trading system is easy - applying it is the hard part.
Despite what you may read online about you won't suffer losses for weeks on end - you will. Don't worry though, even the best traders do! The trick is to keep your losses small and stay on course until you hit profits.
You have to lose to win in forex and this is hard for most people, they simply cannot take their losses and trade with discipline.
A simple system applied with discipline, is the key. Keep in mind, if you don't have the discipline to apply your system, you don't have one!
Forex trading is a combination of method and the mindset to apply it.
If you get the right forex education and work smart you can get a simple robust forex trading strategy together in a couple of weeks - then its down to mindset and your ability to stay on course.
While being disciplined is not easy, if you have confidence in what you are doing, you can achieve it.
So forget all the people who tell you forex trading is easy - its not and you would hardly expect it to be with the rewards on offer.
Approach forex trading as a business, learn to take your losses and be disciplined and if your system is soundly based, you will soon be piling up huge profits and enjoying currency trading success.