Forex Trading - Anyone Can Learn The Skills To Win, But 95 Percent Of Traders Lose, Why?
By kelly price
It's a fact anyone can learn the skills needed to win at forex trading - but they don't and the reason why is, they neglect the major factor they need to learn to achieve forex success. Understand this factor and how important it is and you can win.
This is a simple equation for forex market success:
Correct Knowledge = Understanding = Confidence = Discipline = Forex Success
What's obvious about the above?
That your forex trading system or the system you use is not important, providing it's logical and based on trading the odds - but your understanding, confidence and the way you apply it is. You can have a good forex trading strategy and fail here's why:
How do most forex traders learn to trade?
They day trade, or they trade mechanical systems sold by vendors, with simulated track records and we have two problems here that are the route cause of trader losses:
1. Day trading is not the correct knowledge to learn - it doesn't work!
It's based on ridiculous assumptions i.e. you can predict what millions of traders will do in a day!
2. If you use a mechanical system you cannot follow it unless you understand how and why it works (ok most the forex trading systems sold on the net are junk) but even if you do find a successful one, you still have to follow it with discipline through periods of losses. You won't follow it, if you don't understand it or have confidence in it!
Learning the correct forex knowledge and getting a robust forex strategy together is easy - the hard part is applying it. Understand this - success rests with you, not your broker, friends, vendors or anyone else - YOU.
Many forex traders hate taking responsibility and cry like babies when they lose, its everyone's fault but theirs - but it isn't.
If they lose it's their fault.
Successful forex trading involves you getting and applying the right knowledge and applying it is the hard part. All forex trading systems lose, for sometimes weeks on end (and that includes the best) so you have to accept responsibility and have the confidence and
discipline to follow your plan.
Why Its Forex Trading is so Hard and The Rewards so High?
You are trading against the market and it is always right and only you can be wrong. Your success is down to your market timing and how accurate you're trading signals are and that's it. Sure, the market will prove you wrong and sure the market will make you look stupid - but that's trading.
So if you understand the above, then your forex education is all about:
Getting a logical method that puts the odds on your side, having confidence in it and trading it with discipline, through good times and bad times.
It's easy to learn currency trading - but it's harder to get discipline however, if you accept this and want success, forex trading can reward you with a fantastic and sometimes even life changing income. Currency trading success is in your hands - are you up for the challenge?
If the answer is yes - welcome to the exciting and lucrative world of global FX trading.
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