I am an experienced forex trader and have been trading for 25 years and it amazes me the amount of copy I see that tells me it's easy! Its not and you wouldn't expect it to be with the rewards that are on offer. Do you have what it takes to be a successful forex trader? Read on.
The first point to make is:
You Are Responsible!
Yes you! Not the guy who sells you a forex trading system, e-book, or your broker -You are in charge of your own destiny and anyone who wins and makes money in anything accepts this.
If you are the type of person who can't accept responsibility, save your money and do something else forex trading is not for you.
Learning the Right Education
You don't have to work hard to win - you have to work smart and ignore a lot of so called wisdom you will see on the spouted by gurus and self proclaimed experts.
Here are some common forex myths, believe ANY of them and you will lose.
- Day trading makes money.
- A hypothetical simulated track record from a vendor is a good indication of profit potential.
- Markets move to a scientific theory.
- Predicting in advance is good way to make money.
- A complicated trading system has more chance of winning than a simple one.
- The More I trade the greater my chances of success.
- My risk to reward is my profit target - my stop.
- I trade news stories to generate trades.
If you believe ANY of the above statements you will lose.
If you want to win you need to learn the right forex education and that means not just taking charge of your destiny - but developing a simple robust forex trading system you can apply with discipline. This is one you understand the logic of and have the confidence, to apply with discipline.
95% of forex traders lose what makes you think you will win?
This is your trading edge and a trading edge is vital to succeed - you must know what it is and have confidence in it, to take you through inevitable losing periods to long term currency trading success.
Trading is based on not just a sound method but the ability to keep applying it even when you're losing and that's tough.
You will read a lot about how easy forex trading is and if you buy this or that system, you will enjoy success but life's not that simple.
Most of the vendors and trading systems sold are junk and have never been traded and the vendor is not a trader but a marketing person.
They only ever have simulated in hindsight track records, but in the real world you don't have the benefit of hindsight!
Naive and lazy traders think they will make huge profits with them. They don't of course; they simply learn a painful lesson in the reality of life and forex trading.
The Good News!
If you like a challenge, have the desire to succeed and learn forex trading the right way, you can win - anyone can, as everything about forex trading can be specifically learned.
The rewards can be life changing - all you need to do work smart not hard and have an understanding of the markets, your systems logic and the confidence to apply it all with discipline.
If you are up for the challenge, the forex markets will give it to you. Approach them in the right way and you could soon be enjoying currency trading success that could change your life forever.
By : Kelly Price - http://www.learncurrencytradingonline.com/
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