Foreign Currency Trading - 5 Facts Any Beginner Needs to Know to Succeed

By Kelly Price

Foreign currency trading is the world's biggest business and the rise of the internet allows anyone to trade and the rewards are enormous but 95% of traders lose and in most instances it's because they don't understand the facts enclosed...

If you want to be successful in foreign currency trading, make sure you understand all the facts below before you start trading or you will lose.

1. Anyone Can Learn to Trade - Trading is a Learned Skill

It's a fact that everything about successful trading can be learned, by anyone who gets the right education and has the right mindset. Success is in your hands.

2. Currency Trading is Simple

Many traders think that complexity and cleverness leads to success but it doesn't currency trading should be simple and to prove the point - 30 years ago 95% of traders lost and they still do today. This shows all the advances in software computer and news has not helped. Many traders make forex complex, when it's a known fact simple systems work best and always will. Now we have learned anyone can trade and forex is simple, lets have a quick reality check.

3. Currency Trading is NOT Easy!

You can learn to trade but don't believe currency trading is easy - it isn't and that's why 95% of traders lose. Most traders simply think they can shoot from the hip or follow a so called expert and win and of course, the market teaches them some manners. You need to understand that currency trading success is all about the next two points.

4. Work smart not Hard

You don't need a college education or to work hard but you do need to work smart and ignore the majority opinion and myths. You should be able to learn a forex trading strategy in just a few weeks and this can give you an income for life IF - you can overcome the next hurdle and this is really what separates out the pros from the novices.

5. Apply What You Have Learned with Discipline

This is the really hard part of forex trading applying your trading signals with discipline when you take a string of losses and the market makes you look a fool. You have to stay on course and keep your losses small - think it's easy? You probably haven't traded. Its why most novices lose however if you have confidence in what your doing and acquire discipline you can win.

Now let's end this article on foreign currency trading with an inspiring story to get the right forex education and mindset.

Back in the nineteen eighties, trading legend Richard Dennis, set out to prove that anyone could learn to trade and win, with the right education and mindset. He taught a group of people who had never traded before a simple forex trading system and combined this with giving them strict money management rules. He did all the teaching in just 14 days and set them off to trade, the result?

They made $100 million dollars and are part of trading history.

Why You Can Win If You Want To

Now of course you may not make as much money as the group above but this experiment proved - anyone could learn to trade, simple systems combined with discipline work and for 14 days effort, the results were staggering.

So if you want to learn foreign currency trading and like a challenge and have a desire to succeed, you could soon be making big profits in the worlds biggest business - global currency trading.

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