The paradox is - anyone can learn to trade successfully, as Forex trading success is a learned skill yet 95% of traders lose and they lose, because they don't understand these key points...Lets re state the fact 95% of traders lose money trading Forex - it's a big percentage and the reasons they lose, are because people use logic that helps them in everyday life and fail to understand why it causes losses in Forex trading.
Here are the reasons in no particular order of importance - there all important.
1. Trust an Expert
In plumbing, if you don't know how to fix a burst pipe, you get a plumber to do it for you. You pay X amount and you get a guaranteed result but this is not so in Forex. Most of the so called Forex Experts are anything but and cannot guarantee you a result and most sell there systems and advice because they can't make money themselves.
2. Forex Robot
Sounds nice and clever - putting technology to work to make you money, as in society technology advances have enriched our lives but the reality is technology doesn't help you win in Forex. Think about this...
50 years ago 95% of traders lost and the same ratio still lose today, despite all the advances in technology we have seen - it doesn't help but traders till fall for the ridiculous amount of Forex robots sold which are obviously going to lose because:
Most Forex Robots come with a track record based on paper, which is simulated backwards, knowing the closing prices. Trading becomes a lot harder when you have to trade not knowing where the price will go and the market teaches the users of these systems a hard lesson in the form on an equity wipe out
3. Effort and Cleverness Guarantees Success
Not so, hard work counts for nothing, only being right does and being clever? Won't give you an advantage, as trading is essentially simple and simple systems work best.
The Missing Ingredients for Success
From the above, it's obvious that normal traits that can lead you to success in society won't help you in Forex. There is however good news and it's the following:
Forex trading is all about keeping it simple in terms of method, taking responsibility for your destiny and trading with confidence and discipline based on inner understanding.
The real key is trading with discipline which comes from confidence and the right Forex education.
Discipline is the ability to execute your trading signals though periods of losses, keep them small and stay on track until you hit a home run. While discipline sounds easy, its not and any trader who fails normally lacks it.
Forex trading is a combination of a simple robust Forex trading strategy and the discipline to execute your strategy in line with the rules.
This has been the basis of trading success for decades and will never change. The fact is all traders have the potential to win but simply cannot get the right mindset and that's why they fail.
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