If you read a lot of the material online you would think forex trading is a walk in the park but the facts state that 95% of traders lose their Money. To find out if you have what it takes to succeed read on.
Let me first start with story which involves a group of ordinary people who were taught to trade in 14 days and then went on to make $100 million in 4 years.
The above was an experiment conducted by trading legend Richard Dennis. He wanted to prove anyone could win at trading and that traders were made not born and he did it in spectacular fashion.
Now how did this group become so successful and do it in 14 days?
What Dennis knew was that in trading - you CANNOT give someone success, success comes from within. Further explanation will make this clearer.
Dennis knew that he had a good system and it was very simple - but if he just told the traders to follow it they would lose - Why?
Because as soon as they hit a strong of losses, they would not have the confidence to keep executing the system and if you don't have the discipline to execute a trading system, you don't have one!
He therefore made them learn all about it and didn't just ask them to follow blindly.
He showed them how it worked and why it worked, so they would confidence in it and have the discipline to trade through a losing period, until they hit a home run.
Contrast this with most of the people who start to trade forex.
They tend to want to follow others and buy systems from vendors which are mostly junk - but even the few good ones out there; they can't follow, because discipline breaks down.
Of course you need a sound logical method and to avoid all the myths perpetrated online, this is really only half the battle though, the other half is in your head - keeping emotions out and maintaining disciplined.
Many novice traders fall for the myth you can avoid losing periods or only have them now and again but any seasoned trader knows they can last for many weeks. Sure you can win, if you stay disciplined but this is hard, when the market is handing you loss, after loss and making you look a fool!
If you think discipline is easy, you haven't traded! Its hard and discipline is really what separates the winners from the losers.
So the moral of this bit of forex education is - anyone can learn to trade (Richard Dennis proved this in spectacular fashion) but its not easy and you wouldn't expect it to be, with the rewards on offer.
If however you understand the above and you are prepared to work smart, avoid the myths and get confidence in what you are doing, you will have the disciplined mindset to go and seek a great second, or even life changing income.
Forex trading is a challenge but the market doesn't defeat the trader, the trader defeats himself.
So you can be a winner at forex trading if you want to and that's great news for anyone who seeks currency trading success.
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