It's a sobering point 95% lose and lose quickly - only 5% win, could you be one of the winners? Only if you understand the key points in this article fail to understand there significance and you can say goodbye to your trading account...
Let's start with the fact:
Trading is not a god given gift unlike being an Olympic athlete you don't need any special advantage - anyone can learn to trade and the basics are simple.
So if this is true why does the vast majority lose?
For two simple reasons:
1. They learn the wrong forex education and fall victim to myths and here are some of the most common - believe any of them and your equity will soon be zero
- They can trust a forex robot with a simulated track record
- Day trading and scalping are great ways to make money
- Following expert opinion works well as they know best
- Trading news stories as they break
- Predicting forex prices is a great way to make profits
- Using a complicated trading system is better than simple one
Etc
The list goes on and one most of the above are based on the belief of trusting your destiny to someone else and in life that's not a good idea and certainly not in forex trading - you're on your own.
2. Discipline
The next reason and most important is mindset and discipline.
If you are sensible and have a soundly based forex trading strategy you are only half way there, as you need to execute the trading signals of the system with discipline - sounds easy?
It is when you're winning - but when you're losing, it's a different matter.
It takes discipline to take loss after loss as the market makes you look stupid without throwing in the towel.
This is why success comes from within, because you have to have rock solid confidence to have discipline and this means getting the right forex education, learning a logical trading system and then having the guts to apply it.
Most traders can't do this - they cry like babies when they lose; it's the brokers fault, the wife's fault - anyone but them. What they need to understand is forex is a big boys and girls game and you are on your own, as you are in all ventures that can make a lot of money - you don't get given success you have the guts to go take it for yourself.
This is however good news because if you accept that you are responsible, you can get a simple, logical method you are confident in and apply it with discipline, for long term currency trading success.
The rewards of currency trading are huge and that's why you need the right mindset to succeed learning the basics is easy concentrate on your mind and you will win.
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AP - European and U.S. markets plunged Friday after economic data showed the U.S. economy shrank in the fourth quarter at the fastest pace in over a quarter century.
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