Making money in forex trading is NOT easy and don't believe people selling you get rich quick forex robots etc - they wont help you make money. The fact is making money in forex trading is not easy and you wouldn't expect it to be with the rewards on offer. Here we will look at how if you work smart you can win...
Fact 95% of forex traders lose and that's a lot of people who burn their equity quickly so, Why don't the majority win?
Of course, many simply get the wrong forex education which includes:
- Trying forex day trading or scalping
- Trying to follow a forex robot with a simulated track record
- Trying to follow scientific theories of market movement
- Trying to trade breaking events and news
- Following gurus
- Using to much leverage
- Believing money management is just placing a stop
The above will all see you lose but even if you get the right forex trading education and have a sound logical system you are only half way there.
You still need to execute it with discipline and this is a problem for most forex traders, as discipline with a forex trading strategy requires skills that are totally alien to most people and how they function in everyday life.
Skills and attitudes which won't help you in forex trading are the following:
-The normal work ethic doesn't apply, you don't get rewarded for effort, you get rewarded for being right
- Being clever won't help you either make your system to complicated and it will fail
- You are dealing in a world of anarchy where you have to create rules to survive and live by them.
- You have to be wrong a lot of the time and allow the market to make you look stupid
- In society running with the pack is normal but in forex trading you must trade in isolation
The above cause enormous problems for most forex traders and they simply cannot get the right mindset to win.
They want to work hard and be clever and the market doesn't reward them for this, it teaches them a lesson in simple is best.
They are used to following rules and cannot take the responsibility of creating them and they hate looking stupid, when the market wrong foots them and cannot take small losses - but the fact is you have to lose to win. Finally, people have a real problem acting alone in isolation and executing trading signals when most traders and the news disagree with them.
Why You Can Win and Pile Up Big Gains
The fact is these are the problems you must overcome but for the trader with the right mindset, these can be huge advantages. They know that if they have a simple forex trading system, they can win and if they have work smart, they can be making big forex profits in around 30 minutes a day.
So forget about what you read forex trading is not easy, it requires a different set of skills but these skills if learned can see you earn big consistent profits in just 30 minutes a day and give you long term currency trading success.
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