What makes you think you can win when 95% of traders lose money? Here is a checklist for you to see your chances of succeeding as a forex trader and being one of the elite traders, who make huge long term profits.
Here are some ways to lose money if you are thinking of tying any of them you may wish to change your mind now to avoid losses and continue your forex education!
1. Following a Forex Robot with Simulated Gains
They promise you that you will achieve success with no effort and ask you to accept there track records that are simulated going backwards. Try them and your equity will get destroyed.
2. Day trading and Scalping
Simply doesn't work, as all short term volatility is random. The people selling these always have simulated track records like the robots just mentioned.
There are more but they all fall into the category of trying to find someone else to give you success and this doesn't work in forex markets.
Not only do you need a trading edge, you also have to understand how and why it will lead you to success - lets look at this in more detail.
Success Comes From Within
Forex trading is essentially a combination of a simple robust system which you understand and can trade with discipline.
To trade with discipline, you need to know what you are doing. This means having confidence and you don't get confidence from someone telling you what to do - but from your own knowledge and learning.
Discipline & Losses
Discipline is hard, as you have to keep executing trading signals through losing periods, until you hit a home run, even when the market is making you a fool and taking your money.
A Trading Edge
This is what separates out your forex trading system from the 95% of losers. Ask yourself what is your trading edge and how will it help you beat the majority?
Don't know what it is then you don't have one!
Forex trading looks simple yet few succeed and the ones that do have these elements in their forex trading strategy
- They use simple robust forex trading system
- They have solid grounding in the basics of forex trading
- They know exactly why their system will lead them to success
- They have confidence and discipline to stick with their plan
- They know they are responsible for their Forex trading success no one else
Forex trading requires you stand alone and have confidence in what you are doing and the discipline to follow your plan.
Success is in YOUR Hands
It sounds simple and it is if you approach forex trading with the right mindset and get the right education. In forex trading the market doesn't beat the trader the trader beats himself.
If you want to enjoy currency trading success - learn the basics, get a system, get confident, get an edge and be disciplined!
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