If you want to be a successful Forex trader you can and you may think its hard as 95% of traders lose but this is not so, you simply need the right education and mindset. In this article, we will show how to avoid the mistakes of the majority and win at Forex trading.
Most traders who want to become currency traders, want to make money without making an effort and this of course leads to an almost instant wipe out of cash. There is a huge industry in selling cheap, Forex robots which are supposed to give users a huge income for just a hundred dollars or so and no effort, they look to good to be true and they are, avoid them or you will lose quickly.
The rewards of Forex trading are so big because you need a unique combination to succeed but the good news is – anyone can learn the combination and win.
Firstly you need a strategy which can win and this only needs to be simple, if you make it to clever or complex, you will simply create a system with to many elements to break. You will have worked hard for no gain instead, keep your system simple and robust and you will make more money with less effort.
You can learn a system in just a few weeks and thenyou have to make the system work for you. You may be saying – if I have a system, it should just work and this is the fatal error most traders make!A system needs to be applied with discipline and if it isn’t of course you don’t have a system.
Applying a system can be hard, were all emotional beings and we don’t like losing but in Forex trading, you are going to be losing for long periods of time. In these periods, you must take losses and keep your equity intact, until you hit winners again. Most traders simply can’t do this, they let losses get out of control, override signals, swap systems and generally lose their discipline. If you want to enjoy success understand this:
You will lose a lot of the time but you must treat losses like a good poker player – keep them small! A good poker player losses or folds the majority of his hands, he doesn’t take this personally, he knows if he waits patiently, he will get a big hand and can milk it for all its worth.
In Forex trading, many of the world’s top traders are from professional poker and the reason they do so well is simply they have the correct mindset. Just like poker, Forex is easy to learn but getting a winning mindset is a little harder – so how do you get a winning mindset?
Anyone can adopt the right mindset and its really based on knowledge education and confidence in what your doing. You can learn to be a winner at Forex but you don’t just need a good system, you also need the mindset to apply it correctly and make big profits.
If you have read and understood the above, you now know what you need to do to achieve currency trading success.