In Forex trading it’s a known fact that 95% of traders lose and this isn’t because they can’t learn to win they can but they either have the wrong education or attitude which sees them lose.
A successful trader once said to me Forex trading is simple but it isn’t easy, and of course you wouldn’t expect it to be with the rewards on offer. If there is big money to be made, you need to make an effort but the good news is trading currencies is simple and that means anyone can learn to win and make huge gains.
So you have to learn Forex trading but learning the basics and getting a system is easy. All you need is a simple system which trades the reality of price change and your all set to make money!
Before you say this sounds really like a walk in the park, let’s look at the part of Forex trading which causes most traders to fail and that’s getting the right psychology.
Traders tend to lose money, because they lack the discipline to follow their strategy and let their emotions get involved. The reason this happens is in currency trading, is at some point in time you are going to take a period of losses and this is something most traders simply can’t take.
When it happens, they get frustrated. let losses go to far, change systems, or simpy, stop trading altogether. They have let their ego get involved and their emotions come into play, discipline breaks down and this leads to their demise.
How you treat your losses which will determine how successful you are as a trader. You must keep your losses small and wait for winning trades to come (which they will) and if you run your profits, you can cover your losses IF you have kept them small in your losing periods.
So there you have it Forex trading isn’t easy but it is simple and because it is, you can learn how to trade correctly and make yourself a great second or even life changing income.