Here we will look at the secrets of Forex trading success, now there are plenty of people online selling secrets but of course there not the secrets of success at all, because if they were the vendor would be to busy making money to bother you. The real secret is enclosed and if you learn it, you can get on the road to a triple digit income in 30minutes per day.
First of all, let’s look at some basics of currency trading before we start which anyone can learn and have the potential to make money and then, we will look at the secret which realizes the potential.
If you want to make money in Forex trading, all you need is a simple system which trades the odds and the reality of price change. There are many people who will tell you that to win, you need a complex system but if you make a system too complex, it will have to many elements to break. In addition, the idea you need to predict Forex prices is rubbish – prediction is just guessing or hoping and will lead to failure. You should always trade the reality of price change and not predict.
Well if all you need to win is a simple system which trades price change, how come 95% of traders lose money?
The answer is they do, but what is more interesting is 95% lost 50 years ago and 95% will lose in 50 years time and despite all the advances in forecasting, computer and software technology that occur over time – the ratio remains the same. The reason these traders lose is they fail to get the right mindset to win.
To win you need to trade with discipline and keep losses small and run profits and most traders can’t do this. They hate being wrong and feel stupid, so they let losses run and they always will and that’s the losing ratio of traders remains the same – because human nature never changes.
So how do you get the right mindset to win?
The good news its a choice you make and you need to see losses as the overhead of your currency trading business and keep them small. Forget your ego, losses in the short term don’t matter – the growth of your account equity does. I know many traders who lose 70% of time but still make huge gains, because their profits cover their losses and give them a profit.
There are many different methods which can be employed to make money but the one sure fire way to lose it is to trade with poor money management and a lack of discipline. So the secret of Forex trading success is simple – focus on your mindset and make sure you maintain discipline at all times.