Successful forex trading can be achieved by anyone so, what separates out the real pros who make huge long term profits, from the vast majority of losers? Let’s find out…
I am going to start with an experiment which is in fact one of the most successful in trading history which proved anyone could learn to trade.
The experiment took a group of ordinary people, who ranged from a security guard to a kid fresh from school and in 14 days they learned to trade – the result?
They made a $100 million and went down in history as legends.
The experiment was conducted by trading legend Richard Dennis, who wanted to prove anyone could learn to trade, with the right trading education and he proved the point.
The paradox is – anyone can learn to trade but most people lose. So what set this group of millionaire traders apart?
The answer is, forex trading is mostly down to mindset and not method, further explanation will make this clear…
If you take the above trading experiment, the system the traders learned was simple ( a long term trend following breakout method), so simple in fact they mastered it in 14 days. The hard part though was not learning the trading system, but learning to apply it with discipline.
The Key to Forex Success
You need to have a totally different mindset when trading forex.
For example, you can only be wrong and the market price is always right, it will give you long periods of losses and make you look a fool. The challenge for any forex trader is to keep going, through these losing periods, executing trading signals with discipline, until you hit a home run.
You have to have a set of rules you can survive with and have total confidence in them to bring you victory. This means not falling prey to your emotions and ego as most traders do and staying on course.
If you can’t follow a method with discipline you don’t have one!
Dennis knew this and that is why he made them not just learn the system but taught them everything about it, so they had confidence and could stay on course.
A Mindset for Success
Anyone can learn Forex trading and that’s a fact, what you need to concentrate on is your mindset. This means having these traits – An acceptance of you are responsible, confidence in what you are doing, iron discipline to reach your goal and a humble nature with no ego.
If you think it’s easy to do this -its not but if you come into forex trading with the right attitude, learn the right education and trade with discipline you can win.
In any financial market the trader is not defeated by the market itself, he defeats himself success comes from within and if you want to be a successful forex trader you can be its as simple as that.