50 years ago 95% of traders lost and today the ratio still remains the same today.
This is a startling fact considering the advances in computer and software technology and forecasting tools available – but these have made trading harder, NOT easier – Here’s why:
1. Consult An Expert For Success
With the growth of the net has come a growth in the so called “expert” offering you a fortune for a few hundred dollars
Many forex traders think they can buy an e-book
Common sense should tell you that only you can give yourself success, yet forex traders still continue to buy systems which have never been traded or have no proof that they work.
2. Basing Systems On incorrect Logic
There are two main offenders here – the scientific method and day trading
Many traders are sold the idea that markets move scientifically but of course if they did, there would be no market, as we would all know the price in advance.
Common sense really – but how many forex traders fall for this story? A huge amount!
Day trading is the dumbest form of trading you can do and 100% guarantees you will lose.
Why?
Because, volatility within a day is random and you have no idea where prices will go.
Day traders say you can make money (well vendors who sell the myth) but the fact is they win (they sell you the system) and you lose trading.
Ever seen a real time day trading record of profits?
No neither have I and you won’t find one either.
3. Dealing With Volatility
With prices and news sent around the globe in seconds, volatility has increased and trader are unable to deal with it and lose.
Most of the time they try to restrict risk so much they guarantee they will lose.
You need to take bigger calculated risks to win, if you don’t want to forget forex trading.
How Can You Win?
It’s easy don’t fall for the so called accepted ways to make money on the net and some are listed above.
You need to find your own path to lead you to forex success and this means:
Building a simple system (to catch the longer term trends) you are confident in and have the confidence to apply it with discipline, to lead you to longer term currency trading success.
Take calculated risks at the right time and have the courage of your conviction.
All the information you need is on the net, don’t believe forex trading is easy - its not – but with the right mindset, a simple system, applied with discipline, you could soon be piling up big profits consistently.
Good luck and good trading.
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