The fact is 95% of all currency traders lose money but they don't lose because they don't have the potential to win, they lose because they either get the wrong education or have the wrong mindset. If you understand the 3 key points in this article, you can avoid the losing majority and get on the road to Forex trading success.
The first point we will look at is obvious yet, the majority of novice traders make the mistake and its this:
1. Trusting Cheap Automated Software
The advertising copy is convincing but it should be obvious that making huge gains with no effort for the cost of a few hundred dollars or less is to good to be true and it is - these cheap Forex robots all lose money that's why there so cheap! You don't make money with no0 effort in Forex trading, thats why 95% of all traders lose.
2. Hard Work and Intelligence are no Guarantee You Will Win
another huge group of traders think that if the harder they work the better their chances of making money and the more complex and clever their strategy is the more money it will make. Both these assumptions are wrong - You are judged on how much money you make and that's all. To make money, you only need a simple trading strategy. Simple strategies work best, as they are more robust than complicated ones with fewer elements to break.
You can learn a strategy which can make money in a few weeks and be making triple digit gains in just 30 minutes a day.
Discipline Is as Important as a Goo Trading System
You can have a trading strategy which has the potential to make money but you must realize it's potential. You need to apply the system with rigid discipline through losing periods and keep losses small - most traders however can't do this because their emotions get involved and when they do, they over ride their system, let losses run, trade more than they should but if you can't follow a trading strategy with discipline - you don't have one!
Forget Being Clever and Make Money!
You only need a simple system to win and you don't need to be clever to learn one or to apply one successfully in the market. The problem with people who think their clever is - they don't accept losses and argue with the market and that leads to disaster.
So get a simple system, be humble, take your losses and stay on course and if you do this, you are on the road to making big currency trading profits in 30 minutes a day or less.
Source : ezinearticles
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