Forex Trading
It's a fact that most people learn Forex trading the wrong way and lose - a whopping 95%. If you want to avoid them and join the elite 5% of winners, you can but you must understand these 3 points for Forex trading success...The three points came to mind when reading of a famous trading experiment where trading legend Richard Dennis set out to prove that anyone could learn to trade.
He took a group of ordinary people and in just 14 days taught them, then set them up with accounts and they went on to make hundreds of millions of dollars.
In the above experiment, 3 points stand out that any trader should make an essential part of their Forex education.
1. A Simple System is all You Need
The system was simple. It was based on breakout methodology, long term in nature and so simple, that anyone could learn it and learn it quickly.
It's a big myth that complex systems work better than simple ones they don't.
Why?
Simple systems have an edge in that they're more robust, with fewer elements to break in the brutal world of Forex trading.
2. The Ability to Ride out Drawdown
Every system will lose at times and this one would lose for many weeks on end, the system had strict money management rules to follow, to preserve equity which the traders had to follow.
So far you are thinking this all sounds to simple and so far it is - but having a sound, logical Forex method is only part of the equation for success. The next key point we are going to cover is the hard part of Forex trading.
3. You Must have Discipline to Win!
Many traders have heard the word discipline is important and it is - but they don't fully understand just how hard it is to follow a system, through long periods of losses, as the market takes your money and makes you look a fool - it's hard!
You don't just get discipline, its based on a sound Forex education and knowing why your system will win longer term. Only then, will you have the discipline to carry on through a period of losses, keep them small and carry on until you hit a home run and profits.
The Fatal Mistake Most Traders Make
Is to think they can follow someone else and trade with no drawdown and just clean up each month. They fall for the hype sold to them by vendors of sure fire trading systems and robots and of course lose.
The reality as you have just seen, is trading success comes from within and is based upon - a simple system, rigid money management and an ability to take losses, stay on track and keep them small.
Anyone can win at Forex trading but most don't and a key point to keep in mind is the market doesn't beat the trader - the trader beats himself. I hope this article inspires you, to learn the points enclosed and get on the road to Forex trading success.
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