If you read a lot of material on the net you would be forgiven for thinking forex trading is “a walk in the park" but if you are serious about getting the right forex education you will realize this is not the case and you wouldn't expect it to be with the rewards on offer. You can however enjoy currency trading success, if you understand the following.
The reason most forex traders lose is simple they fail to understand that success is based upon these key traits.
Most novice traders buy junk systems that promise them riches beyond their wildest dreams all for $100.00. They are either naive stupid or both.
Most systems sold on the net are junk and come with a made up, simulated track record done in hindsight which vendors tells you to follow yet, the reason there is no real time track record is the vendor knows it doesn't work.
If you want to make money with your forex trading strategy, understand you're on your own and success rests on your shoulders and if you don't like this feeling, do something else and forget currency markets.
Now the Good News!
If you have a desire to succeed and a willingness to learn and you're eager to control your own financial destiny here are some other key points you need to understand to separate yourself out from the majority of losers.
Work Smart Not Hard
The effort you put into currency trading has no bearing on the amount of money you make. Forget working hard work smart and learn currency trading the right way - if you do this you will be able to up and trading in around two weeks and commit about 30 minutes a day, to your forex trading strategy.
There are a lot of currency trading myths out there - but if you hunt around the net for the right info you can avoid them - here are the most common ones traders fall for:
- Day trading makes money
- You can predict markets in advance
- Buy low sell high is a great way to make money
- I don't have a money management strategy I just place a stop
- I like to trade the news, as its expert opinion
If you believe any of the above, you will lose - so you need to get the right forex education and avoid myths.
If you work smart, the next thing you need to do is take on a few character traits that would make you an outcast in normal society - but could make you a big winner in currency trading. Essential Character Traits
To trade you need to have inner understanding of yourself and your trading method and this leads to confidence which leads to the all important trait of discipline.
- Trade in isolation don't give or seek advice
- Don't listen to the news
- Trade the reality of what you see on a forex chart
- Maintain discipline and focus on the facts only
In normal society being a loner and isolating yourself is frowned upon but in the forex markets it's the only way to stay disciplined.
You must not get sucked into the herd mentality, man is pack animal and has sought the safety of the pack since stone age times, it helped man survive but in the forex markets the bulk lose - so you need to step to one side.
If you want to win, you are going to find yourself trading the exact way to the normal logic of the markets, it can be lonely - but will help you enjoy currency trading success and remember only a small minority win!
So there you have it - how to get the right forex education and the mindset you need for currency trading success.
What forex education should you learn you may well ask?
Well were going to look at that in part 2 of this article series.
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