Many people want to become professional currency traders and work from home and pile up big profits but very few people achieve it for one simple reason - They do not understand two key points that all professional traders understand.
Before we go through these key points lets start with a rather inspiring story.
Back in 1983 legendary trader Richard Dennis decided to teach a group of people to trade who had never traded before. They were of all ages, both sexes and of varying levels of intelligence.
He then spent 14 days teaching them to trade and then gave them accounts.
They made over $100 million dollars and went on to become trading legends.
So Dennis proved the point - anyone can be taught to be a trader.
If anyone can learn why do 95% of traders lose?
There are two main reasons for this
1. Taking Responsibility
If you think that you can take advice from someone else and be successful your wrong. Only you can make yourself successful.
Today, to many people want to buck responsibility not do their homework and pass the buck when they lose - well that wont wash in forex trading your on your own.
If you understand this and have a desire to learn and want success, you will then be able to learn the correct way. Forex trading is not hard to learn - but you of course need to know the basics of what you are doing and have confidence in your forex trading strategy.
This is the real key to success - Understanding.
This leads to confidence which allows you to trade your method through inevitable periods of losses to eventual currency trading success - with discipline.
When Dennis taught his students, he didn't just cover a method he spent considerable time on showing them the importance of executing it with discipline.
He knew what all successful traders know:
If you can't execute a method with discipline you really have no method at all.
Learning a method is not hard, becoming disciplined is - because you have to deal with your emotions and confront an all powerful being the market - where only you can be wrong and it's always right.
If you think discipline is easy, try trading and find out its not!
You have to have rock solid confidence in what you are doing and keep your emotions in check.
Understanding = Confidence = Discipline
Many traders look at forex trading and think it's easy but it requires unique skills such as the ability to construct and operate your rule system, ignore news stores, ignore the majority opinion and deal with the emotions of greed and fear.
The good news is:
If you take the time to understand and get confidence in your trading system the chances are you will be a disciplined trader and enjoy currency trading success.
They Did So Could You?
Dennis's group of students did it - and they should act as an inspiration to you as they showed it is possible and the rewards of trading can be life changing. Sure you might not become as rich as them, but there is NOTHING to stop you become a successful trader apart from yourself.
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