Forex trading look easy and anyone can learn to be a successful trader so why then do 95% of trader's burn their equity and get wiped out. The reason is they lack one key trait and this normally comes about from the way they get their forex education. . .
Trait the overwhelming majority of losing forex traders lack is discipline - they have all heard of it but can't obtain it and in most instances this comes from the way they believe forex markets work and the education they get.
There are two main reasons traders cannot stay discipline and trade their systems.
1. They Want to Follow Others
The fact is discipline comes form within and is based upon confidence in what you are doing and most traders follow others and do not get confidence. When a few losses occur (and most of the advice given on the net and forex robots people try and follow do) they then throw in the towel however, even with a successful method, traders cant follow them most of the time.
Keep in mind if you don't have the disciple to follow your trading system - you don't have one!
3. Normal Traits to Win Don't Apply In Forex
Most trader want perfection they want to buy low sell high and predict market tops and bottoms and be rewarded by the market for being clever and their effort - but it doesn't the forex market provides a unique challenge and traits that work in normal society, don't in forex trading:
- You are not rewarded for effort just profits you make
- Only you can be wrong and the market is always right
- Being clever wont help its like effort you don't get rewarded for it
- You cannot trade with the majority you must trade in isolation
- Your emotions will come into play and fight your ability to remain disciplined.
Forex trading even if you have a sound system takes tremendous discipline to stay on course, as normal traits that you rely on to make money in society, don't work in forex trading.
This is frustrating and when you start to lose and the market makes you look a fool, you have a battle with your emotions to keep executing trading signals in the face of losses. You also need to be on your own and cannot seek refuge with the majority, as the majority lose.
Becoming a Disciplined Trader is Achievable but NOT Easy
Think its easy? Then you have never traded!
Of course, you can do it - but this means getting a forex education which you have confidence in and accepting that you will look a fool, you will lose for some periods and you will have to battle your emotions to stay on course.
Discipline comes from confidence and learning and applying a logical forex trading system, through the losing periods and staying on course - until you are rewarded for your perseverance.
Success is in your hands and is reliant as much on your mindset as on your method.
You need a logical method; you have confidence in and the discipline to apply it. If you can do this, you can make big forex gains - its not easy and that's why the rewards are so high.
Learn to be disciplined and you will find it will lead you to currency trading success.
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