Anyone can learn currency trading it's a learned skill not a born gift but the fact is that 95% of traders lose. So why don't they win? Simple, they don't understand the key fact that forex trading success is built on. Let's examine it in greater detail...
The equation for forex market success is this:
Simple Logical Trading System + Discipline in Execution = Forex Trading Success
the fact is forex is a combination of mindset and method and you need both.
Now that is simple - but most traders don't even get the first bit right i.e. getting a logically based system to win.
How many traders try these ways of winning which are all losing methods...
- Forex day trading and scalping systems
- Forex trading systems that have simulated track records only
- Forex experts or mentors - track record see above!
- Trading news stories
- Trading the markets with scientific predictive theories
None of the above will work and yet most newbie's traders try the above, they think forex trading is easy, or like to trust experts and they soon wake up, when the market destroys their account.
Even if you have a logically based forex trading system you must execute it and this means having confidence in its ability to perform. Even if you have a successful trading system, you will never follow it if you don't understand it and have confidence.
The reason for this is you are going to have to trade through a losing period and this requires discipline and discipline is what you need, to turn a good trading system into a profitable reality.
This will Inspire You!
Now you understand that trading success comes from a simple method and understanding then you will see how effective this combination is in this story.
Richard Dennis a famous trader set out to prove that anyone could learn to trade, so he took a group of people who had never traded before and taught them in 14 days.
This was a group that included - both sexes, young and old and the group had diverse occupations and varied from a security guard to an actor yet, they went on to make hundreds of millions of dollars and go down in trading history.
Dennis taught them a very simple method, basically a breakout long term trend following system - but he knew that was not enough - he needed to make them understand it, have confidence in it and trade it with discipline.
Why and How you Can do it
Now you may not become as rich as these traders life isn't like that but Dennis proved anyone can trade, the basics are easy, the understanding and discipline is the hard but you can learn if you want to.
The markets at the end of the day don't beat the trader the trader beats himself - want to win?
There is nothing to stop you, get the right education and mindset and your all set.
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