Anyone can learn to trade forex and anyone can get the right education but the fact is most people fail at forex trading and 95% wipe themselves out. This is mainly due to believing myths and not having the right mindset. Here we will give you some tips on getting the right forex education to win.
First things first!
If you don't like risk, don't trade forex. You will here a lot about how you can cut risk and you can but it still remains highly speculative.
You also need to take responsibility for your actions - no one else is going to make you rich, success comes from within.
So ignore all the vendors who tell you they have secrets and can make you rich. Reputable ones can help you by teaching you the right tools but you need to apply them - the rest is then up to you.
The fact remains that most traders fail because they lack discipline, to apply their methods. The only way you will acquire discipline is - to have confidence in what you are doing and this comes from forex education and knowing how and why your system works.
Also, don't believe any of the myths below, there all guaranteed to make you lose and nearly every forex trader that loses, believes one or more of them.
- Day trading works
- Markets move to scientific theories
- You can predict in advance what will happen
- Complicated systems are best
- The more you trade the more you will make
- You can trade the news and win
- The more effort you put in the more profits you will make
All the above are dead wrong and will see you lose.
We don't have time to go through every point in detail here - but there all covered in our other articles - so banish the above thoughts from your forex education now!
The way to make money in forex trading is to work smart NOT Hard.
You don't get paid for effort and you don't get paid for how often you trade you get paid for being right.
Use a simple forex trading system. It will be easy to understand and apply and you will get confidence and discipline.
Make sure you don't predict prices - prediction is another word for hoping and guessing and that's not the way to make money in any venture and certainly not forex trading.
Act on confirmation of price momentum - if you know nothing about it learn it now.
To keep disciplined the best method is a simple method based upon forex charts.
Don't pay to much attention to news stories.
Sure, they sound convincing but their stories and the majority lose and news reflects the majority!
Working Smart To Win
If you want the perfect example of working smart and not hard then you should read the story of the turtles.
In 1983, trading legend Richard Dennis taught a group of people to trade - to prove that anyone could win at forex trading, with the right forex education.
None of the group he picked had ever traded before and they were from diverse backgrounds, of all ages and of both sexes.
In 14 days he taught them and then set them off to trade - the result?
They made him $100 million and many went on to become trading legends.
This shows you what the right forex education can do and while you may not become as rich as the turtles, it's a fact anyone has the potential to trade successfully.
Success Comes From Within
Trading is a deeply personal experience and you not only need the right skills you have to have the right mindset to apply them - if you don't, you have no method in the first place.
This is why most traders fail - they can't accept responsibility and they don't gain inner confidence. If you can , the potential from currency markets is mind boggling and the rewards can be life changing.
The real question is do you have the desire to succeed and will you learn forex trading the right way?