If you want to win then you need to understand the facts enclosed which all the top traders do. If you learn the enclosed facts and understand them your on your way to currency trading success and a great second income – lets take a look at them.
These facts are in no order of importance, you need to understand them all to win!
1. You are Responsible
How many traders follow cheap software packages and think they will get rich with no effort? A huge number and how many of them lose? – All of the them. You have to accept that in a market where over 90% of all traders lose money, that you need to learn skills and do some work; the person who likes to blame others when they fail, should not trade Forex.
2. Markets cannot be Predicted
You can win by trading the odds but predicting is just hoping and guessing and if you try it, you will lose. There are many scientific theories which are popular with a =vast amount of traders and they follow such theories as – Fibonacci, Gann and Elliot and believe these theories have discovered some secret code the market follows but they all lose. If you want to make profits, trade the reality of price change and you will do just fine, so leave the scietific theories to the far out investment crowd and get on with trading the odds.
3. Simple Systems work Best
Simple systems work better than ones that are to complex because, they are more robust in the brutal world of Forex trading; put to many rules in your system and it will have to many elements to break.
4. Money Management is the Key to all Successful Trading Systems
There are many different ways to make money but any successful trader will agree that you need good money management to win and the discipline to keep losses small. There is an old saying – “Take care of the pennies and the Pounds look after themselves” and as trading legend Jake Bernstein once said, this can be translated to “If you mind the losses the profits will take care of themselves” and its true, the market will always give you great trends but you must have money in your account to trade them!
5. You need Confidence Courage and Discipline to win at FX
The market does what it wants and only it can be right and only you can be wrong and while this may sound obvious, many traders lack the discipline to take their losses and want to argue with the market! They hold them and hope they turn around and they lose. To win, you need to trade your system with discipline and this comes from having confidence in what your doing. Finally, you need the courage to hold onto your winners and milk them for all there worth.
You can Win at FX Trading!
If you want to win at Forex trading you can and if you understand all the above facts, you will see how to do it – so get yourself some good Forex education, adopt the right mindset and you will soon be on the road to currency trading success.