Forex is a leaned skill but 95% of traders lose and it’s not intelligence that separates winners from loser’s, nor is it hard work, its something else what separates winners from losers is enclosed in this article.
Let’s start with a simple fact that has remained constant over time since currency speculation began – 95% of all traders have always lost money. In the last 100 years we have seen, faster computers, more complex software, quicker price data delivery, more and better news but it hasn’t changed more losers into winners.
You will see lots of get rich quick software and guru’s claiming you can make money with no effort or they have found the secret order of markets but follow them and you will lose. The reason so many traders lose is simple – human nature.
Forex trading can be learned by anyone, as simple systems work best and always have as Forex is an odds based market. Now, many people don’t use logical systems but far more lose because they cannot keep their emotions out of trading.
As a Forex trader, you are going to face periods of losses and you need to keep them small, most traders can’t face taking them and run them. Just as importantly, they cannot hold winners they want to grab now, before it gets away and the result of this is an equity wipe out.
If you think discipline is easy it’s not, when money is on the line you come under pressure and your emotions get involved – so how do you become a disciplined trader?
You need a good solid Forex education of course and the ability to lose your ego and take your losses and then, you need the courage to run your profits.
Accept Forex trading is not always about being right and take your losses cheerfully, stay on course with discipline and you may lose traders but long term you can make a huge income – it really is that simple. A trader who losses, doesn’t lose because of the market, he losses because of his emotions and lack of discipline.
