If you want to win at forex trading, then you can it's a learned skill. That's the good news however 95% of traders lose and you must understand the following key points and make them part of your essential forex education. If you do, you will win...
Here are your key points, in no particular order of importance - there all important.
1. Forex Trading is NOT Easy!
Most traders just think they can buy $100 buck robot or get a mentor and someone will lead them to success. This is naïve and you know, if you want success at anything you need to work at the basics and do your homework.
Don't believe the sire fire systems or forex robots which never have a real track record, just a back tested simulation and keep in mind trading forward is what counts and that's hard.
Sure it's hard but that's why forex trading offers such huge rewards in terms of the effort you put in.
2. You are Responsible
If you accept you are responsible for your destiny, you will put in the effort to get the right forex education. You will learn a simple forex trading strategy which is robust, you understand and can have confidence in. If you have confidence then you will be able to acquire the next key trait.
3. Discipline is the Key
When you trade forex you are going to lose, the market is going to make you look a fool but that's life in forex and doesn't mean you can't win - you can.
What you must do is, have the discipline to apply you forex trading strategy through periods of losses, until you hit a home run. To win you must learn to lose gracefully in the short term and keep your eyes on the long term prize.
Many traders believe they can trade with little or no drawdown. They listen to the so called experts but the truth is - you will have to face weeks of losses at a time and discipline is needed in these periods, for you to emerge a winner.
4. You Need to Trade in Isolation
In society we are taught to agree with the crowd but in forex trading this leads to disaster, as 95% of traders lose money. You have to stay away from the herd and even when your emotions are telling you to conform, you need to stand aside. Get sucked into the herd mentality and you will end up with the 95% of losers.
Not only do you need patience to wait for the right opportunities, you also need patience to take your losses and more importantly, to run your profits.
Many traders get so excited when they have a profit, they move to soon to protect it or bank it; whereas if they hung on they could have made huge gains.
Becoming a Winner
If you want to become a winner in forex, you need all the above attributes and if you do achieve them, you will be on the way to currency trading success. They can lead you to a great second income or even a life changing one, in around 30 minutes a day.