If you want to know how to trade Forex successfully and make a great second income you can and in this article, we will give you 3 key Forex facts which can put you on the road to success. Let’s take a look at them.
The first fact is an obvious one but most traders simply don’t think about it before trading and lose their money.
1. Forex Trading is not easy 95% of traders Lose!
Despite the fact so many traders lose, there are a huge amount of traders who think they are going to get rich with no effort and they buy a cheap Forex software packages and think they are going to plug it in and make an income for life with no effort. These traders of course all lose money and while there are lots of get rich products from gurus for sale online none of them work.
Forex trading is not easy but the good news is – it is simple and anyone can learn to trade, make money and for the effort you have to make, the rewards can be life changing so never forget the next point:
2. Simple Forex Trading Strategies beat Complex Ones
The reason a simple strategy works best is, they are more robust and have fewer elements to break, than complex ones. Many traders work on clever, complex systems and they lose; these traders think being clever guarantees success but it doesn’t and never will, so keep your strategy simple and win.
In Forex trading 95% of traders lose today and they lost 50 years ago and the fact is we have not seen this ratio of winners increase in the time period, despite all the advasnces in technology etc which shows you, that simple remains best and it also shows you, the reason traders fail is:
3. Most Forex Traders lose Due to Their Emotions
The market doesn’t actually beat the trader, the trader beats himself by letting his emotions get involved. Most traders simply cannot accept their going to lose fro long periods and instead of keeping losses small until profits reemerge, they run them and hope they turn around, trade more to get losses back or change systems.
To win at Forex trading, you need to trade with discipline and keep losses small until you hit profits again. Trading discipline is vital for your trading success because, if you can’t trade a system as it should be traded with discipline, you have no system!
From the above 3 points, you can see that Forex trading is simple and can be learned by anyone and the key to success is controlling your emotions and getting the right mindset, it really is that simple.