It is a known fact that Forex trading is simple and all about it can be learned, but it is also a known fact that 95% of traders do not make money and that is a huge percentage! However, you can enter the 5% elite that gets rich in Forex trading – but you need to understand the points of this article.
If you think you will make money on Forex by following a cheap software package and making money effortlessly, you will lose. These systems promise big gains without effort, but if it was really as easy to make money as they say, everyone would trade for a living and nobody would work. Now for some good news:
The good news is – anyone can learn how to trade, and it's a known fact that the best Forex trading strategies are simple, so you don't need a college education to learn one and you can do it in a few weeks.
Does that sound easy so far?
Let's give you the harder part of Forex trading and understand it and you will understand how to get rich in Forex trading when most traders fail.
The problem most traders have is to apply their system of discipline when they lose and keep losses small during these periods. If you think it's easy, you probably haven't acted. It's hard to keep losses small when the market makes you look a fool and take your money.
During these periods, forget about your ego, keep your losses small and keep going until you hit a home run and then have the courage to run your profits to cover your losses.
The best dealers have simple systems, they follow discipline, and they understand that there is no perfect system. The key to winning is the same, as it always has been, the opportunity to keep losses small and run profits to cover them. Simply follow your trading plan without deviating from it and keep your emotions out of your trade.
So how do you get discipline?
It is based on trust in what you do and a good Forex education and remember – If you cannot trade your system with discipline, you do not have one.
You can win and it is easy to learn a method, it is harder to get the right mindset – but it can be done by anyone, and if you get the right mindset, you are on your way to a big second or life-changing income.