Forex Trading Success - You Can Win But You Must Understand This Key Point

By: kelly price Posted on: 2008-09-05 ** Print Article ** ** Copy Article ** - Category Feed

Article Summary: Anyone can learn to trade forex and win - it's a specifically learned skill however it's a fact that most traders lose. The key to winning is enclosed in this article and you need to make it part of your essential forex education.

Anyone can learn to trade forex and win - it's a specifically learned skill however it's a fact that most traders lose. The key to winning is enclosed in this article and you need to make it part of your essential forex education.

First we are going to start with a rather inspiring story which will illustrate our key point.

Back in the nineteen eighties a famous trader called Richard Dennis set out to prove anyone could learn to trade successfully.

He got a group of people together of, various ages, both sexes and of academic ability and he taught them to trade in two weeks. When they had completed their training, he then gave them trading accounts and they made him $100 million dollars in 4 years. They went down in trading history as legends and the point had been proven - ANYONE has the potential to be a successful trader.

Now we all know that around 95% of trader lose money, so what set this group apart from the herd?

Quite simply, Dennis understood the key point and that is you of course need a good method - but you also need the confidence to execute it, with discipline. If you can't execute a method with discipline, you don't have one!

So why does this present such a problem for traders?

Quite simply, they normally will throw in the towel and deviate from their system, as soon as they incur some losses. Don't believe what you read on the net from so called experts who tell you that you can trade with little or no losses - ALL traders (even the best) encounter losing periods and they can last for many weeks. It is in this period, that you have to stay on course, until you hit a home run.

Many traders of course, get the wrong education and follow junk systems and forex robots from vendors which have simulated track records - but many have a system that could work but can't apply it.

Dennis taught his pupils a simple system (essentially a long term breakout system) but he taught them something more - to have strict money management and confidence in the system, so they could apply it with discipline.

Many traders simply let their emotions get involved and let their losses run out of control. Many simply don't have the confidence in what they are doing because they have not bothered to learn the basics or simply are following someone else.

Forex trading is a battle with yourself and it's not the market that beats the trader, it's the trader who beats himself.

Forex trading is essentially simple and you only need a simple forex trading strategy - but you must understand fully what you are doing and have the mindset to keep executing your trading signals in line with your system, even when your emotions are telling you the opposite.

Forex trading is a combination of a logical, simple, robust method and the discipline to apply it. If you can get a good method and learn to be disciplined and apply it, you can win at forex trading and enjoy forex trading success.

Article Source: http://www.upublish.info

About the Author:
kelly price
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