Taking into account that 95% of Forex traders lose money, you should think twice what will let you win. Below there’s a checklist for you to evaluate your chances of success on the market. You can find out whether you’ll be able to become one of the elite traders, making outstanding long term profits. The options below are a few ways to lose your money. If you want to try any of them, you are better to change your mind immediately and give up the idea of trading:
- Day trading and scalping. This one simply doesn’t work because of the random short term volatility. Just as the robots, even people selling these demonstrate simulated track records.
- Using a Forex robot with simulated gains. This tool will promise you achieving success without any effort You will be asked to accept the tool’s track records simulated going backwards. However, your equity will be destroyed by trying to do so.
There are more of similar tools, all falling into the category of looking for someone else to ensure you success. Such approach doesn’t work in Forex markets.
Apart from the necessity to have a trading edge, the trader should also understand the ways and reasons leading to success. Below there are a few of them:
- Success comes from within. You have to understand what you are doing in order to trade with discipline. This means having confidence, which you definitely won’t get if someone else tells you what to do. You can only get confidence from your own knowledge and education
- Discipline and losses. Since you have to continue executing trading signals within losing periods, discipline can be hard. You have to continue this till you hit a home run, even if you are losing money.
- A trading edge. This is what separates out your trading system from those 95% losers You have to be able to answer what exactly your trading edge is and how it can help you win You don’t have a training edge if you don’t understand what it is. Indeed, only few can succeed in Forex trading. The options below are present in the winners’ trading strategy:
- Using simple robust Forex system
- Having education in the basics of currency exchange trading
- Understanding exactly why the system will lead you to success
- Being confident and disciplined to stick with the plan
- Realizing that only you are responsible for your success on the market
In other words, you should stand alone, have confidence in your actions and be disciplined enough to follow your plan in the trading.
- Success is in your hands. Although this may sound simple, it is in fact depends on your own approach to trading. You should have the right mindset and get right education. You should rather beat yourself than allow the market to beat you in Forex trade All you have to do is learn the fundamentals of Forex, get a suitable system, gain confidence, get an edge, remain disciplined and enjoy currency trading success!