Here we are going to look at some currency trading basics and focus on why anyone has the potential to win but why so few people do. If you understand the points enclosed you can join the elite 5% who win big.
Let me start with a rather inspiring story...
Back in the eighties, trading legend Richard Dennis believed that anyone could learn to trade with the right mindset and his partner disagreed - so Dennis conducted an experiment:
He took 14 people from diverse backgrounds, who had never traded before and taught them to trade in just 14 days - the result?
They made him $100 million in 4 years and became legends.
These were not college guys or all clever they included a security guard, a kid fresh from school and an actor so just ordinary Joe's.
So what did he focus on to make them so successful?
The first point to keep in mind in this introduction to currency trading basics is - The system he taught them was simple. If you are learning currency trading then keep this point firmly in mind - simple systems work best because there are fewer elements to break in the brutal world of trading.
Now so far so good you're saying I can do that!
Yes you can but here is the reason why Dennis succeeded, while most traders fail is this:
Most traders don't have confidence and because of this don't have discipline.
Dennis didn't just teach his students to follow him. He made them learn the system backwards and how and why it would work and gave them confidence in it, enabling them to trade with discipline.
Discipline is the one trait most traders simply cannot acquire.
They cannot execute their trading signals with discipline when there losing and stick with their system - they throw in the towel and lose.
Don't think it's easy to keep executing your trading system when it loses time after time (and it happens to all traders) it's hard very hard - but you can do it, if you have confidence, discipline and the right mindset.
Today most traders cant think for themselves, they buy worthless trading systems off the net with simulated track records, try and follow guru's or news stories and get wiped out.
You must take responsibility for your actions and know what your doing know one else can lead you to success.
Most traders fail to do this. It's not getting a currency trading system which is hard - that's easy but executing it with discipline, standing alone and trusting your judgement is the hard part.
Of course you can do it - but you must get the right forex education and adopt the mindset. Sounds easy?
In theory yes - It's hard in practice though, the good news is - anyone can learn to trade and anyone can acquire discipline, if they really want to.
If you take note of the currency trading basics enclosed, you can be a winner and put yourself on the way to maybe even a life changing income.
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Frequently Asked Questions
Does the method really works for intraday traders ...
By: chim | 26-10-2007
Does the method really works for intraday traders ? It seems like breakout strategy ?
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| Posted: 15-05-2008 | Comments: 
