It's true anyone can win at forex trading yet paradoxically 95% lose money. So what separates winners from losers? The answer is simple - it's the mindset of the trader that determines whether he will win or lose. Here we will look at obtaining a winning mindset.
First, I want to tell you a story which will illustrate perfectly how important the right mindset is when trading.
Back in the 1980s trading legend set out to show that anyone could learn to trade and he taught a group of traders to trade in just 14 days - the result?
They made over $100 million for him in 4 years and this group became legendary.
If you read the story of the turtles (and we have covered it in other articles) you will see that the real reason these traders succeeded was they had:
A simple robust trend following method which they all understood - but Dennis realized this was not enough, they would have to apply it, so he taught them confidence in the method.
With this rock solid confidence they then could set about applying it with discipline which leads me onto the formula for forex trading success:
Robust logical simple method + Discipline to apply it = Forex Trading Success
Of course if you don't have the mindset to apply your system with discipline you have no system!
Discipline can be hard when your executing your trading plan and taking loss after loss but you must stock through these periods to emerge a winner. It requires a deep understanding of what you are doing and holding your emotions in check which is not easy.
Most forex traders approach trading with totally the wrong mindset - they think trading is a walk in the park or they can follow a guru or system they have bought off the net.
This is not enough to make money, most systems sold on the net are junk but even if you have one that makes money unless you understand it and have confidence in it, you will never win.
Forex trading is not easy and you wouldn't expect it to be with the rewards on offer but there is a huge difference between something being impossible or achievable.
Richard Dennis probed that anyone could do it and think about it - he taught traders with no experience, to make millions after just 14 days. Their success was NOT based on method alone - it was based upon confidence and the discipline to apply it.
So instead of trying to take short cuts - learn forex trading the right way and make sure you have a simple system, you are confident in and can apply with discipline.
Does the above sound simple?
Yes, sure you have to do your homework and pay your dues - but for doing so, you could be rewarded with a life changing income.
Think of how well the traders did in the experiment above and use it as an inspiration to learn the forex trading mindset to give you long term forex success.
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Frequently Asked Questions
What is the strongest currency in the world?
By: buckeye | 16-06-2008
What is the strongest currency in the world?
GPS Software
By: tinu26 | 08-06-2008
Where I can find a good software for ""Web based GPS Management fleet"" ???
I am looking for a reliable indicator/s to signal ...
By: basilc | 23-02-2008
I am looking for a reliable indicator/s to signal entry and exit points in the forex market. Trades lasting for 1 to 10 days are what I am interested in - not intraday trading.
Hello.i have a problem regarding my sytem task ...
By: balif | 13-02-2008
hello.i have a problem regarding my sytem task manager.threre is always a mesage that d task manager is disabled.the version of the operating system is microsoft home edition service pack 1.
Investing in Forex
By: Saru_c | 11-02-2008
As the Dollar keep losing against the Euro, would it be smart to keep my money value by investing in Euro or other currency?
Hedging in forex?how i use it.
By: gge2008 | 17-01-2008
Nice article, but no explanation how realy to use hedging in the forex.Is what the broker marks as hedge in his platform realy a hedging or just a way of get rid of your funds more quickly?I only use it when i se atrade is going wrong, instead of be stopped out i wait for the countertrade an hedge any move worthwile against my open position.Close the hedge as soon price resumes his original move from the open position.U get summing profits even when the trade goes the wrong way, till you end up on the support level strong enough to turn arround.There u can hedge then all the moves worth while again going contra your position.This ceep up till make profit with your position, or till you made enough to close bad position.Bit tricky tough and needs a lot of attention.But works, i tried it and with succes.
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