Forex Education - The 3 x Major Reasons That Cause 95 Percent of Traders to Lose

                                                                                         

Anyone can learn to trade forex and win but the fact is 95% of traders lose because they either have the wrong mindset or get the wrong education and here are the major mistakes traders make which you must avoid, if you want to win...

1. Following Expert Advice

This includes the vast amount of junk online from ridiculous forex robots and sure fire systems which give promise untold riches for $100.00.

Sounds too good to be true?

Of course it is! Most of the so called experts have never traded and produce back tested track records on paper to support their systems! That's not the same as cold hard dollars, made NOT knowing the prices in the real world.

If you think a forex expert can unlock the door to financial freedom for you, you are going to be very disappointed.

Just like in any other area of life, you have to achieve success on your own - but for the effort involved, the rewards can be life changing.

2. Working to Hard

In point 1, we have covered the lazy traders who make no effort and on the other hand there is the trader who thinks if he is clever, or works hard, it guarantees success - it doesn't.

Forex trading success is all about working smart NOT hard - you don't get rewarded for working hard but being right.

It is my contention that once you have a system (and that should only take you a couple of weeks if you get the right forex education), you can make a triple digit income, working just 30 minutes a day.

3. Poor Money Management & Lack of Discipline

There are also a large group of traders who can get the direction of the market right - but fail to make money due to poor money management.

Money management is much more than placing a stop - it's learning how to trail it correctly to milk the trends and deal with volatility

Many traders make minor profits from trades when they could make huge profits.

Volatility constantly stops them out with small losses before the trend is in motion or they move their stop to quickly and only make a minor profit.

Also many traders simply cannot take losses but to succeed in forex trading you must have the confidence in your trading system, to do so and these periods can last for weeks or months.

You need to stay on course, until you hit a home run - if you cannot trade a system with discipline, you don't have one!

Most traders make the error of thinking the more leverage the better and you can get 200 or even 400:1 so why not use it? Well if you do on a small account its blow out time. You should really only be using 10 - 20:1 and believe me that's plenty.

Be Realistic and Win.

Forex trading is NOT a walk in the park and that's why 95% of traders lose. However, if you accept you need to work at the basics and do it on your own you're on the way to success.

The key point you need to understand is - the market doesn't beat the trader the trader beats himself.

You can win so get the right forex education and mindset and you're all set to get on the road to currency trading success.

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