There is one fact that you need to consider carefully before you engage in FOREX trading and if you do, you could save yourself a lot of money, so here it is:
If 95% of novice currency traders lose, why should you succeed at FOREX Trading?
Think about it carefully, the vast majority of traders get wiped and thats a proven fact.
Will you lose? If You Believe the Following You Will!
If you want to see if you are going to lose consider the following questions and then we will give you some advice on how to win at online currency trading:
Firstly if you hold these views you will lose:
1.You can make money day trading
Try it and find out. You will lose and lose quickly more novice traders try day trading than any other method, but its doomed to failure as you can never get the odds on your side period.
2.You can buy success
Dont all those e-books look enticing on the net?
Scalp 15 20 pips a day, make $2,000 dollars a month guaranteed trade with 80% success etc
All for a few hundred dollars!
Of course, these people make their money selling courses NOT trading so they win and you lose.
There is a small minority of FOREX education that you can buy that is worth the money, but most of the so called wisdom is available free on the net and you dont have to buy it.
Always ask your self the question:
If their that good at trading why do they need to sell advice?
3.You can trade by listening to the news
Many people watch the news and there is plenty of it about.
Its well thought out, well presented, in many cases very convincing and dead wrong and will help you lose.
Why?
Because news is stories these people are giving you their view (fair enough) but their not traders.
An economist can always give you great arguments for why something has happened, but explaining what is going to happen, is a completely different ball game.
4.You dont like risk
Many novice traders try so hard to restrict risk they create it thats why many are attracted to FOREX day trading.
They tend to place stops to close and give themselves no chance of winning.
If you dont like risk do something else.
5.Whats your edge?
Ask yourself this question before you trade and think carefully about it.
Why should you win when 95% of traders lose whats your advantage?
As we have seen its none of the points discussed above!
If you cant answer the above question, you dont have one and odds are you will lose all your money.
Any positive advice?
Yes, the good news is anyone can make money trading FOREX as everything about it can be specifically learned.
What you need to do is accept you are going to do it on your own no one else can help you, only you can give yourself success.
Then learn the right knowledge.
FOREX trading is actually quite simple but requires a different mindset to other activities; you must acquire the right knowledge and the mindset to win.
FOREX Trading is all about working smart, not working hard and if you learn FOREX trading the right way, you can make a lot of money.
We dont have to time to go through the above in more detail here but we will cover the mindset to win and the education you need to win in part 2 of this article.
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