If you want to be a successful Forex trader you can do it and you may find it difficult as 95% of traders lose, but this is not the case, you just need the right training and mindset . In this article we show how to avoid most mistakes and wins in Forex trading.
Most funded trader program forex who want to become currency traders want to make money without making an effort, and this naturally leads to almost immediate cash elimination. There is a big industry in selling cheap Forex robots that are supposed to give users a big income for only a hundred dollars or so, and without a problem, they seem to be right, and they are, avoid them or you will lose out quickly.
The benefits of Forex trading are so great because you need a unique combination to be successful, but the good news is that anyone can learn the combination and win.
First of all, you need a strategy that can win, and this one should only be simple if you make it smart or complex, it will simply create a system with many elements to break. You want to work hard without profits, keep your system simple and robust, and you will make more money with less effort.
You can learn a system in just a few weeks and then you have to make the system work for you. You might say: If I have a system, it should work and this is the fatal mistake that most traders make! A system must be used with discipline, and if it is not, it obviously does not have a system.
It can be difficult to apply a system, they were all emotional beings and we don’t like to lose, but in Forex trading you will lose for long periods. During these periods, bear the losses and keep your assets intact until you reach the winners again. Most operators simply cannot do this, they let the losses get out of control, they disregard the signals, they switch systems, and they generally lose their discipline. To enjoy success, you need to understand this:
You lose most of the time, but you have to treat losses like a good poker player – keep them small! A good poker player loses or pulls out most of his hands, he does not take this personally, he knows that if he waits patiently, he will get a good hand and be able to take advantage of it.
In Forex trading, many of the world’s top traders come from professional poker, and the reason they do so well is that they have just the right mindset. Like poker, Forex is easy to learn, but getting a winning mindset is a little more difficult, so how do you get a winning mindset?
Anyone can adopt the right mindset and is really based on nurturing knowledge and confidence in what they are doing. You can learn how to be a Forex winner, but not only do you need a good system, you also need the mindset to apply it properly and make big profits.
The Biggest Myths Forex traders believe and lose
Here we will see the Forex myths that traders create and lose. If you want to earn and enter the elite 5% of traders who enjoy long-term success, avoid the myths behind it …
1. Forex trading is easy
Most traders are naive and think they can easily open an account and make money. They follow a secure fire system sold by a seller for $ 100 or so and think they can win, but since 95% of Forex traders lose, this is not true.
2. Forex scalping and day trading is a way to make money
and daily traders are losing out in the long run. Why? Because all short term volatility is random and it is impossible to trade a random market and win.
3. Forex robot work
Financial freedom and everything for $ 100 or so! Anyone who thinks this story will undergo a reality check as they lose Forex Expert Advisors (as many call themselves) These robots do not have a long history of real gains and if you think they will make you making money will surprise you.
4. It is possible to predict Forex prices in advance
You cannot predict with certainty what millions of people will do at a cost, so don’t try. Just deal with the reality of price changes and leave predictions to dreamers and losers.
5. Markets are moving to math
In relation to the previous point and in the time I have been negotiating, I see people who claim to have discovered the hidden order in the market and then disappear. The fact is that Forex markets are a market with probabilities, not by security.
You just have to focus on negotiating odds and winning and forgetting perfection.
6. You will be rewarded for hard work
It is not a job from 9 to 5 and you do not get a fixed salary, you are rewarded for being right and you have to work smart and not difficult.
7. You are rewarded for being smart
Forex is a market where simple systems work best. Try to complicate your trading strategy and you will have to break with many elements.
8. You can exchange news
A silly way to act! Markets are moving in full view of the news outlets, not the news itself; Also note that all financial markets are discounting news right away. Don’t try to exchange news unless you want to lose.
9. Must be aware of market actions 24 hours a day
You have to check prices once or twice a day and that’s it. You do not achieve anything by observing any tic in the market.
10. Risk reward is simply your goal: your stop
This is how traders deceive themselves into thinking they have a high reward for low risk trading, but that is just a meaning and does not take into account the likelihood of trading.
Avoid the above myths!
If you want to win, get a simple trading system based on the reality of price changes, learn to apply it with discipline and confidence and you can enjoy the success of currency trading.