When you are brand new to forex trading, sometimes you don't get the kind of information you need to know. For example, how many people fail at forex trading? Well......you may want to sit down for this but 95% of forex traders lose money. When I first heard this statistic, I felt compelled to close my brokerage account and get all of my money back.
But if you are a little open minded, this can give you some insight into how the market works and why so many people fail at it. For starters, it tells you that no one is going to be perfect. Too many people think that every trade they are going to have is going to be resounding success. It doesn't work like that. So, it puts that reality in your head.
But even better, you can start to think about WHY the separation is so large between the haves and have nots of the forex market. You can take a look at all of the mistakes that the 95% of losing forex traders and what the 5% are doing successfully, and just focus on that.
If you were to take a very general view of the forex community at the present time, one thing would become really clear. There are a boatload of gimmicks in the marketplace. These gimmicks were made for people that want money, but they don't want to actually do the work themselves. They want some trading robot that will make them rich just by hitting "play" or whatever button they click to use those things.
Looking at it from an honest perspective, you can help but think with all these so called "holy grails" that are out there why isn't the success rate higher? I think you know the answer to this. It's because these cute little gadgets don't actually work.
Once you try to find a way to "cheat" the forex market, you're better off just flushing your money down the toilet. It would be a lot less frustrating for you. Eliminate the shortcuts and see the forex market for what it is. Don't make the same silly mistakes that most newbies make.
If you stick to the basics of technical and fundamental analysis, I guarantee you that you'll be a lot close to that 5% than the 95%. All you need to do is look at the history of trading to see how truthful that statement is.
But if you are a little open minded, this can give you some insight into how the market works and why so many people fail at it. For starters, it tells you that no one is going to be perfect. Too many people think that every trade they are going to have is going to be resounding success. It doesn't work like that. So, it puts that reality in your head.
But even better, you can start to think about WHY the separation is so large between the haves and have nots of the forex market. You can take a look at all of the mistakes that the 95% of losing forex traders and what the 5% are doing successfully, and just focus on that.
If you were to take a very general view of the forex community at the present time, one thing would become really clear. There are a boatload of gimmicks in the marketplace. These gimmicks were made for people that want money, but they don't want to actually do the work themselves. They want some trading robot that will make them rich just by hitting "play" or whatever button they click to use those things.
Looking at it from an honest perspective, you can help but think with all these so called "holy grails" that are out there why isn't the success rate higher? I think you know the answer to this. It's because these cute little gadgets don't actually work.
Once you try to find a way to "cheat" the forex market, you're better off just flushing your money down the toilet. It would be a lot less frustrating for you. Eliminate the shortcuts and see the forex market for what it is. Don't make the same silly mistakes that most newbies make.
If you stick to the basics of technical and fundamental analysis, I guarantee you that you'll be a lot close to that 5% than the 95%. All you need to do is look at the history of trading to see how truthful that statement is.
The key to trading the forex market comes down to price action.
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