You can trade for a living anyone has the opportunity but you will not make a lot of money if you listened to the so called expert advice online. Understand the key points enclosed and the opportunity is open to you …
Before we look at the key reasons, let's look at a famous experiment that proved anyone can learn to trade regardless of – their age, sex or educational background.
Richard Dennis conducted one of the most famous experiences of all time, when he taught a group of people with no previous experience to trade in 14 days. The result?
They went on to make $ 100 million in four years and the experiment when down in trading history.
Now let's look at a paradox:
Anyone can learn to trade but 95% of traders fail and that's a huge percentage so what makes a successful trader?
The problem for most traders is they think they can follow a so called expert and think forex trading is easy and the market teachers them some manners.
On the other hand, there are traders who think working hard and being clever guarantees success and of course this is not true. You are judged on one criteria only – the accuracy of your market timing.
Let's start with your key points that you need to understand for trading success.
1. You Are Responsible
No one is going to make you rich. As in all areas of life you are in control of your destiny. Accept this and you are on to the next steps.
2. You Need to Know the Basics
You often here you can make money by following others and not knowing what you are doing and in no area of life is this true. You have to know the basics and understand how and why markets move and avoid the myths.
3. You Need to keep it Simple
Complexity is seen as the route to profits by many but its not. This is proven by the fact that 95% of people lost 30 or 50 years ago and the ratio remains the same today, despite all the advances we have seen in software, computers, news and forecasting.
In fact – simple forex trading systems work best, as they are more robust in the brutal ever changing world of forex.
Dennis proved this in his experiment the system was easy to learn but a method by itself is not enough and that leads me to my next point.
4. You Need Confidence and an Edge
You need to have confidence in a trading edge – that is what will lead you to success when most others fail. If you do not know your edge, you do not have one!
5. Discipline is the Key
If you have confidence in what you are doing then you can obtain discipline and this is the trait very few traders achieve.
You need discipline to trade through losing periods of weeks on end and keep going until you hit a home run. Forget all the rubbish you are told you can trade with 90% accuracy etc – you will face a long losing period and that's a fact. This does not mean you will not win, you can but you must ride out the period and stay n course.
The people Richard Dennis taught often said the system was easy to learn, the hard part was executing it with discipline.
If you think discipline is easy – you have not traded! It's hard but if you know what you are doing and have confidence, you can do it and it will lead you to Forex trading success.
6. How Much do you Want Success?
This is really a key question, because if you have a burning desire to succeed, you will do what it takes to succeed and accept that you can change your financial future if you want to by taking note of the key points noted above.
Forex trading is simple to learn but beware method is not enough it is the discipline to execute your method, that separates out the few who win big.
Can You Trade For a Living?
Of course you can – but do not believe it's easy – its not, that's why the rewards are so high. You need the right mindset and forex education and you need too believe in yourself. If you can do this you can trade for a living.
Always keep in mind the market does not beat the trader, the trader beats himself.
If you want success the door is open – how much do you want it?
Source by Kelly Price