Forex Factory Bay's Win With Forex
I was browsing through one of the popular Forex forums today, and I came across someone asking "Why do 99% of traders fail to win with Forex trading?" That got me thinking, is that statistic true? Are there really an elite group of Forex traders out there making millions while everyone else is just bleeding money? Personally, I think that the statistic that 99% of Forex traders fail is a myth. If you believe that, then you'll start to think that there must be some kind of secret the elite traders have that you don't. Nothing could be further from the truth. You have the ability to win with Forex trading just as much as the next person, but the real question is, are you willing? Nowadays everyone seems to be after the quick buck with the latest, newest and slickest system on the market. They spend most of their time looking for and investing in that new magical trading strategy that will make them rich overnight. "NOT" A good proven manual, medium range and trend trading method learned and practiced for awhile on a demo account along with the following advice shared below will get you on track to successful forex trading in a part-time or career path environment.
Forex Factory Bay's "Secret" To Win With Forex :
You see, the one thing I've learned from trading Forex and studying the success habits of great Forex traders is that anyone can win with Forex as long as they are willing to do what it takes. It may mean sacrificing sleep, losing a lot of money at the start, and spending countless hours sitting in front of the charts analyzing and trading every single day. The bottom line is, it is hard work that most traders give up on after a while, which is why they ultimately fail. I have yet to see someone dedicate themselves to trading for five to ten years with no results at the back end of it. If you apply yourself consistently to achieving your trading goals, you will get there eventually. The reason why so few traders ultimately win with Forex is that they want to find the shortcut, and the easy way, so that they don't have to do what it takes to succeed. They think, "Surely there must be that one system or that one missing ingredient that I can buy so that I can skip past all the hard stuff", and that's the deadly mistake right there. The reality is that while coaching programs, signals services and commercial trading systems all have their place, you can't just buy one or more of these and expect it to propel you into the realm of profitable trading. You still have to apply the coaching to refine your trading habits, analyze the validity of the Forex signals and monitor and optimize the commercial trading systems to sustain long term performance. In other words, you still have to think, decide, learn from your mistakes, improve yourself and continue with the process every single day until you reach your goals and beyond!
We at forex factory bay ask you,"Do You Have What It Takes To Win With Forex?"
Once you begin to think about trading Forex in terms of the next few years of your life and beyond, and accept that you're not going to magically be able to trade like a pro in a few weeks, then your decision making process when it comes to trading will change completely. You'll stop buying into every shiny new system that comes along, and learn to focus on improving what you've already got instead. You'll stop being a serial experimenter who is constantly trawling through blogs and forums for someone else's "hot new idea", and spend more time analyzing your own trades and thinking about how to improve yourself instead. Don't get me wrong, I'm not saying that you shouldn't read any more Forex books or test new ideas, far from it! It's really a shift in mindset from looking for the "quick fix solution" to being focused on what you are doing and where you are going in the long term. Once you gain that perspective, you can start to identify the areas where you are personally lacking and invest in the necessary resources to improve yourself and expand your knowledge. There's certainly a time and place for investing in trading manuals, coaching, software and tools. Just consider how it fits into your overall plan. If your not yet familiar with it, we strongly suggest visiting the forum with the same name, Forex Factory Forum. Yes it has been said that 85% to 90% of the traders lose money that the other 10 or 15% win. That might be true and if it is, all the more reason you need to be working yourself up to be a part of that elite 85 to 90%. Remember close to r trillion dollars traded every day 24/5. Don't you deserve a piece of the pie? I think you do and learning a good forex system and sticking to it as described above is the way to do it.
Forex Factory Bay's Summary :
To sum up how to win with Forex, I strongly believe that you need to first adjust your mindset from short term gains to a long term income. Once you gain that perspective, and commit yourself to the process and apply it consistently, however long it may take, then you can be sure that you will ultimately get to where you want to be!