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So why do a large number of Forex Traders eventually fail? I was a failed trader, and here is why... When I started forex trading (many years ago now) I really believed that I would soon be dragging in the cash. Forex was, after all, a giant online marketplace where someone like me could hardly fail to make good easy money. I had done my research, and I understood that over 90% of forex traders quickly fail, but I never believed for a single second that this would happen to me! If I took the time to study the best forex trading strategies and assiduously avoided the pitfalls, I'd soon be a top forex trader! To start off I had invested a lot of money in the very best forex training course I could find, it was a complete set of 13 dvd's, and cost me in excess of $4500. I recall that there were over 13 hours of best-quality forex tuition, several useful software applications and some free forex signal software, and everything was already set up and ready to go with my passwords etc I also received an established spread-betting account. Now that was very handy indeed, I could now take advantage of tax free trading! I also got access to the author's private web site and could review his daily progress. Every evening I would review his trades and listen to his comments, and learn how many pips he had made (or lost). Most days he made around 20 - 35 pips - mostly in the GBP/Dollar market. So I thought, if he can do it, I can do it! This would be very easy! The forex course covered every facet of trading, including preparation to trade, keeping records, no-money paper-trading, as well as the psychology of the forex trader. I carefully watched the entire dvd set which took me about two days. After that, I watched some of the dvds again, mostly those covering actual forex trades and particular forex techniques. I was ready to begin. I opened and funded my spread-betting account (another $4,000 but hey, what the hell.). Oh, and I began to dream about the latest Mercedes and Ferrari cars - not long now. That was several years ago. Do I now have the fast car or the boat? Actually - no! Have I made a pot of gold? Again not quite yet! In fact I've lost lots of money! I still haven't lost my confidence in the forex market as a wonderful way to make money online, that's because I've met so many forex traders who continue to make very good money. I just know it can be done, I've repeatedly seen it happen. So I decided it must be my system! I stumped up even more money, I invested in the best web-based forex trading systems - after I had very carefully studied their testimonials and seen that other traders were making some serious money from them. I also bought even more books. Forex trading books, forex training books, even books listing and reviewing forex systems. I even bought another forex training course and some financial guides, I studied day-trading systems next to longer-term trading systems - I was totally determined to succeed in making money in forex trading. I must be making money by now then? No, not yet! But I think I am beginning to understand where the problem is and why I've failed so pathetically. It pains me to admit it, but I think the problem may be ME? Little old me? Naah, impossible! I had begun to realize that my own trading methodology was letting me down. Even when I used a tried and tested trading system, I still managed to lose money. And for a very long time, I hadn't even recognised it. So I did yet more research. I have learned that it is possible to purchase a winning forex-trading system online for very little money, and that even a top training course can cost relatively little. There are a whole range of affordable forex resources and training out there online. It is easy to be ALMOST totally equipped to make serious money on the markets. What does that mean in this context? What was I missing? What's the difference between a winning and a losing forex trader? How else could I become the total trader? It didn't take very long to get that question worked out! I was forced to conclude that it really was me! Once I took the blinkers off and admitted to myself that I am not even half as smart as I thought, I quickly identified a whole barrow-load of personal deficiencies that were effectively slowing my progress - (very painful reading they are too). Words like concentration, honesty, dedication, self-discipline, resolution, they all came to my mind. I didn't use enough of any of them! So I bought another booklet. It was a free bonus included when I bought some trading software from my favorite forex site. This booklet didn't even attempt to tell me how to win with forex trading systems, it dealt only with the magic ingredient that was missing from the cerebral toolbox of quite a few forex traders, and is probably why the majority of them go on losing money. (Come to think of it, it's missing from the cerebral toolbox of traders in almost every other market too). What did I learn by reading this booklet? Well - I learned that the problem really was inside of my own thick head! Like many forex traders I am totally unable to stick to the systems I have learned, and which I know do work. That's why I continued to fail. Luckily my new bookl not only confirmed where my problems lay, it also showed me a variety of very easy (and obvious) ways to solve them. I'm starting to trade profitably now! As a thank-you to the site owners, I've taken their little booklet and re-written and expanded it, and handed it back to them. They are still giving it away free to purchasers of anything from their site. The book is called The Missing Link, and as I said, it's still free and still worth every penny!
Article Source: http://www.financemanual.com
Christopher Temple is a long time trader who writes often on Forex Currency Trading Systems in his search to help beginners Learning Forex Trading Online. Try the links to learn about his book. Get your own completely unique content version of this article.
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