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Forex Trading Success – A Tale of Two Traders: One Made Huge Gains, the Other Lost – Why?
I once knew a 72 year old lady, who was a sheep farmer, barely read the news and had no formal education, but she made huge gains trading Forex, turning just 5,000 $ over $70,000 in just over a year. On the other hand, I knew a guy with a math degree who tried three times to make money trading Forex, emptied his account in a month and lost about $16,000.
I told you the results, but if you only knew their profession and their educational abilities, you would probably have assumed that the little old woman had no chance against the guy with a degree in mathematics; if you thought the guy had every chance of winning, you need to read the rest of this article. I will now explain to you the characteristics you need to win and why most traders lose money.
The loser
The guy with the math degree, approached the market with the idea that he was brilliant and could beat the market. He was smart, so he thought it entitled him to success, but he soon took a few losses (like all traders) and hated being wrong, so what did he do?
He refused to cut them and let his losses run, which is the cardinal sin of Forex trading and he was wiped out. His ego made him lose, he thought that technology and intelligence could beat the market and when he got the red flag of a few successive losses he couldn’t control his emotions and that led to his demise .
The winner
The lady who was earning money was a simple and straightforward person who was very disciplined in running her farm and she carried that over into her business. She wasn’t the smartest educationally – but she had common sense.
She knew she would have losses, but from her upbringing she knew that if she kept them small, she could get trades she could call, to cover them and make an overall profit. If you learn the basics of Forex trading you will find that the best system you can use is simplistic and the key to winning is having a humble and disciplined attitude and that is exactly why she made money.
Why You Can Win at Forex Trading
If you understood this article, you will see that the knowledge you need to win at Forex trading is easy to learn and the real key to your success is to respect the market and trade in a disciplined way, success in FX trading is within anyone’s reach if they learn trading the right way and I hope this article has given you an idea of the right way to approach trading the global forex markets.
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