Successful Forex trading is a combination of a simple method and having the right mindset to succeed. Here we will look at the key elements you need to have in your Forex trading strategy to make money fast.
Let’s start with an obvious point that it’s not easy to win at Forex trading and the facts prove over nine in ten people who attempt to trade Forex lose. The good news is however that profitable Forex trading is a learned skill; you don’t need to work hard, you just need to learn Forex trading the right way.
Richard Dennis showed that anyone could learn to trade quickly, by taking a group of people with no trading experience and teaching them to trade in just a couple weeks, so what was the outcome of the test? These traders made millions quickly and went on to become some of the most famous traders of all time.
Dennis taught his pupils simple system which was based on long term trend following and combined this simple system with specific money management rules which needed to adhered too by his pupils. It was a simple trading system and it worked. Many traders try and complicate their trading but it doesn’t lead to success, that’s why in the last 50 years, despite all the advances in technology, the amount of traders who lose remains the same.
Anyone can learn a system but there is a trait you need to win forex trading news and that’s the discipline to follow the system and preserve equity in losing periods.
Trading through periods of losses is hard, the market gives you losses and it hurts your ego and your pocket and when this happens, your emotions want to get involved and make you throw in the towel or deviate from your system rules.
Of course any trader can learn to be disciplined but it is based on confidence which comes from the right education and accepting the fact that you have to keep your losses small until you hit profits again.
Many of the traders Dennis taught made the point that learning the system was far easier than executing it with discipline and this is true for most traders.
Forex trading success doesn’t involve being clever or having a complicated trading system but on having a simple system, combined with the discipline to execute it correctly and run profits and cut losses quickly.