Why The Rich Have Forex Trading Success

Why The Rich Have Forex Trading Success

by Jimmy MacDonald

Having forex trading success is much easier than many people think. The rich and successful traders don't have some secret phone number they call to know when and where the EURO is going to be in the next 24 hours.

It doesn't take mass amounts of intelligence to be a successful forex trader. You don't have to be some Harvard graduate with a doctorate in finance or economics. As a matter of fact, many of the most successful traders out there aren't the brightest bulb in the Christmas tree.

But they do have something that separates them with the 98% of forex traders who fail: They can see the market as a genuine entity. Its not a bunch of colored pixels on a computer screen to them. To them, it represents energy.

When an average trader looks at a chart, chances are it is covered with a bunch of different indicators. It'll have moving averages, RSI, stochastics, and every other irrelevant indicator. Wipe that off the screen! There is no indicator that is stronger than your eyes. Your eyes don't lie. All they have to do is relay the information to your brain.

When you see a chart on a currency notice how it goes up and down. REALLY study it. Don't force yourself into seeing something thats not there. Just look at it from a natural, curious state. The chart will start speaking to you. You'll start to notice that markets have energy. All of these traders buying and selling billions of dollars everyday will be shown on that screen.

A simple bar chart shows all of this. The market has signs of strength and weakness every second of the day and if you know what you're looking for, it starts to become painfully obvious. Give it a try next time you've got your charting software up.