Forex Trading Myths - The Biggest Myth of All That Causes Traders to Lose

Forex Trading Myths - The Biggest Myth of All That Causes Traders to Lose

There are numerous Forex myths but the one enclosed is perhaps the biggest myth of all and one that most novice traders fall for, if you make this mistake, you are odds on to lose so lets take a look at it...

The myth is that forex trading is easy and you can follow and Expert Advisor and just get instant success.

Fact: Forex Robots etc Lose Money

They offer an instant income stream for $100.00 or so - but that's obviously not true, otherwise the whole world would be trading and not working!

Check the track records and there all paper simulated, back tests done knowing the closing prices and that's so easy, a child could do it. The naïve trader simply thinks the track record will repeat and of course it never does, as when you trade Forex you don't have the luxury of knowing the closing price.

Fact is 95% of traders lose money in Forex trading and you can increase that to 100%, if you take the people following back tested simulated systems.

Fact: Forex Trading is all About Mindset!

Forex trading systems that are logical and robust, can be built by anyone with the right Forex education, as the best Forex trading systems are simple - make them to complicated and they will have to many elements to break so simple is best!

So why do most traders lose if it's so easy to get a robust profitable system?

The hard part is applying it with discipline!

You need to ride out periods of losses (all traders take them even the best and they can last for weeks on end) and stay on course and keep your losses small. In Forex trading it's the discipline factor that most traders lack not the ability to learn a method.

They simply don't understand that to win long term, you have to cope with short term losing periods, they get frustrated, angry or let their emotions get involved which is fatal and leads to equity wipe out.

Self Knowledge the Key

You need to have confidence to get discipline and you need to rely on your inner belief in your system, to remain focused and this comes from the right Forex education.

You can win at Forex; easily learn Forex trading in a few weeks and if you have the right knowledge to give you confidence, this will lead to discipline the key to Forex trading success.