Friday, December 28, 2007

Forex Trading - Achieving The Mindset of the Millionaire Traders

Forex trading is easy to learn yet 95% of traders lose money. The reason for this is that forex trading is more about mindset than method. It's the mindset of the millionaire traders that sets them apart from the losing majority. In this article we will look at how to get the right mindset for currency trading success.

The minority of traders that make really big gains all make their money with different methods - but they all have a certain trait that set them apart.

Let's take a look at them.

Success comes from Within

If you think you can follow someone else and be successful your wrong - success comes from within and to be successful you need to accept responsibility for your destiny. You need to have a desire to succeed and a willingness to work smart to get the knowledge you need.

Now you need to understand this key equation:

Understanding = Confidence = Discipline

Most traders don't understand that - if you try and follow the herd, the news, a guru or mentor you will never have the inner belief in the trades. If you understand what you are doing, you will have confidence - and confidence is required to apply your system with discipline through losing periods.

Keep in mind this simple equation!

Simple Forex Trading Method + Applied with discipline = Forex success

If you don't have the confidence to apply your method with discipline, you have no system at all.

There are no secrets to forex trading that many people would have you believe - ALL The knowledge you need is available for you to learn but you need to learn the RIGHT knowledge and then apply it with confidence and discipline.

Most forex traders then that discipline is easy to acquire but it's not - as you are confronted with total responsibility for your actions.

You have to confront an all powerful being (the market) and only you can be wrong and it's all always right. You have to have the ability to create your own rules and have the discipline to apply them.

In 1983 legendary Richard Dennis taught a group of people who had never traded before a system in just 14 days and sent them off to trade.

The result?

They made over $100 million dollars in four years.

These traders were all taught the same system - but some scored far bigger gains than others and this is purely mindset as they had all been taught the same method.

You can learn forex trading and you can adopt the mindset of the millionaire traders but you need to do your homework, gain the right knowledge, to instill confidence and discipline will follow.

The big difference between the losing majority and the elite traders is a difference of mindset.

1 comment:

Blogger said...

eToro is the best forex broker for beginning and established traders.