So why do a large number of Forex Traders eventually fail? I was a failed trader, and here is why... Back when I decided to start my forex trading career (quite a few years ago now) I honestly thought that I would be making big money very quickly indeed. After all, I was entering the monster online currency market where I could hardly fail to make good money. I had investigated the market thoroughly, and admittedly I knew that in excess of 90% of forex traders fail to make serious money, but I did not believe for a single moment that this might include me! My attitude was that if I took the trouble to study the best forex trading techniques and avoided the pitfalls, I'd soon be a top trader too! To start off I had invested a lot of money in the very best forex training course I could find, it was a complete set of 13 dvd's, and cost me in excess of $4500. I recall that there were over 13 hours of best-quality forex tuition, several useful software applications and some free forex signal software, and everything was already set up and ready to go with my passwords etc I also received an established spread-betting account. Now that was very handy indeed, I could now take advantage of tax free trading! I also got bonuses like permanent access to the writer's own web site where I could connect every afternoon and review his daily reports. I could study his trades and hear his explanations (and sometimes his excuses), and learn how many pips he had made that day. He usually made around 22 - 35 pips - most often trading the GBP/Dollar market. My reasoning was that anything he could do, I could do too! This was going to be very easy! The course covered every aspect of trading, including record keeping, preparation, paper-trading, even the psychology of your average forex trader. I watched the entire dvd set which took me a couple of days. Then I re-watched some of the dvds, mainly those covering forex trades and specific forex techniques. I couldn't wait to begin. I opened and funded my spread-betting account (another $4,000 but hey, what the hell.). Oh, and I began to dream about the latest Mercedes and Ferrari cars - not long now. That was a few years ago. So do I now have even one of the cars or the boats I dreamed about? Well actually - no! Have I made pots of money? Again, and very sadly, not so far! To be honest I've lost quite a lot of money! I do still retain the confidence I originally had in forex as a great way to make a really serious online income, because I've met and talked with such a lot of wealthy forex traders. I still believe that I can do it because I've seen it happen repeatedly. I decided it must be my trading system, what else could it be? I invested more money, bought the best online forex trading systems - but only after I had very carefully checked their testimonials and ensured that actual traders were making serious money with them. I also bought books - many books. Books on forex trading, books on forex training, even books comparing forex trading systems. I also bought several more forex training courses and guides, I studied day trading systems alongside longer-term trading systems - I was absolutely determined to make money in forex trading. I must be making money by now then? No, not yet! But I think I am beginning to understand where the problem is and why I've failed so pathetically. It pains me to admit it, but I think the problem may be ME? Little old me? Naah, impossible! I had begun to realize that my own trading methodology was letting me down. Even when I used a tried and tested trading system, I still managed to lose money. And for a very long time, I hadn't even recognised it. So I did yet more research. I have learned that it is possible to purchase a winning forex-trading system online for very little money, and that even a top training course can cost relatively little. There are a whole range of affordable forex resources and training out there online. It is easy to be ALMOST totally equipped to make serious money on the markets. Almost? Almost? What's missing then? What's the difference between a winner and a loser in the forex world? Who else could I consult about becoming the total and complete trader? I didn't take long to work that one out! Once I really took the blinkers off, I realized that it just had to be me, who else could I possibly blame? I had to accept that I am not remotely as clever as I once thought. I soon identified plenty of personal flaws that were holding me back. I had no resolution, I lost concentration, I lacked dedication, I was not honest with myself, and I needed more self-discipline. By chance I managed to lay my hands on a very useful booklet. It came as a free bonus when I purchased some trading software from my favorite forex web site. This booklet made no attempt to teach me to win with a forex trading system, it covered only the attitudes and trading styles of quite a few forex traders, and why the majority of them still go on losing money. What did I learn by reading this booklet? Well - I learned that the problem really was inside of my own thick head! Like many forex traders I am totally unable to stick to the systems I have learned, and which I know do work. That's why I continued to fail. Luckily my new bookl not only confirmed where my problems lay, it also showed me a variety of very easy (and obvious) ways to solve them. I'm starting to trade profitably now! I certainly owed a mighty favor to those site owners, so I've re-edited and expanded their little booklet. They're still giving it away as a free bonus to anyone who buys from their site. It's called The Missing Link, it's still (effectively) free and it's still worth every cent
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So why do a large number of Forex Traders eventually fail? I was a failed trader, and here is why...
Christopher Temple is a successful trader who writes often on Forex Currency Trading Systems in his quest to help beginners Learning Forex Trading Online. Try the links to learn about his book. This article is available as a unique content article with free reprint rights.
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