How to succeed at Forex

There is a very well known and scary statistic in Forex trading. It’s that 95% of people lose all their money in the first 3 months of trading. But it doesn’t have to be this way! You don’t have to fail if you really understand what you need to know and what you need to do.

The trouble is that there are so many techniques and so many theories that it is hard to find your way through the maze without a key. In fact, most of the theories and techniques have fatal flaws. For example, there are literally hundreds of technical indicators that supposedly can be used to judge an entry point to a trade. All the pretty graphs can look very impressive – until you realise that they are only telling you about what has already happened - not what is going to happen. What has happened in the past may be interesting, but it doesn’t help you to decide what is going to happen - which is actually what you need to know.

What is worse is that you can back test these systems till the cows come home, and they will all look great. But try to use them in a predictive way and you come unstuck very quickly.

But Forex is not unique in its failure rate. It is a fact that 90% of new businesses fail in the first year. So Forex isn’t so very different. But just as 10% of new businesses succeed under the right conditions, so can a Forex business succeed – if you know what you are doing.

So let’s look at why so many businesses fail, Forex included. Here are some of the reasons:
Under funded.
No business plan
No clear goals and objectives.
A fundamental lack of understanding of the market.
Focusing on the wrong objectives.

In addition to these general reasons for failure, Forex has its own specific problems. Traders often fail to understand:
The psychology of trading.
What their goals ought to be.
How to deal with greed and fear.
The power of compounding their accounts.
The difference between trading Forex and a traditional 9 – 5 job.
The need for discipline.

So can these problems be dealt with and is it possible to become a profitable trader? Fortunately the answer to these two questions is a resounding 'Yes'. Do you need to be super-intelligent to do this? Absolutely not. Unfortunately, far too many Forex training courses don’t deal with, or address a series of underlying issues that are essential for the new trader to understand.

So how do you pick a course that will steer you towards success rather than straight onto the rocks? Here are some guidlelines:

Avoid any course that seems to be making huge promises – 100s or even 1000s of pips a week.
Avoid courses that have no follow up. You will need continuing and willing mentorship after any course. Check availability.
Avoid courses that are vastly over priced.
Make sure there are genuine student testimonials.
When you've checked everything out - ask a few questions and talk to the trainer personally before enrolling.

Finally, look closely at your own motives and your own character. Are you just looking for a ‘Get rich quick’ scheme or are you prepared to work hard to get where you want to be? With the right course and follow up you should be able to become financially independent through Forex, but be prepared to work at it and don’t give up too soon.

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