I once knew a 72-year-old sheep farmer who barely read the news and had no formal education, and yet made huge profits trading Forex by turning just $ 5,000 into over $ 70,000 in just over a year. . On the other hand, I knew a guy with a math degree who tried three times to make money on Forex trading, deleted his account within a month and lost about $ 16,000.
I told you the results, but if you only knew their profession and educational ability, you would probably assume that this little old woman has no chance against a guy with a math degree; if you thought the guy had a chance of winning, you need to read the rest of this article. I will now explain the traits you need to win and the reason why most traders lose money.
A guy with a degree in mathematics approached the market with the idea that he was smart and could beat the market. He was intelligent, so he believed that gave him the right to succeed, but he soon suffered several losses (like all traders) and he hated to make mistakes, so what did he do?
He refused to reduce them and let the losses flow, which is a cardinal sin in Forex trading and he was wiped out. His ego made him lose, he thought technology and intelligence could beat the market and when he got a call to wake up several consecutive losses, he couldn’t control his emotions and that led to his death.
The lady who made money was a simple, direct person who was very disciplined in running her farm and she took it to her shop. She wasn’t the smartest – but she had common sense.
She knew she would have losses, but she knew from her education that if she kept them small, she could get some jobs she could keep track of, cover them, and make a total profit. If you learn the basics of Forex trading, you will find that the best system you can use is simple, and the key to winning is a modest attitude and discipline and that is exactly why she made money.
Why You Can Win In Forex Trading
If you understand this article, you will see that the knowledge you need to win in Forex trading is easy to learn and that the real key to your success is market respect and disciplined trading, successful FX trading is within everyone’s reach if they learn to trade on the right way and we hope that this article will give you an idea of the right way to approach trading in global foreign exchange markets.