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International Currency Trading

2010-05-01 01:27
Can you win in the exciting world of international currency trading when 95% of traders lose their money? You can but you will need to be able to do everything in this article to win.

A Combination Of Method and Mindset

To succeed in international currency trading you need to combine a simple robust method with a disciplined mindset - you need both to succeed.

There is no point in having a good forex trading system and not being able to apply it through losing periods with discipline - if you don't have the discipline to apply your system, you don't have one!

A Major Mistake

While anyone can learn currency trading and succeed, most traders look to others to give them success, the so called experts who are anything but. Vendors sell trading systems and forex robots, that have never even been traded and traders buy them!

Sure they give a track record - but it always tends to be a back-tested simulation in hindsight and made up. Anyone can build a fortune knowing the closing prices beforehand but that's not the real world.

If you are thinking of following one of these so called experts blindly, you are going to end up with the majority of losers.

The Route to Success is Built On

A simple, robust trading system which you know why it will work and you have confidence in is the key to success. Let's be clear if you don't have an understanding of what you are doing and confidence you will never have the discipline to execute your trading system through losing periods.

You Need to Take Losses

There is a lot of nonsense written about how you can trade with 90% accuracy and not really have a long run of losses - but this is simply not true. Even the best traders can lose for weeks on end. Don't be discouraged by this, you can still make huge profits you must however ride out these losing periods with discipline until you hit a home run.

Most traders are simply unprepared for this and throw in the towel early, where if they had stayed on course, they could have won.

Taking Responsibility and Trading in Isolation

If you want to win at forex trading you need to take responsibility for your actions and trade without running with the pack. This is hard, we see all those convincing news stories but that's all they are - stories and you need to go out on your own and take responsibility for your financial destiny.

The Good News!

The really good news is if you can accept the challenge on your own, the rewards for your efforts are huge.

You can generally put together a simple robust trading system in about two weeks and then be making big profits in just 30 minutes a day.

You don't need to have a college education to trade international currency markets and you don't have to work hard - you need to work smart learn the right information, ignore the myths and then have the confidence and discipline to execute your forex trading strategy you will win.

Now you have read this article, you will have an idea on what it takes to be a successful forex trader and if you want to trade and win you can.

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