Successful Forex Trading – Two Traders’ Story: One Made Huge Profits, The Other Lost, Why?
I once met a 72-year-old lady who was a sheep farmer, she barely read the news and had no formal education, but she made huge profits trading Forex, turning just $ 5,000 into over $ 70,000 in just over a year. On the other hand, I met 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 have told you the results, but if you knew her profession and her educational ability, you probably would have assumed that the old woman had no chance against the guy with the math degree; If you thought the guy had a chance to win, you should read the rest of this article. Now I will explain the traits you need to win and the reason why most traders lose money.
The loser
The guy with the math degree approached the market with the idea that he was brilliant and could beat the market. He was smart, so he believed that it gave him the right to succeed, but he soon had some losses (as all traders do) and he hated to be wrong, so what did he do?
He refused to cut them and let his losses run, which is the cardinal sin in Forex trading, and he was eliminated. His ego made him lose, he thought that technology and intelligence could beat the market and when he received the wake-up call of some successive losses, he could not control his emotions and this led to his demise.
The winner
The lady who made money was a simple and direct person who was very disciplined in the management of her farm and took care of this for her trade. She wasn’t the smartest from an educational point of view, but she had common sense.
He knew he would have losses, but thanks to his education, he knew that if he kept them small, he could get some trades that he could follow, to cover them and make an overall profit. If you learn the basics of Forex trading, you will find that the best system you can use is simplistic and the key to winning is having a humble attitude and discipline and that is exactly why she made money.
Why You Can Win at Forex Trading
If you have understood this article, you will see that the knowledge you need to gain in Forex trading is easy to learn and the real key to your success is respecting the market and operating in a disciplined manner, success in Forex trading is within reach. of anyone if they learn to trade the right way and hopefully this article will have given you an idea of the right way to approach trading in the global currency markets.