10 Facts You Need to Know For Forex Trading Success

[StefGrig]

By Kelly Price: Well known mentor and forex expert

This article is all about forex trading for beginners and facts you need to know before you start trading. You can make a lot of money but keep in mind most traders lose but by being aware of these facts and getting the right forex education, you can win...

Let's look at our list of key facts for forex traders for beginners.

1. Forex Robots are NOT a Route to Success

More novices buy a robot and think it will give them riches with no effort and they end up disappointed - Why? Because most have never even been traded and present worthless paper simulations which mean nothing in the real world. There not real profits so avoid them at all costs.

2. Forex Day Trading Doesn't Work

It's obvious that you can't tell what countless millions of traders, will do in short time spans. It's a good story and vendors know this but like the robots they only have paper simulations.

3. Anyone Can learn to Succeed

This the good news! Forex trading is a learned skill and if you get the right forex education, you can win.

4. You Need to Have Confidence and Discipline

This means accepting responsibility and learning the right information. Only then will you have the confidence to trade with discipline. So by all means get education from other - but success rests on your shoulders.

5. Big Forex Trends are Always Present

They last for weeks, months or years and if you use a long term forex trend following strategy, you can make huge gains.

6. Leverage is an Advantage and Disadvantage

Forex brokers will give you 200:1 as standard and most traders use it all. This is a mistake, over leverage simply wipes out more traders than any other reason. 10 - 20: 1 is plenty for most traders.

7. Markets Don't Move to Science

You will read a lot about how they do and how you can follow a system that predicts and win, no you can't. Markets don't move to science, they are simply an odds based game and you need to trade the odds to win.

8. You are Going to Face Periods of Losses

All the best traders do and it's how you handle them that will determine your trading destiny. Make sure you have strict money management and the confidence and discipline, to ride these periods out.

9. You Don't Need to be Clever or Work Hard

It's a fact that a simple trading strategy can be developed by anyone and you can make a lot of money with it. A few weeks to learn and about 30 minutes a day is all you need - if you get the right education. No other business, gives you such great rewards for your effort. You get rewarded for being right, not effort in forex trading and that means working smart NOT hard.

10. Ignore the Majority View and You Will be Successful

Forex trading success is all about ploughing your own path and ignoring the frequent myths you see online and also be prepared to not run with the majority - the majority of course lose, go your own path.

You Can Achieve What You Want

[ForexMartTrader]

The rules of the forex market are not cast in concrete, as the say, it more or less a line on the sand. So a trader has to learn and practice over time to know how far every rule holds. This cumulative experience goes to make a good trader.

[uncle gober]

indeed psychology of trading will be less felt in a demo account, if you want to train the psychology of trading should use a real account with capital as small as $ 25 in TICKMILL. if our trading psychology is good then we will be maximized well. moreover demo account can only be used to train the skills of trading

[Nadilapars]

do not be underestimated for demo accounts, in trading need readiness and understanding mature, and also must see whether the market conditions are feasible to install the order or not, and with accurate analysis can help us to increase the profit that we can