Biggest Hurdle in Forex Trading is?

For the last two and a half years I have been learning to trade the Forex market. It has been a long hard struggle with many ups and downs. Considering 95% of people who take up Forex trading fail and lose their initial investment and further investments, I consider myself luck to still be trading.  It took me quite a while to realise that the problem with Forex trading was not the technical aspects, the complexities of charting or following the political and financial ups and downs of the world. It was a lot closer to home than that and very common. In a word it was my emotions, once I realised this, I knew I would have to learn to control them very quickly.

If we had no emotion, Forex trading would be easy; we would plan a trade, take the trade and close the trade. For example, if you always used a risk to reward ratio of 2:1 (ie say risk 25 pips against a potential gain of 50 pips) and you were right only 50% of the time you would still be successful.  In other words follow the plan, regardless of what your emotions tell you during the trade. Your exit plan is already in the plan based on analysis, so you don’t need emotions getting in the way. You could give a 100 traders the same trading system, the same amount of money and the same broker  and the majority of them would probably fail to make a profit or loss their stake, only about 5 % would succeed. This is the reality of emotions in action.

One Solution

Controlling your emotions is a very hard thing to do or learn and I can’t say I have mastered it fully myself but I have make significant progress. I did not make this progress on my own though I had help.  Initially joined various Forex training programs and bought lots of books from the guru’s, some where useful but mostly they were full of  hype and standard rhetoric. Then I came across Forex Mentor Pro a mentoring program similar to the one I am doing now for internet marketing, except it is open ended and you pay a monthly subscription. It was the best thing I ever did for my Forex Trading. There’s no hype no bull just straight forward proven methods, advice and no false promises. They don’t give you trading tips or tell you what to trade they teach you how to trade for yourself. They provide you with excellent training and teach you to be able to make informed decisions for yourself. They will guide you, answer any questions promptly and offer their support also there is a great forum. If anyone is interested in learning to trade Forex I would recommend having a look at them.

Filed under: FOREX

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