How Can Tried And Tested Forex Trading Systems Fail SO Often

So why do a large number of Forex Traders eventually fail? I was a failed trader, and here is why...

On the day I started forex trading (years ago), I thought that I would quite soon be in the money. I was entering a multi-million dollar online business where a smart lad like me just couldn't fail to make loads of easy money. Yes, I had read that more than 90% of forex traders fail, but hey - I'm different - I'm a college graduate! If I took time to learn the best forex trading techniques and carefully avoided the obvious pitfalls, I'd be a top forex trader in no time at all!

To start off I had invested a lot of money in the very best forex training course I could find, it was a complete set of 13 dvd's, and cost me in excess of $4500. I recall that there were over 13 hours of best-quality forex tuition, several useful software applications and some free forex signal software, and everything was already set up and ready to go with my passwords etc I also received an established spread-betting account. Now that was very handy indeed, I could now take advantage of tax free trading!

I also got access to the author's private web site and could review his daily progress. Every evening I would review his trades and listen to his comments, and learn how many pips he had made (or lost). Most days he made around 20 - 35 pips - mostly in the GBP/Dollar market. So I thought, if he can do it, I can do it! This would be very easy!

The forex course covered every facet of trading, including preparation to trade, keeping records, no-money paper-trading, as well as the psychology of the forex trader. I carefully watched the entire dvd set which took me about two days. After that, I watched some of the dvds again, mostly those covering actual forex trades and particular forex techniques. I was ready to begin.

So I logged into my spread-betting account and put in some funds (about $4,000). I didn't mind tying up that money for a few days - I was already dreaming of fast motors and fast boats

That was several years ago. Do I now have the fast car or the boat? Actually - no! Have I made a pot of gold? Again not quite yet! In fact I've lost lots of money! I still haven't lost my confidence in the forex market as a wonderful way to make money online, that's because I've met so many forex traders who continue to make very good money. I just know it can be done, I've repeatedly seen it happen. So I decided it must be my system!

I stumped up even more money, I invested in the best web-based forex trading systems - after I had very carefully studied their testimonials and seen that other traders were making some serious money from them. I also bought even more books. Forex trading books, forex training books, even books listing and reviewing forex systems. I even bought another forex training course and some financial guides, I studied day-trading systems next to longer-term trading systems - I was totally determined to succeed in making money in forex trading.

Did I make any money yet? No! But I began to suspect where my problem lay and why I'd failed so completely. It really hate to admit it, but I felt I might be the problem! Little old me.

I now felt that my own personal approach, my own style, my own methods, they were all letting me down. Even using a proven winning forex trading system, I would lose lots of money. And for a long (and costly) time, I didn't even realize it. It wasn't because I hadn't invested enough money either. So I did some more research.

I now appreciated that it is quite possible to obtain successful forex-trading systems for not much money by going online, and that even the best forex training courses aren't expensive compared to the potential rewards for doing it right. There are many inexpensive forex resources and plenty of training available on the web and it is entirely possible for anyone to set up to trade forex online, and then to make some steady money. This massive resource is working for many other people, but not for me.

But what did that nearly mean here? What was missing? What was the difference between a winning and a losing trader in the forex galaxy? Who else could I speak to about learning how to be a successful trader? I soon had that question worked out!

Once I really took the blinkers off, I realized that it just had to be me, who else could I possibly blame? I had to accept that I am not remotely as clever as I once thought. I soon identified plenty of personal flaws that were holding me back. I had no resolution, I lost concentration, I lacked dedication, I was not honest with myself, and I needed more self-discipline.

I had got my hands on yet another book - well booklet actually. It was free (and worth every penny). It came as a bonus when I bought some trading software through my favorite forex trading software web site. This little booklet didn't attempt to tell me anything about winning forex trading systems, it dealt entirely with the secret ingredient that is missing from the mental toolbox of many forex traders, and is probably the reason why the majority of them lose money. (Come to think of it, it's missing from the mental toolbox of traders in most other financial markets too).

So what did I learn? I learned that the problem is in my head! Like most forex traders I am incapable of sticking to any system I have learned. That's why I and most other forex traders fail. Luckily for me, my little booklet not only pointed up my problems, it also pointed out some quick (and blindingly obvious) solutions. I'm trading profitably now.

As a thank-you to the site owners, I've taken their little booklet and re-written and expanded it, and handed it back to them. They are still giving it away free to purchasers of anything from their site. The book is called The Missing Link, and as I said, it's still free and still worth every penny!

Article Source: http://publisherscloninghouse.com

Christopher Temple is a long time trader who writes often on Forex Currency Trading Systems in his quest to help newbies Learning Forex Trading Online. Visit the links to learn about his book.

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