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Why Do Even The Best Forex Trading Systems So Frequently Fail?

So why some Forex Traders fail? I've been thinking long and hard about that.

When I started forex trading (many years ago now) I really believed that I would soon be dragging in the cash. Forex was, after all, a giant online marketplace where someone like me could hardly fail to make good easy money. I had done my research, and I understood that over 90% of forex traders quickly fail, but I never believed for a single second that this would happen to me! If I took the time to study the best forex trading strategies and assiduously avoided the pitfalls, I'd soon be a top forex trader!

I invested in the very best forex training course I could locate, it was entirely on dvd, and it cost me over $4000. There were 14 hours of high quality forex education, and several pieces of useful software, including a link to some free forex signals software which was already set up with my passwords etc all ready to go. I even received a forex spread-betting account. That was handy - tax free trading!

I also received access to the author's personal web site where I could review his recent trades. Every day I would watch his trades and listen to his suggestions, and hear how many pips he had made. Most sessions he made around 22 - 35 pips - most often in the GBP/Dollar market. If he can do it, I can do it! I thought. This would be very easy!

My new forex trading course covered all aspects of trading, including preparing to trade, keeping accurate and useful records, testing systems by paper-trading, and also trader-psychology. I took my time in checking out the course over a couple of days, then I watched some of the dvd's again, mostly those covering actual forex trading and actual forex techniques. I decided I was ready to begin.

I opened and funded my spread-betting account (another $4,000 but hey, what the hell.). Oh, and I began to dream about the latest Mercedes and Ferrari cars - not long now.

That was over 3 years ago. Do I now have that Mercedes or the Ferrari? Sadly no! Have I made a fortune? Well not yet! In fact I've lost some money - well lots of money actually! I haven't lost confidence in the forex market as a vehicle to make money online, I've met too many forex traders who make good money. I know it's possible, I've seen it done many times. I wasn't doing it though - so I blamed my system!

I invested more money, bought the best online forex trading systems - but only after I had very carefully checked their testimonials and ensured that actual traders were making serious money with them. I also bought books - many books. Books on forex trading, books on forex training, even books comparing forex trading systems. I also bought several more forex training courses and guides, I studied day trading systems alongside longer-term trading systems - I was absolutely determined to make money in forex trading.

I must be making money by now then? No, not yet! But I think I am beginning to understand where the problem is and why I've failed so pathetically. It pains me to admit it, but I think the problem may be ME? Little old me? Naah, impossible!

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 have learned that it is possible to purchase a winning forex-trading system online for very little money, and that even a top training course can cost relatively little. There are a whole range of affordable forex resources and training out there online. It is easy to be ALMOST totally equipped to make serious money on the markets.

What does that mean in this context? What was I missing? What's the difference between a winning and a losing forex trader? How else could I become the total trader? It didn't take very long to get that question worked out!

Once I took the blinkers off I realized that it had to be me. I had to admit to myself that I am not nearly as clever as I thought - I soon identified a whole boat-load of personal deficiencies that prevented my success. Words like resolution, concentration, dedication, honesty, self-discipline, all came into my mind. I had not used sufficient of any of them!

So I bought another booklet. It was a free bonus included when I bought some trading software from my favorite forex site. This booklet didn't even attempt to tell me how to win with forex trading systems, it dealt only with the magic ingredient that was missing from the cerebral toolbox of quite a few forex traders, and is probably why the majority of them go on losing money. (Come to think of it, it's missing from the cerebral toolbox of traders in almost every other market too).

What did I learn? Well - it was obvious that the problem is inside of my head! Like the majority of forex traders I am just unable to stick to the systems I have learned. That's why I (and most forex traders) continue to fail. But luckily my new booklet not only pointed out my problems, it also showed me some quick (and obvious) solutions. I'm trading a lot more profitably right now.

I certainly owed a mighty favor to those site owners, so I've re-edited and expanded their little booklet. They're still giving it away as a free bonus to anyone who buys from their site. It's called The Missing Link, it's still (effectively) free and it's still worth every cent

Article Source: http://www.topicinfo.com

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