Forex Secrets For Success - The 2 Secrets That All Traders Need to Know For Trading Success

There are many people selling Forex secrets online but there people simply trying to sell secrets that don't work, that's why their selling them! The only two you need to know are enclosed in this article, if you understand them, your all set to enjoy currency trading success.

I want to introduce the secrets, by telling you a story and its about a famous trading experiment, conducted by well known trader Richard Dennis.

The aim of the experiment was simply, to teach a group of people to trade in two weeks, to prove that anyone could learn Forex trading and anyone could do it quickly. The experiment was conducted and the rest is trading history, these traders all made triple digit annual gains and piled up hundreds of millions of dollars in profit.

So what were the secrets of the above traders success - why did they do so well, when its a known fact that the vast majority of traders lose?

The first point is that Forex trading is simple, so forget trying to be clever or working hard. These traders became successful in two weeks, using a simple breakout trading system which focused on long term trends which is a great way to make money. What most traders don't grasp is that learning a system is the easy part of Forex trading, the harder part is applying with discipline and keeping your emotions out.

All the traders who learned the above system, commented that learning ti was easy but when they had to apply it, they faced mental problems and all Forex traders face this problem - Why?

Because you are going to lose for long periods and forget, what all the self proclaimed experts tell you, about how you can trade with n o drawdown - you can't. Most successful traders have more losers than winners but they win long term, because they cut their losses and run their profits.

You must keep your losses small and take them and don't let your emotions get involved. Sounds easy? Its not when the market is taking your money and wrong footing you. You can learn to be disciplined, take your losses and keep them small and this is based on, having the mindset to keep losses small and if your system is soundly based, you will hit profits again.

If you read the story of the traders above ( called the turtles) you will understand that anyone can win at Forex trading; you probably won't make as much money as they did, just like everyone who picks up and learns golf, doesn't become Tiger Woods but there is nothing to stop you becoming a winner and just maybe, you could become a super trader and earn a life changing income.

The secret of Forex trading success, is nothing more than learning a simple system but more importantly, getting the mindset to win - it can be done and you can win if you want to.

Article Source: http://EzineArticles.com/?expert=Kelly_Price