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Tips on Get Rich in Forex

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  • Tips on Get Rich in Forex

    First let's start with a rather inspiring story...

    In 1983 legendary trader Richard Dennis decided to prove that anyone could learn to trade and that trading was a learned skill. He took a group of traders from all walks of life, of varying educational levels, of all ages and both sexes and in 14 days he taught them to trade - he then gave them trading accounts.

    The result they went on to make over $100 million dollars and proved him right.

    While Dennis taught them how to trade a method which was simple - so simple anyone could learn it he taught them something more:

    He made sure that they understood exactly how the method worked so they could have confidence in it and the discipline to follow it through losing periods to achieve success.

    The fact is it is not the method that is the critical element in trading success its holding your discipline when you are confronted with an all powerful force - the markets.

    Forex markets move where they want to, are always right and it is only the trader who can be wrong.

    This causes most traders huge problems and the main ones are as follows:

    1.We all like to be right and the forex markets will make a mug of even the best traders at times.
    2.Man is a pack animal and likes the reassurance of his peers and we have done this since stone age times and grouping together in most areas of life and sharing knowledge and skills has seen mankind advance - do it in the markets and you will lose with the majority.
    3.We are used to order and rules that we follow and that's what makes society work but in the markets you have to make your own rules and just as importantly, take responsibility for your actions - again most traders find this hard.

    While Dennis taught them a method he taught them to understand themselves, have confidence and discipline and this really is the key to currency trading success.

    If you can't follow your currency trading system - you have no system at all - PERIOD.

    To get the mindset to win keep in mind the following as there as an important part of your forex education as learning a trading system.

    - Accept responsibility for your actions and understand success is firmly on your shoulders.

    - Understand whatever method you use (even if you buy it from someone else) so you have confidence.

    - Cheerfully take losses as a consequence of making long term profits.

    - Do not take advice from others or believe the news you will be sucked into the pack.

    It looks easy to learn forex trading and it is but that doesn't mean you are going to win - as we have said it's a purely learned skill - but you need something extra to enjoy success and that comes from inner understanding which leads to confidence and discipline.

    You may not become as rich as the traders Dennis taught - but if you understand that forex trading is not easy ( and you wouldn't expect it to be with the rewards on offer ) you can use this forex trading tip to build a forex trading strategy for long term success.

    All you need to do is work smart and absorb the trading tip and use it.