Forex Trading Myths

There are lots of Forex trading myths and here we will cover the biggest 3 of all that cause the majority of novice traders to lose their money.
Here they are in no particular order of importance - there all important!
1. You can Follow others
Most traders think they can follow a system with a simulated track record from a vendor and make money and Forex Robots and predictive systems are heavily sold online.
The gains they present, are fantasy land and based upon back tests knowing the closing prices or in simple terms made up.
I wouldnt trust a system with a simulated track record as it proves nothing and neither should you.
Even if you do find a good system to follow which has made real gains, you still need to get the right forex education , to have confidence in the system, to follow it through periods of losses with discipline.
Following a system when it losses is hard and that leads me onto the next point.
2. Not Expecting Drawdown or Losses
Many traders believe the myth that you can trade with 80% accuracy, predict prices and never have more than the occasional loss - but this is another fantasy perpetrated by vendors of simulated systems.
All the best forex trading systems win long term but have losses which can last for up to several weeks in the short term.
You need to be mentally prepared for these and stay on course, until you hit profits again and this needs tremendous mental discipline which is based upon confidence and inner understanding.
3. Forex Trading is Easy
95% of traders lose and it's not yet, most traders think they can simply turn up and win and assume working hard, using a complex trading system or being intelligent guarantees success.
In Everyday life this is true - but not in Forex.