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

By: Christopher Temple

Why do so many Forex Traders fail even when they are using a proven and well-tested system? Here's my story which will reveal all.

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 bonuses like permanent access to the writer's own web site where I could connect every afternoon and review his daily reports. I could study his trades and hear his explanations (and sometimes his excuses), and learn how many pips he had made that day. He usually made around 22 - 35 pips - most often trading the GBP/Dollar market. My reasoning was that anything he could do, I could do too! This was going to 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.

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 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 put my hand deep into my pocket and spent more money, I purchased the top web-based systems - but only after I'd painstakingly checked out their testimonials from other users and satisfied myself that other traders were really making good money using them. I bought forex trading books, I bought forex training books, I even bought books listing and comparing forex systems. I then bought another forex training course. I studied several day-trading systems comparing them to longer-term systems. I was absolutely determined to succeed in making money by 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 had begun to realize that my own trading methodology was letting me down. Even when I used a tried and tested trading system, I still managed to lose money. And for a very long time, I hadn't even recognised it. So I did yet more research.

I now learned that it is possible to obtain a winning forex-trading system for not much money at all, and that even one of the top courses can cost surprisingly little. There are a whole range of inexpensive forex resources and training available online. It is nearly possible to totally set up to make some serious money in the online forex 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 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.

By chance I managed to lay my hands on a very useful booklet. It came as a free bonus when I purchased some trading software from my favorite forex web site. This booklet made no attempt to teach me to win with a forex trading system, it covered only the attitudes and trading styles of quite a few forex traders, and why the majority of them still go on losing money.

What did I learn by reading this booklet? Well - I learned that the problem really was inside of my own thick head! Like many forex traders I am totally unable to stick to the systems I have learned, and which I know do work. That's why I continued to fail. Luckily my new bookl not only confirmed where my problems lay, it also showed me a variety of very easy (and obvious) ways to solve them. I'm starting to trade profitably now!

I owed a favor to the site owners, so I've re-written their little booklet and expanded it. They're still giving it away freely to purchasers of anything on their site. It's now called The Missing Link, and it's still free and it's still worth every cent

Article Source: http://ezine-articles-planet.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.
Don't reprint the same version as everyone else. Get your own unique content Forex Trading System Reviews article here.

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