By Kelly Price
If you are interested in trading foreign currencies for profit, the good news is anyone can learn to trade and even better, it should only take you a few weeks and your then all set to start making big profits in just 30 minutes a day.
It's a fact that 95% of all people who trade foreign currencies lose money and the reason they lose is they believe myths like the cheap Forex software packages can give them a regular income with no effort! If trading were this easy, 95% of traders wouldn't lose money. You need to learn skills but to prove that anyone could win at trading and learn quickly, famous trader Richard Dennis set up an experiment which was this:
He set out to trade a group of people, with no trading experience in two weeks and these were ordinary people ranging from a security guard to a female auditor and after there two weeks training. they went on to make several hundred million in profits.
So what did this group do right?
First they used a simple trading system and it was just a few rules, with strict money management and based on breakouts. The system is public now and you can see how simple it is. while it is simple. all the best strategies are, because they are more robust than complicated ones with fewer elements to break.
The easy part of currency trading is learning a method which can win, the hard part is executing it with discipline and if you think about it, if you can't execute a trading strategy with discipline, you simply don't have one!
When trading foreign currencies, getting a method together is easy but what you must pay careful attention to is your mindset and maintaining discipline. You need to ride out periods of losses and keep them small, until you hit the big trends and then you need the courage to run them. Dennis knew this and drilled into his students that keeping losses small and maintaining discipline was the only way to succeed and they followed his instructions and made huge profits.
The right mindset comes from a good education and confidence in what your doing and while you may not make as much money, as the traders we looked at earlier but there is nothing to stop you getting the right mindset and making a lot of money.
In global currency trading, its not the market which ends up beating the trader the trader beats himself by having the wrong mindset - if you want to enjoy currency trading success you can and with the right education, you could soon be making big profits in just 30 minutes a day.
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