How Can Tried And Tested Forex Trading Systems Fail SO Often

By Christopher Temple | July 20, 2007 | Popularity: 1% (?)

So why some Forex Traders fail? I’ve been thinking long and hard about that.

When I started forex trading (many years ago now) I really believed that I would soon be dragging in the cash. Forex was, after all, a giant online marketplace where someone like me could hardly fail to make good easy money. I had done my research, and I understood that over 90% of forex traders quickly fail, but I never believed for a single second that this would happen to me! If I took the time to study the best forex trading strategies and assiduously avoided the pitfalls, I’d soon be a top forex trader!

I invested in the very best forex training course I could locate, it was entirely on dvd, and it cost me over $4000. There were 14 hours of high quality forex education, and several pieces of useful software, including a link to some free forex signals software which was already set up with my passwords etc all ready to go. I even received a forex spread-betting account. That was handy – tax free trading!

I also got access to the author’s private web site and could review his daily progress. Every evening I would review his trades and listen to his comments, and learn how many pips he had made (or lost). Most days he made around 20 – 35 pips – mostly in the GBP/Dollar market. So I thought, if he can do it, I can do it! This would 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.

I opened and funded my spread-betting account (another $4,000 but hey, what the hell.). Oh, and I began to dream about the latest Mercedes and Ferrari cars – not long now.

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 invested more money, bought the best online forex trading systems – but only after I had very carefully checked their testimonials and ensured that actual traders were making serious money with them. I also bought books – many books. Books on forex trading, books on forex training, even books comparing forex trading systems. I also bought several more forex training courses and guides, I studied day trading systems alongside longer-term trading systems – I was absolutely determined to make money in forex trading.

Did I at last succeed? No! But at last I began to think about what my problem was and why I’ve failed so appallingly. I began to think that I might be the problem! It hurts a lot to say it, but I really think it could be me.

I had come to realize that my own individual style and my own methodology, they were letting me down. Even when I was using a proven winning trading system, I would still lose money. And for a long time, I didn’t even recognize it. I did even more research.

I now appreciated that it is quite possible to obtain successful forex-trading systems for not much money by going online, and that even the best forex training courses aren’t expensive compared to the potential rewards for doing it right. There are many inexpensive forex resources and plenty of training available on the web and it is entirely possible for anyone to set up to trade forex online, and then to make some steady money. This massive resource is working for many other people, but not for me.

But what did that nearly mean here? What was missing? What was the difference between a winning and a losing trader in the forex galaxy? Who else could I speak to about learning how to be a successful trader? I soon had 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.

So I bought another booklet. It was a free bonus included when I bought some trading software from my favorite forex site. This booklet didn’t even attempt to tell me how to win with forex trading systems, it dealt only with the magic ingredient that was missing from the cerebral toolbox of quite a few forex traders, and is probably why the majority of them go on losing money. (Come to think of it, it’s missing from the cerebral toolbox of traders in almost every other market too).

What did I learn? Well – it was obvious that the problem is inside of my head! Like the majority of forex traders I am just unable to stick to the systems I have learned. That’s why I (and most forex traders) continue to fail. But luckily my new booklet not only pointed out my problems, it also showed me some quick (and obvious) solutions. I’m trading a lot more profitably right 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

Christopher Temple is a long time trader who writes regularly on Forex Currency Trading Systems in his quest to help newbies Learning Forex Trading Online. Try the links to learn about his book.

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