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

So why do a large number of Forex Traders eventually fail? I was a failed trader, and here is why...

Back when I decided to start my forex trading career (quite a few years ago now) I honestly thought that I would be making big money very quickly indeed. After all, I was entering the monster online currency market where I could hardly fail to make good money. I had investigated the market thoroughly, and admittedly I knew that in excess of 90% of forex traders fail to make serious money, but I did not believe for a single moment that this might include me! My attitude was that if I took the trouble to study the best forex trading techniques and avoided the pitfalls, I'd soon be a top trader too!

I put my money into the best forex training course I could track down, it was wholly dvd-based, and cost me $4500. There were about 14 hours of good quality forex instruction, and useful software applications, free forex signals feeds, all set up with my user names, passwords etc I also got a forex spread-betting account. That was very attractive - I could use 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 on and added cash to my spread-betting account (I think it was about $4,000) but I was already dreaming of the fast cars and speedboats I would soon be driving.

That was a few years ago. So do I now have even one of the cars or the boats I dreamed about? Well actually - no! Have I made pots of money? Again, and very sadly, not so far! To be honest I've lost quite a lot of money! I do still retain the confidence I originally had in forex as a great way to make a really serious online income, because I've met and talked with such a lot of wealthy forex traders. I still believe that I can do it because I've seen it happen repeatedly. I decided it must be my trading system, what else could it be?

I stumped up even more money, I invested in the best web-based forex trading systems - after I had very carefully studied their testimonials and seen that other traders were making some serious money from them. I also bought even more books. Forex trading books, forex training books, even books listing and reviewing forex systems. I even bought another forex training course and some financial guides, I studied day-trading systems next to longer-term trading systems - I was totally determined to succeed in making 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 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 took the blinkers off I realized that it had to be me. I had to admit to myself that I am not nearly as clever as I thought - I soon identified a whole boat-load of personal deficiencies that prevented my success. Words like resolution, concentration, dedication, honesty, self-discipline, all came into my mind. I had not used sufficient of any of them!

I had got my hands on yet another book - well booklet actually. It was free (and worth every penny). It came as a bonus when I bought some trading software through my favorite forex trading software web site. This little booklet didn't attempt to tell me anything about winning forex trading systems, it dealt entirely with the secret ingredient that is missing from the mental toolbox of many forex traders, and is probably the reason why the majority of them lose money. (Come to think of it, it's missing from the mental toolbox of traders in most other financial markets too).

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 certainly owed a mighty favor to those site owners, so I've re-edited and expanded their little booklet. They're still giving it away as a free bonus to anyone who buys from their site. It's called The Missing Link, it's still (effectively) free and it's still worth every cent