There is a fundamental characteristic of unsuccessful forex traders: they trade forex because it's exciting, cool, or for its sex appeal. The mystery behind the charts, the notion that profits (although elusive) does really exist and that money can be made quickly (but not predictably) all add up to create a romantic fantasy that is too appealing to avoid. When they start to lose money, they leave their positions open, close their eyes, and hope that the trap is miraculously opened so they can be free again. This group - the LOSERS - is the largest block of forex traders [90%]. There is also a fundamental characteristic of successful forex traders. They trade forex because it makes them rich. They trade because they know how to do it. They do not trade for fun. Many of them are unimpressed by their own success. Most of them never share their secrets with anyone. They take a methodical, almost boring, approach to forex trading. They painstakingly build systems that, although simple, may have taken years to perfect. In the end, their lives are reduced to waiting for predictable signals that are obeyed without question. This group - the WINNERS - is the smaller of the two groups [10%]. The LOSERS outnumber the WINNERS by a ratio of at least 500:1. For every WINNER, there are 500 LOSERS. In my opinion the forex markets only exist because losers bring money into the market, which is necessary for the Industry.
Are you a WINNER or a LOSER? Losers don't want to learn the intricacies of the forex market - the charts, the signals, the Forex broker, the nuts and bolts - because they are afraid that once known, all these details will ruin the romanticism of the entire adventure[The over-hyped adverts by charlatans that promise soft wares and robots that generate $1,000 in a second].If you don't know the forex markets in and out, the best of robots and soft wares will be useless to you, and even wipe out your accounts in a few minutes. The mystery, the elusive profits, the unknown, all contribute to create an excitement that would be lost if too much were discovered.
