How Can Tried And Tested Forex Trading Systems Fail SO Often

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!

The course covered every aspect of trading, including record keeping, preparation, paper-trading, even the psychology of your average forex trader. I watched the entire dvd set which took me a couple of days. Then I re-watched some of the dvds, mainly those covering forex trades and specific forex techniques. I couldn't wait 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 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 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.

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 now felt that my own personal approach, my own style, my own methods, they were all letting me down. Even using a proven winning forex trading system, I would lose lots of money. And for a long (and costly) time, I didn't even realize it. It wasn't because I hadn't invested enough money either. So I did some more research.

I have learned that it is possible to purchase a winning forex-trading system online for very little money, and that even a top training course can cost relatively little. There are a whole range of affordable forex resources and training out there online. It is easy to be ALMOST totally equipped to make serious money on the markets.

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 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!

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? 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 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

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