I’m going to say something that may make me very unpopular. I’m going to tell the truth about what it takes to really be successful in forex trading.
The most common answers thrown around are your trading system, your money management, etc. Those are all important. Those are all keys to success, but none of them are the REAL key.
The real key to forex success is capital. More specifically, having enough.
Sure that’s easy to scoff at. “If I just had a systems that picked enough winners, it wouldn’t matter what the size of my account is.” I said it. Most likely, you’re at least thought it. The “market wizards” preached it, and we don’t listen. We don’t listen as we blow out mini account after mini account.
So when will we learn? How much money do we have to give over to the brokers and “real” traders before we make it work?
Well?
The key to success in forex is being able to outlast the trades that go against us, and the stupid mistakes we are bound to make. Great, so now we know the real key to forex, what good does it do us?
I mean, I’m not made of money . . . are you? You only have so much money coming in. What to do to increase our account balances?
Become an entrepreneur! I know, I know. You want to be a trader not a crass commercial. So I have just one question for you. How badly do you want to be a successful trader?
Stop.
Answer the question. Do you really want it? Then do what is necessary to increase the size of your trading balance. Give yourself a chance.
By: Nathan Pennington