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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 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 forex course covered every facet of trading, including preparation to trade, keeping records, no-money paper-trading, as well as the psychology of the forex trader. I carefully watched the entire dvd set which took me about two days. After that, I watched some of the dvds again, mostly those covering actual forex trades and particular forex techniques. 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 several years ago. Do I now have the fast car or the boat? Actually - no! Have I made a pot of gold? Again not quite yet! In fact I’ve lost lots of money! I still haven’t lost my confidence in the forex market as a wonderful way to make money online, that’s because I’ve met so many forex traders who continue to make very good money. I just know it can be done, I’ve repeatedly seen it happen. So I decided it must be 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.

Did I make any money yet? No! But I began to suspect where my problem lay and why I’d failed so completely. It really hate to admit it, but I felt I might be the problem! Little old me.

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 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.

As a thank-you to the site owners, I’ve taken their little booklet and re-written and expanded it, and handed it back to them. They are still giving it away free to purchasers of anything from their site. The book is called The Missing Link, and as I said, it’s still free and still worth every penny!

Christopher Temple is a successful trader who writes often on Forex Currency Trading Systems in his quest to help beginners Learning Forex Trading Online. Try the links to learn about his book.