I know that most traders are always looking for the ultimate tip to forex trading success. Well I'm going to give it you right here: Don't think about becoming rich.
You may be thinking that absolutely no sense. But sit down and think about it. Think about how most traders enter the market. What kind of frame of mind do they usually have? The answer should be obvious. They want to become rich.
There is nothing wrong with that, but it's kind of like getting your driver's license when you are 16, because you want to drive a Ferrari. It sounds kind of strange doesn't it? Well that's the kind of mentality new traders have.
What they should be thinking about is "what can I learn about the market"? The keyword being learn. We live in a day and age where we want and expect things to happen overnight. That's not the way trading works, and this is the reason why so many people fail to make money in forex.
They have this "shortcut" They would much rather be rich than take the time to educate themselves on the subject. The irony is if they reversed that thought, their chances of becoming rich greatly increase.
But unfortunately, people take shortcuts. The biggest example of this are the use of forex robots, or expert advisors. When people use these contraptions, it's basically like saying "I don't want to take the time to learn how to trade. I just want to let a piece of software to do the work for me". This is exactly why you hear about people crashing their accounts.
John Templeton has been a successful forex trader after learning to trade currency. Once he understood that all he needed to trade forex was on a plain chart with no indicators, his profits soared.