Why Do Even The Best Forex Trading Systems So Frequently Fail?

So why do some Forex Traders fail? I've been thinking long and hard about that.

On the day I started forex trading (years ago), I thought that I would quite soon be in the money. I was entering a multi-million dollar online business where a smart lad like me just couldn't fail to make loads of easy money. Yes, I had read that more than 90% of forex traders fail, but hey - I'm different - I'm a college graduate! If I took time to learn the best forex trading techniques and carefully avoided the obvious pitfalls, I'd be a top forex trader in no time at all!

To start off I had invested a lot of money in the very best forex training course I could find, it was a complete set of 13 dvd's, and cost me in excess of $4500. I recall that there were over 13 hours of best-quality forex tuition, several useful software applications and some free forex signal software, and everything was already set up and ready to go with my passwords etc I also received an established spread-betting account. Now that was very handy indeed, I could now take advantage of tax free trading!

I also got access to the author's private web site and could review his daily progress. Every evening I would review his trades and listen to his comments, and learn how many pips he had made (or lost). Most days he made around 20 - 35 pips - mostly in the GBP/Dollar market. So I thought, if he can do it, I can do it! This would 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.

I opened and funded my spread-betting account (another $4,000 but hey, what the hell.). Oh, and I began to dream about the latest Mercedes and Ferrari cars - not long now.

That was a few years ago. So do I now have even one of the cars or the boats I dreamed about? Well actually - no! Have I made pots of money? Again, and very sadly, not so far! To be honest I've lost quite a lot of money! I do still retain the confidence I originally had in forex as a great way to make a really serious online income, because I've met and talked with such a lot of wealthy forex traders. I still believe that I can do it because I've seen it happen repeatedly. I decided it must be my trading system, what else could it be?

I put my hand deep into my pocket and spent more money, I purchased the top web-based systems - but only after I'd painstakingly checked out their testimonials from other users and satisfied myself that other traders were really making good money using them. I bought forex trading books, I bought forex training books, I even bought books listing and comparing forex systems. I then bought another forex training course. I studied several day-trading systems comparing them to longer-term systems. I was absolutely determined to succeed in making money by 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 had begun to realize that my own trading methodology was letting me down. Even when I used a tried and tested trading system, I still managed to lose money. And for a very long time, I hadn't even recognised it. So I did yet more research.

I now appreciated that it is quite possible to obtain successful forex-trading systems for not much money by going online, and that even the best forex training courses aren't expensive compared to the potential rewards for doing it right. There are many inexpensive forex resources and plenty of training available on the web and it is entirely possible for anyone to set up to trade forex online, and then to make some steady money. This massive resource is working for many other people, but not for me.

Almost? Almost? What's missing then? What's the difference between a winner and a loser in the forex world? Who else could I consult about becoming the total and complete trader? I didn't take long to work that one 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!

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.

I owed a favor to the site owners, so I've re-written their little booklet and expanded it. They're still giving it away freely to purchasers of anything on their site. It's now called The Missing Link, and it's still free and it's still worth every cent.