Here we will look at Forex trading myths which traders believe and lose. If you want to win and enter the elite 5% of traders who enjoy long term success, avoid the myths enclosed...

1. Forex Trading is Easy

Most traders are naïve and think they can just open an account and make money easily. They follow a sure fire system sold by a vendor for $100 or so and think they can win but as 95% of Forex traders lose this is not true.

2. Forex Scalping and Day Trading is a Way to Make Money

Forex scalpers and day traders lose long term - Why? Because all volatility in short time frames is random and its impossible to trade a random market and win.

3. Forex Robots Work

Financial freedom and all for $100 or so! Anyone who believes this story is in for a reality check, as the Forex expert Advisors (which many grandly call themselves) lose. These robots don't have long term track records of real gains and if you think they will make you money, your in for a shock.

4. Predicting Forex Prices in Advance is Possible

You cannot predict what millions of humans will do to a price with certainty, so don't try. Simply trade the reality of price change and leave prediction to the dreamers and losers.

5. Markets Move to Mathematics

Related to the above point and for as long as I have been trading, I see People who claim they have discovered the hidden order of the market and then they disappear. The fact is Forex markets are a market of probabilities not certainties.

You should simply focus on trading the odds and win and forget perfection.

6. You Get Rewarded for Hard Work

Its not a 9 - 5 job and you don't get a set salary, you get rewarded for being right and need to work smart not hard.

7. You get Rewarded for being Clever

Forex is a market where simple systems work best. Try and complicate your trading strategy and it will have to many elements to break.

8. You can trade Breaking News Stories

A dumb way to trade! Markets move to traders view of the news, not the news itself; also keep in mind all financial markets discount news instantly. Don't try and trade news stories unless you want to lose.

9. You need to be on top of market actions 24 Hours a day

You should check prices maybe once or twice a day and that's it. You achieve nothing by watching every tick of the market.

10. Risk Reward is Simply Your Target - Your Stop

This is how traders fool themselves into thinking, they have a high reward low risk trade - but its no more than an opinion and doesn't take into account the probability of the trade.

Avoid the above Myths!

If you want to win, get a simple trading system based upon trading the reality of price change, learn to apply it with discipline and confidence and you can enjoy currency trading success.