I know that many struggling forex traders often wonder why successful traders do money trading forex. They can’t help but wonder what they are doing and what I am doing wrong. These are the superstitions about the people who are losing money in the market who are making money. I think now is the time to put an end to these superstitions once and for all. Here are the top 3:
1) Successful traders are much smarter than struggling traders.It always makes me laugh. Intelligence really has nothing to do with business success. You could have a PhD from Harvard that could crash your account within a week. After all, I know a lot of businessmen who are doing a living business, and they haven’t even finished high school.
2) They started with more money.That may be true, but it has nothing to do with success. It’s always nice to start a project with a lot of money, but it’s not about success in business. If you are a business historian, I am sure you will know that the most successful traders in history started from scratch.
3) They use extremely high-end expensive charting software.I can’t even begin to tell you how big of a myth it really is. Some people honestly believe that you can never succeed unless you have a thousand dollar charting platform. But believe it or not, many successful entrepreneurs use freely available trading software (such as MetaTrader) and do not spend their hard earned money on unnecessary software.
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