• Section: Money Guide - Category: Invest Online
• Written by Sacha Tarkovsky

Most traders lose however online forex trading is simple to learn. Traders lose because they follow conventional wisdom (a lot of which is wrong) never acquire the right knowledge and then cannot apply it.

Here we will give you pointers on getting the right knowledge and mindset to win.

Let's look at why traders lose

1. They Won't Learn The Basics

Many traders imply want to pay $100 or so for an e-book from a guru and hope that the guru will make them money.

Their too lazy to learn the basics themselves and think they can buy success from someone else.

What happens?

You guessed it they lose, not just because in most cases the material doesn't work (if it did why is the person selling it?) but there is a deeper reason.

2. Self knowledge is the key to success

Even if you are lucky enough to find a system that works, its difficult to follow something you don't have ultimate confi

dence in.

If you follow someone else's method, chances are you won't achieve total, confidence in the method.

If this occurs then you will not be able to follow the method with discipline and you will end up having no method at all.

For a method to work you must have the ultimate confidence to apply it with discipline through inevitable losing periods.

3. Work Smart Not Hard

You get other traders who think the more work they put in the more they get out.

Not so, in online forex trading.

The amount of effort you put in has no correlation to how much money you make.

Many people get involved in information overload, but devising a method to trade is very simple (it should only take a few weeks) then you just need to execute your signals - that's less than an hour a day.

Don't work hard

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