I know that many struggling forex traders often wonder how successful traders make forex? They can’t help but think what are they doing and what am I doing wrong? People who are losing money in the market have this myth about people who make money. I think it’s almost time and we eradicate this myth once and for all. Here are the top 3:
1) Successful traders are much smarter than struggling traders.This always makes me laugh. Intelligence has nothing to do with business success. You may have a Harvard PhD who may crash their account into the account. Then, I know a lot of businessmen who are making a living 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 great to start an enterprise with more money, but it has nothing to do with business success. If you are a trading historian I am sure you know that the most successful traders in history started in humble beginnings.
3) They use the most high-cost charting software.I can’t even begin to tell you how much of a myth it actually is. Some people honestly believe that if you don’t have thousands of dollars charting platform you will never succeed. Believe it or not, many successful traders use freely available trading software (Metradar) and do not spend their hard earned money on useless software.