Making Money Forex Trading - What Are the Biggest Myths?

By John Templeton

I know that many struggling forex traders often wonder how is it that the successful traders make money trading forex? They can't help but wonder what are they doing right and what am I doing wrong? People that are losing money in the market have these myths about people that are making money. I think its about time we eliminate these myths once and for all. Here are the top 3:

1) The Successful Traders are a lot smarter than the struggling traders. This one always makes me laugh. Intelligence really has nothing to do with success in trading. You could have a PhD from Harvard who could crash their account within a weeks time. Then, I know of plenty of traders who are making a living trading, and they didn't even finish high school.

2) They began with more money. That may be true, but it really has nothing to do with success. It's always nice to begin any venture with more money, but it has absolutely no correlation with success in trading. If you are a trading historian, I am sure that you know that the most successful traders in history, started off in modest beginnings.

3) They use the most high-end expensive charting software. I can't even begin to tell you how big of a myth this actually is. Some people honestly believe that you could never have success unless you have some thousand dollar charting platform. But believe it or not, many successful traders use freely available trading software (like Metatrader) and don't spend their hard earned money on needless software.

John Templeton has been a successful forex trader after learning how to trade price action. Once he understood that all he needed to trade forex was on a plain chart with no indicators, his profits soared. You too could could the same with this forex trading system on price action.

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