Due to the fact that 95% of forex traders are losing money right now, the idea of making money with forex seems like an impossibility to some. You can certainly understand why.
But let’s examine why there is such a separation between the 5% who are marking money with forex and the 95% who are losing money. What makes these traders so different from one another.
Some people think that the 5% have some kind of “inside” information that the 95% aren’t aware of. While that certainly may be possible, I seriously doubt that is the case for the entire successful trading public.
Some people believe that it’s an intelligence issue. They somehow feel that this elite 5% had a better education, higher IQs, etc….. that they are able to grasp all the mysteries of forex trading, while the other 95% are just throwing darts at a dartboard. Well, that’s wrong as well. I can tell you with great certainty that successful trading has nothing to do with intelligence. I’ve met some traders who make 7 figures a year who didn’t even graduate from high school.
It really boils down to thinking outside the box. Many people conform to the ideas of using lots of bells and whistles. For instance, a lot of traders love the idea of slapping a bunch of indicators on a chart, and letting these indicators make their trading decisions for you. This is where many people go wrong, and this is why the failure rate is so high. If you want success, you should try to see the markets in its purest form, and for a technical trader, this means using price action.
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. He developed his own course, called Trading in the Buff, where he teaches traders how to properly learn forex. Article Source:http://www.articlesbase.com/currency-trading-articles/making-money-with-forex-is-it-really-possible-948272.html