What is Forex trading?
Forex is short for Foreign Exchange which is sometimes even shorter abbreviated to FX. Forex is the currency market. And Forex trading is trading currencies in order to make money.
Forex trading is not easy making money however. Estimations are that 70-95% of Forex traders lose money.
Like you can never learn to drive a car in traffic just by reading manuals about it, Forex trading cannot be learned from courses only. It can only be learned by doing it in real time.
Or in other words: by practicing, practicing and practicing again, and over again, for months maybe even years.
Yes, it will take some time. But the good news is that it can be learned without spending $1! Simply by practicing with virtual money on a free demo-account.
There are a lot of Forex trading strategies online for sale. But profound tests if they really work are pretty scarce.
Their sellers usually don’t publish their own results, let alone on myfxbook and with a verified live account.
For this reason I decided to publish my own results with them here on this site. And I hope it can be of help for you, in one way or another.
That MAGIC trading mind, do you have it already?
A strategy is not enough to become successful in Forex trading. Trading is 20% strategy and 80% mindset. But what is this “trading mindset” that traders talk about?
Most traders define it as the capacity to deal with trading emotions that come up with trading. But I define it a little different.
For me a trading mindset is the capacity tot make any strategy work, even the crappy ones!
So what is that magic trading mind more precisely?
To explain let’s take a quick analogy with medieval alchemy. Medieval alchemists attempted to transform lead into gold. But unlike what many people think, their goal was not to get gold and to become rich.
Instead, their goal was solely to purify their minds. And the gold appearing in their vessels was just a sign of accomplishing that job. Gold was a by-product.
Profitable Forex trading is not much different than medieval alchemy, in a way.
If you work on developing that trading mind with the dedication, confidence and discipline of a medieval alchemist, then the profits will come to you consistently, as a by-product, eventually.
How to develop that magic mind? Very simple.
1. Say many times a day, like a mantra: ‘I am a profitable trader.’ And keep on repeating the mantra for days, weeks, months, until the phrase becomes a positively intrusive thought in your head.
2. Take all your Forex profits as a by-product only. They are not something you really need. They are just a kind of measure, to know where you are in your process of developing that mindset.
3. Be patient.
For most beginners it is going to take a few months to years, before that magic trading mind will be fully awakened. But don’t let this demotivate you. It will come for sure!
Go start developing that magic mindset now. Check out the tested profitable strategies you can find here.
Greetings, and thanks for visiting Focorex. I am Vincent Brug and I have been trading Forex for over 4 years now.
How did I learn? I did various Forex courses, watched countless hours of YouTube videos, have attended numerous live trading rooms with professional traders. But most of it I have learned from my own trading experience, and by practicing over and over again.
I have traded many trading systems. And in order to find out the best ones, I decided to test them all out on verified accounts on myfxbook.com. You can find the results here on this site.
I hope that they can be useful for your trading as well. If not, then good luck with your trading anyways!