It is possible to get rich with Forex trading and anyone has the ability to learn how to be a trader, however close to 95% of them lose so what are they doing wrong and what can you do correctly?
If you have studied anything having to do with trading you may be familiar with Richard Dennis, a well-known trading legend. He wanted to show that anyone could be a winning trader as it was a skill to be learned. He took a group of people that had no trading experience and taught them in 2 weeks. In 4 years time they had become their own legends by earning over $100 million dollars; His strategy was not complicated it was a breakout strategy with strict discipline and money management.
The word discipline is key in this case, many traders know this but do not really understand what it entails. Naturally following a system with discipline is not going to be easy, as you may start to lose confidence in the system if you go through long periods of losses. However, rigid discipline is necessary even more so when you take losses time after time, but don't believe all of the hype you hear or read because it does happen at some time or another to all traders.
One strategy that Forex traders employ is price patters. These patterns appear in all of the active markets such as commodities and bonds. They are very prevalent in the Forex market because of its liquidity. Fortunately, the Florex market is the most liquid market.
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