It's a fact that 95% of traders lose so if you want to win you need to be prepared with the right attitude and right Forex education. Here are 4 facts every novice trader needs to know.

The first fact concerns the preferred route most novice traders take on their road to Forex trading success and it ends in disaster.

1. Forex Robots and Expert Advisors Don't Work

These systems are all over the internet and claim that for a hundred dollars, they can sell you software which can put you on the road to financial freedom with no effort! It's no surprise that NONE Of these systems produce the gains they say they can long term.

They claim big gains but can never produce a real audited track record to support them - pass them by or lose. There are no easy short cuts to Forex trading success because if there were 95% of traders wouldn't lose. If you want to win you need to get the right Forex education and mindset which is the subject of the next 3 points.

2. Simple Systems are Best

Simple systems work best in Forex trading, because they are more robust than complicated ones which have too many elements to break. When you are trading in an odds based market such as Forex, you need to keep it simple.

3. Money Management is Vital

Most traders don't understand that leverage is a double edged sword and they pay no attention to risk control and lose. Sure your broker will give you 400:1 leverage but you don't have to use it and shouldn't. 10 - 20:1 is ample. You need strict exit rules for every trade you do and you need to keep your losses small.

4. Discipline is the Real Key to Success

You need to have discipline to follow your system through losing periods, all traders have them even the best and they can last for weeks. This can sometimes be hard, when you feel foolish as the market gives you numerous losses but you must learn to lose to win. You musty keep losses small and keep following your system with discipline, until you hit profitable trades again. Most traders want to be perfect and cannot accept losses or fail to keep them small but you must if you want to win.

If you understand the above 4 facts and think you can deal with them then you can enjoy currency trading success.