I know many struggling forex traders often wonder how successful traders make money trading forex. They can’t help but wonder what they’re doing right and what I’m doing wrong. People who are losing money in the market have these myths about people who are making money. I think it’s about time we dispel these myths once and for all. Here are the top 3:

1) Successful traders are much smarter than struggling traders.This one always makes me laugh. Intelligence really has nothing to do with success in trading. You could have a Ph.D. from Harvard that could crash your account in a few weeks. So, I know a lot of traders who make a living trading and didn’t even finish high school.

2) They started with more money.That may be true, but it really has nothing to do with success. It is always good to start any business with more money, but it has absolutely no correlation to success in trading. If you’re a trading historian, I’m sure you know that the most successful traders in history started with modest beginnings.

3) They use the most expensive and high-end graphics software.I can’t even begin to tell you how big this myth really is. Some people honestly believe that you could never be successful unless you have a 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 unnecessary software.