Before going any further, we will talk to you honestly about some things before you consider currency trading:
- All Forex traders, absolutely ALL, lose money on some trades.
90 percent of traders lose money, mainly due to poor planning, lack of training and discipline and poor money management. If you hate losing money or are a sick perfectionist, it will certainly be difficult for you to adjust to the world of trading because all traders lose at one time or another.
- Forex trading is not an idle activity for those who are looking for easy money, those in debt or those with late bill payments.
You should have at least $10,000 in starting capital (on a mini account) that you can afford to lose. Don’t think you’re going to become a millionaire with an account that’s only a few hundred dollars.
The Forex market is one of the most popular speculative markets due to its huge size, liquidity and strong currency trend movements. You may think that traders around the world are all very successful, but the percentage of winners is very limited.
Too many traders engage with the false idea of getting rich very quickly, when in reality they lack discipline and learning about the art of trading. Most people have difficulty clinging to a discipline, whether dietary or sporting, even if it is only three times a week.
If you can’t stick to it, do you think you can succeed in this activity, which is one of the most difficult although potentially one of the most rewarding?
Short-term trading is not only for amateurs and does not enrich those who practice it in a single day. You can’t make huge profits without taking equally huge risks.
A trading strategy involving a high level of risk is subject to sometimes unstable performance and the risk of large losses. A trader behaving in this way probably doesn’t know what a trading strategy is – unless he confuses casino gambling with trading strategy!
Forex trading is NOT a recipe for quick profit
Forex trading is a SKILLS that requires a certain learning TIME.
Competent traders can make and are making money on this field. However, as with any activity or career, success is not built in a single day.
Forex trading is not a pleasure (contrary to what some would have you believe).
Think about it, because otherwise all traders would be millionaires.
In truth, even trading experts with years of experience have to face periods of loss.
Remember that there are no shortcuts for Forex trading.
It requires a lot of PRACTICE and EXPERIENCE to master this art.
There is no substitute for hard work, deliberate practice and diligence.
Trade on a DEMO ACCOUNT until you find a method you know at your fingertips that allows you to execute your orders comfortably. In other words, find out what works for you!