Before we
go any further we are going to be 100% honest with you and tell you the
following before you consider trading currencies:
1. All forex traders, and we do mean ALL traders, LOSE money on
trades.
Ninety percent of traders lose money, largely due to lack of planning, training, discipline, and having poor money management rules.
If you hate to lose or are a super perfectionist, you'll also probably have a hard time adjusting to trading because all traders lose a trade at some point or another.
Ninety percent of traders lose money, largely due to lack of planning, training, discipline, and having poor money management rules.
If you hate to lose or are a super perfectionist, you'll also probably have a hard time adjusting to trading because all traders lose a trade at some point or another.
2. Trading forex is not for the unemployed, those on low incomes, are
knee-deep in credit card debt or who can't afford to pay their electricity bill
or afford to eat.
You should have at least $10,000 of trading capital (in a mini account) that you can afford to lose. Don't expect to start an account with a few hundred dollars and expect to become a gazillionaire.
You should have at least $10,000 of trading capital (in a mini account) that you can afford to lose. Don't expect to start an account with a few hundred dollars and expect to become a gazillionaire.
The forex
market is one of the most popular markets for speculation, due to its enormous
size, liquidity, and tendency for currencies to move in strong trends. You
would think traders all over the world would make a killing, but success has
been limited to very small percentage of traders.
The
problem is that many traders come with the misguided hope of making a gazillion
bucks, but in reality, they lack the discipline required for really learning
the art of trading. Most people usually lack the discipline to stick to a diet
or to go to the gym three times a week.
If you
can't even do that, how do you think you're going to succeed one of the most
difficult, but financially rewarding, endeavors known to man?
Short
term trading IS NOT for amateurs, and it is rarely the path to "get rich
quick". You can't make gigantic profits without taking gigantic risks.
A trading
strategy that involves taking a massive degree of risk means suffering
inconsistent trading performance and large losses. A trader who does this
probably doesn't even have a trading strategy - unless you call gambling a
trading strategy!
Forex Trading is NOT a Get-Rich-Quick Scheme
Forex trading is a SKILL that takes TIME to
learn.
Skilled
traders can and do make money in this field. However, like any other occupation
or career, success doesn't just happen overnight. Forex trading isn't a piece
of cake (as some people would like you to believe).
Think
about it, if it was, everyone trading would already be millionaires.
The truth
is that even expert traders with years of experience still encounter periodic
losses.
Drill
this in your head: there are NO shortcuts to forex trading.
It takes lots and lots of PRACTICE and EXPERIENCE to master.
There is
no substitute for hard work, deliberate practice, and diligence.
Practice trading on a DEMO
ACCOUNT until you find a method that you know inside and out, and can
comfortably execute objectively. Basically, find the way that works for you!!!
