To be completely honest with you, I will tell you the following before you decide to go on to trading on currencies.
There is no denying that all the Forex traders lose money on trades. There is a ninety percent chance that traders will lose their invested money due to the lack of proper planning and training and have poor money management issues.
Forex trading is not for the unemployed or those with low incomes who cannot afford to pay their personal dues, electricity bills, and can’t afford to eat well. You should have at least $1,000 in your account for trading that you can afford to lose at any time. Don’t ever expect to start an account with a few hundred dollars and expect to be a millionaire in just one night. As with any other type of work, you’ll need experience and pure dedication towards it first, if you want to be successful in it.
The foreign exchange market is one of the most famous markets for many speculations; its enormous size, tendency, and liquidity for currencies to move the strong trends. You would think that traders all over the world would make a countless amount, but the success is limited for a small percentage of traders.
Many traders come with high hopes of making millions. In reality, they lack the requirements for trading. Many people have fallen victim to their business loss because they didn’t have the knowhow to make it work. How can you succeed in Forex trading without knowing anything about it first?
While short term trading can be a path to becoming rich very quickly, it is not a game for amateures. There is a saying that you can’t make big profits without taking the big risks. If you are a trader and know that if you hold a degree in trading and your performance is good, then you should be able to bear large losses in this business because profit and loss is the part of every business. You should know the trading skills and strategy unless you call trading strategy a gamble.
Let me be clear about one thing! Forex trading is not a scheme of getting rich in the blink of an eye. It takes huge risks and time in order to get successful. It is a skill that takes time to learn. Only skilled traders can make money in this field. You can’t just make it your career or occupation just like that. If you want to become a trader then you have to work hard because success doesn’t happen in one night. There are a bunch of people who will tell you that Forex trading is piece of cake, but it’s not. Think about it. If doing trading was that simple, then everybody would have become traders, earning millions of dollars. The truth is that even the expert traders with many years of experience still face the losses. Get one thing into your mind; there is no shortcuts to Forex trading. It takes a lot of time to master it.
Don’t assume that someone will help you in trading or there are shortcuts to this. If you really want to learn Forex trading, then make your own personal demo account and treat the fake money as if it were real. Do not ever open a real live account until you are successful in trading on your demo account. Practice on your demo account for almost two months in order to see how profitable you are in trading. You don’t have to focus on all the trading stuff, just trade on one currency pair.
It will become very complicated for you if you do trade on more than one currency pair. When you first start trading, it’s best to always stick with the spreadsheets because they will be the most helpful. You can be a successful currency trader, but it takes hard work, pure dedication, a little dose of luck, as well as good judgment and common sense to make predictions.
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