Forex is a business not a get rich quick plan
Many people come into the Forex market in search of wealth and freedom. These thoughts tend to guard the operator to ruin. Instead of treating your trade as a business; the operator is busy making mistakes that lead to losing his investment instead of making profits consistently.
What does it mean to manage your Forex trading as a business?
Forex trading like any other type of business is designed to yield a profit at the end of the month and year. The creation and management of your trade as a business is about doing the things that will provide you with the best opportunity of making a profit. Though several operators would like to take Forex as a business, serious mistakes continue to be made, such as not having or following a business plan and continuing the search for magic formulas rather than perfecting a single method.
All Forex traders, absolutely ALL, lose money on some trades
90% of traders lose money, generally due to poor planning, low-risk management, lack of training and discipline. If you are a sickly perfectionist or you hate losing money, indeed it will be difficult 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 looking for quick money, indebtedness or those with late payments of bills Forex trading is not an idle activity. The Forex market because of its huge size, liquidity and strong movements in currency trends it is the most popular speculative markets. You may think that traders all around the globe are very successful, but the percentage of winners is limited.
Many traders engage with the misconception of getting rich quickly when the fact is most of them lack discipline and learning about the art of trading. Most people find it hard to hang on to a discipline, whether sports or dietary, even three times a week.
If you cannot stick to it, do you think you can thrive in this activity, which is one of the most demanding, though potentially one of the most rewarding?
Short-term trading is not for amateurs and does not enrich those who practice in a single day. You cannot make huge profits without taking huge risks. A trading strategy involving high-risk level is subject to most time unstable performance and danger of significant losses. A well-behaved trader is probably unaware of what a trading strategy is except that you confuse casino game and trading strategy!
Forex is NOT a recipe to get rich quickly.
Forex trading is a SKILL that requires TIME to learn
Skilled traders can make money in this field. However, as with any career or activity, success is not built in a single day.
- Trading Forex is not a part of pleasure (contrary to what some people would like to believe).
- Think about it because on the other hand al traders would be millionaires.
- The fact is even expert traders with years of experience have to deal with periods of losses.
- Do you know that there are no shortcuts for Forex trading?
- It takes a lot of EXPERIENCE, PRACTICE, and DEDICATION to master the art of trading.
- Nothing supersedes hard work, diligence, and deliberate practice.
Practice trading on a demo account until you discover a method you knew at your fingertips, allowing you to accomplish all your orders comfortably. In other words, find out what works for you!!!
Like any other business, once it is profitable education does not stop there. Markets are changing and evolving all the time, and as in all good businesses, we must move forward with the times. Continuously seeking education and market knowledge will help you keep up with any changes in the market.