It is difficult to make a steady profit in forex all the time. 90% of forex trader lose money all the time; a very disheartening fact about trading currencies. As is often said, “The ideal approach to earning a $1000 profit in forex is, to begin with, $2000”.
However, if you consider trading as business, you must be willing to put in the hours, take the lessons, read about forex trading books, and come up with a trading plan; cause really, that is the only strong foundation a trader can set for himself. They blow into their first trading account and get demoralized, think their brokers are exploiting them, spend heaps of cash on preparing that will scarcely help them, and so on. As any prepared trader will know at one point; success has less to do with learning and more with the broker you decide to trade with.
YOU DON’T BECOME A SUCCESSFUL FOREX TRADER OVERNIGHT
As a forex trader, you should be thinking like an astronaut: be as prepared as you can be, assume the worst and don’t cut corners. On the off chance that you endure, it will lead you to settle on the correct choices, accomplish consistency and inevitably make reliable profits in the forex market.
Forex isn't a trick it is a trade of all currencies. The thing is how it is marketed. It is presented as an easy way to make money. But there are millions of people using Forex to sell the get rich quick dream. Individual desire to get rich quickly makes it easy to fall for all the scams out there. For example, Automatic trading, magical indicators, copy trading systems, managed accounts, easy binary options systems, etc. most people just send money to the scammer and that's it, end of the story money is gone forever it was a donation you made to the scammer and a hard lesson learned.
You can excel in forex if the required patience and skill is applied. You don't learn to drive a car with just theory. You know how you should do, but actually driving, getting the feel and sensibility is another story. With Forex 90% of people don't know how leverage works, they don't know why 1pip on major pairs are worth 10$ with 1lot. They don't know why the trade moves. You are trading two countries’ economies against one another.
With the right strategy and skills, investing seriously and aiming for realistic goals, when top hedge funds on good years make 30% if you aim for an average yearly return of 15–45% it is a healthy business. Low risk, saving hard, working harder and you can grow your wealth in a few years into an interesting portfolio.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.