Not knowing forex trading is called the “Zero Sum Game”. 6. Forex trading is not a do-or-die affair. It is not competition & you can’t compete with anyone. 7. Don’t quit your job immediately 3. Money Management – Forex Trading Trading can also be about how effectively you handle your money. Don’t trade all of your capital, however, solely the quantity which you can afford 17/10/ · Bottom line: If you are not ready to work harder then you ever have right now. Then stop trading cause all you will do is lose all your money. Go buy a motorcycle it is way more Risk management is without exception the most important factor in any wealth management and generation strategy. every financial move you make carries risk, even a basic cash account. For years the wisdom of Forex trading has been hidden from naive traders. No one wanted to tell the truth. Instead, traders were flattered for their miserable attempts to succeed in Forex. No ... read more
Go with a broker with good reviews and a good track record, not one just because of their regulated status. It should also be noted that there are a lot of different regulations, some far better than others, so be sure to check which one your broker is regulated under before assuming what protections may be there.
Having said that, some people have grown it, but the initial stages take a lot of luck to get through with such a small account balance. Losses are as much a part of trading as a win, in fact when you start out you will most likely have more losses than wins.
Being able to deal with them and bouncing back from them is one the most sought after traits when it comes to being a trader. When you go into trading, you need to have an understanding that there will be a lot of losses, small ones, large ones, whichever ones they are, they will be there.
So those are some of the truths about trading and forex, there are of course other things that you hear which may not quite be the truth, you will always hear the exaggerated truths from people who enjoy trading or want to get their hands on your money.
We hope that we have opened up your eyes a little bit, trading can be incredibly life-changing and rewarding but do not get ahead of yourself and do not take things for granted. Work hard and you will be able to be successful. Save my name, email, and website in this browser for the next time I comment.
About Us Advertise With Us Contact Us. Forex Academy. Home Forex Education Beginners Forex Education The Honest Truth About Forex Trading. RELATED ARTICLES MORE FROM AUTHOR. Why Forex Traders Must Value Their Time. Determining the Strength of the Market by Analyzing the VSA.
LEAVE A REPLY Cancel reply. Please enter your comment! Please enter your name here. You have entered an incorrect email address! by I developed another method to beat the brokers in their game trading news event only, ranging from non-farm payroll, GDB, trade balance, interest rate, and so on.
With this knowledge of mql4,mql5 I could turn any forex idea and strategy into a robot that works on auto. I reinvested in forex, my dad looked for a way to lend money again from friends without my mum knowing. I started making crazy? That I have seen the good, the bad, and the ugliest in forex trading.
Over 14 years of experience trading. Forex is the same with other businesses where you buy and sell. Where you lose and win. Where you learn or quit. But note: any business you treat like a quick-rich scheme will also treat you like a cool fool cos you could lose all your funds in a twinkle of an eye. Wait a while before you start telling everyone that you are a forex trader: friends, neighbors, family members, colleagues, relatives e.
Forex trading is not a do-or-die affair. Respect the process, go to your job while you trade. You can continue doing your job and continue trading. If your trading is affecting your job, simply turn your forex strategy and idea into a robot or expert or even a semi-expert that sends you a signal to your mobile phone while you go do your job.
Your starting capital matters in forex. I touched on that in my article; How to invest in forex trading. While you trade forex, have another source of income. Always invest alongside offline business or online business. Because your strategy may not be active every time. Can you make forex a full-time job? Let me answer this in the next paragraph. Personal discovery is the best form of forex training along with what you learned from a real mentor and trader. The fastest way to quickly know if your idea will work or not: Turn it into a robot or semi robot and backtest it with real data for at least 14 years… I regret not knowing this in Truths About.
Investing Investing is not trading Risk Risk management is without exception the most important factor in any wealth management and generation strategy. Truths Do people really make money trading? Read more.. How much should I fund my first trading account with?
From the outside, trading can look a little secretive, and without an actual understanding of it, when someone tries to tell someone else about what it is and how it works, it often goes straight over their head.
This is understandable due to its complication and the amount of information that is available out there, all giving slightly different views and opinions on it. What we do often get though, is people giving the more glamorized version of what trading and forex is, they seem to only tell others about all the wins, the profits and the excitement, not all the other parts that also come along with it.
You are going to tell them why you like it in the hope that they then also like it or can see why you like it. If you start or end the conversation with the negatives, they are often going to remember that and be put off. So we are going to be looking at some of the truths of forex trading, some of the things you may not have been told as well as removing some of the sugar coatings that may have been put on.
One of the things you may well have heard is that you can become rich overnight with trading, well maybe not overnight, but it has been made out to be quite a quick process. The truth is, it is not, in fact, it is a marathon, more than a marathon even. If you go in with the idea that you will be able to make a lot of money quickly, you will only be left with disappointment and even potentially some losses.
It takes a lot of time to learn and an even longer period of time to become profitable. You need to have the expectation that you will be doing this for at least a year before you have any sort of profits, it is a long process, so do not listen to those that say they make a lot each day, they are either exaggerating their results or just simply lying. Of course, there are some that make hundreds each day, but they either have huge balances or have been doing it for many many years.
People just mention their results and how well they are doing, they do not tell you that they had to risk quite a lot to get it. New rules came out for posting on social media to say that people need to display text about the risks, this was simply due to people losing money because others did not tell them of the risk and just the rewards.
There is a risk, a lot of it, especially if you do not know what it is that you are doing. Do not trade with any money that you can not afford to lose. The new craze that has entered the trading and forex world is no hands trading or copy trading. This is where you simply copy the trades that someone else, more often than not described as an expert whether they are or not you will never know and so you just deposit your money, sit back, let them trade and you get the profits.
The same goes for Expert Advisors, there are lots out there that allow you to set them up and just leave them. The problem with this is that the majority of people using them are people who have no knowledge of trading.
You need to have an understanding of how it works and also be able to step in should things go the wrong way, total hands-off trading is just not a thing. No matter what anyone tells you, you cannot predict the way that the markets will move or react to different news events. Sometimes it does the complete opposite of what the logical move would have been. No one is able to predict what it will do, there are things that you can look at and analyze which can give you a better idea of how it should move during normal trading conditions, but again, this is not a certain thing.
If anyone could actually predict them, then they would be a billionaire, but alas, this is not a thing and no one is able to do it. Choosing the right broker when trading is vital, it needs to be one that you can trust, and that has a decent reputation. What many people will tell you will be to go for a regulated broker because they are safe, but are they really that safe? Well yes and no, the only thing that regulated brokers really offer in terms of safety is protection for your money, that is one of the requirements of the regulation, the thing is, some unregulated brokers have also protected your money.
Go with a broker with good reviews and a good track record, not one just because of their regulated status. It should also be noted that there are a lot of different regulations, some far better than others, so be sure to check which one your broker is regulated under before assuming what protections may be there.
Having said that, some people have grown it, but the initial stages take a lot of luck to get through with such a small account balance. Losses are as much a part of trading as a win, in fact when you start out you will most likely have more losses than wins.
Being able to deal with them and bouncing back from them is one the most sought after traits when it comes to being a trader.
When you go into trading, you need to have an understanding that there will be a lot of losses, small ones, large ones, whichever ones they are, they will be there. So those are some of the truths about trading and forex, there are of course other things that you hear which may not quite be the truth, you will always hear the exaggerated truths from people who enjoy trading or want to get their hands on your money.
We hope that we have opened up your eyes a little bit, trading can be incredibly life-changing and rewarding but do not get ahead of yourself and do not take things for granted. Work hard and you will be able to be successful.
Save my name, email, and website in this browser for the next time I comment. About Us Advertise With Us Contact Us. Forex Academy. Home Forex Education Beginners Forex Education The Honest Truth About Forex Trading. RELATED ARTICLES MORE FROM AUTHOR. Why Forex Traders Must Value Their Time.
Determining the Strength of the Market by Analyzing the VSA. LEAVE A REPLY Cancel reply. Please enter your comment! Please enter your name here. You have entered an incorrect email address! Popular Articles. Forex Chart Patterns Might Be an Illusion 4 September, Advanced Dashboard for Currency Strength and Speed Review 7 May, HFT Profit Scalper EA Review 17 May, How Important are Chart Patterns in Forex?
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Risk management is without exception the most important factor in any wealth management and generation strategy. every financial move you make carries risk, even a basic cash account. For years the wisdom of Forex trading has been hidden from naive traders. No one wanted to tell the truth. Instead, traders were flattered for their miserable attempts to succeed in Forex. No Not knowing forex trading is called the “Zero Sum Game”. 6. Forex trading is not a do-or-die affair. It is not competition & you can’t compete with anyone. 7. Don’t quit your job immediately 3. Money Management – Forex Trading Trading can also be about how effectively you handle your money. Don’t trade all of your capital, however, solely the quantity which you can afford 17/10/ · Bottom line: If you are not ready to work harder then you ever have right now. Then stop trading cause all you will do is lose all your money. Go buy a motorcycle it is way more ... read more
Knowing When to Cut Your Losses May 24, Of course, there are some that make hundreds each day, but they either have huge balances or have been doing it for many many years. They do not realize that one needs to put in some hard work and long hours before they can attain success in the forex market. When you go into trading, you need to have an understanding that there will be a lot of losses, small ones, large ones, whichever ones they are, they will be there. Have a great day. Understanding the Economics of Cryptocurrencies 13 June,
You should not just leave your day job expecting to make it huge trading currency online. You must be patient enough to resist the urge to enter into just any trade. New rules forex trading truths out for posting on social media to say that people need to display text about the risks, this was simply due to people losing money because others did not tell them of the risk and just the rewards. Where you lose and win, forex trading truths. Make sure you have a solid investment plan before embarking on any trades. Home Get Trading! Realistic Goals Most newcomers into forex trade enter the market with lofty ideals of quick, disproportionate gains made from low investments and requiring only a little amount of work done.