It’s time to learn The Truth About Forex Trading.
So many people get into trading Forex thinking it is a get-rich-quick scheme and don’t realize the truth about Forex trading. They believe that after spending a few days, weeks or even months, they will quit their job and become the next Wolf of Wall Street. Unfortunately, there are a lot of scammers in this industry that feed these lies and false hopes to newcomers, rather than teaching the truth about Forex trading. This is why I want to take some time to layout the truth about Forex trading, so you can see if it’s for you.
The first, and most important truth about Forex trading is this: if you don’t love studying charts, following financial news and being fully emerged in the world of trading, it will never work out. Forex trading is the most challenging, rewarding and exciting thing I have ever done in my life; however, I would have quit years ago if I wasn’t head-over-heels in love with everything about it. Over 6 years into trading like a maniac, I still love nothing more than studying and trading Forex every single day of my life. Without this passion and obsession for the Forex markets, you might as well just quit now and continue searching for whatever your true passion is.
Next, I want to cover what you can expect if you are to succeed as a Forex Trader. Most new traders think that with a $100 account they can turn it into $10,000 in a few weeks in the Forex markets once they know what they’re doing. Unfortunately, this is not the truth about Forex trading and it is merely an illusion created by all the scammers in this industry. The real truth lies in compounding interest, discipline and consistency. Realistic returns for traders who are consistently profitable are more like 5-10% increase in capital each month. The reason the Forex markets present such immense opportunity is that these returns can be INSANE with a decent size account and compound interest. Also, the opportunities are endless when you can prove you are consistently profitable.
Another misconception when it comes to Forex trading is the time it takes to succeed. Though this will vary from person to person, most new traders think they are going to learn way ahead of the curve and in no time be trading like a professional. That is the problem with trading and one of the reasons it is so appealing; it is the only profession there is that you can pick up for the first time, choose a direction (long or short), and have a 50-50 chance of being right on your first trade. This can be dangerously misleading and creates a false hope in new traders that can be devastating. The truth about how long it takes to succeed depends on the person, dedication, experiences, background, mentor, etc. However, you can plan on it taking several years before you are able to consistently generate returns (6 months +) as a trader. Like any profession, it takes hours and hours to master trading- and you will be learning and studying the craft the rest of your life if you plan on turning it into a career.
Don’t let the truth behind these points deter you from launching a career as a trader. If you have the passion for it, as I outlined in the first point, the rest will come in time. As long as you never give up, search for the proper guidance and coaching, and continue to reflect on yourself- it is very possible to make it in this incredible career path.
If you would like more education and guidance to learn how to do this, I have designed an entire course to teach you how to trade Forex. It will teach you everything you need to learn, from the ground up, while having my personal guidance all along the way. Click here to learn more and take our Full Online Forex Training Course.