Forex Trading Expectations

People who are new to forex trading or people who are aspiring to trade in the forex market always baffles me. You know the typical people who have 9 hour job Monday to Friday and thinks that they can self sustain themselves with their job and become a millionaire in forex trading.

There is nothing wrong with this train of thought and many people have started with this. But to think deeper, if you’re going to divide your time with forex trading and your day job, doesn’t that make it only a half assed effort to begin with? You’re half assing your work and half assing your trading. So you get, nothing done at all… I’m not saying you should quit your job to do forex. What I’m trying to instill to new forex traders is the open mindedness and the real expectations in forex trading. If you’re dividing your time, juggling trading and work, you’ll achieve your “self sustenance” in forex trading more than a few tens of years.

Never ever underestimate forex and say “I can do this part time and maybe someday, I’ll be rich”. C’mon man, you are competing against the most competitive traders in the world who do this job for full time, with millions of money depending on them . And to think that you’ll be rich with half ass effort is like trying to go to the moon with a bicycle.

If you want to succeed in forex trading, you should be competitive, have focus and never ever underestimate the market. You can do part time work part time trading all you want, but nothing comes out anything good about being a wishy washy son of a gun.

  • http://pinoyFxTrader.blogspot.com pilTrader

    Definitely True – skills, market understanding, Trading system, discipline, FOCUS are just few of the ingredients of a successful Forex trader. However, for me a newbie trader may trade part-time (as what I did) but do not be tempted to think you can make money consistently by “Trading part-time” : It is highly possible that a newbie trader may take a thousand dollar profit sometime but more often, he will loose money in the long run. Simply put “trading part-time” as laying your foundation as a trader One-block-at-a-time. Thus, do not proceed to the next block until the previous block is securedly fitted – for a single unfitted block alone may cause a structure to fall.

  • http://www.rivac7powerfx.blogspot.com riv

    Pare, May I know your trading strategy? I am doing forex trading also and I am newbie in this business. I am experimenting my own strategy right now and so far it does work! Please try to check out my blog http://www.rivac7powerfx.blogspot.com. I have posted my trades there.

    Thanks! Great Blog!

  • jhomel

    My concern to this site is to find job as a forex dealer..

  • jhomel

    Actually i’m almost 8 years in forex world i’m a forex dealer who giving price to client and trader. i managed 5 currencies.the GBP, JPY, EURO, SWF and AUD, so hopefully you find me job…

    thanks …….

  • ForexPhil

    I don’t follow you… A forex dealer?