Never Underestimate Forex Trading

AUD USD 354 pip profit
AUD/USD 354pip profit

I have heard a lot of people saying “I will trade forex, and excel on my day job (and other business) and still enjoy life”. As if they can do all those things at once with great efficiency. Dividing your attention only makes it worse. If you’re not yet good at trading, don’t you think that focusing on that alone first should be your ultimate goal?

I have heard a lot of my friends ask me if forex is easy. I say, “Forex is simple. You just buy or sell. There’s a 50 – 50 chance that you’ll be right”. And they think that is great. They think it is easy. I say its simple not easy. Then they tell me their dreams about going to a paradise island, retiring with only forex to keep them alive. There is nothing wrong with this. And a lot of people have done it. But I think people underestimate forex because of its hidden simplicity. More often than not, it is hard. And you won’t be able to master it just by looking at charts and asking for your trader friend’s opinion.

Discussing ideas with friends are good. But it is still the execution of that idea is what makes a difference.

They start out at $100 – $500 dollars in capital and expects to be a millionaire overnight. This is far from truth. Overnight successes are 10 years in the making and you won’t get anything out of a measly capital. Maybe a couple of trading experience and testing. But keep in mind that you make money by risking money and the more you risk, the more you earn. Always keep your expectation with the borders of reality.

  • http://pinoyFxTrader.blogspot.com pilTrader

    Agree!

    Been trading since 2009 and thinking or telling somebody that FxTrading is a quick way to millions (alone) is a BIG LIE. The truth is, it is the quickest way to either way – to bankruptcy (long term) or to millionaire (temporary) if done carelessly. Thats why, a lot of guys in the internet selling EAs, etc… claiming this and that : consistent profit, etc… Don’t get fooled. Profitable strategy, Risk management and position sizing is the key.

    Ingat lang mga brod – investigate before investing. Protect your hard earned money.

    pilTrader

  • http://www.thirstyofabap.com riv

    i think you will succeed in forex as long you have a well defined plan in your trading.. i.e risk to reward ratio, entry, exit, etc..

  • Jeff

    Thanks riv. i wish you well in your trading also.