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Forex isn’t a get rich quick scheme

Welcome again to another post on learning Forex,

Here we are trying to demystify the Forex market so as to create trading superstars that the world is yet to see. We looked previously at a demo account and how it is crucial to you getting the right skills, broker and confidence to trade the Forex market. Again if you don’t know what a Forex demo account is please refer back to the posts DEMO ACCOUNTS. If you’ve reached this far and don’t know what the various terms, orders, lingo and terms please refer to the previous articles. To continue our understanding we need to demystify this market more.

Here we are looking at Forex not being a get rich quick scheme…oh how you had wished it to be.

Everyone can now learn Forex and open a trading account if they are of legal age. Some say its simple (As may online brokers make it seem) while others say its not and based on how much money your willing to put at stake. Here we look at various truths/facts of the Forex market;

  1. All traders lose money on trades. Its known that 99% percent of traders lose money based on their skills, planning and experience. So you should be ready to lose a trade at one point or another they key is to reduce the number of  losing trades.
  2. Trading Forex isn’t for people on their financial knees. This are people with low incomes, people deep in debt, people who cant pay their bills or afford to eat. Some say you should start of with a mini account of $10,000 dollars that you can afford to lose, don’t expect to start with a few hundred and make billions.

The reality is many traders come with the expectations to make a gazillion bucks but they lack the discipline to learn the art of trading. The way some people cant go to the gym three times a week so is the discipline needed to trade. If you cant have such discipline how do you expect to make it in the most difficult but most financially rewarding market.

Forex trading is a skill and just like any skill it takes time to learn and become good. So it isn’t a get rich quick scheme. Skilled traders can and always make money in this market what separates you from them is how much your going to put in.  It takes practice and experience to learn and master the Forex market so get ready. Aim to become a skilled trader and you’ll be on your way to that financial abundance.

Like the old saying nothing good comes easy.

Next we move to INTRODUCTION TO FOREX BROKERS..

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