2.1 Let’s get the blinkers off – No Rags to Riches Overnight

Forex trading does not make you rich overnight.
 
Now when you have a real overview of Forex market and Forex transactions, it’s time that you do some real warming up by learning about the next steps. BUT WAIT! 
 
You are here because you are thinking about Profits, Profits and Profits... Money, Money and MONEY. Here’s some ‘get real’ stuff. Much as we’d like you to be a successful Forex trader, we’d be unfair to you if we didn’t tell you about what it takes to get there. So here are some points, call them home truths if you will, that you should note at this stage.
 
  • You need to treat it like a business, and must be properly capitalized. This means investing money that you can lose, and yet not be severely handicapped due to the loss.

 

  • Be prepared to take losses in your stride. Even the best traders lose money; the trick is how to manage these losses.

 

  • Forex trading is not a get-rich-quick-and-easy kind of scheme. Like any other business, you need to work hard to make a success of it, AND IT WILL TAKE TIME AND PATIENCE.

 

  • The statistics are discouraging – they say only around 5% of the traders really ending up making money. Let’s not quibble about the percentage here – it may be more or less – the point to note is that successful traders are a small minority.

 

  • Shortcuts like robots, signal services, account managers are more than likely to cause you losses. There is no substitute for practice, home work, educating yourself and discipline. If all that was so easy then the robots creators and signals sellers wouldn't be doing that to earn money and would have been rather trading to earn better monies.

 

  • It can be either lonely out there. Get a life! But then it can also be very lively... after all who gets lonely if the profits are good. Keep your expectations in check and keep your ears trained for the noises of risky situations, cut your losses and keep your profits fly, have that much desired discipline which one of the most important key to success in every walk of life and you may never be lonely again.
 
We all make more mistakes in trading when the stress levels are high. You may even make more mistakes when AMBITION becomes GREED and CAUTION turns into FEAR. Don't aim for the sky while beginning your Forex trading journey and don't aim for the sky when you reach that level to be able to pat your back. Stand on the ground, be cautious, be reasonable, have proper discipline in your trading and you will see that the sky will come to you.
 
The ending note: If you feel that you can't agree to all the above then better exit now as then next lessons about Forex trading will do no good to you. If you agree then GO AHEAD, we will cheer for you when you will end up not passing with flying colors but having a colorful trading life... and yes, with good colors.
 

Continue with Caution - If ready then the next lessons are very eagerly waiting for YOU. 

 
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  • Profits in Forex Trading - Take the Blinkers Off

 

 

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