Forex as business
In all of the articles, do not get happy yet. Forex is not your quick-rich project. Success in Forex is very hard and it is very difficult for all traders to make money in forex. Only a small percentage of the traders get money in forex. Here, we are going to break your idea of Forex if you think it will make you quick rich. If it cannot make you quick rich, it surely can make you quick poor. In this article, we are going to give you some honest and true advice before you think you are ready to get rock and roll on Forex. Without proper understanding the risk of your money and backup plan and support, your roll and roll plan could fall and you get to be rolled by failure.
If you are poor/Unemployed, don’t trade in forex
Remember the article when we said about pip movement? How can pip movement contribute in your money making? Well, pip size can contribute in your money making if you have a lot size which is quite large or standard, like 10,000 or 100,000 dollars.
If you are poor and you could not pay your bills, Forex is not for you. Every dollar in forex is worth losing if you make one wrong decision. You should have the affordability to lose 10,000 dollars. Also, if you are living on your credit or debit card and do not have a source of income, do not trade in forex. Invest the money elsewhere. It is very easy to lose money in forex.
Ready to lose Money
Every trader in the forex market, whether they are super big or very small like us, they have suffered loss at one trade or another. It is very hard and only 1% of the brokers are successful in getting money from their trading. You might think where is all the money going if you cannot get it. The answer is, money is always flying and it is very hard to catch flying money. When you are in the forex market, get ready to accept some loss. At your first trades, you will lose and maybe 4 out of your 10 trades can give you profit. If your profit from your 4 trade does not exceed the loss, leave Forex.
No risk no gain
Without taking the risk, you cannot gain anything. It applies for forex also. If you are not ready or cannot afford to take a risk, do not enter the forex market. If you are experienced by many years, you will also lose money yet you will have Success in Forex due to consistency. If you want to make a thousand-dollar profit, you have to take a thousand-dollar risk.
Do not get disheartened in trading forex by reading this article. It is for your own good. If you are not ready, you cannot make money. You have to make an investment to make money. Do not make forex trading your full-time job. Only do his as a job of your investment.