Trading Discussion Forex is not a get rich quick profession.

[moonchild]

Millionaire lifestyle, private jets, expensive suits, exotic location, these are the pictures we painted for forex traders, what we fail to see is their relentless and all the hours they put in before they got there.

Plus, most of these people are just marketers that want you and me to buy their courses or signals and they have to show off to get our attention.

Only a few make it overnight but for the rest of us we really need to know our onions and how to cut them in other to make profits from the markets

Forex involves risk and you can lose your whole capital in a flash, I'm talking from experience.

It takes sacrifice and hardwork, when I lost my capital I had to go back to the drawing board and learn everything, and I'm still on it.

What are your thoughts on the misconception of forex trading?

 

[Skysaint]

I can't help but agree with your point. You're right about your assessment as forex trading isn't really a get rich quick scheme as many people ignorantly see it as. I remember when I first learned of forex trading; that should be about a year back, my friends rushed into trading in the platform after giving them examples of those who made it big from trading forex. I knew there were more to it and so I didn't start trading immediately, I started researching about it which led me into getting a mentor.
But as for my friends, they made heavy losses that most of them will live to regret as some even borrowed money to trade. So it's better to follow the due process of learning as much as you can, also use a demo account and learn and master some trading indicators that seems helpful to you before trading live in forex. In this way you can atleast minimize your chances of making a loss

 

[moonchild]

I can't help but agree with your point. You're right about your assessment as forex trading isn't really a get rich quick scheme as many people ignorantly see it as. I remember when I first learned of forex trading; that should be about a year back, my friends rushed into trading in the platform after giving them examples of those who made it big from trading forex. I knew there were more to it and so I didn't start trading immediately, I started researching about it which led me into getting a mentor.
But as for my friends, they made heavy losses that most of them will live to regret as some even borrowed money to trade. So it's better to follow the due process of learning as much as you can, also use a demo account and learn and master some trading indicators that seems helpful to you before trading live in forex. In this way you can atleast minimize your chances of making a loss

It's very true bro, I think it's on us to enlighten people so that they won't make the same mistake.

 

[Kingstone]

Forex is never and will never be a get rich scheme. It is profitable in the long run as you become very patient and work towards becoming better in your strategies. And when your strategies are not working for you again, you have to go back to the drawing board as you have mentioned. Forex can make you lose your funds in a jiffy and you can win times five of your capital in a twinkle of an eye. I am new into forex trading but I have had my fair share. Trading will be like when you are supposed to exit the market you stay, it can be costly and when you are supposed to stay,, you leave, your profit or losses are affected

 

[Setho]

You should never be comfortable with seeing forex as a get-rich-quick scheme because you can also lose a lot of money from it. You should instead focus on learning the basics about it and then building your portfolio little by little from then.

 

[moonchild]

Forex is never and will never be a get rich scheme. It is profitable in the long run as you become very patient and work towards becoming better in your strategies. And when your strategies are not working for you again, you have to go back to the drawing board as you have mentioned. Forex can make you lose your funds in a jiffy and you can win times five of your capital in a twinkle of an eye. I am new into forex trading but I have had my fair share. Trading will be like when you are supposed to exit the market you stay, it can be costly and when you are supposed to stay,, you leave, your profit or losses are affected

Exactly, psychology also plays a vital role in trading, sometimes most traders hold losing trades for a long and very quick to close the once in profit.

it gets really psychological at times

 

[LuckyMac]

Forex is never and will never be a get rich scheme. It is profitable in the long run as you become very patient and work towards becoming better in your strategies. And when your strategies are not working for you again, you have to go back to the drawing board as you have mentioned. Forex can make you lose your funds in a jiffy and you can win times five of your capital in a twinkle of an eye. I am new into forex trading but I have had my fair share. Trading will be like when you are supposed to exit the market you stay, it can be costly and when you are supposed to stay,, you leave, your profit or losses are affected

Exactly, psychology also plays a vital role in trading, sometimes most traders hold losing trades for a long and very quick to close the once in profit.

it gets really psychological at times

It is so key to have your psychology right. The book 'Trading in the Zone' is key to succcessful trading

 

[JoeSeki]

Forex can be your way to riches but it’s not an easy way. In fact it’s an ocean of rip tides where everyone can’t survive. In order to make their endeavor successful, traders have to work hard and train themselves wholeheartedly. However people fail to see the struggle behind the success . This is the very reason when they start their own trading journey, they are driven by unrealistic goals. It should be remembered that when our actions are deprived of any real will to learn, we can’t succeed.

 

[Sotherefore]

It is going to be really difficult to make money in forex trading or crypto currency trading because it is not something that can give you a quick money. I have been in the cryptosystem for almost a year and I've understand what I've been passing through as a crypto trader most especially when I didn't understand how it really work to the fullest.. the best way is just to learn what you are interested on and monetize it .if you don't have a good understanding of what you are interested to make money on it will be difficult and might even make you to waste money without any desirable results.

 

[moonchild]

@JoeSeki I really like your inputs.

There's a general misconception about forex and I'll say the forex marketers are doing a good job in pushing this narrative.

When I talk about forex with my friends, all they talk about is how they're going to be driving sports cars, vacation in Bali and all.

But they don't want to talk about how successful traders blew their accounts countless times before they start becoming profitable.

I really like forex because I don't see the short term, I see the long term because ever since I blow my account I took a training and that changed my perspective on how I look at forex trading.

 

[Nite]

Forex is not at all a get rich quick scheme. Infact, 90% of traders lose their money largely due to lack of training, discipline, planning, and poor money management rules. Forex trading is a skill that isn't just a piece of cake, it needs patience and time to learn. Traders that are skilled can make good money in this field. However, like all other career, you won't be having successful overnight. So you can see, very few people make it to the success

 

[rextee]

Forex is just like any other business. Scammers display forex as a shortcut to becoming rich. It’s true that you can make substantial profits, but the journey isn’t easy. You need to come with realistic goals, a trading plan, and a risk appetite. It’s inevitable to lose money, so make sure you come with a long-term mindset.

 

[Skysaint]

Forex is never and will never be a get rich scheme. It is profitable in the long run as you become very patient and work towards becoming better in your strategies. And when your strategies are not working for you again, you have to go back to the drawing board as you have mentioned. Forex can make you lose your funds in a jiffy and you can win times five of your capital in a twinkle of an eye. I am new into forex trading but I have had my fair share. Trading will be like when you are supposed to exit the market you stay, it can be costly and when you are supposed to stay,, you leave, your profit or losses are affected

I do agree with you on this especially the last part of the writeup. Although I am yet to start trading in forex but I have already had almost same experience while trading in crypto currency; when you withdraw your earnings from a particular coin, the coin might immediately start doing so well and next time you decide to stay back, you will tend to make losses as the coin will rapidly start going bearish. This made me lose so much when I first started trading in crypto currency, but am glad am now able to find something I can refer to as a balance between the two.
The honest truth is that you can earn from trading either forex or crypto, but still an equal chance of you losing your whole money

 

[JoeSeki]

@JoeSeki I really like your inputs.

There's a general misconception about forex and I'll say the forex marketers are doing a good job in pushing this narrative.

When I talk about forex with my friends, all they talk about is how they're going to be driving sports cars, vacation in Bali and all.

But they don't want to talk about how successful traders blew their accounts countless times before they start becoming profitable.

I really like forex because I don't see the short term, I see the long term because ever since I blow my account I took a training and that changed my perspective on how I look at forex trading.

Exactly these marketers set unreal expectations that with their method, strategy, indicator or signals, traders have 100% winning rate and many traders start following them blindly. These traders keep chasing the methods forever and forget that their success is in their own hands. They can win with all these tools if they try to understand the market.

 

[Victorial]

Forex trading is lucrative and anything lucrative is very risky and risky means you can lose your funds within a second. Since there is no right and wrong strategy and one will continue to be better in his formula each day, it is very difficult to build a fortune without spending hours and hours of research and hard work.

I also picture that kind of lifestyle for myself where I can use the money made through forex to buy a car, marry, build or buy a house and set myself up for life. Life is a stage and I am getting there slowly

 

[Immilash]

I completely agree with you. Forex trading is not something you can start earning from it, you need to have enough knowledge on it before you can start earning most people fails just because they don't have much experience and idea on it. You must to have enough experience before you can start earning on forex.

 

[Mary Frederick]

Be careful about EA trading. The falling rate in Forex is higher because new traders can’t cope up with the market condition. So, newbie traders should work on market knowledge earning and mindset development. FXOpulence provides a free education program and a free demo account to traders.