Are you tired of the self-proclaimed trading experts always say how easy it is to make money from forex? You know that forex trading is not simple and making money is difficult and requires great effort. Most forex websites do not tell you the truth about forex investment. I will tell you, here are 5 facts you need to know when making forex money.
1. Making money from Forex is never simple and fast
Most of the new forex market participants think that forex is simple and making money from forex is not difficult. They see ads that promise to get rich quickly and automatically with a forex robot or something of such attraction. They immersed blindly into dangers and suffered injuries. If someone tells you to trade forex easily, that person is cheating on you. You cannot become a proficient investor, make forex within weeks, even months.
There is no guaranteed system or forex robot that can provide continuous profit while you are still relaxing in your sleep. Forex certainly not so simple. If you come to forex with the desire to get rich easily, go to the casino, there you will have a better chance!
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2. Most systems are useless
Most investors waste time searching for the perfect trading system. And when you want to find a system, the first stop will be the famous forex forums. When you see a strategic approach with lots of positive feedback and lots of users you will automatically assume that it will work well for you.
But in fact: completely wrong!
Most of the trading systems on famous forex forums are created by inexperienced investors. These systems may work for a few weeks, or even months, but they will fail in the long run.
This is especially true for methods that rely on indicators. Indicators are often very sensitive to changes in market conditions. But the problem is that the indicator-based system does not adapt to market changes. Therefore a system that works well this week may not work as well for the following week.
If a trading system has not been tested for more than a year, you cannot trust its performance.
If you are on the hunt for a forex system, you will fail. You will attach yourself to a long, fruitless search. Therefore, my advice is start with the basics, learn to read price action, resistance line, support, etc.
3. Demo trading will not prepare you for real trading
When you make forex money by using a demo account you don’t use your real money. Therefore, the fear of worrying about the risk of real money does not affect your trading.
Most of the new investors performed well in demo accounts but failed to get into real trading with real accounts. Psychological factors and demo accounts are not prepared for your actual trading.
But the demo account still has certain effects. They help you familiarize yourself with trading platforms and learn the basics of trading. They are also useful when you need to check a trading system.
4. You need time
Many websites say that you can trade forex successfully for less than an hour per week. But in fact you need to invest a lot of time to be able to make money from forex.
If you can only spend a few hours a week for forex you are better off giving up. Learning how to become a profitable investor requires a lot of time. You need to be prepared to spend hours each week studying forex. Scientists think that you need 10,000 hours of practice to master something. I think you don’t need 10,000 hours to make money from forex but surely you need more than 2 hours per week.
The good news is that once you make a profit, you can reduce the translation time to a few hours per week. And in order to save time, you should know the appropriate period of time to trade effectively.
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5. Adapt or die
The forex market is always changing, so you need to be able to adapt or you will never succeed.
With an ever-changing market, an investor needs to be able to change the course and adapt to the current situation. So a good investor knows how to adapt quickly to market changes. When the market throws something unwanted at you, you need to be able to analyze the best directions and Make decisions quickly.
So should you be concerned about forex trading?
It is up to you. We all know that most of the new traders entering the forex market have failed. Because they desire no stress, get rich quickly and easily. You cannot change the facts above, but you can learn to accept and get used to living with them and thereby make money from forex.
Trading can be difficult, but you need to be stronger, work harder and be more patient.
Synthesized by top4forexbrokers.net