Trading Forex doesn’t come naturally. It isn’t taught at school or university. It isn’t part of your upbringing and many people come to it late in life. Yet as Forex trading, because of advances in technology, becomes available to more and more people, there’s a proliferation of eBooks seminars, courses and mentors… most of which are at best worthless and at worst dangerous.
Forex is new to many people, and lots come to it after a sometimes unhappy experience trading stocks, futures, commodities and options. Many are lured by the marketing wizardry – no commission, high leverage and 24 hour trading. Everyone comes with expectations, hopes, and fears. You’d better have a good plan or this venture is doomed to fail for you as it is for many others.
Traders come into the Forex market for one reason and one reason only – to make money. You have to treat Forex trading like a business. It’s not a hobby so don’t treat it like one, unless of course you like to lose money. Don’t trade for excitement. Many losing traders want to trade for excitement. They trade for the “buzz,” the adrenaline rush and that’s one reason why they lose. But these people are not traders, they’re gamblers. They might as well put their hard-earned money on a racehorse or go to Las Vegas and try the slot machines. At least in Vegas they’ll get some free drinks! If you want excitement, try skydiving, but trade Forex to make money.
People’s misconceptions about what Forex trading is about is often shown by how few of them give credence to the notion that in order to be successful they are going to have to practice for a considerable period of time. The all too common attitude is that I am going to retire after a couple of years because the forty dollar e-book I bought said I would turn my five hundred dollar capital into a fortune within that time. It ain’t gonna happen.
Learning to trade Forex takes time. It took me about 2000 hours of practice to become a profitable Forex trader.