2.7 Can You Get Rich By Trading Forex?

babypips

SearchView Menu

  1. School of Pipsology
  2. Preschool
  3. How Do You Trade Forex?
  4. Show all lessons
https://06e211bf7791521676fb1fbde31f68ac.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html

Can You Get Rich By Trading Forex?

Buy me a coffeeFind this content helpful? Support our efforts by buying us a coffee!Partner CenterFind a Brokerhttps://06e211bf7791521676fb1fbde31f68ac.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html

Before we go any further, we are going to be 100% honest with you and tell you the following before you consider trading currencies:

1. All forex traders, and we do mean ALL traders, LOSE money on some trades.

Forex Is Not A Get Rich Quick Scheme!Ninety percent of traders lose money, largely due to lack of planning, training, discipline, not having a trading edge and having poor money management rules.https://06e211bf7791521676fb1fbde31f68ac.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.htmlIf you hate to lose or are a super perfectionist, you’ll also probably have a hard time adjusting to trading because all traders lose a trade at some point or another.

2. Trading forex is not for the unemployed, those on low incomes, are knee-deep in credit card debt or who can’t afford to pay their electricity bill or afford to eat.

Poor New Forex Trader

You should have at least $10,000 of trading capital (in a mini account) that you can afford to lose.

Don’t expect to start an account with a few hundred dollars and expect to become a gazillionaire.https://06e211bf7791521676fb1fbde31f68ac.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.htmlThe forex market is one of the most popular markets for speculation, due to its enormous size, liquidity, and the tendency for currencies to move in strong trends.

You would think traders all over the world would make a killing, but success has been limited to a very small percentage of traders.

The problem is that many traders come with the misguided hope of making a gazillion bucks, but in reality, they lack the discipline required for really learning the art of trading.

Most people usually lack the discipline to stick to a diet or to go to the gym three times a week.

If you can’t even do that, how do you think you’re going to succeed one of the most difficult, but financially rewarding, endeavors known to man (and woman)?

Short term trading IS NOT for amateurs, and it is rarely the path to “get rich quick”. You can’t make gigantic profits without taking gigantic risks.

A trading strategy that involves taking a massive degree of risk means suffering inconsistent trading performance and large losses.

A trader who does this probably doesn’t even have a trading strategy – unless you call gambling a trading strategy!

Forex Trading is NOT a Get-Rich-Quick Scheme

Forex trading is a SKILL that takes TIME to learn.

Skilled traders can and do make money in this field. However, like any other occupation or career, success doesn’t just happen overnight.https://06e211bf7791521676fb1fbde31f68ac.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.htmlForex trading isn’t a piece of cake (as some people would like you to believe).

Think about it, if it was, everyone trading would already be millionaires.

The truth is that even expert traders with years of experience still encounter periodic losses.

Drill this in your head: there are NO shortcuts to forex trading.

It takes lots and lots of PRACTICE and EXPERIENCE to master.

There is no substitute for hard work, deliberate practice, and diligence.

Practice trading on a DEMO ACCOUNT until you find a method that you know inside and out, and can comfortably execute objectively. Basically, find the way that works for you!!!

Quiz Time!

Browse All Quizzes

How Do You Trade Forex?

When starting something new, you have to know exactly how you will make money. The same goes for forex. Put your knowledge to the test by taking this quiz!Start QuizTrack ProgressDid you complete this lesson?YesNoNext LessonForex Trading SessionsWhat to Read Next…

Coping with Bitcoin Volatility

Coping with Bitcoin Volatility

Sponsored By

Daily U.S. Session Watchlist: EUR/USD

Daily U.S. Session Watchlist: EUR/USD

3 hours ago

Chart Art: Back-to-Back Trend Trades With EUR/GBP and NZD/JPY

Chart Art: Back-to-Back Trend Trades With EUR/GBP and NZD/JPY

5 hours ago

Event Preview: Canada’s Employment Report (April 2021)

Event Preview: Canada’s Employment Report (April 2021)

7 hours ago

Bitcoin and Altcoins Price Analysis: How High Can ETH Go?

Bitcoin and Altcoins Price Analysis: How High Can ETH Go?

10 hours ago

Daily Asia-London Sessions Watchlist: NZD/USD

Daily Asia-London Sessions Watchlist: NZD/USD

14 hours ago

Trade Watchlist: ETH Run Up Set to Pullback?

Trade Watchlist: ETH Run Up Set to Pullback?

19 hours ago

Daily U.S. Session Watchlist: NZD/CHF

Daily U.S. Session Watchlist: NZD/CHF

a day ago

Chart Art: Trend and Reversal Plays on USD/CAD and AUD/NZD

Chart Art: Trend and Reversal Plays on USD/CAD and AUD/NZD

a day ago

Event Preview: BOE Monetary Policy Decision (May 2021)

Event Preview: BOE Monetary Policy Decision (May 2021)

a day ago

System Update: SMA Crossover Pullback (Apr. 27 – May 4)

System Update: SMA Crossover Pullback (Apr. 27 – May 4)

a day ago

Daily Asia-London Sessions Watchlist: AUD/CHF

Daily Asia-London Sessions Watchlist: AUD/CHF

2 days ago

Patience, persistence and perspiration make an unbeatable combination for success.Brian TracyLEARN FOREX

FOREX TOOLS

COMPANY

babypips.com

BabyPips.com helps individual traders learn how to trade the forex market.

We introduce people to the world of currency trading, and provide educational content to help them learn how to become profitable traders. We’re also a community of traders that support each other on our daily trading journey.

Copyright © 2021 BabyPips.com LLC. All rights reserved.

Spread the love
//phoalard.net/4/4405992