Can You Get Rich By Trading Forex?

Before moving on, be 100% honest and tell you the following before considering trading currencies:

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

90% of traders lose money primarily due to planning, training, lack of discipline, lack of trading advantage, and poor cash management rules. If you don't want to lose or are a perfectionist, you may have a hard time getting used to trading because all traders lose their trades at some point.

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

You need at least $ 10,000 of trading capital (mini-account) that you can afford to lose. Open an account for hundreds of dollars and don't expect to be a giant. The forex market is one of the most speculatively popular markets due to its huge size, liquidity and the tendency of currencies to move with strong trends. You might think that traders around the world commit murder, but success has been limited to a very small percentage of traders.

The problem is that many traders have the false hope of earning hundreds of millions of dollars, but in reality they lack the discipline needed to truly learn the skills of trading. Most people usually lack the discipline of following a diet or going to the gym three times a week.

If you can't do it, do you think you will succeed in one of the most challenging yet financially rewarding endeavors known to men (and women)？ Short-term trading is not for a hobby and is not an option to get rich quickly. You can't get big profits without taking big risks. A high-risk trading strategy implies volatility in trading performance and large losses.

A trader who does this very certainly does not have a trading plan — unless gambling is considered a trading strategy!

Forex Trading is NOT a Get-Rich-Quick Scheme

Forex trading is a skill that takes time to master.

Experienced traders can and do make money in this field. But, like any job or career, success doesn't come overnight.

Forex trading is not for the timid (some people will make you believe). Consider this: If that is true, all traders will now be millionaires. The truth is that even veteran traders with many years of experience lose money on a regular basis.

Drill this in your head: There are no shortcuts for trading forex. It takes a lot of practice and experience to master it. Nothing beats diligence, practice and diligence.

Practice trading with a demo account until you know it inside out and find a way to do it objectively and easily. Basically find a way to work for you !!!