All of us have a dream. We are not saying it loud, but we know: this is what fills our living with the sense and makes us stand tall when we are close to falling. Of course, it's not only money, which is "programmed" in our dreams to be fulfilled. You can't buy a happy marriage for dollars (as a rule). Some things are not bought or sold. For others, you can use Forex and, which could become your own financial ladder to the dreamy "castles" that you built in your mind.
If I mean a "ladder" to make you rich and bring you loads of money, I also mean that you must know all of its steps. Know the trading. You shouldn't go to a university and get a diploma for starting with Forex, but for the sake of success, putting your time and efforts is a dogma.
So, there has been lots of buzzing lately as people point out the great opportunities with Forex. Are you tired of corporate living and would put your evil-boss on fire? Conversely, just you want a financial freedom to live a rich lifestyle and ride a "Harley" along the endless roads whenever you want? Indeed, Forex is a serious thing to consider and invest on.
Just think! Some time ago, Forex market was a luxury for ordinary retail traders like you and me. "Big-fat" major banks, multinational corporations or Mr. Soros have long been "alone" profiting from currency exchange. Thanks to the miracle of the Internet and technical modernization, everybody now has a chance to grab a piece of trading riches and luxury.
If you are thinking of trading Forex, you must know the advantages that it has:
- Low cost to operate
- Low start cost (less than $500 USD)
- Very broad information resources
- Flexible trading hours
- The potential for quite a high income
- Easy and various ways to get started
However, won't lie to you - being a trader and a profitable one is a big difference. Yes, this kind of market makes its entire participants equal at the beginning, whether you trade a $10,000 account or just $100. The laws and intra-market conditions are the same, as well as reasons to lose money, which comes with the two major dangers you must consider. I'll generalize - it's YOU and MARKET that are dangerous.
No surprise that in most human ventures it's a human himself who is his own enemy. And so is with Forex. Rushing into trades, thinking the money comes easy here, no-plan trading, or doing that tired, forgetting about the method you trade or even having a beer along with looking at the charts, etc. However, if you are a diligent and consistent one, then it's the market which may lead you to failure. As simple as your perfectly-looking plan requiring certain market volatility or news trading didn't work or you didn't follow basic Forex money management rules. It just didn't meet the market qualities so the plan fails and could be thrown into the bin.
You don't want that to happen, do you? So, sufficient profits need your TIME. Whether you invest it in studying abroad, learning courses or practice in a demo account (which I strongly recommend you too). It's still better than saving all pain of losses. Such concepts as Moving Averages, Bollinger Bands, Fibonacci levels, etc. are the basics for every trader to know. Nevertheless, knowing these concepts is not enough.
Who is your worst enemy?
When I started trading, I met fear. It's probably the worst enemy. Just think! If you are applying for trading currencies, you are much worried about the fate of your hard-earned and its growth. How do you react on losses then? Alternatively, think of where this pitfall is that I should be aware of? Do you have the guts to move further and stick to the plan you developed? You always need to be honest with yourself.
For answering all of those "fear" questions and becoming a profitable trader, education is your magic wand. It is to make you free from fears. Trading experience is accumulating all the way you trade. Finding yourself more confident towards your own plans is a goal. As I mentioned above, you should know there will be losses anyway. Today even the richest traders experience them. If you realize that fact, you won't be poor in Forex.
So what do you feel? Are you still dreaming to live better? If yes, then you are spiritually with me! Get educated and psychologically prepared for this is the only way to make the Forex fortune "smile" at you.
So why not invest in that smile?
by Alexander Collins
Alexander Collins is a developer and vendor of forex trading robots at http://www.forexeasystems.com/. Find out more articles written by him at Pipburner.com as well as download useful trading tools for improving your trading performance.
