Forex Trading is one of the most promising businesses out there, despite its inherent risks, many are attracted by the appeal to make money from home without the hustle of a daily job or an unappealing boss.
It is common knowledge that over 80% of Forex Traders are losing money, or have lost money, however, this does not stop many others from giving it their best shot.
While this statistics is used to discourage people from becoming Forex trader’s it is good to note that this figure does not differ so much from the percentages of businesses that fail within their second or third year of operation.
Much of the appeal that comes with Forex trading comes from the thrill of being able to do what others have failed at, and the overall comfort of understanding happenings in the financial markets at a global scale, in short, you become a citizen of the world.
The thrill of making thousands of dollars in a couple of minutes never wears off, in fact, the addiction to the financial markets is so strong that many people who lose money, often come back for a second attempt at recovery.
Despite its glamorous nature, and it’s potential to bring home several thousand if not millions of dollars per annum, there are many who seem to think Forex Trading is a scam, most of these people may have been duped by one or more investment platforms that claim to be running on Forex trading business.
The truth is that Forex trading puts the power in your hands, to do what you need to do to make money, without having to resort to any investment platform, but you need to be willing to put in the time and commitments to become a better trader in order to benefit from the Forex market.
When you see Forex trader’s flash their cars, and mansions, do not be deceived, behind these smiles are years of gruesome experiences, that have led to that development, the sad truth however is that most of these show-offs are actually not profitable traders.
They show off in order to get your attention, in order to get you to pay for their signals, their trading bots, etc. This market is humbling, show me a successful Forex trader, and I would show you a man humble in his ways.
An arrogant brat would soon find their egos deflated, and their accounts blew in a very short time. This market is unforgiving, and it is as cunning as it is brutal.
It validates your wrong moves for a while, making you feel like a king, and tomorrow, it crashes you mercilessly.
One day you are thinking and imagining your empire, the next you are becoming homeless! And if you are wrong, if you take the wrong position? No amount of prayers can save you.
On the days you make money, no business, absolutely no business in the world can give you the sense of euphoria that it comes with, but on the days you lose money, nothing beats the pain.
Why do many traders lose money then? If the market is that good, to begin with? This question never gets old and it often bothers on psychological cliche.
You can not become an expert doctor just by try and error, if you attempt it, chances are you would kill a lot of people before you become even average at it.
That is the sad part, many Forex Trader’s out there have no expert training whatsoever. They rely on gut feelings, and unproven strategies and end up gambling away their hard-earned money.
Thankfully, expert traders and forex mentors such as www.slytedge.com and www.forexaca.com have a proven track record in training you to become profitable in the Forex market.
There are free forex trading courses on both these platforms that can aid you to become a profitable trader in the shortest time possible without you having to go homeless.
Now to answer some of your most persistent questions?
IS FOREX TRADING LEGAL?
Yes, Forex Trading is legal, you do not need a license to trade Forex in any country in the world. However, the broker with whom you trade must be regulated and licensed to provide brokerage services.
If your broker isn’t licensed and regulated by the relevant authorities such as the Financial Conducts Authority, the Securities and Exchange Commission, etc. They are breaking the law and putting you in harm’s way.
Should they have an issue, you may not be able to recover your funds placed in your trading account.
CAN YOU MAKE 100% PROFITS TRADING THE FOREX MARKET?
There is no easy answer to this question, while there is no denying that you could make 100% profits trading the markets, the real question is in which time frame? Yes, there are traders who aim to double their account size in a week or some in a day, but those traders do not last in the market.
They blow their accounts as quickly as they make them, flee from anyone who makes claims of doubling their money in a year. While possible, chances are they would blow your account in a short while.
ARE FOREX INVESTMENT PLATFORMS LEGIT?
There are many websites out there that claim to provide great returns from the Forex markets for their clients, most of these sites are made to scam you of your hard-earned money, and even those who do real business are most likely to collapse in a short while.
If making 100% returns a year were that easy, the banks, and other big hedge funds would be making them. What’s more? Any platform that takes peoples money as a form of investment must be regulated, chances are your favorite online investment platform is not regulated and thus operating illegally, if you invest with them, your money is as good as lost.
SHOULD I LEARN TO TRADE FOREX?
The Forex Market provides some of the best opportunities there is in the world, if you have the time and resources to learn to trade forex, sites like www.slytedge.com and www.babypips.com would be your best bet in becoming proficient traders in a short while.
CAN YOU GET RICH BY TRADING FOREX?
Definitely, you can! But it won’t come easy. Imagine the amount of work it would take you, now double that, and you have a fair idea of what it takes to become rich in trading the Forex market.
It may take you a decade, or less, but none of that matters in reality. If you spent a decade learning a skill set that could bring in millions of dollars, why not?
Except you might go a decade and still not be profitable if you keep repeating the wrong things and learning to trade forex from the wrong people.
The definition of insanity is doing the same thing over and over again and expecting different results, and yet if you analyze many trader’s you see a pattern emerge, they fund their account, over trade, take too much risk, and blow their accounts.
They run around, look for money, fund the account and repeat the process again, that my friend is insane! Seek help.