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Did you find yourself guilty of killing time on Forex trading? Spending hours and hours engrossed in indicators, struggling on financial charts…..what was the outcome of this time killing? Ever thought?
I know most of you will regard this time as wastage, while few will consider it profitable. Why for some traders forex is a good option and for others, it’s such a bad deal!. Why?
To get more insight read: Is forex trading a waste of time Or trading on forex worth? Trading on forex itself is worth it. But the way traders do it is risky. For less trained, unplanned, undisciplined traders it is risky. If you are ready to lose you are ready to earn and learn both. That’s a hard reality!
It’s not a money-making machine. Though it can generate a handsome amount that could be 5 to 15% of your investment per day to per month. It’s all up to you how you play this game of numbers! We recommend checking our position about how to become a full-time forex trader for understanding the full earning potential of the forex market.
Is It Worth Spend Time On Forex Trading
The quick answer is: YES, it is worthwhile, as it helps you to earn money. However, trading success depends on certain factors like consistency, learning from bad trades, a proper trade plan, and managing risk strategies.
Not all traders are successful traders. Those who think of winning a big deal can end up in a big loss. Slow and steady is the key rule. Discipline is the pathway. Consistency is all that you need for a big win
It’s a burning question that is forex a good way to make money, but if we compare it with other businesses, the risk factor is high. Indeed you will earn but you can lose and can get absolutely ZERO!
So, beware of this negative aspect.
Why Traders Waste Time On Forex Trading: Top Reasons Of Forex Trading Fails
What makes the traders spend hours and hours without any return on forex? Why do few get expertise, while others shit this? Should we blame the system or ourselves?
Well, Forex trading is an organized system that opens up the world of opportunities. But still, it’s up to our intellect, expertise, practice, and experience how we get to benefit from this system. It OFFERS! How we tackle!
The ball is half in your court half in forex court!
Below are the top reasons for bad trades. Let’s have a look:
Trading Without Plan
It’s not just creating an account and going on! Successful traders woke up with proper plans and they tend to do documentation to understand trading pitfalls. They are highly adaptive to market changes and have a set plan to confront any trading scenario.
Thinking Too Much About Trading Process
Investing too much time in trading strategies, tools and processes can be a disaster. If you spend this time learning systematically, you can save many hours. Practice will only help out if you have command of managing risk factors.
Repeating The Same Mistake every time
Demo accounts will turn out to be fruitful if you’re learning from trial and error. If you are making the same mistake again and again you need a trainer. If you find someone with a good trading record, you can get help from him. The right thing is to choose a successful as well as an experienced mentor.
Inability To Manage Leverage
Leverage Or dual-edged sword! To get profit from a small price change, traders have to rely on leverage. If they fail to manage it properly, the trading game will end up soon as zero. The size of trade matters a lot. When traders fail, they are mostly uncapitalized for the related size they trade.
Unregulated Broker Choice
Please do some research when you are choosing a forex broker. We found that many new forex traders lose their hard-earned money to an unregulated broker.
An unregulated broker eats your money and you will never withdraw from them. icmarkets broker is one of the best-regulated brokers as well as you will get a low spread in each pair.
How to Make Forex Trading Worthwhile
Trading Buddies, the future is Forex! When you think of the future you think of a lavish lifestyle. While we may still have some ways to make our forex trading worthwhile before we go on.
Despite failures, risk factors it is a hard reality that traders still trust this trading system and think it is the safest way to earn a profit.
You can make your fresh forex trades secure if you follow the few simple tips below
Be Realistic
Over-expectation at any point can kill your passion. Be realistic, you can’t become a millionaire in a moment. Set realistic expectations that would be making a 2 % profit per month at the start. Right?
Discover Triggers
What triggers you to lose control over random trade? Maybe fear, maybe anxiety, or anything else. If you are scared of taking the right decision at the right time, forex is not for you!
Deal Failures Positively:
Get ready to lose if you want to earn, Or probably Learn. Here in Forex, Learn and Loss go side by side. But dealing with failures positively will keep you on track.
Avoid Greed
True here: Greed will keep you poor forever if you are into forex. While trading with a small account don’t let your greedy nature drive you. Believe me, you will end up in zero profit!
Is It worth becoming a full-time forex trader?
Many people ask experts: Is it worth becoming a full-time trader? I think you are better your judge here. You know your skills more than anyone else. So, explore yourself!
If your track record is good, you are constantly making a profit, this question will be in your mind. But before you go on, you should understand the real challenges of full-time traders.
It is a stressful, time-consuming, and extremely consistent task. You will wake up with indicators, charts, and analyses. If you are less patient, part-time trading is best for you. Full-time trading is good for highly disciplined traders only.
Don’t forget to watch this video of proven forex strategies.
Is becoming a forex trader worth the risks
Are you daring enough to beat risks? If yes, forex is for you. But if you think that knowledge will save you from any risk. You are wrong. Your decision power will be challenged every second. Fear of failure will bring more failure for you in Forex. You will have to embrace the risk factors of this trading system.
Control your emotions and get ready to take a good start!
Is It Better To Trade Forex Or Stocks
Though both are entirely different to compare. But the potential of making a profit is high in forex as compared to stock. Forex has high liquidity, 24hours trading time with minimum or no commission.
Can You Get Rich By Forex Trading?
Forex trading is not a quick-rich scheme. However, consistency, hard work, learning, and risk management can make you rich with time. One thing more, if your investment fund is high your winning and losing both opportunities are brighter.
How Do I Trade Forex With 100$
Trading with 100$ is possible in forex. For this, brokers offer nano or micro-accounts. It has so many advantages for beginners to practice their skills and strategies.
How Much Do Forex Traders Make a day
On average, a smart forex trader can make 5% to 15 % a month. However, it depends on trader efforts as well as risk mitigation strategies. Leverage is another factor that can affect daily or monthly profit.
Ending Words
This was just a glimpse of forex realities. To end up I would say it does worth it but the way traders use it is risky. We can’t say the system as a whole is a blunder. Obviously, there are many successful traders.
If you are one of them, share your strategies with us! We’d love to listen to your success journey!
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