All over the internet you will read articles and blogs which portray Forex trading as an easy way to make a passive income. This isn’t true. Forex trading is neither easy and is certainly not a get rich scheme. A lot of people through self-interest will probably tell you a bundle of lies to get you investing but there are truths which need to be heard first. Let’s be honest no-one who makes a living from Forex is going to tell you the ugly stuff that you probably don’t want to hear. Here are some things that you don’t know about Forex trading which might make your journey a little smoother.
You Don’t Need to Have A High IQ To Trade
The one thing that perceives a little misconception when talking about trading is intelligence. Some of the best traders in the world have never even been to college, you don’t need a degree and you don’t need to be extra smart to trade. Trading is a skill which you build up through learning and teaching yourself or even have others teach you. Don’t be fooled and think you will become a profound trader because you are extra smart or you will fail because you never finished school. That just isn’t the case. You need to be able to manage your time, have patience and be ready for the impact a capital loss might have on you.
Humans Weren’t Made to Trade
This is probably one of the most truest statements ever made. As human beings we are wired to be emotional and to get attached, we have feeling and emotions which we sometimes cannot control and we certainly aren’t born with the skills to make trades. Humans are like animals and when it comes to money we can be vicious creatures. If someone is about to steal the food off the table you might lose it. This is way we work and we are primitive creatures and we sometimes can’t make level headed choices because of our instincts. We get emotional and we can’t control our mind sometimes. You need to make a conscious effort to make the trades and perform trades which can be tiring and can take all your energy even though you are sitting in front of a computer screen.
Successful Trading is Actually Boring
When you become a successful trader you will actually find the job to be quite boring. The only thing that will break up your day is when you read up on more boring financial reports that you have probably already read the day before! Being a trader can be an awesome job and also give you a rich lifestyle but it won’t come overnight and it takes everything you have to get there.
You Have A Lot Of Pressure on Yourself
If you work a regular job when you mess something up it is your fault but you don’t reap the consequences because of it. The company or your boss will feel the ripple effects of your fail. When working as a trader every loss you make is yours alone and you are the one that has to face the consequences because of it. The amount of pressure you will be putting on yourself is above the average high and it is HARD. You will probably find yourself driven by caffeine due to sleepless nights and the pressure could have an effect on your life outside of trading.
You Don’t Need Fancy Software or Multiple-Screen Setups
The key of being a good trader lays within you and you alone. You can be a successful trader and reach all of your goals by just going at it from your laptop. Check out free demo platforms and then move on to the sophisticated ones like CMC Markets. The trades you buy in on are up to you and the timing when you sell is up to you. The only person who can reach the top is you. If you have the motivation, the will, the patience, the skill and the wanting to learn then you can do it from anywhere in the world.