Welcome, you’re probably new to trading and if that’s so, you have found the right place. The purpose of this post is that you should learn something new regardless earlier experience with trading. That you either find out that this is something that you want to do, or that this is not for you because this is not something that fits everyone. You will also read about tools, ideas and things that have helped me to become successful in the markets.
What is forex?
Forex is a shortening for Foreign Exchange but is also known as currency trading. It’s a decentralised global market where all of the worlds different currencies trade, it’s also the largest financial market in the world trading about $1.5-3 trillion each day.
You need to be in this long term!
My name is Jimmy and I have been a trader since 2009. Forex, like every other profession, requires education, hard work and a lot of patience and if you don’t have a mentor it can be hard to separate the good from the bad information that is available on the internet. Look at this as an investment in yourself, this is a knowledge that is very useful both if you want to do this full-time or just have an extra income. The biggest obstacle for beginners in the market, usually is that they jump into trading without the proper knowledge and therefore loose all the invested money. This is also where the term ”95% of people who get into trading lose their money” come from, that is quite a big misunderstanding.
There is a lot of different ways to approach the market, how you should think and how you should act. There is also hundreds of different ways that work, but remember that you need to think long term, first put the focus on your education before you try to make money in the markets. ”Trading is not a sprint, it’s a marathon”.
Why is that?
On the internet and social media, there is full of ”traders” posting pictures of luxury cars, big houses, stacks of money and expensive trips to exotic countries. This contributes to a picture of trading that is often not so accurate and you get sold on the dream so easily. Like I said earlier the purpose of this post is to give you a view of trading that is more like the reality. Don’t get me wrong, trading is one of the professions that were the amounts of money you can make is basically unlimited, everything is about your knowledge and your own capital. The reason for this is that the money works for you, you don’t work for the money. The truth is that I've got more from trading than I could ever expect and freedom is one of those things.
This is not a profession that is simple, in the big picture It’s all about logic if you want to make money in the markets. But a lot of people enter with the idea that they want to find a shortcut or the ”perfect” strategy that will make them a millionaire overnight, without any knowledge at all. Well, this doesn’t exist and if you’re one of those people, you can stop reading here. This is a hunt for success that never ends, and it requires that you constantly improve yourself to stay ahead of the game.
This is like every other business, do you want to succeed you have to be an expert in your area. Do you drop off your car at the local pizza place? Or do you let your doctor renovate your house? Probably not, and this is the same thing, learn a method and be an expert on that method, work only with that method, be disciplined and improve it. This is the real road to success.
This is the first part of many educational blogposts, if you liked it please upvote it and give me a follow. Do you have any questions? Feel free to drop a comment and I will answer asap!
Kind Regards,
Crank420
Looking forward to your future posts. I have friend that went broke from Forex trading, he was clearly too leveraged, so I've stayed away from it.
I'm happy that you're looking forward to my future posts. Sorry to hear about your friend, a lot of people jump into trading without the proper knowledge and with to high expectations.
Leverage can help you if you know what you're doing, have the proper knowledge about risk management and can handle the psychological part. But if you don't have those things, leverage is your worst nightmare and you shouldn't even be trading in the first place.
I lost my first account and my second account, I thought I was ready and had the proper knowledge but that was not the case. I took one step back, invested my time and effort in education and developing a proper trading plan. Now I'm making a good living out of something I really love doing and are even doing private account management that has been very successful.
great post, i am also a forex trader for the last few years, ppl really need to learn the basics and spend money that they can lose easily, but then save their wins in the proper ways
https://steemit.com/steemit/@goldsilverguide/losing-money-by-saving-money
@crank420
Nice writeup
Keep it up.