Reality of Online Forex Trading
The reality of online Forex trading is not a pretty picture for most traders. However, some go on to make a steady income by trading the market. You could say the same thing about becoming a real estate agent. Only a few agents make the bulk of the sales and make a huge income. The rest of the agents out there struggle to get by and usually end up quitting after a few months or years. Here are the realities of what you can expect when trading Forex online.
The Majority Lose
If you spend any amount of time researching the Forex market, you are bound to come across some sobering statistics and statements. Many say that 95% of the traders in the market end up losing every penny they invest.
Many traders blow out their accounts multiple times before they eventually give up and move on to something else like selling plasma or assembling products at home. They decide that they have given enough of their paycheck to Forex brokers and give up on the dream calling the Forex market a "scam" or something similar.
The Select Few
While the vast majority of people who choose to get involved in Forex lose money, this does not mean that everyone does. A select few traders actually learn how to trade Forex and end up making money. They take the time to learn the basics of the Forex market and learn trading strategies.
They then take this knowledge and use it on a demo Forex account. They play around with fake money before rushing right in and gambling thousands of dollars away. They do not have the get rich overnight mentality and they are ok with small losses as long as they end up making a profit overall.
How to Join the Select Few
Just read the rest of the content on this site and you'll be in the select few...is what I wish I could tell you. However, the reality of the situation is very different. You will need to soak up as much knowledge as you possibly can in the field of Forex. You'll need to read books, visit forums, try out systems and try out multiple brokers. You'll probably even have to blow out an account or two along the way. If you are willing to proceed with trial and error, then you can truly be successful in this business. The select few have the ability to make staggering amounts of money from the market and live life on their own terms.
Odds are, you'll turn out to be one of the 95% of traders who lose their shirts in this businesss. However, if you will go into this thing with the right attitude and a willingness to learn from your mistakes, you can break down the barriers and join the select group of traders who laugh all the way to the bank. The reality of online Forex trading for the majority of traders does not have to be your own.
Check out the resources right here at Forex Trading Rookie and hopefully we can help you go from complete rookie to guru over the long-term.
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