THE TRUTH ABOUT FOREX
Let me guess, you got introduced to forex because someone you know made a lot of money in a short period of time or you heard about trading currencies and this great opportunity to turn a small amount of money into a big amount of money well, you’re not alone so did I. I’m going to unpack the secrets and the dark truth about forex trading that you should know before you start putting your hard-earned money on the line.
First, let’s talk about social media influencers, you see people driving the cars talking about the big money they’re making, showing off the big houses you know it’s a thing. We’ve all seen It we are aware of it and it’s hard to go through Instagram without seeing a little bit here and there. The problem is this is a façade you fiction this is the total nonsense side of trading that anybody who’s been doing this for a while knows the reality of. You see these people have got the money they’ve got the houses and they claim they trade and make big money. Now I’m not going to take away from the fact that you can make money from trading forex. I am not going to be negative Nancy about this there is a way to make good money in trading forex, but there are some secrets some caveats you need to know, and these people you are seeing on the internet you have to ask yourself why are they focused so heavily on talking about their cars and their lifestyle and their travel and all their stuff. I’ll tell you why that’s what catches you and my attention. when we are scrolling through Instagram why do they want our attention usually it’s because they are trying to sell something but they is nothing wrong in selling something but a false promise being sold is definitely wrong and the reality of forex trading is that anybody that actually makes money and has started consistently making money. There are years of development to get to that point and the money you are going to be making is not lifestyle lavish style you know huge bucks on the table all the time rolls of cash and you know a red Lamborghini you know all that stuff. That does not come anywhere as near as quick as people think and honestly most of the people who are super rich don’t spend time buying these things to show off and flex on Instagram there’s a reason there is a marketing incentive to flex big fancy houses and cars and things like that so what I want you to understand is if you want to be trading forex don’t expect to use forex as a quick jump into that sort of lifestyle because that lifestyle takes many years of investing and building account and growing accounts to ever get remotely close. Again, I’ve been doing this for 6 years and I make good money trading but I’m not becoming a multi-bazillionaire trading forex and I’m not driving Lamborghini. I don’t have 6 parked in the garage and if I did why wouldn’t I keep that money and keep it in my trading account you have got to start thinking about this stuff logically. It takes money to trade forex and make big money with it so why would you just take your profit and just go buy expensive things rather than real traders who keep their profits and reinvest them in their trading that’s the whole point of trading forex.
That brings me to number two” it takes money to make money” this is a universal thing that you hear in every other industry so when you approach forex you should probably keep the same mindset it takes money to make money and just to cut through and maybe to sobber some people up. What that means is that if you have a small trading account you can make money on it but you are not going to make a lot of money on it. I don’t say this to discourage new traders because they are walkaround they are ways to get around this and build capital and possible get funded with funding programs that are available to some traders who are really good but I want you to understand that if you don’t have a lot of trading capital, to begin with, you are not going to be making huge money, in fact, some of the best traders I know they’re shooting between 2 to 5 percent average a month and that does not sound good to new traders people don’t like to hear that because think about it if you only have a hundred dollars 2 to 5 percent per month is 2 to5 dollars a month that does not sound very exciting but again that’s the truth about forex I am trying to show you guys the no-nonsense answers to some of these questions you know how much money can I make trading forex it depends how much you bring to the table.
That brings me to number three, people who make money trading who become profitable trading forex. It’s not something they did in a couple of weeks in a couple of months you will genuinely have to spend countless hours probably upwards of thousands of hours to actually get to a point where you are consistently profiting from the market and you are making those slow and steady gains so before you jump into forex before you don’t jump into wanting to trade currencies or commodities or stocks or whatever just understand that there is a huge learning curve to this stuff and it would take a long time before you are able to turn a penny out of this market now may have some short-time luck some people would jump into it and they ‘ll say. I made a hundred percent this month. Imagine I walk into a casino and I spin a roulette table and I bet on red and it actually lands on red, and I double my money does that make me a good roulette player? No, I am just a lucky gambler. A lot of forex traders tend to lose 90 percent of their capital in the first 90 days. As soon as new traders realize that this stuff is hard this stuff requires capital being brought to the table and this stuff is not going to make quick wealth it usually kills off the dream for a lot of people.
Now we are going to talk about the upside of trading, earlier I talked about not having enough capital to trade if that didn’t scare you off I’m glad you are hearing now we can talk about some of the other concepts of growing small accounts. Usually involves depositing money into your account and you know some of it is basically deposit into your trading accounts that you build over time or another route we talked about recently is setting yourself up for success getting yourself good enough at trading to pass one of the trading funding programs that exists in the industry. Now there are some better or worse ones out there, but certain prop firms would allow you to essentially go through a trial period and if you can prove yourself as a consistently profitable trader they’ll back you they would put money behind you and this suddenly I am not going to say it makes it easy but if you have gone through the process of learning and have shown consistency on a low amount of risk there are investors in would you could potentially fund you and make your trading meaningful. There is an upside for traders who get good at this stuff but it going to take a huge learning curve there’s a lot of blowing accounts there’s a lot you know silly mistakes you are going to make, and there is going to be a lot of struggles on the way. But if you spend the time and take the time to get there it’s rewarding. This is a skill that if you learn and you get past all the bs nonsense that starts out when you first get into forex and you stick around and you learn the skill itself can be rewarding for decades to come.