The beauty of Forex trading is that it can be a stream of income for you and your family. The sorrow of trading is finding out that it is not as easy as people say it is.
Honestly, Forex trading, along with other trading approaches, have brought pain and measures of poverty into many peoples’ lives. At a first glance, trading seems helpful and for many, ends up being harmful. From a first glance, trading looks promising but for many, ends up painful. At first glance, it appears to be a get-rich-quick phenomena but for many, manifests as a get-poor-quick catastrophe.
If that is your experience, you are not alone and I would like to present a cure to this catastrophe. The cure is knowledge. “People are destroyed for lack of knowledge.” Chances are, you did not become rich overnight trading Forex. If you did, stop trading, and read this article before you lose your money.
You can have a desire to be a boxer but, without knowledge and training your going to get knocked out. You can watch “Lord of The Rings” and want to know how to sword fight but, if you are not trained by a skilled swordsman, say good-bye to your fingers. Say good-bye to your toes too for that matter. The same is true with Forex Trading. We see Joe Smo make 50% per month. We see Dr. Smellfungus make more money in one trade than we have made in one life time. We see George Soros make 1 Billion Dollars on a Great British Pound short. Seeing doesn’t give you the ability to achieve until you add knowledge and training to the equation.
We have all made mistakes trading. That doesn’t mean we should give up. Anybody can be a quitter and many are. It’s the small majority that press on past the status quot and achieve greatness. Is it possible? Yes. So, what do I do? Get up, dust off your shoulders, GET EDUCATED, and try again.
In the Bible, the book of Proverbs says “Enthusiasm without knowledge is not good; impatience will get you into trouble.” Oh, so true! Many of you have failed because you got excited about Forex, thought you could tackle the markets without education, tried, failed miserably, and gave up. You had enthusiasm! That’s awesome! Before you take action though, mix your enthusiasm with knowledge.
It’s comparable to an enthusiastic six-year-old who just watched his first NASCAR race with his Dad. After seeing the colorful metallic machines called “race cars” fly at speeds of 200 miles per hour around an oval shaped arena, the young guy gets an idea. He thinks to himself: “Self, that would be fun, I’ve seen dad drive, let’s give this thing a try.” He is fearless, exuberant, and ready to conquer the streets. He gets in the car, starts it up, his eyes are as wide as basketballs, and in his mind he is thinking “I’m about to have the time of my life”. The reality is just the opposite. Thankfully, at that moment the Dad comes and saves the day from what could have been a horrible disaster. When we hear we can make money trading Forex, our eyes get as big as basketballs, we are ready to conquer the markets, conquer the world, make our quick million but, do you even know what you are doing?
What are you doing?
Let me be the “Dad” for a minute here. Reader, you may need to shift down a few gears. As a matter of fact, put your car in park. Get out of your car, and go to school, sit down, and learn. Get some knowledge before you lose your money. You may have won a few big trades and now think Forex is the easiest thing in the world. WATCH OUT, you might lose all of that and more if you are not educated. For many of us, winning has not been the case. Dad said “don’t put your hand in the fire”, you did anyways, and you have been burned. Now you know not to put your hand back in the fire.
Many times we fail because we didn’t have knowledge, we didn’t have a plan in the first place. If you fail to plan, you are planning to fail. Let me say that one more time, IF YOU FAIL TO PLAN, YOU ARE PLANNING TO FAIL. If you approach Forex trading as a get rich quick scheme, be prepared to get poor quick, because Forex trading is not a get rich quick scheme.
The stats are out and say that 95% of Forex traders are losing money. That isn’t surprising to me because of what I explained above. It isn’t a shock that you have been losing money. Please understand that even after you have a proven plan, there will be months where you lose money. This is trading, not a magically money tree. Many have been brainwashed by Forex marketers and their products. Some of these are legitimate, many are not. If you see a system that says, “You will make 50% per month guaranteed”, RUN and RUN FAST. If you try it and it works, please tell me so I can use it. Chances are, it is garbage.