Several times, I’ve come across sponsored ads that promote forex, see these forex traders live luxury lifestyle and how some go into forex after seeing these luxurious lifestyles only to come back to lament bitterly often makes me wonder what exactly is the true nature of forex.
If people actually make money from forex as they claim, then why do some people lament about getting hooked!
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A lot of people are afraid of Forex trading because they heard about people who had lost everything they had speculating on currencies or other assets. Some have been tricked by their brokers and coerced into depositing more and more money into their trading accounts. some agents working on behalf of brokers get extra bonuses for new deposits their clients make.
As a result some agents can get quite aggressive in their methods. They promise to share a proven strategy that is going to work and you will win it all back. This type of psychological game is something they are not only ready to engage in but they are also praised for doing so in form of additional bonuses from their employer.
The truth is that succeeding in Forex trading is possible if you know how to read and analyse trading charts. Another important aspect is to trade using daily charts or 4Hour charts. Chasing quick profits is not beginners. It is for more advanced traders who know what they are doing.
So, focus only on Daily charts and learn technical analysis to be able to recognize trends. When you learn that, proceed to learn how to ride trade and follow trending markets.
Yes you can but for that you ned to have patience, Discipline and good skill for that. I know some people getting it small returns but for success you have must having reliable expectation. This is another one major concept. Where mostly people get trapped in greed and follow this approach. Unlike other markets, forex trading doesn’t have to stop when the sun goes down. Since forex is traded all over the world, trading markets are open 24 hours a day, 5 days a week, so you can trade when it is convenient for you. Forex market having good volatilty than others and we know that volatilty plays vital role in profit. If you play with skill, discipline, avoiding greedness and with a good plan then I am damn sure that you can make money in trading forex.
When you want to start trading read Forex trading for beginners tutorial and guides where you will learn basics. If you need help look for mentor on some blogs or forums so you can advance faster and who will tell you obstacles you will encounter.