Forex trading is tough. It's definitely not for beginners. 95 percent of all new traders quit forex after a few months trading. This can be due to several factors such as huge lost of investment, discouragement from family members and forex broker scams. The 5 percent who ultimately stay and continue their forex education ultimately succeed and some will become forex mentors and gurus.
I don't want to discourage you but forex is hard and if you are new to the field, I would suggest that you think twice before investing in forex. Investment options like gold bullions and day trading are easier to understand and less volatile compared to forex. I am saying this because there is a real risk that you can lose money while trading in forex.
Some of you might be up to the challenge. You are not afraid to lose and you are willing to make any amount of sacrifice to achieve your financial goals. These are the character traits needed to become a truly successful forex trader. Forex can help you make wealth but it will involve a lot of hard work. The main thing here is that you must be willing to put in the time and effort to make this work for you.
Here are the key steps required to become an effective forex trader:
1. Consider the risks involved before deciding to enter this field. You might need to deposit large amounts of money with a good forex broker. At the same time, you cannot totally rely on your forex broker as there are many instances where forex brokers are known to prey on their customers.
2. Consider learning under the wings of a forex mentor. I highly recommend this option. Some forex mentors charge up to $5000 for a day of consulting session but there are others that are much cheaper and provide the same quality as those that charge high fees.
3. Develop a powerful mindset. Forex don't require you to be extremely smart. Most successful forex traders are college dropouts or they may have never entered college. What you need is a high level of emotional intelligence. This is the ability to stay in spite of the movement of the market.
Forex trading can make you rich beyond your wildest dream but the path to wealth is paved with a lot of pitfalls and challenges. In the forex world, only the strong survive.
I don't want to discourage you but forex is hard and if you are new to the field, I would suggest that you think twice before investing in forex. Investment options like gold bullions and day trading are easier to understand and less volatile compared to forex. I am saying this because there is a real risk that you can lose money while trading in forex.
Some of you might be up to the challenge. You are not afraid to lose and you are willing to make any amount of sacrifice to achieve your financial goals. These are the character traits needed to become a truly successful forex trader. Forex can help you make wealth but it will involve a lot of hard work. The main thing here is that you must be willing to put in the time and effort to make this work for you.
Here are the key steps required to become an effective forex trader:
1. Consider the risks involved before deciding to enter this field. You might need to deposit large amounts of money with a good forex broker. At the same time, you cannot totally rely on your forex broker as there are many instances where forex brokers are known to prey on their customers.
2. Consider learning under the wings of a forex mentor. I highly recommend this option. Some forex mentors charge up to $5000 for a day of consulting session but there are others that are much cheaper and provide the same quality as those that charge high fees.
3. Develop a powerful mindset. Forex don't require you to be extremely smart. Most successful forex traders are college dropouts or they may have never entered college. What you need is a high level of emotional intelligence. This is the ability to stay in spite of the movement of the market.
Forex trading can make you rich beyond your wildest dream but the path to wealth is paved with a lot of pitfalls and challenges. In the forex world, only the strong survive.
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