2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
Most likely, you are tired of the self-promotion of many trading experts and want to know for sure whether it is really possible to make money on Forex. It's actually not that easy.
The problem is, most of these marketers won't tell you how difficult trading can be. As a rule, working on Forex is presented as a way to make money quickly and easily. However, the harsh reality is that this income is not easy.
For example, no one will believe an ad that promises to train you to become a lawyer within a month and provide you with the opportunity to receive large fees at once. The situation is similar with currency trading. No educational product will make you an experienced trader in a few weeks. No Forex robot will give you consistent profits while you sleep.
The second aspect that gives an answer to the question of whether it is realistic to make money on Forex is the use of a trading system. As you know, most beginners in this market spend a lot of time looking for the perfect option. However, this simply does not exist!
Most of the trading systems thatcan be found in various sources, are created by inexperienced traders. These methods may work well for weeks or even months, but they are useless in the long run.
This is especially true of indicators. The indicators are sensitive to changes in market conditions. Some indicator-based systems give amazing signals in trending markets, but not by much. The problem is that most of these indicators cannot adapt to changing market conditions. Therefore, a system that works this week may not work next. Therefore, speaking about whether it is realistic to make money on Forex with the help of such indicators, it is worth noting that they must be tested for years.
Also, many traders do not realize that demo accounts are not prepared for real trading. One can give such an example. Imagine that a tattooed biker is approaching you. He takes out a gun, points it at you and demands your wallet. What would you do? You will most likely give it away pretty quickly. Now imagine a skinny eight year old coming up to you. He takes out a squirt gun, points it at you and asks for the money. What would you do? You will probably start laughing.
It may seem absurd, but there is a correlation. When you trade on a demo account, you are not using real money. Thus, fear and a sense of risk by real means cannot affect your performance. Demo accounts work like a small onethe child in the example above is play money, you can laugh it off and move on.
Psychological factors may seem insignificant, but they play a significant role. Most novice traders start trading very well on demo accounts, but immediately face a terrible setback on real ones. This circumstance is also important to take into account when answering the question of whether it is realistic to make money on Forex.
Demo accounts are great for getting familiar with the trading platform and learning the basics of trading, but nothing more. They are also good for basic testing of a new system.
Besides, the reality is that you need to spend a lot of time to become an experienced trader. If you want to learn how to make money in the Forex market, but spend only a few hours a week on it, you will not be successful. According to scientists, it takes 10,000 hours of actual practice to master anything significant.
The last aspect that gives an answer to the question of whether it is possible to make money on Forex is the ability to adapt. The foreign exchange market is constantly changing. You must be able to adapt to it. Or you will never be able to trade successfully.
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