Who trades on Forex? Let's communicate for sharing information and strategy!?
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Filed under: Forex Systems
Here’s my communication:
Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words "Forex" and "lose" to see this is the consensus.
Forex is what we call a "zero sum" game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the "bets" in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.
Actually Forex is not quite a zero sum game. It’s a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It’s a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.
There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.
Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty.
I would recommend not trying to do Forex at all, unless you are a trained professional. It’s like playing poker with people better than you, with the house constantly taking a small percentage from the pot.
Let’s check out why my Forex trading turned around. Let’s look at the 5 ways to make a living trading Forex.
I never lost my hunger.
Yes, determination is a big part of the success recipe. A person that refuses to give up is a person bound for victory!
The Art of Perseverance.
Determination is vital but you will take some losses on your way, it is extremely important to stay positive and never stop believing in yourself.
Mistakes are Learned Lessons.
Only the unwise and foolish keep repeating the same mistakes.
Keep Perspective While Taking a Time Out.
The time out enabled me to look at my strategies objectively and modify it for the future. This is very important. Staying unemotional and looking at what went wrong was huge.
I found a Really Good Trading Platform.
The most important aspect in Forex trading. If you want to do well on the Forex market then you need a reliable, trading platform. I look for a trading platform with no hidden costs and competitive spreads. I am fortunate i got one Finexo.com