Forex Trading IS a Business So Treat it Like One!

Forex trading is a business… the best kind of business!  Imagine being in a business with no staff, small overhead, no storefront, no commuting, no office politics and very little government regulation.

To succeed in this business you need a sound methodology, common sense, discipline and a rock-solid understanding that if you do not treat this as a business you have little chance of long-term success. More than 85 percent of new businesses fail even when the owners know what they are doing. Do you really think the Forex business is going to work for you after three months of practice?

Trading Forex does give you a certain amount of freedom in that you can trade virtually anywhere in the world, at almost any time, provided you have a computer and an Internet connection. You can trade part-time alongside your current job or trade full-time if you like.

Trading Forex is risky, as is any market where you have capital at risk. So you have to ask yourself, Am I really looking to cut corners, or am I looking to preserve my capital, learn a new life skill, and make my dreams come true?

Trading in the financial markets doesn’t come naturally. It isn’t taught at school, college or university. It isn’t part of your upbringing, and many people come to it late in life. Yet trading, because of advances in technology, becomes available to more and more people… and that spells danger for the untrained.

Simply purchasing trading robots and indicators isn’t the key to your success as a trader. Too many aspiring traders have tried that and failed. They bought the crap, but it didn’t give them the knowledge they needed to succeed. In a perfect world, everyone would win and be profitable; there would be no losers or frustrated traders. Unfortunately, this is not how the “real” world (or the market) works. Before you put your hard-earned money at risk in the competitive world of Forex trading, make sure you know what you’re doing and learn how markets really work. A good education is the key, in addition to lots and lots of practice.

It is important to remember that the person taking the other side of your trade might be a professional. Are you ready for this contest? Let’s take an analogy -– boxing. You work out in the gym, hitting the pear ball and punch bag for a few months and then you get in the ring with a pro. The theory of the gym is suddenly going to seem a long way away, isn’t it?

By |2013-03-03T05:21:45-06:00March 12th, 2012|Online Forex Trading, Phil's Forex Blog|0 Comments