Starting your forex trading career isn’t easy, especially when a socially acceptable theory is that 90% of forex traders lose their money and give up trading. The scary amount of losers made me think whether this unconfirmed statistical data is designed for a purpose and if so what can this purpose be?
90% Lose In Forex Trading. Truth or Fiction?
It is true that in order to become a successful forex trader you have to get addicted to currency exchange. You have to fall in love with trading, “inject” it in every minute of your life, savor every moment of trading and submerge in forex education. All the hunters for easy income without any trading experience can kiss their investments goodbye for they will indeed fail or give up within couple of months. That shouldn’t surprise any of us though. A lot of people wish to try their luck without truly getting serious with what they have started.
I bet that, just like me, you have got plenty of friends that get extremely excited about a new project but fail to complete it. Whether it is building an underwater school for dolphins, genetically engineer women to fear long-term commitments or become a professional forex trader, you need to stick with your plan long enough to succeed.
Now, back to the scary 90%. Is it possible that there is an agenda behind portraying forex trading in such grey colors?
Here is my list of “why forex trading NEEDS to be terrifying”:
1. Someone has to buy all the available “exclusive, reliable and efficient” forex systems! They promise constant cash without any experience or knowledge in trading. That sounds tempting, especially when you don’t really want to learn forex. You had enough studying in high school!
2. Forex courses are quite expensive but there are plenty terrified forex traders that consider this option. Of course, without having a drop of patience, “making money fast by copying other traders’ moves” sounds alluring. One question though, copying usually gets you in trouble. Make trading moves without understanding, in my opinion, is a big mistake.
3. AutomatedForex Software – another toy for lazy forex traders, the so-called “smart” trading for profits. The idea of falling into 90% of forex losers is creepy and automatic trading signal generator that makes decisions for you sounds just about right.
In my opinion, there is no secret with forex trading. A successful forex trader studies, plans, anticipates, listens to the news, waits for results and loves profiting. Successful forex trader turns into forex zombie – he talks about forex during sex and in his sleep, he lives in forex world, he loves forex trading.
I cannot guarantee that 90% isn’t true but I know one thing for sure. Just like a gambler, forex trader doesn’t trade just for money. It is the rush, the anticipation, the knowledge, the winnings – an uncontrollable mixture of a true success.