You’ve likely heard of the Forex market. You’ve likely heard about its massive daily volume of over three trillion dollars per day. You may have even attempted trading Forex. If you have, chances are you’ve lost money.
It is a startling fact that ninety percent of all those that try their hand at Forex end up quitting without making a profit. They go into the markets with high hopes, and leave with their tail between their legs.
One of the reasons for this is because the Forex market is such an enormous source of wealth, likely the largest on the planet, people go in with big dreams.
And when you walk up to the plate swinging for the fence, without having spent some time in the batting cages, you are more than likely going to strike out. And when I say strike out, I mean taking one of those swings that are painful even to watch because it is so obviously horrible, and makes you wonder what the coach was thinking.
In order to really make consistent money in Forex, you need to start slow. You need to take your time, and learn the ropes. Many places offer a practice trading account. Those are a good place to start. And when you do gather the courage to lay some real money on the table, do so slowly.
Like when you go to Vegas for the first time, and want to play craps, you usually go downtown where they have twenty-five cent tables. No sense playing with the big boys until you know what you’re doing.
Remember, you need to check your ego at the door. There are plenty of other places to get props from your friends. The Forex currency market is not one of them. The Forex currency market is only good for one thing.
And to do that, you should never, ever swing for the fence. You can get rich in a pretty short period of time only by making consistent, small gains. With a tight stop loss, and a realistic profit, you can make one profitable trade out of four and still make money. You only need to get on base, and bunting is just as easy a way to do that as hitting a deep drive down left field.
One way that people are discovering that really helps is trading robots. One of reasons so many people fail in Forex is they let their emotions get involved. Robots take all the emotions out of the trade. You still need to figure out what market and what conditions you want to trade in, and figure out a decent stop loss and profit target. But once these are set, the robot can do the rest.
And when you start small, and learn as you go, your trading strategies will get better and better. If you budget your investment to allow for a learning curve, and using robots to help take the emotions out of the trade, you can soon be making money automatically. And that feels pretty good.