I want every trading beginner to know what forex trading facts are before they can apply as a successful forex trader.
I know that our readers are eager to make money from the FOREX market.
But I need them to know facts that they should learn about forex trading. Let me start some facts that will help you understand online forex trading better.
The vision behind the strategies could be achieved if you understand the facts about forex trading. Okay.
What Forex Is Not
Forex trading is not a "get rich quick scheme". So many people ignore it because it doesn't sound meaningful to them.
But I want you to pause and ask yourself what the purpose of doing whatever you intended doing is. If you intend trading forex either on part or full time, what are your goal?
Lots of people still Google search for the easiest ways of making it big in the forex market; how much to start with and earn huge profits, etc.
Some will even say, after all they've gone through in life, they believe Forex will wipe away their financial tears.
Well, let me use this opportunity to confirm the perception that Forex is not a "Poverty Eradication"programme. It is a business that you must treat well.
No matter your financial situation, don't jump into Forex trading with the wrong mindset. You need to educate yourself on forex trading.
I want to educate you on some factors that could contribute to your success trading the Forex market.
Some people believe this business is so simple that at the click of the mouse, dollars will start rolling into your bank account.
That is not so. There are lots of factors that you need to consider and I am going to show you 5 factors in this article, just reflect on them, do your research to confirm whether they are real and make up your mind.
5 Forex Trading Facts For Beginners
1. Adequate Knowledge
Searching for the easiest ways of trading Forex without adequate know-how or learning what forex trading is and how it works is dangerous. Unless you know how this business works, you can't benefit from it.
I learned that many had lost huge amounts of money in the Forex market. Some are not even sure that this business is real; and whether they can make a living from it.
But I want you to try and read more about successful investors doing in the stock market and traders doing in the forex market today.
Or please try to learn more about them in the industry and you will notice that it wasn't easy at the beginning, but with endurance, attainable goal and plan, education and hard work, you will be now smiling for what God has done through the Forex market.
You cannot run away from the fact that education is an investment. Any beginner that wants to make money from trading, investment or business must invest in education first.
That forex trading is not for the lazy minded. You need to pay to acquire adequate knowledge. I don't know how you can get that if you don't dedicate yourself to learning.
Are you aspiring to be like the Ifeanyi Uches, Uche Paragon, Benjamin Ilesani Ajimoko, Blessing Ezeako, Bade Ajidahun Afioluwa and other most successful Nigerian traders in the world? Then get yourself absorbed in learning, research, reading and implementing. Waoh! There are these guys is'secrets... Yes of course, if you can pay the price, the sky is not your limit.
You need to be trained by an expert that knows how to do the stuff and show you the step-by-step approach of trading in the Forex market.
Forex education is a continuous process; you keep updating yourself daily because of the market volatility. Forex concept is "the input determine the output".
2. Adequate Capital
One of the reasons why many people fail trading in the forex market is lack of adequate capital. The secret is "the more capital you have, the easier and faster you could make and rise to the top with good and sound money management".
Be cautious about people or adverts that claim that you can start making a living from the forex with as little as $100 or make $500 daily trading with a start-up capital of $150.
Ah! This business is not like that and not for the poor; does it sound irritating to you? Well, I am sorry,but I have to tell you the bitter truth so that you won't have problems with the business.
This is because by the time you invest your hard earned money and with exaggeration of what the business is not, you could easily lose the money within the twinkle of an eye; then what next?
There is no amount of money that you are investing in forex that is too much because the FX spot market liquidity is increasing everyday as lots of investors are pulling in real money.
This is something that has over 32 trillion dollars liquidity daily; now tell me, how much are you planning or have already invested that you think is too much. All you need is the right mindset, attainable goal and good trading plan.
3. Fast Internet Connection
Another factor that is affecting online Forex trading is lack of "fast" internet connection. I want you to understand something that you can not trade forex online successfully without good and uninterrupted connection.
Many people are really going through so many challenges in aspect, in our beloved country.
The trading platform is software from a broker that is connected to a bank server, and that is why many are used to Meta Trader4 platform because it is easier to customize and also faster than web-based or java applet-based trading platforms on.
Don't just get connected to any ISP, but make findings about their products, network coverage in your area, and how affordable their monthly subscription feed is.
4. Constant Power Supply
Constant power supply is the biggest of all. Before you venture into forex trading, especially in our beloved country, Nigeria you need to consider an alternative for constant power supply.
This is the fuel of the business and you can only succeed when you are always online. Even when you are not trading, you can learn more, make research and implement your discoveries.
5. Lack Of Discipline
This factor affects 90% of forex traders all over the world, but you must understand the power of compounding in forex trading.
Therefore, you must have trading targets daily, weekly or monthly and strictly adhere to it. If you are not disciplined, you will be counting your losses.
You might be doing the wrong things with your trading decision and keep making profits but the market knows how to deal with such traders and that is why trading system and plan are very important in this business.
Final Thoughts
I hope you enjoy this article? Stay blessed.
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