Daily Forex #20 - Can You Really Make Money Trading Forex?

in #forex3 years ago (edited)

Facebook-Cover-Photo.jpg

First, let's look at some facts. 90% of Forex traders are not profitable. The 10% who do, do you think they make money because they are lucky?

Let me share with you my experience when I first started trading Forex. My journey as a Forex trader started with a $10,000 deposit. Within 2 months, I had managed to turn that into a $30,000 account. I made withdrew some of the profits from the Forex account and a few days later, the money arrived in my bank account. I went to the ATM and withdrew the money and went out for a good dinner with my family. The food we ate that night tasted real. So yes, I think you can really make money from Forex trading.

Of course, as a novice trader at that time, I didn't have any proper system or strategy or rules. I simple entered a BUY if I felt that the price was going up. And if I felt that the price was going to drop, then I entered a SELL. I must have been really really lucky those first 2 months because I made so much real money.

Then came the night when I refused to exit at my Stop Loss and held on to the losing trade hoping that the price will turn around in my favor. It didn't and I ended up losing almost all the profits back to the market.

Those first 2 months taught me a very important lesson in Forex trading. Yes, you can make real money from Forex. And yes, you can also lose alot of money if you don't have a proper trading system and a disciplined mindset.


ryan fb profile pic.png

Daily Forex is my way of sharing my personal thoughts on the Forex Industry with would-be traders as well as current traders.

I thank you in advance for following my daily blog post and of course an upvote would be a nice motivation for me. It will also be a sign that my content is relevant and have given you a bit of insight on what Forex Trading is all about.

Here are some interesting topics to start you off :


If you wish to get more FREE Forex Content, join my Tradesto Education Group.

Sign up for a FREE Steemit account and you can thank me by coming back and upvoting this article. And guess what, you will earn Steem ($$$) too for doing that! #awesome


Remember to FOLLOW me too!

Sort:  

Congratulations @ryanng! You have completed some achievement on Steemit and have been rewarded with new badge(s) :

Award for the number of posts published

Click on any badge to view your own Board of Honor on SteemitBoard.

To support your work, I also upvoted your post!
For more information about SteemitBoard, click here

If you no longer want to receive notifications, reply to this comment with the word STOP

Upvote this notification to help all Steemit users. Learn why here!