Daily Forex #20 - Can You Really Make Money Trading Forex?
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.
Daily Forex is my way of sharing my personal thoughts on the Forex Industry with would-be traders as well as current traders.
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Here are some interesting topics to start you off :
- Daily Forex #1 - Will Forex Trading Be Banned
- Daily Forex #5 - How Forex Spreads Work
- Daily Forex #6 - What Makes The Price Move
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STOPI would believe it if someone actually told me where to get the money
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Managing risk is crucial in forex. Consider your risk tolerance and use stop losses. Many brokers offer demo accounts to practice - fbs Nigeria provides these. Choosing the right platform like MT4 or MT5 is also key. Evaluate brokers based on regulations, conditions and support.