LEARN FOREX ARTICLES
Why trade Forex?
Hello. I have been studying for about 6 months the market of currency trading. Trying to tackle the learning curve and different analysis in this specific market. But I start to wonder when I read most articles and forum posts stating that only a few people profit yearly from this trading. If you do not profit, then why do you trade? It does not really make sense to me why someone would play/work such a volatile market not to make profit? Please someone enlighten me with their view on this. Thanks.
Hi
Yes, forex market is not for everyone as well as stock, cfd or metal trading. Those markets are very volatile but in the same way are very profitable.
Main reasons that 95% traders fail are:
- they don’t keep money risk management rules,
- greedy,
- absence of patient while waiting good enter/exit point,
- poor knowledge of analysis,
- absence of trading system.
So traders who have trading system are patient, not greedy and keep strict money management rules always are successful. And of course there is no one trader in the world that had no loss. Actually the loss always exists but win/loss proportion should be not less than 7/3.
6 month it is very short term to make your own conclusions. 5 years ago I have lost my first deposit too as well as almost all traders in the world. But I don’t worry to say it while others conceal it.
I advice you to read and study those books:
Market Wizards by Jack D. Schwager;
Technical Analysis by Jack D. Schwager;
Comprehensive Course on The Wave Principle by A.J. Frost and Robert Prechter;
Candlestick Charting Explained- Timeless Techniques for Trading Stocks and Futures by Gregory L. Morris;
Trading Chaos – Applying Expert Techniques to Maximize Your Profit by Bill Williams;
New Trading Dimensions by Bill Williams
It helps you to create your own trading system and technique. Then start again practice on demo account. After your funds start gain on demo then you’ll be able to start with real account.
Everyone could slip and fall down and only the few ones could rise up and go ahead. Those ones are real Men.
Good luck!
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