Investing in Forex, like in other types of investments offers great opportunities for wealth creation. And while this may be true, to some this has never been their experience since they started investing in Forex.
The fact remains that about 90 percent of retail traders don’t succeed, more disheartening is that other research has found this statistic to be more up to 95 percent.
So what set those 5 to 10 percent of those traders who have amassed so much money from Forex investment apart?
What do they know that the average traders or investors don’t know?
And most importantly, what do these exclusive Forex millionaires do that they wouldn’t want to tell you?
This article reveals some of the hidden truths about investing in Forex and why you must know them now if you must join the exclusive 5%
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What's in this guide?
What is Forex investment?
As we all know forex is a forex exchange. It is the most liquid market in the world.
The Forex market is a system developed for all people, retailers, and corporate entities to trade currencies in various markets.
For example, if you bet $200 on the dollar to go up, and it does, you make money.
The Forex market is known for its volatility. A good investor or trader must be able to predict the market at every turn so as to make for himself a chunk of money.
This volatility in the market is largely affected by a lot of variables such as news, earthquakes, war, and most importantly the transactions that occur between nations and larger multinational corporations.
But people often ask if there is an “holy Grail” in forex trading, and they can have access to this exclusive info or strategy.
5 untold truth about investing in Forex
1. You don’t have to be exceptionally intelligent to trade the market
I know this might sound too real. But this is the plain truth.
Perhaps, one of the misconceptions about those 5% of traders who are professionals is that they went to some of the best schools in the world, or they are some sort of smart whiz in the world with some supernatural abilities to read and predict the market. This has never been the case.
In fact, many successful traders never even went to school, nor are they some mathematics wizards.
The truth is that being a successful trader needs skills that are not taught in schools.
So you don’t need a degree to be a successful trader nor do you need to understand mathematics. All you need is good self-discipline and emotional intelligence.
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2. The successful traders lose too
There is no Forex trader who does not lose. But there is a difference between when an amateur loses, and when a pro trader loses.
And the difference is simply their mindset.
While those amateurs have been taught that losing is a bad thing, the pro trader has the mindset that loss is just feedback.
The truth remains that the market is always neutral. So when you lose, it’s you that didn’t get it right. All you need do is re-evaluate your trade, see what was wrong, learn from it, and move on.
Remember that every pro trader was once an amateur.
3. Successful forex trading is mostly very boring and monotonous
You may never hear from those successful and pro traders that consistently profitable trading is often boring. You might just assume that it’s fun-filled, especially when they begin to flash that money and all the sports cars around. That is far from the case.
For the pro trader, it’s all about laser focus, strict self-discipline, patience, and having a trading plan or edge.
A pro trader is not surprised at the turns of events, whether win or loss, because they have made every necessary plan.
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4. Professional traders don’t focus on win or loss
Most trading sites these days are always keen to post their strategies that promise 95 percent returns.
This is because most people think that a successful trader has everything to do with the win and the loss.
For the pro trader, it’s all about maximizing the amount of money made on a win and minimizing the amount of money lost on a loss.
This is true because the man who broke the Bank of England once said that it is not about being right or wrong, but it has everything to do with how much money you rake in when you’re right, and how much money you lose when you are wrong.
5. You don’t need bots or multiple trading screens to be a successful trader.
Most trading platforms won’t tell you this.
They want you to believe that the reason you are not getting ahead in the game is because you are not buying enough trading software or you don’t have enough screen to read the spreadsheets.
The truth is that you can trade successfully from your laptop and get a free trading platform like metatrader4.
The most important factor in your trading is you. I mean your mind and ability to discipline all its faculties. You don’t need the multiple trading screen heist.
If you can conquer your mind, and tame your emotions, and those erratic behaviour that are causing you loss, then you will be more than eighty percent closer to making consistent profits.
If you combine this mental ability with a good knowledge of price action, then you are on your way to becoming a successful trader.
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Conclusion
Trading the Forex is not a quick money-making scheme as many suppose or have been made to believe.
You need to be able to master yourself and have an edge that is back-tested before you can see yourself making some return.
While it’s true that you can make a huge fortune from Forex, like the George Soros of trading, the truth also remains that it takes a long life of practice to achieve what they have done.
