We don’t want to go any further without letting you in on some things you should know before considering trading currencies.
Being flexible is key to trading successfully, so you should not totally rule out losing sometimes or else you would find it difficult to adjust to trading because loss is inevitable at some point or another.
However, it is important to know that 90% of traders lose money, mainly due to lack of preparedness, skill, discipline, not having a trading edge, and having poor money management guides.
You should have at least ₦350,000 of trading capital that you can afford to lose.
Don’t expect to start an account with a few thousand Naira and expect to become a billionaire.
This doesn’t mean that every forex trader makes it big, actually, only a few traders are very successful.
If you are not disciplined at little commitments, how then can you be ready to take on one of the most taskings, but financially profitable, endeavors known?
Forex Trading is NOT a Get-Rich-Quick Scheme
Forex trading requires SKILL and it takes TIME to learn.
Skilled traders record huge success in this field. Just as it is other professions, it takes a process to achieve success, it doesn’t just happen.
Forex trading isn’t as easy as some people might want you to think it is. Look at it this way, if it were that easy, wouldn’t everyone trading be millionaires?
The fact is that, just as it is in business, even skilled and experienced traders are also faced with losses once in a while.
We need you to understand that there is no easy way out in forex trading.
It takes consistent PRACTICE and EXPERIENCE to master.
You can’t cut corners. Hard work, deliberate practice, and diligence are key.
In conclusion, use a DEMO ACCOUNT to practice trading until you’re certain of a method that you know thoroughly, and can comfortably execute objectively. In conclusion, find what works for you and how.