Course 206 – Forex Trading Requires Patience And Knowledge

We don’t want to go any further without letting you in on some things you should know before considering trading currencies.

1. All forex traders, LOSE money on some trades.

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.

2. Trading forex is neither for the unemployed, nor for those who can’t afford to pay their bills.

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.

3. Due to the size and liquidity of the forex market, not to mention the tendency for currencies to move in strong trends, the market is largely known for speculations.

This doesn’t mean that every forex trader makes it big, actually, only a few traders are very successful.

4. A lot of traders start out with the wrong expectations, hoping to make really huge profits in no time but lacking the discipline and diligence required to master the art of trading.

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?

5. Short term trading IS NOT for beginners, and it hardly results to “getting rich quick”. You can’t make huge profits without taking huge risks.
6. It’s also important to know what a trading strategy is not. If you mistake taking huge risks for suffering huge losses from inconsistent trading performances, then it’s either you most likely don’t even have a trading strategy or you think trading is gambling.

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.

We advise you to open a Demo account for the purpose of this phase of learning.

Click on this LINK to create a HotForex Demo or Live Trading account >>> OPEN ACCOUNT