Why you should not give up forex trading?

Beginner Questions
1

The reason why many new traders want to quit trading is most likely due to huge losses along with promising rags to riches within the end of the week. However, more often than not this is the exact period where you learn some of the most important lessons as a forex trader.

2

I think that is a question everyone need to answer for themselves. I do believe it starts by answering the following two questions first:

  1. Why did you start to trade forex?

  2. What led to your failure so far?

3

If they started forex trading because of promises of huge gains then they really shouldn’t be trading in the first place. IMO the time to quit is after you’ve given it a real chance. This means trying to understand the markets and developing your own trading system and then testing it for a reasonable period. If you’re still not profitable or you’re not enjoying the time and effort it takes to develop a profitable system then you should probably pull the plug.

4

Sucess is not an elevator that will take you up straight. At least true for forex trading. Success will come after constant effort and perseverance. Success is not story of a day rather its a journey here. Winners never quit. Quitters never win.

5

This is much the same with any sector. The asset class sectors are always pioneering rags to riches. The reality is you could potentially earn 35k a year on an intial 20k investment. Providing it is your full time occupation. You will need to understand financial markets inside out, this is more than buy low and sell high.

I don’t think quitting is an option if you are serious about speculating. It is good to be clear that 1000 below investment won’t pay your bills trading simply because you have to be able to whether 20 consecutive losses so any profits withdrawals will diminish your ability to grow. You are likely to be diminished not by trading but by a desire to pay your bills. My advise is work and save some good cash roughly 20k 10 for trading and 10 for bills if you have a family discuss with hobby your decision, other halves can ruin your mental state especially if they think you are taking huge risks. Read and study during capital saving stage.

If you follow these steps you will be fine and likely reach the point were you can call yourself a trader. 5 years on if you have 100k in your trading account you are doing well at that point you will have enough to start trading investor funds and meet FCA guidelines to handle client money.

I myself hope to achieve this in the near future. It took me a few years of working and saving to be able to finally raise real trading capital. I am still working to raise survival capital. I also studied economics and work in real estate. I still trade but pause at points in the year to get on with business. I have done fairly well relatively speaking.

Hope this helps anyone looking for answers.