so very true.
That is a very good piece of advice. It is always important to have high goals, so that you’ll have the motivation to aspire to make your dreams come true. However, it is different about trading forex. I mean that it is good to dream of making millions of dollars in forex only when you know what forex is all about and you know how hard it is to make money. However, it is a suicide for an absolute newbie to think about making hundreds of dollars out of $100 within a trading session. Such expectations lead thousands of traders to the total losses of their deposits.
You are very right on the note that Forex is never a get rich quick scheme. It is a serious business and it must be dealt accordingly. A trader needs to learn well and be patient with it. A trader may dream but he must give himself enough time to fulfill his dreams.
Very important suggestion. Thank you.
High expectations are the budget killers. There are plenty of people who come to trading every day in hope of making a fortune out of nothing within a minute. Trading has gained such a reputation among the usual dwellers that it is the infinite source of easy money, however, it is very far from truth. Such an approach provokes the thoughts that everyone can come to the market and make outstanding profits right away and this perception makes people take huge risks, in most of the cases without realising these risks. Such people tend to trade with huge leverage and never use the calculations and common sense while making the decisions. Surely, all of these people waste their money within the first month if they were lucky enough no to waste everything right away. After it they come to different forums or create their youtube channels when they claim that forex is a scam and it is impossible to earn money there.
THe most sober approach to trading, from my perspective is the perception of the fact that trading is just like any other kind of activity, where hard work and knowledge bring good results. If you have an impression that forex is magic which brings you the money, it is your personal problem.
New traders usually set goals too high that are not realistically achievable in the given amount of time and then they get extremely disappointed with their failure and start believing that they can never become a good trader. To keep oneself focussed and motivated it is important to set small achievable goals that will help a trader to keep progressing towards longer term goals.
This is the main problem with newbies. They don’t understand the fact that forex needs time and devotion. It can’t be learned overnight.
Being dreamy and setting goals that are impractical, can make new traders, or any trader for that matter, suffer losses. So it’s better to not set a goal that is near to impossible to achieve and lose a chance to win multiple small targets.
I absolutely agree with the threadrunner.
Trading is not fo dreamers. Only sober and self-disciplined people can be a usccess in trading. Successful trading implies lots of planning and analysis, and dreamy people are unable to do it, unfortunately. So, if you feel that you are not down-to-earth enough, you’ve got two options: either change your personality, or forget about trading. Tertium non datum! Otherwise, you’ll lose lots of money and belief in yourself. Think about the possible outcomes in advance in order avoid being broke or depressed. There are plenty of other activities which are much more pleasant to do and they also can be profitable.
Indeed, that’s the number one point to remember when starting with forex trading. Unrealistic plans make you a bad trader. Forex is like any other profession. It makes you a better trader when you practice and learn from your mistakes.
Forex market is like a roller-coaster ride. There will be ups and downs, but managing your over-expectations and losses are very important to sustain in this market. That’s why you need to have proper planning and a good strategy to achieve success in the market.
100% right bro!
The most important thing a newbie must understand before entering into forex trading is it is not a get rich faster scheme. If you think, a novice can start forex trading and earn money from day one, it is better to stop daydreaming. You need basic knowledge about trading, skills, tools, and experience to become a trader.
@Parkinson I think it’s not the fault of new traders but people who set unrealistic expectations in their minds and entice them to join the market.
I think that’s the first rule of trading. Keep everything real and trade what you can afford to lose
Making unrealistic plans can lead you to trouble. Perhaps, you can get lucky here and there, but thinking that it will become a habit is not wise. You have to be realistic and make sound plans, which would lead you to success.
Need to think realistically. It is not possible to survive in trading if you have strange thoughts. You have to take trading seriously and participate in the trade.
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people should aim for consistency in their trading rather than high return on their trade, making $10k on one trade and loose it the next day on another isnt gonna get you rich.
whyy? guys
Exactly mere dreaming will not give the results, Trading is the only way to get there!