Hello, my name is Toni and I’m new to Forex trading. I wanted to get into because I saw that people was making a lot of money from it so it got me interested. I’m looking forward to learn all about it and grow!
3 Likes
Hi and Welcome,
Read those stories again about the people who were making a lot of money. Did they have fast cars, big houses with swimming pools and young women hanging around in bikinis? Think again. Over 90% of people who participate in Forex lose money. Those ads on the internet are designed to suck you in to an overpriced “seminar, webinar, books of secrets that only the rich know about”.
Now spend about a month on this forum that will not cost you any money, start with the Education tab at the top of this page and start studying the School of Pipsology for some properly structured background and terminology used in this industry, look at past posts for about 10 hours over the next week or so, then look at those ads again and laugh out loud that you may have avoided being one of those 90%.
A brain surgeon needs about 10,000 hours of basic medical training then about the same with experience to become competent. So might a successful Forex trader.
Now review your options.
Your Strategy is stated as:
What? I want to get into Forex Trading
Why? Because I saw that people were making a lot of money from it
Mental analysis: OK, no rush, I am prepared to spend between 10,000 and 20,000 hours to become a competent Forex trader. And what if I wash pots in a kitchen for $10 an hour instead? Gosh, I could earn $80K to $160K not having to think. Do I think I can earn $80K in Forex trading instead of washing pots? What sort of bank would I need to achieve that? Well, a successful Forex trader earns on a continuous basis over 15% per year, maybe 30% for some of the best. I would need about $480K bank to achieve that.
Lightbulb now fully lit. Are there any other options that may achieve my objective without having to spend 10,000 hours to become the brain surgeon of Forex traders?
Stick at it with Forex, but always ask yourself - is this the ONLY way I can make a lot of money? Do I accept the 90% failure rate as a logical outcome?
2 Likes
@Mondeoman Beautifully said. I’ve seen those Youtube channels and Instagram posts, with fast cars and “secret Blueprints” 
It’s sad to think about, many many people see them and rush into get rich quick and lose and then they scream everywhere “Forex is a scam” or “##% of people fail at forex” and then “Hey be sure to check out this I have the next best thing 
”
It’s a long long journey & You said the reality as it is Wish all the newbies can see this before rushing and claiming this is a fast way to make money.
1 Like
most welcome in this community, have a very good journey on there .
its true that people are making money from this trading place on the other hand you have to make sure almost 90% traders are loser also from there. so be careful for both side.
1 Like
Beautifully explained. It will help many traders.
Take babypips pip school course and after that spend some time on demo account. In the course of trading you should have some specific questions feel free to ask them here to get help. There is no ready guide how to make money in trading instead you learn something new by asking and without practice it’s difficult to know what to ask.