True! Forex trading is profitable too! Here, knowledge is the power-house!
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Forex trading isn’t hard if you understand the market well. Practice more and more on demo account and watch video tutorials.
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It was so hard for me until I know this strategy called #BTMM 90% winning accuracy
Short-term trading is preferred by most new traders, Its supposed to be less risky.
But compare trading with weather - Will USD/JPY be higher on Monday afternoon than it was last Friday afternoon? Probability about 50%.
Or
Will the daytime temperature in the northern hemisphere be warmer in 3 months than it was today? Probability about 99.9%.
Draw your own conclusions.
Forex trading isn’t difficult, and it’s a great way to improve your lifestyle. Expecting to be a great trader right away is unrealistic. You’ll make errors and lose money, but you’ll also gain knowledge. The sooner you realise it, the faster you’ll learn. Nobody naturally developed into a brilliant trader.
Everyone had to acquire the skills necessary to trade and adopt the entire procedure. It’s not difficult unless you make it so. You’ll have a lot of adversaries in forex trading, just like in trading in general. But bear in mind that you are your own worst opponent when it comes to success.
Pick one or all of these to lose money: taking on too much risk, betting, or trading too frequently. Although reading the forex market can be challenging, you have the trading guidelines to be able to achieve it.You’ll be protected by rules from making emotional decisions.
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@DigitalRahul In your first line you say that “forex trading isn’t difficult” but in this post (How to become a profitable and successful trader with your 9-7 job - #79 by DigitalRahul) you say “you need to be prepared for a long and difficult road”. So is it difficult or not? Because something is simple it doesn’t mean it’s not difficult.
For many, forex is a rather complex and hard to trade on, but if you put in the effort and figure it out, you will see many benefits.
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Forex trading is hard because traders don’t have sufficient trading knowledge. Every trader should trade on demo before diving into live account.
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Forex trading can be difficult for several reasons:
- Volatility: The currency market is highly volatile, which means that the value of currencies can fluctuate rapidly and unpredictably.
- Lack of regulation: The forex market is decentralized and not as heavily regulated as other financial markets, which can make it harder to protect yourself from fraud and scams.
- Complexity: The forex market is complex and requires a deep understanding of economic and political factors that affect currency values.
- Emotions: Trading in any market can be emotionally challenging and can lead to impulsive decisions, which can be detrimental to your trading performance.
- High competition: The market is highly competitive with many traders and institutions trying to make profit.
- Risk management: It is harder to manage the risk when the market is unpredictable, and the leverage can amplify the losses.
- Lack of consistency: There is no guaranteed way to make a profit in forex trading, as the market conditions can change rapidly, making it hard to find consistent success.
- Limited control: Forex traders have limited control over the market conditions, which can make it difficult to predict price movements and make profitable trades.
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Cause everything, that can bring good money is not easy in this world. You do not have a great salary at start at any work and the work seems also not very easy, but after some years, you earn more experience, as well as money, and things seems not so hard, as before.
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Forex trading is hard because most of the traders don’t know the exact way of trading. They make their trading complex.
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You can integrate different indicators to generate a better trading strategy. Traders should use multiple strategies at a time to produce better signals, which help a trader earning big amount from the market. They are all part of technical analysis.
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Forex trading is hard because traders jump into trading without developing their trading skill.
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Forex trading can be hard for several reasons and emotions is one of them.
Trading can be emotionally charged, and emotions such as fear, greed, and overconfidence can negatively impact traders’ decision making. Well of course one cannot trade “without” emotions but I believe that keeping your emotions in check you can increase your chances of success.
Trading requires discipline and patience. Success in forex trading requires a combination of skill, knowledge, and emotional control.
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Starting out in trading can be tough, and it is often difficult to make consistency in trade. But I would say copy trading platforms such as zulutrade, etc have made things a bit much more manageable. I have recently started copying trades, and the only thing I take care of the most is following a reliable and profitable trader and keeping a close eye on my portfolio. That way, I end up with good results.
I tried using Zulu trade a few years back and I was going to be a trader at Zulu trade but when I placed a few trades my trades did not have drawdown that was significant and all my trades came into profit but my stats at Zulu trade said that I was a terrible trader with lots of drawdown.
I’m not sure but I think Zulu trade is rigged to allow a certain group of traders to handle all the business at that website.
I could be wrong but if Zulu trade challenges me I will go over there and I will play some positive trades and I will show you the stats but I think I think it’s a phony business that that feeds all of the trading business to a select group of people.
What you really don’t know is that the traders that are at Zulu trade you don’t know that they don’t change their user ID 20 times a year and that they are a part of the operation you don’t know that. In what other situation would you just let a random person invest your money a random person with an anonymous online user ID? The whole thing just sounds crazy to me that anybody would ever put an anonymous internet person in charge of their funds.
so , i started this topic in 2021 , now it’s 2024 and after these years i have learned that yes trading forex is Hard, it most definitely is! but not impossible and the reason for why its hard isn’t poor technical education or poor risk management or… it actually depends on the trader! for me it was mostly the psychology part that held back. i have also learned that even with the simplest technical strategy you can be consistently profitable (like just s/r or trendlines) if you have the right mindset and the proper risk management all together just have to find what is your problem? is it risk management , psychology , strategy … and fix it , i’ve been consistently profitable for about 10 months now , just wanted to share with you all that it’s possible just have to try hard enough and don’t quit , DO NOT QUIT
That’s an incredible journey you’ve had with forex trading! Your insights about the challenges being more about mindset and personal approach rather than just technicalities are spot on. It’s impressive how you’ve emphasized the importance of understanding one’s own hurdles, whether it’s related to risk management, psychology, or strategy, and actively working to overcome them. Your perseverance and determination for the past 10 months have paid off, and your message of not giving up is truly motivating. Keep up the fantastic work and thanks for sharing your inspiring experience!
Forex trading isn’t hard. The patience and discipline are!! In order to be gain quickly often traders loose quickly. You need to understand the charts and formulate your strategy to be mindful of your execution!! AnYways, eventually you will learn it down the line. Always have a strategy in place and trust your strategy! SIMPLE FORMULA!
Imo Forex trading is challenging due to factors like high risk and volatility, market complexity, the need for emotional discipline, continuous learning, risk management demands, psychological challenges, and the lack of guaranteed success.