So you want to be a profitable Foreign Currency or Forex (Fx) Trader?
I’m not here to give you the big sales pitch, I believe in being upfront about the challenges of such an undertaking, so here goes:
If you do want to be a profitable Forex Trader then you need to treat this as you would any other Professional job, which means it takes Training, Understanding, Hard Work, Experience in the markets, Time, Support and sufficient Trading Capital to become consistently profitable.
It shouldn’t be treated as a ‘Get Rich Quick’ scheme, as may be advertised by some Trader Training Companies. I’ve said this before but I’ll say it again, it is more of a ‘Get Rich Slowly’ undertaking provided that you have the right Trader education and training and follow up support and implement your strategies with Patience and Discipline and proper Risk and Money Management. It is probably one of the hardest things you will ever attempt in your life.
You shouldn’t try and become a Trader if:
- you have unrealistic ‘Get Rich Quick’ expectations.
- you are desperate for cash.
- you would need to borrow money (loan/credit card) to raise your trading capital.
- you can’t afford to lose your initial trading capital.
- you don’t have sufficient trading capital (see previous post).
- however you can trade a Demo account whilst you save money for your Live trading account.
- you don’t have sufficient time to look at the markets if trading intra-Day.
- you haven’t got the patience & discipline to wait for valid set ups to occur.
You should also listen to this recent Radio 4 programme: Face The Facts: Who wants to be a Trader millionaire?
Try not to get sucked in to parting with a lot of money at some free event which promises to give you the skills to become wealthy overnight after just a 1 or 2 day brief course (Buyer Beware!). At our 1 and 2 Day courses you will be instructed by experienced traders who trade most days and earn real money doing so. You will leave saturated with information which you will then need to implement, through hard work, along with our support, and put it all into practice, which takes time and effort.
If after consideration of all the above you still want to continue with your ambition to become a consistently profitable Forex Trader you might also want to consider our Personal Mentorship Programme (serious aspirational traders only please). If you have shelled out good money for an inadequate trading course, then we can help to put you on the right track.
However, once you have succeeded in all the above, you will have learnt a money generating skill for life, and in the words of a multi-millionaire:
“The ultimate risk is not taking a risk.” – James Goldsmith
Top Trading Tip: Have realistic expectations whilst Learning to Trade, seek out genuine full time traders to teach you and don’t overextend yourself financially in the process.