Many people want to be in a business but many businesses actually fail. The cost of failing a business is huge since the startup cost is usually significant. In forex trading, you have a taste of running your own business with low startup cost and minimal risk involved. In fact, forex trading is akin to a real business.
You need to learn your lessons and mistakes. By doing that, you can then improve your skills and not make the same mistake. Hence, you have to go through your trading history, identify trades which did well and poorly, analyse the issue and not repeat the problems.
Trading has all the thrills one can derive from casino gambling. In fact, it is even better than gambling in casino due to the ease of access to the "casino". Whenever you feel like gambling, simply just open your trading platform and bet on one side of the market. To deposit more money for your casino bets, simply use your credit card for payment. There is no such thing as "no more bets" in forex trading unless it is the weekend. If this is how you feel about forex trading, it is an indicator that you are treating forex trading as gambling.
Here are a few things that you probability do not know about. But it is good that you will get to know about it now.
There are so many news release every day. If you only look at those important news event, there are still quite a number each week. Which news should you trade and how do you trade it?
To answer this question, you need to know how much you are aiming for in terms of average monthly income and what is your average monthly return from forex trading. Assuming that you are aiming for 3000usd and your average return on a monthly basis is 5%, you will need to have a capital of $60,000 to work with.
Forex trading is boring. In fact, the more boring it is, you are likely to be more successful. Isn't it such as irony in life? Usually, the more hardworking you are at work, clocking in 12 hours each day, the more hardworking your boss will perceive you as. But in forex trading, this is not the case. The more hardworking you are in keeping watch of the markets, the more trades you take, the more terrible your trading results are.
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