When you find yourself just starting Forex Trading in Nigeria, you know so well that within you that it’s a smart way of making some extra cash and also achieving the financial freedom you desire.
Although, it might look super easy from the beginning with Forex exchange, once you make your first deposit and start with the battle in the Forex markets it becomes clear that it’s not easy at all!
You realize you don’t have a clue in any way of how to truly earn money trading Forex, and suddenly your desires for Forex trading for a living seem far away indeed. Well, it’s obvious that 95% of traders just starting with FX trading don’t make it past their newbie of trading.
The crucial mistake that beginner Forex traders make is that they feel that Forex trading is not hard. They feel that they’ll double their money in a week or even days, and for that reason they get overaggressive of their trading.
They start with many positions, often putting almost all their capital at risk. This means that they could get mind-boggling gains when the finance industry is in their favor, but lose it all and even blow up their account in hours when it all goes wrong.
What Every Beginner Forex Trader Undergoes
So, at this point, you can either accept you need to start learning how to trade Forex and take it serious or you start trading emotionally and rashly to try to regain your losses.
There’s really no shame in acknowledging that you got angry and started doubling your trades to secure back your losses, I would say that most people have been there and done that at least one time in your early Forex trading careers.
The key thing is that we admit that we aren’t “there” yet, that there’s something missing that we must learn before we are able to trade Forex successfully.
When you get to that point, then you’ve turned an incredible corner with your pursuit of Forex trading as a living. This is when you understand there’s actually a lot more work associated with Forex trading than you thought whenever you were just getting started with online Forex trading.
You’ll begin to realize that you simply don’t have the skills or knowledge now to produce a regular Forex trading income on your own, knowing well that with the demands of the full time job you hardly enough time to learn.
Don’t step out there and buy every book and system from the far corners of the world searching for the “holy ghost” system. There’s a better approach to achieve your Forex trading goals.
Passing Through the Huddles – Forex Trading Strategies
Most Forex trading “experts” I know could leave you to struggle on your own and stumble on your path to the dark tunnel of self-discovery and enlightenment, but in my experience that’s pointless if you want to become an FX trader.
If you take into account the statistics, only 5% of traders that started with Forex trading actually “make it” and pursue FX trading as a living. That’s because they get caught up in looking for ways to learn the gift behind trading Forex themselves.
In this modern-day, we don’t need to get a clinical degree to take care of our own cold, so the question is why do we learn to trade Forex on our own to make a living from it?
The answer to that question that nobody is talking about is the best practice of Forex trading that only you can do: have sufficient capital first of all, apply sound management of their money principles and manage your personal expectations in relation to winners and losers. Everything else can be “outsourced” to professional Forex trading software programs developed by veteran Forex traders.
This certainly does take work as well, in actual sense; you’re not likely to strike gold with the first system that you will buy. Be smart, seek information and do your own research; only put your money in a system that provides you with extended guarantee.
How Much Can You Make Trading Forex
How much you can make trading Forex does not matter as a beginner, but you must know that Forex trading for a living is possible, and believe me it doesn’t have to be a 3-5 year long trip for you to be successful or going through a school of hard knocks if you don’t need it.
In case your goal is to make a Forex passive income, and still have time and energy to live your life instead of making Forex trading a full time job, then the best thing you can do is to stop doing all of the trading on your own, and outsource the hard-work to Forex brokers or professionally designed software system instead.
In conclusion, trading currency has made it possible to easily invest in the foreign exchange rates. With the amount of information available online about Forex currency trading, learning to trade successfully is a lot easier than any other time when this was an obscure market and not opened to the general public.
There are courses that one could take from brokers and trading with other professionals who’ve been in the business of currency trading quite a long time and able to offer tips about how to start Forex trading and become successful with Forex online trading.