All of us dream big from time to time. And of course, all of us (at least most of us for sure) want to be rich without working hard. This idea is exploited by the Forex industry when numerous brokers promote the idea of getting from rags to riches almost in an instance. The thing is that Forex can actually be the major source of income. Still, there are many pitfalls awaiting rookies and gamblers who came to Forex to make a fortune in an instance.
That is why Market Leader invited trading experts from Masterforex-V Academy to share their tips on how to become a successful Forex trader.
But first let's take a look at an interesting experiment conducted by MK (a popular Russian edition).
The thing is that a correspondent working for MK decided to test his skills in Forex trading to find out whether it is possible to get rich fast by trading the world's biggest financial market.
At first, he viewed a series of short video tutorials on Forex trading from beginners. Those tutorials presented Forex as a fairly easy way to make money. The correspondent registered with a broker and get a demo account with $5000 of virtual money on it.
The magic of the first trade. Our rookie trader opened his first trade by buying 1000 units of EURUSD at 1.3596. Leverage allowed him to open a much bigger trade he could afford if he traded without leverage. Moreover, he opened a trade as an initial loser because of the spread he was obliged to pay broker each time he opens and/or closes a trade. In this case, the spread was equal to 40 cents. Still, our trader turned out to be impatient and sold the pair at 1,3598. Therefore, he gained 20 cents. But he paid 40 cents to the broker as the spread, which resulted in 20 cents as a loss.
Then he opened a few more trades to eventually get a $500 total loss. He realized that trading Forex is not as easy as the video tutorials taught him. Later on, a representative of the broking company called and offered him to open a live account to trade Forex for real money. Apparently, the guy refused to do that since he was aware of how difficult Forex trading really was.
The thing is that this test was initially doomed to fail since the trader was a complete rookie without a solid knowledge base. You see, you have to be an expert in the field if you want to be one of the best and make big money. Forex trading is no different. You should trade Forex as a real full-time job if you want to make money trading it. On top of that, proper education is needed to start understanding what you are really doing and why instead of gambling and playing guessing games with other (mostly stronger) participants of the market.
Masterforex-V Academy always teaches all students to treat Forex trading seriously. The experts say that big and fast profits without knowledge on pure luck is a myth. In reality, such gamblers eventually lose and get disappointed with the market.
Diligence, an open mind, desire to study and practice is what you need to turn into a professional trader. Still, you cannot become a pro in an instance. This requires time, effort and… a good mentor. Well, as far as mentors are concerned, they are not as easy to find in the Forex industry as one might think. Obviously, there are dozens of Forex training sites and all brokers offer their tutorials and online courses. Still, most of them teach you only the fundamentals of trading, which is not enough to profit from Forex.
Masterforex-V Academy stands out from the crowd in this aspect. The project is a comprehensive solution for all of you who want to become real winning traders. On top of that, if you are a rookie, you can visit the FREE school for beginning traders and investors under Masterforex-V Academy! The local mentors will get you up nd running fast to give you a solid base, good understanding and essential skills needed to figure out whether Forex trading is for you. If this is the case, you can enter the academy to study and practice working strategies, techniques and approaches that will gradually turn you into a real professional showing consistent results on a regular basis.
So, it is up to you whether to treat Forex as scam or as a potential way to financial freedom. Still, one thing is sure: there is no such thing as a free lunch. You can become a professional only if you learn from professionals…
