All of us sometimes dream big. Without any question, 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 asked trading experts from Masterforex-V Academy to share their tips on how to succeed in Forex trading by showing consistent trading performance.
But first let's take a closer look at an interesting experiment conducted by a journalist working for an online edition.
The thing is that he once decided to try himself in Forex trading to find out whether it is actually possible to get rich fast by trading the world's biggest financial market.
At first, he viewed a certain series of basic video tutorials on Forex trading fro rookies. Those tutorials positioned Forex as a fairly easy way to generate stellar profits. The correspondent signed up with a Forex broker and opened a demo account with $5000 of virtual money on it.
Them followed magic of the first trade. The mentioned rookie trader opened his first Forex trade by purchasing 1000 units of EURUSD at 1.3596. The leverage used actually allowed him to open a much bigger trade than he could really afford if he traded without any leverage. Moreover, he opened a trade which initially was a loser because of the spread he had to pay the broker every single time he opens and/or closes a trade. In this case, the spread was equal to 40 cents. Anyway, our trader turned out to be really impatient and a couple of minutes later decided to sell the pair at 1,3598. It looks like he earned 20 cents. But the truth is that he paid 40 cents to his Forex broker (the spread), thereby finding himself with a 20 cent loss.
Then he proceeded with a few more Forex trades to eventually see a big total loss equal to $500. The he understood that trading Forex is not as easy as those video tutorials tried to convince him. Later on, a certain representative of his Forex broker called him, thereby trying to talk him into opening a live account to trade Forex currencies for real cash. Apparently, the guy was reluctant to do that since he was already aware of how complicated it was to trade Forex.
The thing is that this trading test was initially doomed to fail since our trader was a true rookie without any decent knowledge base. The thing is that you have to be a true expert in the field once you want to belong to the best and make big bucks. In this aspect, Forex trading is no different. You definitely should treat Forex trading as an actual full-time job if you want to make money by means of trading currencies on a regular basis. On top of that, proper training / coaching is needed to start realizing what and why you are really doing when trading currencies instead of playing some guessing games with stronger market participants.
Masterforex-V Academy always teaches all of its students to treat Forex trading really seriously. The trading experts say that big and fast profits (on pure luck) if not backed by knowledge and skills are nothing but nonsense. No rookie can show consistent results. In reality, such gamblers eventually lose and start treating Forex as a scam, which is not the case.
Diligence, coupled with an open mind and desire to study and practice is what you really need to become a truly professional trader. Still, you cannot become an expert in an instance. Mastery 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. Without any doubt, there are dozens of Forex training sites and all brokers offer their tutorials and online courses. At the same time, most of them teach you only the fundamentals of Forex trading, which is definitely not enough to profit from Forex.
Masterforex-V Academy stands out from the crowd in Forex coaching. The online project is a truly comprehensive solution for all those who want to become winning Forex traders. On top of that, if you are a complete rookie, you can visit the FREE FOREX SCHOOL under Masterforex-V Academy!
The local mentors will get you up nd running really fast in order to give you a decent base coupled with good understanding and essential skills needed to figure out whether Forex trading is actually what you want to do for a living. If this is the case, you can further enter Masterforex-V Academy to study and practice really working strategies, techniques and approaches that will gradually let you become a real expert showing consistent results in Forex trading.
So, now you see that it is completely up to you whether to treat Forex as a scam or as a true way to financial freedom. Still, one thing is sure: «There is no such thing as a free lunch». You can become a professional yourself only if you learn from professionals…
