So welcome if you are new and for existing members thanks for sticking with us and listening to our touch on the trading world. Believe it or not we have all been around for a number of years back when people were buying carbon credits from a desk that couldn't even spell carbon! So when we say things it is built from years of experience and we mean real experience not just posting trades on mt4.
So this new post is just a quick 8 truths (would be ten but 8 is enough) of the very risky but very rewarding forex trading world! Now everyone is entitled to their opinion and if you think we are wrong then you are actually wrong. Good day.
FOREX IS VERY HARD
The first truth is probably the biggest one, Forex is hard very hard in fact extremely hard. Anyone tells you differently are one of two, either trying to flog you something (course or signals) or they have never actually made money haha.
Look at it like this, football is the most talked about thing in the world every day. (covid might be now to be fair) But anyway. If everyone could kick a ball like Messi, then Messi wouldn't be the greatest player on earth. It takes years to perfect the skill that he has. Granted some of it he's probably just born with. But a lot of hours and hard work to enhance it.
So if forex was easy everyone would do it. Just like running your own business majority of people give up when shit hits the fan! And then they get jealous and start hating people who have made it! Very similar to forex trading people give up when they lose. Well sorry to be the bearer of bad news we all fucking lose sometimes! Even pro traders! Watch films like The Big Short and Margin Call.
So stop believing it is easy to start. What is easy is to get scammed haha. Don't cut corners.
There Is No Winning Formula!
Only two things guaranteed in life Death and Taxes. No one and we mean NO ONE can guarantee a trade or investment honestly NO ONE! Regardless of how many rolexes and lambos they have!
YES some people do have a strategy that works for them but they will still have days,weeks and even months that are not great. But overall if your profitable thats the main thing!
You can have the 'perfect' entry and then BOOOOOMMMM big boy donald trump kicks off and the whole world goes crazy!
Social Media Fakes
Now we aren't in the Business of naming scammers, not yeah anyway! But let's just say majority of 'Gurus' on instagram are you guessed it using fake results. Hate to tell you this but real traders wouldn't waste money on a lambo when they could re invest and make more and retire early! I mean we just do this for fun! Bu tits also nice to to try help people!
Your WILL Lose Money At Some Point.
Kinda already spoken about this in the first one, but well truthly we want to make sure you fully understand that losing is part of the game!
EVERYONE WHO HAS EVER TRADED WILL LOSE A TRADE AT SOME POINT! IF YOU CAN'T HANDLE THIS DO NOT TRADE!!!!!!!!!!!!!! (please get the message)
Straight on from above Drawdown is part of trading if you don't know what drawdown is basically its that bit in trading when you shit yourself because the price is going the wrong way! But if you trust yourself and let it ride and goes into profit and you make money then happy days! Drawdown is not losing!
SIGNALS ARE SHIT
Simple. Signals. Are. Shit. Regardless if they are free or paid for they are SHIT. You are not a trader if you use signals. Just stop using them.
Some Brokers Will Scam You
Easiest way to find out if a broker is good or bad. Look at their affiliation deals. If they pay per sign up they are bad. As they will pay a 'guru' a lot of money just to get guys to trade stupid lot sizes and blow their accounts. They will also have large fees to cover these commission as well and spreads. Not going to name any names but something something swiss comes to mind! Also if you look into these brokers you will see a lot of them are owned by the same guys!
If a broker pays a lot rebate they are good as they share the commission on each trade with the affiliate this is good. They want every trader to keep trading and winning as everyone makes money! Perfect time for us to mention our partner broker! EagleFX! check them out either by clicking an ad on oursite (yes we get a lot rebate) or simply google them. We don't get the lot rebate that way but want you to have the choice!
Learn For Free
It's so simple you can learn the basics for free here www.babypips.com
There is no need to pay for courses unless they are teaching you a certain skill or strategy. Bu the best way is to learn what works for you and enhance it.
Forex Is Long Term
The persona that Forex is all short term is just stupid. All investments should be looked at long term. Making 50% in a week and then never hitting it again. BUT if you could constantly hit 10% a month and let the account compound you are doubling once a year which is huge, and don't let anyone tell you different!
10 years of hitting 100% a year is the following:
Year 1 $1000
Year 2 $2000
Year 3 $4000
Year 4 $8000
Year 5 $16000
Year 6 $32000
Year 7 $64000
Year 8 $128000
Year 9 $256000
Year 10 $512000
Just tell us again how 10% a month is rubbish please? NAd even if you only hit a quarter of that its still big BUCKS!
Stop looking to get rich quick and actually take your time!