Getting into Forex Trading is possibly one of the easiest things anyone can do in his or her lifetime. You can typically open a Forex Trading account through a broker in probably the same amount of time that it takes to open a Gmail account, and I’m not exaggerating. What is even more appealing to budding traders about going the Forex route as opposed to trading stocks or Options is that you can probably start trading a leveraged account with as little as $50! All that’s required now is to login to your account, select a currency pair make a few trades and you're on your way to your first million, Right!
In reality, its incredibly difficult to profit in the Forex Markets, there’s a common statistic that 90% of people that try Forex Trading fail to become profitable or lose all their money in the first 3 months. It usually takes between 6 months to possibly years to become consistently profitable.
Here are my top reasons why you should never attempt to trade the Forex Markets:
It's A Craft That Takes Time To Perfect
Don’t get into trading if you think you are going to sign up to a broker watch a few YouTube videos and make thousands off your $100 account. Sounds dramatic but thats exactly what many traders expect or hope for when they get into trading. Its just not reality. I would suggest that any new traders set a goal to become consistently profitable within a year. I know it's not what you want to hear as we wall want to pull in money FAST & EASY . I’m just setting realistic expectations; it took me 2 years of hard graft to get to a point where I could confidently identify myself as a consistently profitable trader which is a greater prize than making any amount of money. The reason being, is that you can get lucky and make a a lot of money quickly but consistently doing that is where the skill comes in and its not easily obtained.
You Need To Invest In Professional Training:
Would you jump into a small aeroplane and try to fly it after watching an instruction video on YouTube? Obviously no, because thankfully there are laws that prevent such reckless behavior as I’m sure there are many if able to would actually venture. Unfortunately, when it comes to trading there is no training requirement to get into the markets as there is with flying, and many new budding traders will watch a few trading videos try out a demo account, and then try their luck with real money an lose it all quickly . I spent a year getting my trading education on YouTube, it got me nowhere. Once I took the plunge to invest in getting professional training did I start to see an improvement. It was massive!
Get used to failing
We are taught from a young age that failure is bad, we do our best to succeed in our many worthy endeavors and often to reach our goals. When we fail however it carries a negative connotation no one likes to talk about that time that they failed miserably in something. Well if you get into trading get ready to fail, a lot, but failing is how you get good at trading. No trader has made it without having massive fails in the markets, its just the way it is, but they learn from their mistakes and try to make fewer next time round. Eventually the determine trader will work out all their kinks and be a Master of the Market not a servant.
On A Positive Note
I’m sure most new traders would rather click on more encouraging posts such as “Become our next Seven Figure Trader”. The reality though is that very few people getting involved in trading this very day will ever become profitable.
BUT
Don’t despair, as there are many great education programs out there, I personally trained with the Apiary Fund which I attribute my success to. I have since spent a lot of time researching more efficient and effective ways to shorten the learning curb associated with becoming a consistently profitable trader.
A New Paradigm In Trading Education
In research trials conducted in 2019, I was able to help an individual with no prior trading experience profitably day trade the EURUSD (1 minute chart) each day over 10 consecutive trading days in which he achieved a set profit target with less than an 20 hours of instruction over a 3 week period. It took me 2 years to achieve that same goal.
In early 2020 I replicated the same study with similar results. The research led me to create other techniques and a flagship program called Thumb Money where members learn and apply a simple technique on a mobile app to consistently profit in the Forex Market.
More recently my wife has taken an interest in the Thumb Money technique but never had the will to sit through my amazing but short tutorial videos. I was determined to make her sit through them until I decided that I could turn this into another experiment. How much coaching would it take to get my wife up to speed on the technique. Now my wife has no interest in finance, trading or anything of that nature, her only motivation was to get a bit of extra cash in her pocket, this was a huge leap outside of her comfort zone to try out.
I eventually took her phone and within 20 minutes had downloaded the app logged into one of my small accounts of $200 and had shown her the basics of the Thumb Money technique. She asked a few questions I gave her a few pointers and off she went. Over the last 2 weeks, she has banked over $60 in profit by spending just a few minutes on her smartphone each day, with oversight and few pointers from me of course but she is doing all the work. Now let’s see how she does over 3 months, though time and time again I have been able to share the same technique with clients and testers around the world with consistent profitable results spanning months.
How I wish I had access to this knowledge in its purity starting out 3 years ago, so much pain and effort to get to where I am today and my mission now is to help other traders starting out or seasoned to navigate the pitfalls and myths that are so prevalent in this business.
Author Ryan Norris
Founder of xCaliber Trading
Creator of the Thumb Money Method