There is a common misconception that only a few people make a profit trading forex and that most people lose money.
You may have heard other people say that only 5% succeed or 10% succeed or even 1% succeed. These numbers are arbitrary and most of the time, they simply come from people that just copy what other people are saying.
If you are wondering whether it’s possible to make money with Forex – the simple answer is yes, but as with pretty much anything – it really depends on you and whether you do/are prepared to do what it takes to be successful.
I have been doing this a long time now (over 15 years), and whilst I have been consistently profitable for a long time, it wasn’t always this way. In fact, as many traders who do this professionally will tell you – when I first began, I lost a lot of money. The fact is though, that you don’t have to go through the same process – losing money isn’t a pre-requisite for making money – if you approach your journey into the world of professional trading appropriately.
To that end, I want to share with you the exact steps I took to go from blowing a six-figure trading account to working on the trading floors of major investment banks and managing a multi-million-pound portfolio for a hedge fund, in the hopes that you’ll use it as a roadmap for your own journey.
The truth is forex trading has a bad name with so many unscrupulous characters (referenced as scammers), who are simply out to sell you a course and never actually trade themselves. They make their money selling courses and advertising a get-rich-quick scheme.
I want to be very clear with you. Forex Trading can be very profitable, but you are simply not going to be able to take your small £500 account and turn into millions of pounds overnight. I mean you are probably smart enough to know this, but the fact is that, unfortunately, the most popular courses on the market are the ones where overnight riches are promised.
You see, if you are a good salesman (as opposed to a good trader), then the goal is to identify your pain points. E.g. you hate your job and if you do my course you can be free from your job. You only need a few hundred pounds and you can get started.
I’m sorry to break it to you, but the reason why people don’t succeed at trading has got absolutely nothing to do with ability, potential or understanding. It has everything to do with having completely unrealistic expectations.
If you want to learn to trade for a living, then you need to learn from traders that have achieved exactly what you are looking to do.
Here are the steps I took, and what I recommend you take:
- Find a mentor or a professional trading programme that teaches you forex strategies that are implemented by the firm.
- Build a customised trading plan that suits your trading psychology and the amount of time you have available.
- Build professional risk and money management controls.
- Have another source of income whilst you are learning to become profitable in trading.
- Keep going until you master your trading knowledge.
- Build a track record with a small account and then get an investment with your track record.
- Keep a journal of all your trades and continue to learn from your trades.
- Once a month get some coaching if you can afford it, or work with another like-minded individual to keep you accountable.
- Build your network of traders to keep pushing you to get better.
- Never give up and you will make it.
If you adhere to these steps, then you can absolutely be profitable.
The truth is the percentage of people that are profitable in forex trading is much higher if you measure it differently. If you give up, then it is not a reflection of whether you were truly able to trade forex for a living. It’s a reflection of the individual and the fact that they simply didn’t want it enough.
If you are looking for a professional trading education taught by former hedge fund traders, with live funding available to students then please feel free to email us at email@example.com.
P.S. – Since you made it this far, I will share with you a free link to download our professional trading tools that will give you an edge in the market. Click this link to access our Essential Trading Tools Series