Forex Trading Secrets No One Wants You to Know
How many times have you been told that it takes a specific person to be successful in Forex? Have you ever felt that Forex Trading is a secret society whereby only those with the relevant life skills and qualifications can take part? Is it possible to make it a career option, and can the average person on the street take part in this exciting industry? What if you discovered that those more common perceptions about Forex were just not true?
Spend a little time getting to understand the industry, and you’ll soon discover there are some Forex trading secrets that no one wants you to uncover!
We All Have the Key to Success in Forex Trading
Despite what many people believe about this industry, you don’t need to be a maths whizz, economics graduate, hedge fund manager or member of Mensa to be able to trade successfully in Forex!
Many of successful millionaires and indeed billionaires forex traders started out from humble beginnings. You’re also likely to come across many Forex traders who never actually went to college.
Furthermore, alongside it not essential to have a relevant financial background. You don’t even have to be exceptionally smart to trade productively here!
Now, while this may contradict everything that you’ve been led to believe about this industry, this revelation is often what many would rather you didn’t know. In fact, trading is not so much a number based skill or a technical subject - but more of a psychological ability.
Therefore, regardless of whether you’re a Professor of Mathematics or an entry-level office worker, if you understand and utilize the right psychology, you’ll be successful. So, let’s quash those rumors that only those mathematically minded, those with high IQ, and those with a pure finance background are only encouraged here.
Humans Are Not Naturals When It Comes to Trading!
Yes, you may come across those who seem to have it nailed and are better than others at trading – but, none of us are born with the pre-requisites that good trading naturally requires. In fact, when we make any decisions in the Forex trading industry, we go against the grain every time. This includes the fight or flight concept.
When we’re about to place our money on the line, there’s a possibility we can lose it at any moment. We have to fight every instinct to just take it and run. This is because as human beings we’re all emotionally vulnerable. But in trading, there’s no place for such emotions.
Therefore to be successful, it means leaving these emotions at the door. This is easier said than done for a large number of us! Consequently, we need to learn.
No one is instinctively natural when they start out in trading – so don’t believe you will be either. All traders have to work on ensuring a conscious effort in every one of their decisions - both when starting and when trading over a more extended period.
Most Forex Billionaires Have Come from Humble Beginnings
George Soros put himself through further education at the prestige London School of Economics. Yet, to do this, he left his home town of Hungary at the tender age of 17. Before this, his family had endured life through Nazi occupation.
However, what is not as widely publicized is how he did all of this of his own accord. Soros then had to work jobs as a waiter, and a railway porter to pay his school fees!
George’s pathway into the world of Forex was to start at the very bottom and work up. Something which many people seem to forget when discussing his real-time net worth of over $8.0B - which coincidently was also self-made!
When Stanley Druckenmiller was in college, he set up and worked on a hot dog stand to begin making extra cash! While he did make it through onto a Ph.D. program in Economics, he did, however, drop out in the middle of his second semester to begin a new job.
Again, with a self-made wealth, and a real-time net worth of $4.6B, Stanley certainly knew how useful a hard-working ethic was before beginning his adventures into the Forex arena.
Though Bill may have had a good entryway into trading, inheriting a good deal of stock after the death of his grandmother, the way he went about investing this is certainly a lesson to all potential traders.
Spending hours in the library at University, here Bill would research and read as much as he could about the markets. This led to him taking the right decision when investing this money - eventually leading to a very successful portfolio.
Forex Trading Doesn’t Need You to Purchase Multiple Screens and Software
Of course, you won’t find such advice as this readily given out, but in all honesty, if you have the determination to get started with Forex trading, you really don’t have to wait until you can afford multiple screens or access comprehensive software.
Though these are great tools to access, they aren’t essential, despite what the makers and developers of them may tell you. In fact, what’s more important than any such items is simply you!
Of course, software and extra screens can aid you with your Forex trading endeavor. But if you can master your own trading skill set while learning and continually improvising, you’ll have everything you need to be successful, without any need to turn to them.
Forex Trading Is Actually at Times Quite Boring!
Perhaps the most well kept among Forex Trading secrets. As well as having its super fun moments, Forex trading can be very boring – and tends to be so for much of the trading day! Yet, you’ll rarely hear anyone tell you as much! To do so would be to dispel the ongoing myth that successful traders drive around town with flashy top of the range cars and lead super-fast high flying lifestyles!
This applies to those who successfully trade, at first place. You see, to be able to be a success here, you have to have a functional element of discipline, a lot of patience and, of course, a well thought out trading plan.
But, while Forex trading does have its fun moments, as does the success it brings, no one will tell you the secret it has its dull moments. This is especially so when it becomes your primary job. Just as in going to work every day has its high moments alongside its monotonous ones, it would be wrong to assume that Forex trading is a continual supercharged environment every minute of the day.
Why Capitalizing on Forex Trading Secrets Isn’t as Hard as It Seems
In concluding, there’s no denying that to newcomers, Forex Trading can seem an underground society full of secrets! However, it is, in fact, open to anyone who has the determination to make a go of it.
All it requires is hard work and effort and a willingness to learn. In fact, there’s no reason why anyone can’t look at making this their primary role if they really want to. Therefore, despite what you may have previously heard or initially believed, there are no entry level requirements into this industry, and neither are any of us born to trade.
What’s more, it’s certainly no secret that the Forex Trading Industry can be enjoyed by any one of us.