Is it possible to make money with Forex? (part 1)

Posted on Oct 25th, 2010 in Forex Trading for Beginners

Once upon a time I was interested in such matters: Is it really possible to earn money on forex? Is it worth doing it and rely on this source of income?

Since then, much time has passed, and some things cleared up. Without being exhaustive answer to the questions posed, I hope that my thoughts will be for someone useful. Thanks to all who pays attention to these reflections.

Question 1: Is it easy to work and earn money on Forex?

For many years, the Internet persistently cultivated the image of the Forex exchange market as a source of easy and big money. I must say that this is done very well, and every emerging broker only reinforced this image. This situation is quite natural, since the new, inexperienced clients are bringing their money to the Directorate of brokerage firms.

Do not believe advertising. Work on the stock exchange – a very complicated matter. The reason is the extreme individualization of work performed. If in the normal business to ensure revenue is used by tens or hundreds of employees, there are gains and losses depend only on one single person – from the forex or stocks trader, managing a deposited account. If there is someone who makes a mistake, he would be helped by a more experienced employee or manager, and the error is unlikely to have serious consequences. Working on the stock exchange, the trader is free from bosses, but also the responsibility of all of it is weight falls on him.

In order to capture almost any “office work” must be some ability to think, but with ability can successfully move up the career ladder. If we are talking about the craft will have to master the skills to manage your own body (hands).

In the case of the forex trading situation is radically different. The lion’s share of work on yourself is not aimed at the body or mind. Required are to transform feelings, emotions, changing some aspects of your personality, to learn how to remain in a state of psychic equilibrium, not reacting to the forex market movements emotionally. Formation of such qualities as self-control, freedom from greed, anger, greed, depression, even in the framework of the Forex market is not easy and very long. Eastern religions teach in all situations of concern “to begin with yourself”, that is, look for the causes of your shortcomings. If you notice in life the source for all the vicissitudes of life in itself is difficult, the work on the Forex, everything is clear: if the entrance to the market was driven by a desire to earn 100 points, they are more likely to be lost.

What is the motivation to enter the forex market for the beginner trader? Oh! Now the market will move and then you can earn money! Experienced forex currency traders are acting differently. Yes, they are indifferent to profits, but the entrance into the market dictated solely by optimal conditions for this. They are not very interested in the volume of profit on a particular transaction.

Thus, the main difficulty of the stock market is that the novice trader will have to synthesize a new difficult to reach qualities of the individual. However, there are many directions in which the job does not requires much hard work on yourself, and the level of salary is quite enough to live comfortably.