Yes, the “costs” to make money through forex trading is what I am going to talk about today. What I mean by “costs” is different from what you have in your mind. It is not the costs that some traders handle, like costs of training courses, seminars, e-books, DVDs, forex signal service and…
As I have already mentioned several times, you can learn to trade forex for free, and you don’t have to pay someone to teach it to you. The Internet is full of invaluable information that you can have access to for free. You just need to know what you have to learn to become a forex trader, because to make money through forex trading you don’t have to learn everything found over the Internet.
There are some other costs like costs of opening a live account, paying the spread, commission, swap, wire transfer fees to fund your account and withdraw money, and exchange rates in case you want to convert your forex trading revenue to a different currency, that any trader has to pay. So you are not the only one who pays these fees.
The “costs” that I am talking about in this article, is not something that can be paid from your pocket. They have to be paid through your inner assets. You have to pay them from your mind and your spirit.
Time is money. They also say time is gold. But I say time is more valuable than these things. Money comes and goes. You can earn money again if you lose. But if you waste your time, it cannot be back. It is gone forever. To learn anything, including forex, you have to “spend” time. Time is one of the costs you have to handle to learn something. If lucky enough, you come to the right track from the first day, and so, you don’t spend a lot of time to learn forex. Some forex traders on the other hand, spend several years to learn forex, and still cannot make any progress. The reason is that they are not following the right track. A wrong track can never take you to the right destination.
So, time is what you have to “spend” if you want to become a forex trader. Just be careful, not to “waste” too much time.
“Patience” is an important part of making money through forex trading. When you learned what to do, you have to be patient enough to wait for the strong trade setups. “Waiting” is not easy. When you wait, you are spending something from your vital energy.
Like “time”, “patience” is also something that you have to pay. However, you are not alone. This is what all the other traders have to pay too. They will lose money if they don’t. Anybody with any occupation and business has to spend patience. Those who have 9-5 full time jobs, have to go to work and be on time every day. They have to be patient to wait on the train or bus lines. They have to be patient to drive sometimes for a few hours to go to work and come back. Teachers have to be patient with the students and teach so many students with different knowledge and enthusiasm levels. Doctors have to be patient to spend time with each patient, listen to them, check them and write the proper prescription. Lawyers, drivers, miners, pilots, and… have to be patient too.
It is one of the important costs that each business has, and so does forex trading. I know it is not easy to wait for the daily, weekly or monthly time frames to form a too strong trade setup, but we have to wait. The good thing is that when the too strong trade setups are formed, our patience will be paid off: Long Time Frames and the Patience that Pays Off
Another good thing is that you will get used to being patient. Time teaches you to be patient. Besides, when you see how fruitful it is to be patient as a forex trader, you will enjoy it. It will not be a pain anymore. You pay it with peace of mind and happiness.
The other good thing is that your patience as a forex trader will get paid a lot more than the patience the others have to “spend” in their businesses. Even the time you spend will be paid a lot more. Let me tell you how:
If you follow the right track, it takes few months to one year or maybe a couple of years for a novice trader to become a profitable trader, depend on the free time everybody has to spend on learning. As soon as you make it and you become a consistently profitable trader, there will be no limit for the money you can make. You can grow your account and make thousands or millions of dollars. But the other businesses are not like that. They are limited and sometimes it is impossible to lift these limits. Read this to know what I mean.
So, by spending some time that is not too long, you can have a million dollar business. I guess it is worth to spend this time. Do you agree?
Also, it is worth to be patient and wait for the too strong trade setups, because your patience will get paid off once strong trade setups form on the charts. Isn’t it worth to wait for a few or few weeks for a too strong trade setup on the daily chart, and make 800 pips which equals $8000 if you trade one lot, or $80,000 if you trade 10 lots, or $800,000 if you trade 100 lots?
What about a too strong trade setup on the monthly chart that makes 4000 pips?
Do you see what a different outcome the patience you “spend” in forex trading has, compared to the patience that others have to “pay”?
When you achieve to become a consistently profitable trader, all you will have to do is that you “spend” about 30 minutes per day to check the daily, weekly and monthly time frames and look for the too strong trade setups. When there is a too strong trade setup, you take it. If not, you go and come back the next day. That is all. You can enjoy the rest of your time the way you want.
What about the others?
Ask a dentist how many hours per day he works, and whether he can stop working for a couple of weeks or not? He will tell you that he has to work for about 8 hours per day, and sometimes he will not have any money if he doesn’t work even for one day.
We should be grateful for the business we have. Do you agree?
So, spend your time to follow the right track, and become a consistently profitable forex trader as soon as possible. Then start live trading and grow your account, and become a professional full time forex trader.
Are you ready to do that?
Stress is also part of any business. It is one of the other costs that you have to handle. Forex trading is not an exception. Some jobs are too stressful while there is nothing you can do about. You have to handle the stress if you choose those jobs.
Some people think that forex trading is too stressful and risky. But this is not true. Forex trading is neither stressful, nor risky. The way that some people trade forex is too stressful and risky. I tell you how.
If you open a live account with a money that you really cannot afford to lose, and you trade with this money while you have not learned to trade forex properly and you have not completed the learning steps yet, then you will have to handle too much stress and risk. What happens if you lose this money? What if you take a position and it goes against you? You sit at the computer, watching your money that is going down the drain. But this is what you have done to yourself. You are your biggest enemy, not forex market, your broker, your children and wife and even your friend who introduced forex trading to you. You took a terrible step and you have to pay for it. Surely you have to handle too much stress. You can even have a heart attack.
Now let’s look at this scenario:
You learn forex properly and complete all the learning stages first. You master your trading system through demo trading and you become able to repeat your success and become profitable for 6 consecutive months at least. Then you open a too small live account and start “practising” with your first live account. As it is a too small live account, and it is opened with the money that you can afford to lose, you have no stress and you can treat it exactly as you have been treating your demo account. You repeat your success with your live account at least for 6 consecutive months, like what you did with your demo account. You build your discipline and patience and you master your trading system completely. So far, you have handled neither any stress, nor any big risk.
Then, you keep on trading with your live account to double it. When it is doubled, you withdraw your initial capital you used to open your live account, and then you keep on trading with your profit. Therefore, you are not risking anything from your hard earned money anymore. Trading forex will have no risk for you after this stage. You keep on trading with your live account, and you grow it slow but steady and finally it will turn into a big trading account that a professional forex trader needs.
Now you tell me which strategy is stressful and risky. Risking too much money while you have not become a consistently profitable trader yet, or growing a too small live account while you have already become a consistently profitable trader?
As you see, forex trading is not stressful and risky. The way you trade forex can make it stressful and risky. It is your own choice.