Hard Times During the Process of Learning to Trade Forex
Forex trading is a challenging skill and influences your personality. The initial learning process is tasking and demands that one is fully ready to face the challenge. I have always wanted to trade the Forex but i was limited due to my lack of technical skills, or so, i thought. I imagined i needed to be a very technical person with great knowledge of advanced mathematics. I was a limitation to my self. The good thing was that I knew I needed to get the right knowledge, I needed to meet the right mentor, I needed the right information. All these cost money which I didn’t have at that time. A lot of people that have some money to trade only know so little to fail and blow accounts.
Trading is tough and when you loose your money, you feel depressed and sad. Forex trading is not a fight where you feel you have been cheated and want to revenge. In fact, when you decide to revenge for the losses you have made, this act exposes your account to a catastrophe that is only about to happen. Learning to trade requires emotional, spiritual, financial and mental readiness. It also requires a skill and the capacity to change and be disciplined. It is often said that over 80 – 90% or more traders loose their money trading Forex. So, the odds seem to always be against most traders. To learn the trading skill, one needs a mindset that is resilient and never going up. There is need to be determined because it is tough to trade Forex.
I even learnt that the best traders only win 40% of the time. The best traders succeed because they win more profits than their losses. When I started trading, I thought all I needed was to make up the spreads, that’s the blockers commission and every cent on that was my profit. Yes, I realized most of my spreads, but I closed my trades too early and so, I eventually lost more than I could imagine. I can remember the first day I made a $ (1$) profit trading Forex. I felt like a winner. But just soon after my jubilation and excitement I lost over 75% of my total trading money (balance).
I realized I was doing things wrongly, I entered into trades late due to lagging signals, I over leveraged, I was under-capitalized, I lacked the skill (though I had practiced demo trading and increased a starting capital of $50,000 to $94,000). After my losses, I knew I needed to get the right mentor to teach me. I realized that information was key in Forex. Learning to trade the forex market is a tough game but I believe it is possible. Some beginners become very good at it in a matter of weeks while some keep blowing accounts and loosing trades for years. Ones psychology and life experiences influences one’s ability to make profits. Information is key and willingness to change paradigms is critical. Loosing money is painful.
I can remember the day I lost over 75% of my balance under 15 minutes, I closed for that day and went straight to bed. I felt pains in my body but I could not explain the source of these pains. I went to sleep and thought trading was not meant for me. When I woke up the next day, my whole body was in pains, I had headaches too and knew all was not alright within me. Then I had a tasted of what people go through when they loose money in trading.
Friends, if you know profitable traders that know their stuff very well, I can bet they don’t give theirs strategies for free. They charge for a fee and i dint blame them anymore because I now realize how painful it is to loose money trading forex. I wonder why the so called guru traders charge fees for their training, I even blame them and feel they were unfair. Now I understand better. Loosing in the forex feels like loosing 10mls of blood from the body. Guys, traders should be respected because they’ve gone through hard times.
Trading the foreign exchange is a great skill to learn in the journey towards financial freedom. When this exception for financial freedom is not met, the new trader feels depressed and disappointing. There is need to encourage enthusiastic newbies on their trading journey before they give up. This is why I love the information that is being made available in the LUCKSCOUT CLUB. I encourage everyone considering financial freedom through forex trading to utilize the resources that is made available on the Clubs website.
Winning is our culture, so don’t give up while making the sacrifice to becoming skilled and profitable.
Hi Arisonace, very very good comment and I can completely relate to 99% of what you have said here. I have been trying to get ahead in the FX Trading space for about 7 years and I have gone through the same emotions that you have outlined above. The only difference is that I am sure I have not lost as money as you appear to have. There have been many times where I have said I just don’t get it and quite often my job gets in the way and I am not able to analyse the markets as they close the US session and then open the Asian session here in Sydney. I did have have a trainer when I first started but they charged a lot of money that I did not have when I first started. My mindset was not right and yes just like you I entered at the wrong time and then closed too early and I even misread the charts.
FX trading is hard and unless you have the right mentor, someone that you can check your thought process occasionally then you flounder and then feel like walking away. I have had that thought many times in the last 7 years but I really want to succeed and I do not want to be a failure. I am hoping that I can certainly find a mentor here and someone that is able to provide me with a little guidance and then a check in when I get confused. I have looked at many of the articles that have been posted on this site and yes I am sure they all work for some but I am really looking for a relatively simple strategy that is relatively simple to follow. I have read the article about the double Bollinger Band strategy that appears to tick the boxes that I mentioned above.
Have you turned your trading journey around by being on this site? Have you found your mentor?
I look forward to conversing some more with through this forum.
Forex trading, like any other occupation/job/profession out there, requires knowledge and skill. You have to be fully trained to do reasonably well in any kind of job. Unfortunately, this is not the case with many newcomers in FX trading. We tend to be hyped up by the flood of information on the internet and the deceiving adverts we see every time we browse, open newspapers, or watch TV. Equipped with all these false impressions we jump in expecting miracles.
That’s why medical students – or any other trainees for that matter – are expected to go through the full training before they are allowed to touch a patient. You can imagen the disaster that would take place if that was not the case. This disaster is taking place in FX trading because of novices who are ill-prepared for trading. You have to crawl first, then walk before you start running..
Addendum to that, the simpler the rules of engagement, the easier the journey towards financial freedom in FX trading space. But every iota of the rules must be adhered to in order to break through
Key here is consistency!! Stick to the same rules and trading plan. Give it some time and only then look to change something if its not working for you. Dont always go for the big win, consistent small gains will get you where you need. All you need is a few percent growth and then as your pot grows so will your return
We have to see Forex as an investment opportunity not a means to eke out a living
I know plenty of people who make a living out of it day trading. Not being greedy and understanding how the markets work is key. If you consistently get this right you’ll make money
forex trading to be honest when you master it very well you reap alot of money from it.
I have wiped out my accounts two times,by lack of basic knowledge. I was very greedy,i wanted to make more money in short time, I used to take position one after another, over trade. Trade lower time frame without any strategy. I wanted to make at least 50$ profit with 120$ account expecting to get 1500$a month. I’m telling you it was a nightmare for me. I began to understand things when I discovered luckscout.com.
Now I’m no longer a slave, I’m patient, patient and patient.
When,I had started trading forex ,I had many challenges,and one was understanding the multi time trade analysis,I could not know which time frame I was even trading eg if I could enter a trade on 1 hr chart and see an opposite candle on 5 min frame.i would close my order,this is how my account was always wiped.
Sometimes one will get carried away by emotions, I mean you can prepare yourself emotionally well, but but it comes back without your notice. However, forex trading being a business like any other, the rules of engagement remain the same. Fail and start again, give it another go, that how we learn.
I HAD SIMILAR EXPERIENCE TRADING FOREX MAY BE WORSE.
IF YOU REFUSE TO LEARN FROM PEOPLE’S EXPERIENCE, YOUR EXPERIENCE WOULD TEACH YOU.
Everyone loses at the start, most people end up losing in the end but a few make it work for them. you just need to keep trying and wait for the right strategy for you. When it comes along study study study and you will succeed
Forex is not as complicated as all imagined and its not as easy as all think. Actually playing small account but expecting very huge profit in shorter time make many traders fail. Greed and the fear of losing traders make many traders take unnecessary positions.
Only play when there is trade setup and follow money management.
You are absolutely right my dear Ramachandran.Beginner want to make lot of profit in short period of time, they don’t even wait for a strong trade set up to form on the chart, any money management idea.
When i started trading i used to overtrade and i set up a target to reach every day so i forced myself sometimes to take a positive even if there were no opportunity.
Emotions and fear to loose play also a great role.
I found hard time at first and the argue to start trading was much when I think I wasn’t ready. But I hope with luckscout I will become an expert given enough time.
Similar experience. Am getting it right now since I join LuckScout team.
I have had a hard time learning forex. Trial and error I have lost 1000s dollars.
Great story Arisonace. Consistency, discipline, and controlling emotion are keys in forex trading. Staying positive in the time of loss and staying calm in time of winning, and be patience between both.
I have had so many hard times learning forex trading. I have lost money and have stayed awake reading ebooks.
I have more than hard times learning forex . I lost so much money and time, Is been way learning.
How lucky are you who have joined this site at your earliest stage of learning forex.
The most difficult time of trading Forex is trading during the news release with low minimum account.This is the time when markets are moving at a terrible speed and stop loss orders can even be jumped and the market can move more than a 100 pips within 30 minutes.for beginners its very risky to trade during the news time.
I’m having many problems with forex trading. It is not easy at all, i have to be more focused in reading articles in this website.