5 Reasons for and against trading forex π€·ββοΈ
They make it look easy, posting lifestyle posts all over your Instagram feed.β
β
Truth is, that's not real. π Sorry.β
With that being said lets break this down into reason you should and shouldn't trade forex.
The reason I'm covering this as a forex idea is I am predominantly a forex trader and made my way to where I am trading forex.
This however does apply to any trading you might be thinking of getting involved with.
So lets get into itπβ β
FIVE REASONS NOT TO TRADE FOREX
1. Can you afford to lose money?
If you cannot afford to lose money or you are desperate to make money then this really isn't for you.
Only trade with money you can afford to lose. If you are trading with money you really need to survive then your problems are about to get a whole lot bigger!
2. You don't know what you're doing!
We have all been there at some point of not knowing what we are doing.
But before even considering placing a life trade focus on learning and developing strategies.
Focus in on the process and the desired outcome will naturally happen.
We live in a world with so much resource and information at our finger tips.
Go do the research before getting in to deep to quickly.
3. You can't handle it when you're wrong or you're losing.
You will be wrong at times and that's okay.
So long as your winners cover the losses.
You also have to handle and learn that no matter how good of a strategy loser runs and periods of draw down happen to every trader.
No one can be 100% right all the time.
4. You are risk averse.
In any form of trading you are taking a risk.
If you are to risk averse then it's really not for you.
Risk management is key but if you are to averse trading wont fit your personality.
5. You don't have time.
A lot of people say they want this and then say time is a factor stopping them.
That's fine if you either make time and sacrifice or simply forget about trading.
If time is precious and you really don't have time due to important life commitments then focus in on them.
If you spend all your time on PlayStation and Netflix and say you haven't got time. Well then it comes down to lifestyle choice.
We all want trading success few realise how time consuming especially at the start when learning it can be.
There are also 5 good reasons why you should take up trading so lets cover them now.
FIVE REASON TO TRADE FOREX
1. You want freedom
Bored of working 50 hour weeks?
Be your own boss take control of your own destiny.
It's hard work but when achieved you'll wonder why you didn't do it sooner.
Very fulfilling seeing your kids grow up instead of getting in at 7pm as they are tucked up ready for bed. β
No more missing school sports days or the certificates in assembly.β
Time for more golf maybe? β
Remember to do it for these reasons and not a big shiny Lambo.
2. You have learned the basics and understand the upsides and downsides.
It's crucial to get educated and then still understand you will have up days and down days in trading.
Don't even trade until you are emotionally sound with all possible outcomes when placing trades.
You understand what is required along with being aware of the positives and the dangers.
3. You can deal with a high risk environment.
You understand the risk at stake but above all else you understand and practise good risk management.
Anxiety, worry, stress, not sleeping, losing money - I could go on.π€¦ββοΈβ β
If you're feeling any of the above you haven't ticked the box on this one.
If you don't feel any of these you on the right path.
4. You are patient and will persevere.
We all want that quick money.
Social media makes us think it's easy
Fast money fast cars, trips to Dubai.
Commitment patience and dedication are the most important traits in trading.
This is not an overnight success game it takes time and will to learn the skills needed.
If you haven't got patience or commitment don't even bother.
So much more to this than just placing a few trades on your tea break.
5. You can stick to a plan and understand probabilities.
Once you have a plan that you have tested and take confidence in, understand probabilities and stick to it.
If you're hoping from one thing to the next with no real time spent on one plan you not got the traits needed.
If you understand probabilities and can let a proven plan with a known edge play out then your on the right track already.
FINAL THOUGHTS
Most fail - the common denominator in the ones that make it work are they don't quit.π Simple as that.πβ
Trading isn't for everyone. π€―β β
β β
Yes, there are upsides for sure - I touched on them.
β β
But it can be f**king horrible. π’β β
The negative emotions when trading can hit hard.
β β β β
That's not how trading 'should' be or feel, but its still a reality for a lot of traders.β β
β β
If you're chasing money, if you're desperate to make a quid or three - don't do it.πβ β
β β
This isn't the game for you.β β
β β
There is simply no room for desperation - it will quickly find you out.β β
If you can get emotions on point and a proven plan however the upsides are massive.
The key here is knowing to grow and get to where you want to be will take time.
β
If you had more time doing whatever you wanted each day, that's pretty cool right?πβ
β
Going on holiday whenever you want - like tomorrow? Just because you can.β
β
Or just chilling in your garden on a nice day βοΈβ
β
Whatever floats your β΅.β
β
Time for you? Prioritising your health and fitness because you have never had time before?β
β
Exactly - the benefits are endless.
But be ready to put the long hard miles in to get there and make sure you're doing it for the right reasons. β
β
Also, the cost to start this is like no other 'business' you could go and start.β
β
No stock, no big start up costs - just you and your initial deposit. β
β
However big or small that may be it doesn't matter.β
β
Learn to trade properly and there are now a wealth of funded trader programmes that can give you the freedom you crave without you having to save up for a lifetime.
Focus on getting your process right and then enjoy the inevitable outcomes.
Thanks for looking and enjoy your weekend.
Darren π
β
Truth is, that's not real. π Sorry.β
With that being said lets break this down into reason you should and shouldn't trade forex.
The reason I'm covering this as a forex idea is I am predominantly a forex trader and made my way to where I am trading forex.
This however does apply to any trading you might be thinking of getting involved with.
So lets get into itπβ β
FIVE REASONS NOT TO TRADE FOREX
1. Can you afford to lose money?
If you cannot afford to lose money or you are desperate to make money then this really isn't for you.
Only trade with money you can afford to lose. If you are trading with money you really need to survive then your problems are about to get a whole lot bigger!
2. You don't know what you're doing!
We have all been there at some point of not knowing what we are doing.
But before even considering placing a life trade focus on learning and developing strategies.
Focus in on the process and the desired outcome will naturally happen.
We live in a world with so much resource and information at our finger tips.
Go do the research before getting in to deep to quickly.
3. You can't handle it when you're wrong or you're losing.
You will be wrong at times and that's okay.
So long as your winners cover the losses.
You also have to handle and learn that no matter how good of a strategy loser runs and periods of draw down happen to every trader.
No one can be 100% right all the time.
4. You are risk averse.
In any form of trading you are taking a risk.
If you are to risk averse then it's really not for you.
Risk management is key but if you are to averse trading wont fit your personality.
5. You don't have time.
A lot of people say they want this and then say time is a factor stopping them.
That's fine if you either make time and sacrifice or simply forget about trading.
If time is precious and you really don't have time due to important life commitments then focus in on them.
If you spend all your time on PlayStation and Netflix and say you haven't got time. Well then it comes down to lifestyle choice.
We all want trading success few realise how time consuming especially at the start when learning it can be.
There are also 5 good reasons why you should take up trading so lets cover them now.
FIVE REASON TO TRADE FOREX
1. You want freedom
Bored of working 50 hour weeks?
Be your own boss take control of your own destiny.
It's hard work but when achieved you'll wonder why you didn't do it sooner.
Very fulfilling seeing your kids grow up instead of getting in at 7pm as they are tucked up ready for bed. β
No more missing school sports days or the certificates in assembly.β
Time for more golf maybe? β
Remember to do it for these reasons and not a big shiny Lambo.
2. You have learned the basics and understand the upsides and downsides.
It's crucial to get educated and then still understand you will have up days and down days in trading.
Don't even trade until you are emotionally sound with all possible outcomes when placing trades.
You understand what is required along with being aware of the positives and the dangers.
3. You can deal with a high risk environment.
You understand the risk at stake but above all else you understand and practise good risk management.
Anxiety, worry, stress, not sleeping, losing money - I could go on.π€¦ββοΈβ β
If you're feeling any of the above you haven't ticked the box on this one.
If you don't feel any of these you on the right path.
4. You are patient and will persevere.
We all want that quick money.
Social media makes us think it's easy
Fast money fast cars, trips to Dubai.
Commitment patience and dedication are the most important traits in trading.
This is not an overnight success game it takes time and will to learn the skills needed.
If you haven't got patience or commitment don't even bother.
So much more to this than just placing a few trades on your tea break.
5. You can stick to a plan and understand probabilities.
Once you have a plan that you have tested and take confidence in, understand probabilities and stick to it.
If you're hoping from one thing to the next with no real time spent on one plan you not got the traits needed.
If you understand probabilities and can let a proven plan with a known edge play out then your on the right track already.
FINAL THOUGHTS
Most fail - the common denominator in the ones that make it work are they don't quit.π Simple as that.πβ
Trading isn't for everyone. π€―β β
β β
Yes, there are upsides for sure - I touched on them.
β β
But it can be f**king horrible. π’β β
The negative emotions when trading can hit hard.
β β β β
That's not how trading 'should' be or feel, but its still a reality for a lot of traders.β β
β β
If you're chasing money, if you're desperate to make a quid or three - don't do it.πβ β
β β
This isn't the game for you.β β
β β
There is simply no room for desperation - it will quickly find you out.β β
If you can get emotions on point and a proven plan however the upsides are massive.
The key here is knowing to grow and get to where you want to be will take time.
β
If you had more time doing whatever you wanted each day, that's pretty cool right?πβ
β
Going on holiday whenever you want - like tomorrow? Just because you can.β
β
Or just chilling in your garden on a nice day βοΈβ
β
Whatever floats your β΅.β
β
Time for you? Prioritising your health and fitness because you have never had time before?β
β
Exactly - the benefits are endless.
But be ready to put the long hard miles in to get there and make sure you're doing it for the right reasons. β
β
Also, the cost to start this is like no other 'business' you could go and start.β
β
No stock, no big start up costs - just you and your initial deposit. β
β
However big or small that may be it doesn't matter.β
β
Learn to trade properly and there are now a wealth of funded trader programmes that can give you the freedom you crave without you having to save up for a lifetime.
Focus on getting your process right and then enjoy the inevitable outcomes.
Thanks for looking and enjoy your weekend.
Darren π
