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Do You Have Your Family’s and Friends’ Support in Forex Trading?

August 14, 2017 by Andriy Moraru

Although the popularity of the retail Forex trading is growing rapidly, a lot of people do not know what it actually is, and of those who do, many have wrong ideas about the industry. This creates a lot of misunderstanding between traders and their friends and family.

Explaining trading to family members can be difficult

The issue with getting the approval from a person who is close to you is twofold. On the one hand, there is a positive side to be gained from such backing — emotional and psychological aid can be very powerful in FX trading. Coping with losses can be very stressful if there is no one to talk to and rely on. Having a full support from someone who cares about you and you care about is of a great help in such risky endeavor as financial trading.

On the other hand, there are situations where family’s support should turn into an outright intervention — when trading turns into uncontrolled gambling with clear signs of addiction. There is nothing wrong in gambling per se, in my opinion. However, there is a clear line between recreational gambling and gambling that makes a “trader” go broke or even completely ruins his or her life. In that case, the family’s interference is not only justified but is simply necessary. I hope that most of this blog’s readers do not and will not require such kind of assistance. Yet, it is a good idea not to hide your Forex losses from your family, just in case.

My situation, I am certain, is similar to that of the majority of foreign exchange traders. My friends and family know what I am doing but few understand what it means exactly and even fewer can help with good advice or relate to my feelings when a long-term carry trade gets stopped out due to a temporary correction. I would rate my close relations’ stance on my Forex trading as neutral. However, I am constantly working on shifting it towards a more positive side. And what are your circumstances?

How do your friends and relatives feel about you being a Forex trader?

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If you want to share a personal story of how your close relationship’s support or lack thereof affected your Forex trading career, please feel free to do so using the commentary form below.

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