Forex Blog

First-hand Forex trading experience and information about foreign exchange market that will be useful to traders


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

August 14, 2017 by

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?

View Results

Loading ... Loading ...

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.

Leave a Reply

required (will not be published)