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What Is Your View of the Forex Trading Industry?

May 11, 2015 (Last updated on May 22, 2015) by

One of the main obstacle for new traders to become profitable traders is the lack of a proper vision of the market and its role in their lives. I would not be surprised, for example, that the majority of laymen believes that Forex is just some kind of online scam. That point of view is easy to come by, it is fueled by a lot of hot news concerning Forex (brokers going bankrupt, scammers getting jailed, etc.), and it also does not require any action from the person. It also leaves them without the opportunity to earn from foreign exchange trading.

On the other hand, there are many persons who believe trading is akin to a casino. Those who favor the games of chance become traders and use Forex market for gambling. Those who believe that it is better to stay away from casinos leave Forex without attention too. Needless to say, that they deprive themselves of any possibility to benefit from the currency market.

Treating Forex as an easy way to make money can be detrimental to a trader unless he really knows how to make money with trading. The process of trading — opening and closing position — is, of course, very simple, but that does not make Forex easy. It is one of the most sophisticated markets in the world and it requires some sort of advantage over other market participants to be consistently profitable.

Speaking of time and dedication, the long way to mastering FX trading also means that it cannot be approached as some get-rich-quick scheme. Unfortunately, a lot of brokers, EA sellers, and educational websites portray it as such a scheme. Believing in such a folly will only delay your real progress.

Do you enjoy trading Forex? Is it entertaining you? Quite a few traders that I am acquainted with trade only for fun. It is, sort of, close to gambling, but the part about winning and losing money is not too important for the Forex fun-seekers. Most of them use demo account for trading and treat Forex like a game. Usually, they lose interest in this game in a short period of time.

Perhaps, job is the best word to describe the right attitude to foreign exchange trading. If you take an organized approach, spending enough time daily on mastering trading techniques, producing and reading analysis, placing the trades and backtesting the strategies, you are doing the appropriate things to build a successful Forex career. If you would call it a career, of course.

Many people are still unaware of Forex or confuse it with something completely different. The good thing is that they still have a chance to learn about Forex and maybe find something interesting and attractive in its concept and it may become their hobby, and then a job. The bad thing is that that might also never happen at all.

Different views on the Forex market

What is your view of the online Forex trading?

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If you want to share some details on how you see the current FX trading industry, please feel free to reply to this post using the form below.

3 Responses to “What Is Your View of the Forex Trading Industry?”

  1. Jacek

    For me it is combined of few. To make money it should be treated as a business. Specific business where you can lose most of the time and still make money. The issue is that brokers may be cheating you.
    Of course for some people it is casino or thrill.

    Reply

  2. Ferdinand Holcapek

    I started looking at Forex in December 2014 first via studying Trend analysis, Candlestick and Webinar costing me $6,000.00 on education including Demo accounts. I used methods learned in option trading. Lately I have been watching MTI webinars and digital aids to master technical Trading for the Forex Market.
    In my opinion, if you look at the Forex Trading as anything else than a serious business proposition requiring thorough training, education and mental preparation, your are wasting your time and your money. The market it self is not a gambling casino, but like in poker you have to now when to hold and when to fold, how to play the probabilities and take advantage of them. It takes serious analysis and a tough mental disposition to be profitable. Money management and mental control are the key requirement. If you come from the me generation looking for quick gratification, remember looser go broke and don’t get a gold star. The Forex Market is hard reality, no sugar coating, unforgiving, you pay for you errors.
    It is hard work, not a winning percentage, but a winning account is the objective.

    Reply

    Andriy Moraru Reply:

    You right. I guess a lot of new traders are spoiled by the widely advertised examples of the highly lucky star-traders that went rags to riches without too much effort.

    Reply

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