Is Forex trading easy or difficult?

[rodd cameron]

I think that Forex trading is difficult, especially nowadays.

You may think that it is because it’s complicated to have a winning strategy or because you need $1 million to generate a decent income or because you should have some innate skills… it’s not that.

I know that this sounds like one of those quotes that will take you nowhere, but“you are your only limit”.

When you have to buy a new phone - boom - amazon, delivery on the same day.
You need to buy a train ticket? There’s an app for it, you can buy it in 2 minutes from your bedroom.
Want a pizza? “Hey, I want a pepperoni pizza at 4 Privet Drive, $5 more if you can deliver in next 20 minutes”.
You need to do a research? There’s internet explorer… well, I’m joking. There’s chrome and you have access to the world in seconds.

Everything is ready. You can access everything now.

This environment doesn’t contribute to form two skills that are necessary for Forex Traders: patience and discipline.

Many people believe that traders fail because they don’t have a good strategy, because they are not skilled, because Forex Trading is a scam and Brokers are there to take your money and run.
I’ve been moderator for a Forex forum for a long time; I’m an instructor on Udemy with more than 4000 students. I have been trading Forex since 2007. Trust me if I tell you that the main reason for traders to fail is that they make a psychological mistake sooner or later.

1. They have a bad day and they decide to open more trades to recover the losses;
2. They made a mistake, they feel stupid and they decide to increase the size to recover the loss of that stupid mistake;
3. They are in a good winning streak and decide to increase the size because it’s a good period;
4. They think that they can sustain a bigger drawdown so they decide to increase the risk;
5. They say “one last time with this risk, then I will stick to the plan”;
6. They think “it can’t always go down”.

I can really write more than 100 reasons, but I think I made my point.

Forex Trading is difficult, but your mind is the biggest problem. If you can build the necessary discipline, you are on a golden path to become a successful trader.

 

[rodd cameron]

how does this work exactly, why can't you be a UK citizen.

 

[Younglegend2000]

i would say forex is simple but not easy...and it is a get rich slow scheme...making it is not impossible

 

[Sadiq Muhammad]

Forex is hard, as with everything else life throws at you. What you need to know is that this isn't a get rich quick scheme. You should also implement your own risk management spreadsheet so you know how much to risk and when to add lots

 

[forex.tm]

difficult to learn but seems like once you got it you are set for life

 

[asuji]

Learning curve is indeed steep. That's why more than 90% lose money. Getting to the 10% takes time and dedication.

 

[Robert Hills]

Forex trading can be combined with other businesses. There are a lot of part-timer traders in the market. It's one of the businesses that doesn't interfere with other jobs or businesses and doesn't have to be tied up at any particular time. Traders can select various sessions according to their free time. I am also a part-time trader and trading with Eurotrader for a long time.

 

[cb1301]

It definitely isn't easy but 1% of traders do make really good money so it is possible.

 

[lello1231`]

forex trading is actually quite difficult, though highly engaging. The foreign exchange market is the largest and most liquid market in the world, but trading currencies is very different from trading stocks or commodities.