Let’s be honest, it is the truth, no fancy stuff, just direct to the point, it is the reality! Don’t Start Trading Forex if you have the following reasons.
(1). Don’t Start Trading Forex If You Don’t Have the Money!
A lot of aspiring traders started with a really wrong mindset at the time they have enter in the forex world when it comes to generating profit. They have the employee mentality expecting to generate profit on a daily, weekly or monthly basis. Because as an employee you got paid in hours or work and salary is given twice per month or at the end of the month.
They believe that a $200 capital or even as small as $10 could give them the freedom, lifestyle or the income that could replace their day job. They think that they could make that small capital into a 6-figure income generating profit.
Hell NO!
What they don’t realize is, it just doesn’t work in trading. They keep ignoring the truth that trading is a business that takes time, effort to develop and mature before it can generate profit. It does take money to grow and make money.
How come you can generate a decent profit from a $200 account with only risking 2% of it and just aiming a 2R or about 4%? Yes you can build it and grow it, but it takes time and effort! You can grow it slowly but don’t expect an immediate return, be realistic with your expectation.
Some of you might think, No Mike, I can double it in 4 or series of trades if I will risk 20% of it. Yes you might get lucky, but risking 20% of your capital, it only take 5 consecutive losses to blown and burned it.
I admit it, I’ve been there and done that thing when I get started. I have the wrong mindset. I thought I could generate a side income with just a small capital in a short period of time.
But it is really not the reality! I take time to develop my skills, I have made tons of tons of effort, sleepless night to get where I am today. I put the hard work to develop my trading skills and learn everything I could.
So if you’re planning to start trading, think again 100x
(2). Don’t Start Trading Forex If You Don’t Understand the Game
Think about what qualifies you to be in this Trading Business? You see most of aspiring traders immediately jumped into trading when they see on social media; Oh! That guy is making tons of money in trading! That man generates profit in just minute. Wow! It seems a lot of them are making money in the market without too much effort!
Maybe it is a good idea and I could try it too. I could jumped into that thing and also make money just like them.
Hell NO Again!
Don’t just jumped into something just because it is popular, just because your friends are good at it. Don’t jumped into something just because it is a good idea and that could be the opportunity you are waiting for.
It is not just about the idea, the opportunity, how popular it is or how trending it is. You need to learn and understand it first. Period!
Everything will be RISKY if you don’t understand what you are doing! Study and acquire skills first!
(3). Don’t Start Trading Forex If You Don’t have the Endurance
Don’t start trading if you don’t have a mental toughness to endure the emotional battle, the stress, and the frustration over a long period of time while you are developing the skills to becoming a better and profitable trader.
What are the things that you are willing to give up in order for you to climb the profitable trading career?
What price are you willing to pay in order for you to get on the 1-5% of a successful trading business?
Everybody is talking about the fancy, luxurious side of being a trader, everybody is talking about the freedom, the lifestyle they could get once they are earning and generating profit in the market. Everybody is talking about vacation, a nice car and nice penthouse but no one wants to talk about the other side. No one wants to talk about the hardship. No one wants to see the struggles.
Almost all of the successful experienced pain, stress frustration and fought their emotions over a long period of time while they are on the journey of becoming a successful and profitable trader.
All of them are mentally tough, they are emotionally fit that is why they thrive.
I know and I understand that as a beginner you will never realize this at the beginning but prepare yourself.
(4). Don’t Start If You Want more FREE Time
Forget about that glamorous lifestyle of a Forex Trader! Forget about those freedom, vacation, sipping a nice tea or soda on the beach while Trading!
At the beginning, it will be tough because you have zero knowledge and skills about trading. The learning curve is really deep that you need to spend thousands of hours learning and practice. Lots and lots of patience and discipline! Time and effort to reach your full potential.
It will really take time, years to finally crack your code and be profitable especially if you are learning on your own trying to figure out how to connect the dots. It really take years of experience to develop your own high income trading skills. You can learn different strategy and techniques fast, you can learn how to generate money in the forex world. But it will be tough to sustain it. It will be tough to be consistent.
You need to continuously spend time for continuous growth and learning! Success never ends in just successfully making profit.
(5). Don’t Start If You Don’t Know What is Your Edge?
This really summarize it all. If you don’t have the edge, or if you don’t know what is your competitive advantage? Then don’t start risking your hard earn money! Don’t start Trading!
You will lose it! Believe me!
If you want to make profit? Think first how can you do it? What is your edge to do it?
You want to consistently make money and eliminate losses? What would be your edge?
You don’t want to be on the 90-95% of losing trader? But what was your edge over them?
Basically what is your system that has been proven profitable?
Does that make sense? Hope You Learn Something Buddy! Cheers!