Trading forex can be one of the most profitable professions, even if youre just trading your own account, providing youre successful. However, if you are trading on your computer at home it can be a very lonely profession.
The common opinion amongst non-traders is that forex trading is hugely exciting with vast sums of money to be won and lost every day, with the potential to really strike it rich, but in reality this isnt really the case.
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Sure it can be exciting at times when, for example, a currency pair moves 50 or 100 points in your favour in a matter of minutes and youre sitting on a huge profit, but this type of occurrence doesnt happen all the time. Far from it in fact.
There are times when you can be sitting at your computer for hours on end trying to find a trading position to take, and can sometimes spend the whole day without entering a single trade. In fact sometimes during particularly volatile times and conversely in very quiet times when the markets are moving sideways, its often best to sit on your hands and not take a position.
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Q: Can one really make a living out fo forex trading? What is needed? A: Yes. You must have enough capital in order not to have to be the best trader ever
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This certainly isnt exciting and is a good example of why forex trading is not always that exhilarating. In addition there are times when you can have a losing trade, or worst still a losing streak where several trades go against you, and therefore not only have you not made any money, but youve actually lost money. Trust me, its not a great feeling going into the weekend knowing youve actually lost money during the last week.
Theres also the fact that forex trading is an extremely lonely profession if youre working from home. The lack of social interaction during the day is really noticeable, particularly if you are a naturally sociable person, and I would suggest that this aspect alone means that forex trading is not for everyone.
However on the opposite side of the coin, forex trading provides an obtainable means to become very wealthy thanks to leverage and compounding, so if you can become a successful trader the rewards can more than compensate for the loneliness and occasional periods of boredom and inactivity.
Forex trading has provided me with a very good income since 2001, but like anything it takes real dedication and hard work, and you need to learn how to consistently generate profits from your trading and develop your own strategy, but its definitely possible, as thousands of other successful traders have discovered.
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