June 12, 2024

More people are discovering and trying out Forex

Forex, Forex, Forex… It’s all about Forex. It seems to me recently, more, and more people are discovering and trying out Forex, exploring it, and are very eager. First, let me flashback to August 2017 when I opened my first account with a Forex Education provider as well as funded my first brokerage accounts. It was utterly intoxicating as I undertook effort, eager to amass millions on my terms based on my skill and intellect.

I could travel and trade anywhere! I had recently retired from the Navy, and due to several changes in my life, I had ample savings, which I was willing to use a portion to fund my Forex adventure. And I was traveling a lot internationally at this time, not on Uncle Sam’s dime or under his protection, and beginning to buy investments in other countries, and there grew quite a swollen head of mogul I was becoming.

Why do people jump into Forex?

What I see today with some others discovering Forex is sometimes the same thing, people with a little ‘excess’ cash due to having reasonably well-paying jobs, but who want to get out of the rat race and to achieve their dreams and desires, funded by their profiting from trading. They all thirst to find riches and charge into Forex, hoping to use their skill and intellect to amass their future fortunes.

We all do; it seems many of us who jump into Forex indeed do have visions of sugar plums dancing in our heads.

I can relate to the rush I see others experiencing.

My experience

When I first begin trading, I did not have any friends or associates I could discuss my experiences with, outside of the one associate who introduced me to the Forex education provider, and several brokers he recommended.

At the beginning of my journey, I JUST KNEW if I was the smartest person now trading, and if not, I was going to be amongst those in the most intelligent person group!!, LOL.

What I didn’t know and refused to listen to was all the advice about the factors which most correlate to successful trading, and many of these have no connection to being the smartest person.

I came to this conclusion following my initial time in Forex trading and after making tremendous gains of profit only to be followed by even higher losses.

By ignoring those key factors which more experienced traders tried to share with all the newbies, I mostly made or ended up making nearly every rookie mistake one can. I, therefore, suffered financial losses and humiliation those who make rookie mistakes feel.

Key Factors for Successful Forex Trading

The factors I determined to be KEY to being a successful trader I have also observed quickly separate people; these are having extreme discipline, the ability to pay attention to detail, discipline, willing to take calculated risks, discipline, ability to recognize patterns, discipline, and then most of all, discipline.

I cannot say it enough, disciplined thinking and habits should be the foundation for every decision you make and action you take. These factors are vital in achieving the results of making profitable trades or suffering avoidable losses. I will discuss discipline further in my next article and share the exact amounts I both profited and lost.