Is Forex Trading Easy?

Is Forex Trading Easy?

Short Answer

No, Forex Trading is not easy and requires; self-awareness and control, knowledge, practice, capital, and hard work.

Long Answer

Do not listen to scammers on the web claiming how easy is forex trading and how easily and quickly you can make money. Forex trading is very difficult and not for everyone.

Those clowns are either:

  1. Trying to sell you some sort of product or service.
  2. Trying to convince you to open a trading account to make a commission on you.
  3. A salesperson for a forex broker.
  4. Luckily, they were successful for a short period of time and thought they made it.

So why trading is difficult?

Simply due to two reasons, the most challenging is the second one. But you can’t do with only one of them, you must have both.

  1. Knowledge of the market ins and outs. And that requires years of study and experience. Whether technical or fundamental analysis. This is the easiest, knowledge can be acquired with some hard work and time. However, the second is totally different.
  2. The ability to use your knowledge and interpret and react to market movements in a rational unbiased way.

This is the main reason trading is a complex endeavor. Trading is naturally different from other careers for the main reason: human emotions.

Human emotions have a dominant presence in trading for two main reasons:

Firstly, you are betting with your own money, and when money gets in, emotions start to play a major role. Secondly, our natural fear of failure and personal ego.

When emotions are involved, the personality traits of the person will be very key to their trading success or failure.  How the person reacts to a certain situation will be vital.

For instance, the simplest example that can happen to all traders is when the market stops you out by a pip and then moves back in your expected direction. Are you angry? Wouldn’t that naturally piss you off?

Another different example of emotions you can encounter is; the super confident super uncertain ping pong emotional stance.

This happens when you make a streak of good trades and you feel you are a king! Then start to lose and encounter multiple losses in a row, you start questioning yourself again and skeptical thoughts sneak into your mind.

These are just a few simple examples; the combination of conditions and emotions is endless.

What we need to understand is that our human nervous system is created this way. We can’t change it, we will be pissed off, we will be angry, we will feel greedy, and we will be fearful. It’s a normal built-in reaction to our surrounding conditions.

Having that said, being able to accept our nature and cope with it in a way that doesn’t substantially harm our trading reactions is the hardest part of trading.

If you are a newbie and keen on learning, check out my comprehensive Forex tutorial for beginners, then move on to the practical Forex technical analysis tutorial.

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