​The Ugly Truth About Trading

WikiFX Strategies (18 Mar.) - While many people regard forex trading as a path to riches, the path is full of pitfalls. In this paper, some of the ugly truths about trading are revealed so as to call beginners' attention against the illusions.

1. You may encounter lots of people who want to take away your money. Some could be liars, some could be cheaters, but no one will be an altruist.

2. It is harder than imagined, and chances are you will end up with losses. About 90% of traders find themselves failed.

3. It requires extreme resilience because market volatility will weigh heavily on your sentiment, making it almost impossible to reach your goals. The forex trading itself is not so hard, and what matters is your struggle with negative emotions.

4. System results vary from person to person. The same setup may lead to different results because easy though the execution may be, it's hard to stick to it. Losses are normal in trading, but most people just give up halfway for the low mental stamina.

5. There are too many people trading in illusions of getting rich quickly, while some leading traders only earn 30% a year.

6. The “expert” may turn out to be a failure. Some of the posts in the trading forum are edited by people with no expertise.

Making money takes a lot of work and patience, with the key resting in persistence.

Get a money-making strategy a day on WikiFX (bit.ly/wikifxIN).