Does Forex seem too easy?

jjenkins73

Newbie
7 0
I'm just asking this as it looks like many people get into financial trading in general in the hope of quick cash. There are many products - books, courses, etc - which promise great riches and entice new people into the area. Lots of people are looking for an easy way to make money, e.g. with automated trading systems; some may get lucky, in the short term, but it takes experience to know that this is a long-term business.

Also, trading demo accounts can make people over confident, as they often use high leverage and risk levels which bear no relation to how they need to start when using real cash.

Any thoughts?
 

Benj1981

Established member
694 108
I'm just asking this as it looks like many people get into financial trading in general in the hope of quick cash. There are many products - books, courses, etc - which promise great riches and entice new people into the area. Lots of people are looking for an easy way to make money, e.g. with automated trading systems; some may get lucky, in the short term, but it takes experience to know that this is a long-term business.

Also, trading demo accounts can make people over confident, as they often use high leverage and risk levels which bear no relation to how they need to start when using real cash.

Any thoughts?

Yes, yes, yes and yes.

GTTY.
 

Benj1981

Established member
694 108
I'm just asking this as it looks like many people get into financial trading in general in the hope of quick cash. There are many products - books, courses, etc - which promise great riches and entice new people into the area. Lots of people are looking for an easy way to make money, e.g. with automated trading systems; some may get lucky, in the short term, but it takes experience to know that this is a long-term business.

Also, trading demo accounts can make people over confident, as they often use high leverage and risk levels which bear no relation to how they need to start when using real cash.

Any thoughts?

On a serious note, it's sold to the public as the easy and effortless way to make untold riches from just 10 minutes a day while you pursue your hobbies of interest, however the reality couldn't be further from the truth. Pretty much everyone realises this after a month or so of live punting, (edit) but if they haven't by this time, a painful lesson awaits.
 

Pablo81

Newbie
2 1
I think that as a newcomer myself I am dazzled by all the hype and glory that is given on every webinar, website and results records. Its very tempting to buy, buy and buy. We dont seem to be able to get to the real truth anywhere. I am starting very quietly and trying to find good posts to learn before I step into it for real. I know this is a very cautious approach but hopefully will benefit me. Anyway that was what I wanted to say.
 
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neil

Legendary member
5,167 747
I'm just asking this as it looks like many people get into financial trading in general in the hope of quick cash. There are many products - books, courses, etc - which promise great riches and entice new people into the area. Lots of people are looking for an easy way to make money, e.g. with automated trading systems; some may get lucky, in the short term, but it takes experience to know that this is a long-term business.

Also, trading demo accounts can make people over confident, as they often use high leverage and risk levels which bear no relation to how they need to start when using real cash.

Any thoughts?

It's a bit like the goldrush in the old Klondyke. Shrewd people made more money selling picks and shovels alongside providing maps, booze and whore houses, to the thousands of get rich quick hopefuls who flooded into the area and made the more shrewd rich. A question of odds I suppose -is it easier to strike it rich digging for gold or by supplying dreams and distraction to the hopeful gold digger.:cool:
 
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pboyles

Legendary member
8,072 1,302
I think that as a newcomer myself I am dazzled by all the hype and glory that is given on every webinar, website and results records. Its very tempting to buy, buy and buy. We dont seem to be able to get to the real truth anywhere. I am starting very quietly and trying to find good posts to learn before I step into it for real. I know this is a very cautious approach but hopefully will benefit me. Anyway that was what I wanted to say.

The real truth is you will most likely never make a penny from trading forex.
 

jjenkins73

Newbie
7 0
Sounds good to me - take it slowly and don't rush into live trading. I looked into this few years ago, but have been concentrating on other businesses. I'm going through some more study on forex now, and practising with demo accounts.

best wishes,

Jon.

I think that as a newcomer myself I am dazzled by all the hype and glory that is given on every webinar, website and results records. Its very tempting to buy, buy and buy. We dont seem to be able to get to the real truth anywhere. I am starting very quietly and trying to find good posts to learn before I step into it for real. I know this is a very cautious approach but hopefully will benefit me. Anyway that was what I wanted to say.
 

pikolo

Newbie
3 0
Forex is way more difficult than the way it is advertised. When I started trading forex about three months ago, I thought I'll be rich within a short period of time, but guess what! Am still struggling. It took me time to get use to the system and learn to control my emotion. To succeed as a forex trader, we need the right knowledge and skill. However, importance of finding a good broker can not be brushed aside.
 

WR1

Active member
206 9
Forex is not easy, its takes yrs to learn properly
and just to make it even harder the forex market is full of rouges, thieves and dodgy brokers

you need to be on your A game everyday, get up early to trade the UK session and have the best picks / shovels / maps and an A grade system

and don't focus on this one site
the answers are not on here

(and bet small - as small losses can be recovered from)
 

15 min tlb

Senior member
2,057 98
It's a bit like the goldrush in the old Klondyke. Shrewd people made more money selling picks and shovels alongside providing maps, booze and whore houses, to the thousands of get rich quick hopefuls who flooded into the area and made the more shrewd rich. A question of odds I suppose -is it easier to strike it rich digging for gold or by supplying dreams and distraction to the hopeful gold digger.:cool:

The shrewder make money from forex , the clueless amateurs end up in whorehouses , either trying to recover their losses or make money back , they start writing books , set up internet marketing sites to sell services ,eas , education , signals and become vendors in forex gold rush.
 

15 min tlb

Senior member
2,057 98
Forex is way more difficult than the way it is advertised. When I started trading forex about three months ago, I thought I'll be rich within a short period of time, but guess what! Am still struggling. It took me time to get use to the system and learn to control my emotion. To succeed as a forex trader, we need the right knowledge and skill. However, importance of finding a good broker can not be brushed aside.

Forex is very easy , but your masters or associates and gurus are either genuises or clueless.
 

jjenkins73

Newbie
7 0
Yes, I think lots of people have the same feeling when they start, hoping to build a fortune with a high-leveraged account. It's good to take time with demo trading, so you can try out different brokers and software; and also try out different trading methods before using real cash. When you first start trading with real money, it's good to keep to low leverage (10:1), and keep the risk to 1 or 2% of your account balance.

best wishes,

Jon.


Forex is way more difficult than the way it is advertised. When I started trading forex about three months ago, I thought I'll be rich within a short period of time, but guess what! Am still struggling. It took me time to get use to the system and learn to control my emotion. To succeed as a forex trader, we need the right knowledge and skill. However, importance of finding a good broker can not be brushed aside.
 

neil

Legendary member
5,167 747
The shrewder make money from forex , the clueless amateurs end up in whorehouses , either trying to recover their losses or make money back , they start writing books , set up internet marketing sites to sell services ,eas , education , signals and become vendors in forex gold rush.

So - now we know you are clueless. At last you admit it:clap:
 
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L

Liquid validity

0 0
How many who trade forex completely understand the implications of corporate trade hedging,
CB rates and associated carry trade, legal insider trading and front running.
Its stacked against you if you aren't aware of the impact of the above.

Those factors can often cause pairs to move in ways that initially seem
at odds with logic if you are in the dark.
If you are aware, its still no guarantee, the above is just skimming the surface.

In actuality, there are far more transparent markets.
The common reasons for people choosing to trade forex are bogus
without understanding the points I've raised.
 
 
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