Forex Trading is easy or hard ??
- Thread starter kittycriston
- Start date
Hi Kitty,
Technically it is reasonably easy, but the really hard part is the psychological aspect of trading. Women tend to be better than men because they tend to follow rules better than men. but even so it's still incredibly difficult.
Many think it won't be psychologically difficult for THEM, wrong, there are no exceptions.
Even with the gender advantage, it will most likely still take you at least 5 years to get proficient at it, and quite possibly longer as the market, IMO, will continue to get harder to master than say 4 or 5 years ago.
It can also have a negative effect on your personal life, trading becomes very absorbing and most won't understand or agree with what you're doing.
So please think very carefully before getting involved with it.
Technically it is reasonably easy, but the really hard part is the psychological aspect of trading. Women tend to be better than men because they tend to follow rules better than men. but even so it's still incredibly difficult.
Many think it won't be psychologically difficult for THEM, wrong, there are no exceptions.
Even with the gender advantage, it will most likely still take you at least 5 years to get proficient at it, and quite possibly longer as the market, IMO, will continue to get harder to master than say 4 or 5 years ago.
It can also have a negative effect on your personal life, trading becomes very absorbing and most won't understand or agree with what you're doing.
So please think very carefully before getting involved with it.
Hi Kitty,
Simply stating Forex trading is easy or hard ignores the variables dictating it and may prove unhelpful(sorry...). Another way to look at it is to ask, what kind of personality does it take to be successful at Forex trading?
I have been trading for over 6 years now and from personal experience, the reality is that it takes a certain type of character to become efficient at making consistent profits and therefore a living from trading. As a basic pre-requisite I would say you need a real passion for problem-solving and a keen desire to learn trading for the satisfaction of the art, rather than set out for the cash. Once you have a trading method or strategy, you then need to be disciplined enough to follow the rules if you are to see consistency in the results. You also have to master your trading psychology (this includes being able to accept losses, not giving into a perceived fear and exiting trades too soon etc.). Beyond this, you need to raise your targets once you have some consistency if you are to make a serious living from the markets...
The market dynamics always stay the same and the basic movement of price is repeated. As a new aspiring trader, I suggest you spend time learning about true trading. It is not a simple case of loading your software, looking at a price chart and buying / selling when an 'indicator' says so...
If you want answers to something specific or any further help, feel free to pm me or post here again. Remember, those that have mastered all of this will say it's 'easy'...
Simply stating Forex trading is easy or hard ignores the variables dictating it and may prove unhelpful(sorry...). Another way to look at it is to ask, what kind of personality does it take to be successful at Forex trading?
I have been trading for over 6 years now and from personal experience, the reality is that it takes a certain type of character to become efficient at making consistent profits and therefore a living from trading. As a basic pre-requisite I would say you need a real passion for problem-solving and a keen desire to learn trading for the satisfaction of the art, rather than set out for the cash. Once you have a trading method or strategy, you then need to be disciplined enough to follow the rules if you are to see consistency in the results. You also have to master your trading psychology (this includes being able to accept losses, not giving into a perceived fear and exiting trades too soon etc.). Beyond this, you need to raise your targets once you have some consistency if you are to make a serious living from the markets...
The market dynamics always stay the same and the basic movement of price is repeated. As a new aspiring trader, I suggest you spend time learning about true trading. It is not a simple case of loading your software, looking at a price chart and buying / selling when an 'indicator' says so...
If you want answers to something specific or any further help, feel free to pm me or post here again. Remember, those that have mastered all of this will say it's 'easy'...
Lots of beginners flock to forex, but personally I believe it is actually the hardest market to trade. The price action exhibits behaviour that appears more random and unpredictable than indices or commodities.
Those of you that have written automated systems and backtested them will know what I mean.
Those of you that have written automated systems and backtested them will know what I mean.
Yes Hoggums, I agree...however, the volatility of the Forex market provides advantages such as being able to give you a greater amount of pips in a relatively shorter amount of time. This is probably one of the main reasons why new traders get attracted to it, but it soon becomes apparent that the risk is greater and precautions have to be taken...
Hi Kitty,
Welcome to T2W.
I notice you've posted on one of the FAQs in the Trading FAQs forum - so maybe you've seen this one already: How Difficult is it to Trade?
In a nutshell, learning how to open and close trades will take no time at all - hours rather than days. Learning to do it in such a way that you make money rather than lose it is another matter entirely. That's likely to take years rather than months, unless that is, you manage to get a job with a good proprietary trading firm and they train you. There are one or two people who claim that it's easy, but the general consensus of opinion is that it's phenomenally difficult.
There are lots of useful resources here on T2W if you decide you want to learn more about it. Enjoy!
Tim.
Welcome to T2W.
I notice you've posted on one of the FAQs in the Trading FAQs forum - so maybe you've seen this one already: How Difficult is it to Trade?
In a nutshell, learning how to open and close trades will take no time at all - hours rather than days. Learning to do it in such a way that you make money rather than lose it is another matter entirely. That's likely to take years rather than months, unless that is, you manage to get a job with a good proprietary trading firm and they train you. There are one or two people who claim that it's easy, but the general consensus of opinion is that it's phenomenally difficult.
There are lots of useful resources here on T2W if you decide you want to learn more about it. Enjoy!
Tim.
Forex trading is easy!
Making money is hard! I suggest you open a forex paper trading account, use the resources on this site, and paper trade for 6 months and see how you do.
Also don't paper trade a month, think you are great cause you just doubled your paper account, and think you do it for real. Also paper trade the same way you would if it was real money, don't risk a 1000 on a paper trade, if you are not going to risk a 1000 of real money. Once real money becomes involved it is totally different ball game.
Good luck, and welcome to the forum!
Also I noticed you guys seem to take it easy on a pretty girl... if a guy asked this question, I think the responses would have been.. uhm dare I say a little harsher?
Making money is hard! I suggest you open a forex paper trading account, use the resources on this site, and paper trade for 6 months and see how you do.
Also don't paper trade a month, think you are great cause you just doubled your paper account, and think you do it for real. Also paper trade the same way you would if it was real money, don't risk a 1000 on a paper trade, if you are not going to risk a 1000 of real money. Once real money becomes involved it is totally different ball game.
Good luck, and welcome to the forum!
Also I noticed you guys seem to take it easy on a pretty girl... if a guy asked this question, I think the responses would have been.. uhm dare I say a little harsher?
Hi Kitty,
I would suggest you check out the 3 Ducks thread. It is as simple as you can get, and if you keep it simple then, you will get there sooner. Yes it is difficult, but can be done. It is very consuming, so arguments with spouses is a given with trading forex. There is an incredible learning curve, but it can be lessened, with the right way of looking at it. Capt. Currency can help you reduce it if you want to check him out. There really is no better way of looking at the forex markets than with the 3 Ducks, as a beginner. You will find that everyone wants to sell you a system, and that it works every time. I have found that the best systems are free. So don't spend money buying them. Good luck.
I would suggest you check out the 3 Ducks thread. It is as simple as you can get, and if you keep it simple then, you will get there sooner. Yes it is difficult, but can be done. It is very consuming, so arguments with spouses is a given with trading forex. There is an incredible learning curve, but it can be lessened, with the right way of looking at it. Capt. Currency can help you reduce it if you want to check him out. There really is no better way of looking at the forex markets than with the 3 Ducks, as a beginner. You will find that everyone wants to sell you a system, and that it works every time. I have found that the best systems are free. So don't spend money buying them. Good luck.
Likes:
Captain Currency
+1000
Completely agree
Completely agree
I trade forex in higher resolutions than anything else.
Likes:
Liquid validity
asking if Trading is hard or easy is like asking the same of the game of Golf
To Tiger Woods shooting a par round (scratch handicap) is relatively easy ..to most of us we will never achieve that even if we play for 50 years
Apply whatever generic principles Tiger Woods did in his path to golf Excellence (Committment, practice,practice , practice, Good coaching, years of experience and playing top competition) ......... and Trading will be easy for you or anyone else as well.....
10,000 hours on the principles above should do it.....
N
To Tiger Woods shooting a par round (scratch handicap) is relatively easy ..to most of us we will never achieve that even if we play for 50 years
Apply whatever generic principles Tiger Woods did in his path to golf Excellence (Committment, practice,practice , practice, Good coaching, years of experience and playing top competition) ......... and Trading will be easy for you or anyone else as well.....
10,000 hours on the principles above should do it.....
N