Guest post by Forex Trigger
There may be lots of reasons why somebody can’t make cash with forex. Or rather, there may be plenty of reasons why an individual isn’t earning with currency exchange at this time. Using the word “can’t ” makes trading success sound most unlikely when it is probably not.
Many of us, when we start out trying to earn income from foreign exchange trading, will buy into one or more foreign exchange systems that are advertised as having certain results. The system could be in the shape of an e-book or a series of coaching videos where someone explains to you what to do. It could be in a published book. It may be an automated system, often referred to as an expert counsellor or forex robot. Or it might just be something from a forum where some guy has posted that he makes x number of pips from this system and tells you how it operates.
It is natural to read this type of thing and accept that we’ll have similar results. That is of course presuming you think that the person is talking the facts. Commercial advertisers are risking getting into gigantic trouble legally if they falsify results, while the guy on the forum isn’t risking anything, so that might or may not make a difference.
But anyway, let’s imagine the results given in the promotion are absolutely true and are from live trading. There are still some factors that most people don’t consider, which can suggest that the average newbie is not necessarily going to see the same result.
First, the average newbie is likely to make some mistakes. They may try to cut corners, dodging anything they don’t understand rather than making the effort to raise questions. This is fatal to a system. So the first thing to do if you have been trying a system in demo, say, and it is not working, is to study all the material again and see if there is something that you have missed. It may be that you misinterpreted something or did not take something into account. Many times this may turn up something that will have an impact on your results.
Second, different people have different trading styles. We’re not bots. Theoretically two people operating the same system with the same beginning investment using the same broker should have similar results, but if you set up two traders in this situation they would potentially still do things in other ways.
Are you acting quick enough when you get a signal, or are you easily distracted so that the price moves before you place your trade? Or is it not your fault? Are you seeing too much slippage? Maybe you need to think about changing your broker.
And even if you are employing a robot, you may think that everyone using it will have similar results, but that isn’t correct. A fast look in the forums will prove this. Folks set it up differently, they may use different pairs, they’ve got it connected at various times, there are 100 factors that can change.
So don’t lose hope. The truth is that everyone has to do some work when they start out as a forex trader, no matter if they’re reputedly the perfect personality type, which most of us are not. Sure it’ll doubtless help if you are a cool headed sort of person who can handle a certain amount of stress and perhaps even works better under pressure. It’ll also help if you’re not freaked out by the thought of basic math. But you are the right sort of person or you would not even be interested in trying to earn money with currency trading.
Hassam 