On the question “Can Forex trading make you rich?” the answer should be an intuitive and immediate NO! First of all there is a misconception that Forex trading is equivalent with fast money. Unfortunately this is far from reality. To place an order in the currency market you should know both why and how. In addition you need to develop a strong Forex trading discipline and use it to always stay true to your trading strategy.
Big dreams tends to kick off retail traders to start their venture in the currency market. However, in time their experience is growing while the balance on their accounts are decreasing. Thus, it is natural to ask: what differs a successful trader from a not successful one? In our opinion the most obvious has just been mentioned. Experience! We are tempted to say that at least 90% of all successful traders lost all their saving at least once.
Knowledge is Power, Discipline means Profit
The more we consider the question “Can Forex trading make you rich?” the more it falls on its own unfairness. This is why we think, the sooner you accept that Forex trading will not make you rich fast, the better. Instead you should start developing your own Best Forex Trading strategy. A long term perspective is the fastest way for potential success. On this path a few things are worth mentioning:
Knowledge is power! If you had a larger loss it is more than likely that you have learned from it. The feeling of wiping out your entire account have surely left scares in your mentality. Will you ever make the same mistake again?
Discipline means profit! Did you ever make a mistake leading to a market loss? Did you analyze what you did wrong? Include all mistakes in your trading discipline. This is why the value of turning your biggest mistakes into a positive learning-curve is very powerful.
In this way you are likely to take the next step in your trading venture. However, nothing is for granted if you don’t develop your mentality in the same pace as your trading skills. Thus, and in our opinion, trading discipline is just as important as market knowledge and personal experience.