08 October 2018
Forex is NOT EASY. Don’t give up!
By Brad Mitchell
Forex is NOT EASY. Don’t give up!
Success takes a lot of time, dedication, and most importantly: Action. Without taking massive action you literally have ZERO chance of building a long-term source of income with anything. Period.
I started trading Forex in 2016 and it definitely wasn’t easy. I went through countless nights of studying the market, analyzing patterns, testing different techniques, and much more.
Every time I wanted to throw in the towel I always reminded myself why the heck I’m still doing this, and that’s solely for financial freedom. After all the trial and error, the ups and downs, I finally figured out what worked.
I know a lot of you are feeling frustrated and/or confused because there’s so much to learn, so here are some VALUABLE KEYS that helped me a TON:
✅ Be Consistent & Correct Before You Start Worrying About Money
- A lot of people start off with the mindset where they think to themselves; “If I catch this many pips I’ll make X amount of money!” Slow your role, you’re thinking about money WAY too soon if you haven’t even learned how to trade or analyze yet. Make sure you fully understand how the market moves before you start to think about how much profit you’re going to make off each move.
- At the end of the day, if you’re prematurely thinking about the money, you’re going to over leverage and end up putting too much volume on each trade which will eventually blow your account. Even though making money is the ultimate goal in Forex, learning how to accurately predict the market is the most important part in order to succeed.
✅ Trade Higher Timeframes
- It makes no sense as to why anybody, especially if you’re new, would trade small 5 minute timeframes. I recommend to learn and trade higher timeframes in order to see the bigger picture, rather than being zoomed into one specific period of time. This will ultimately result in better long-term trading success. Pretty self explanatory.
✅ Focus on 1-2 Pairs at a Time
- Each pair has it’s own story, they move differently and at different times. Many people waste their time focusing on multiple pairs at once such as gold, commodities, etc. Instead, you need to learn and master 1-2 pairs at a time before moving onto the next pair. How do you expect to master pairs if you’re trading so many at once and constantly switching between them? If you’re not consistent with just 1, how do you expect to be consistent with 5-10? My point exactly. Forex isn’t a game, it’s not something you can play around with and expect to learn overnight.
I hope this helped some of you guys out who are trading in the foreign exchange markets. If you have any questions feel free to drop a comment or reach out to me. I’d be more than happy to help!
If you guys like these types of posts, I can definitely drop some value in this group more often.
Forex is NOT EASY. Don’t give up!
Success takes a lot of time, dedication, and most importantly: Action. Without taking massive action you literally have ZERO chance of building a long-term source of income with anything. Period.
I started trading Forex in 2016 and it definitely wasn’t easy. I went through countless nights of studying the market, analyzing patterns, testing different techniques, and much more.
Every time I wanted to throw in the towel I always reminded myself why the heck I’m still doing this, and that’s solely for financial freedom. After all the trial and error, the ups and downs, I finally figured out what worked.
I know a lot of you are feeling frustrated and/or confused because there’s so much to learn, so here are some VALUABLE KEYS that helped me a TON:
✅ Be Consistent & Correct Before You Start Worrying About Money
- A lot of people start off with the mindset where they think to themselves; “If I catch this many pips I’ll make X amount of money!” Slow your role, you’re thinking about money WAY too soon if you haven’t even learned how to trade or analyze yet. Make sure you fully understand how the market moves before you start to think about how much profit you’re going to make off each move.
- At the end of the day, if you’re prematurely thinking about the money, you’re going to over leverage and end up putting too much volume on each trade which will eventually blow your account. Even though making money is the ultimate goal in Forex, learning how to accurately predict the market is the most important part in order to succeed.
✅ Trade Higher Timeframes
- It makes no sense as to why anybody, especially if you’re new, would trade small 5 minute timeframes. I recommend to learn and trade higher timeframes in order to see the bigger picture, rather than being zoomed into one specific period of time. This will ultimately result in better long-term trading success. Pretty self explanatory.
✅ Focus on 1-2 Pairs at a Time
- Each pair has it’s own story, they move differently and at different times. Many people waste their time focusing on multiple pairs at once such as gold, commodities, etc. Instead, you need to learn and master 1-2 pairs at a time before moving onto the next pair. How do you expect to master pairs if you’re trading so many at once and constantly switching between them? If you’re not consistent with just 1, how do you expect to be consistent with 5-10? My point exactly. Forex isn’t a game, it’s not something you can play around with and expect to learn overnight.
I hope this helped some of you guys out who are trading in the foreign exchange markets. If you have any questions feel free to drop a comment or reach out to me. I’d be more than happy to help!
If you guys like these types of posts, I can definitely drop some value in this group more often.
Labels: Forex, Investment Quote
