Many new traders started trading Forex with the wrong foot due to the very wrong education in the early stage of their learning curve. Don’t believe me?
Just type in “Forex” in your google bar and you will get tons of website offering you strategies or even signal services.
These websites attempt to paint very beautiful pictures about how easy it is to make money by trading Forex. However, saying is one thing, but proving it is another.
Here at Forex Seriously, I not only tell you, but I’ll prove it to you. One of my aims for this blog is to help traders identify bad strategies by back testing through years of data. And I do all this for free. This will save you tons of money. You can click here to visit the skills and tools section that will benefit you in this business.
Let’s now dispel some myths about Forex and set realistic expectations before we go any further.
Success in Forex trading is NOT easy and it takes a lot of hard work
Nothing in life comes easy. Making money in Forex is no different. Many online forum or sites will try to show you some “sure-win” trading strategies. Why? Because they’re trying to make money from false hopes.
I’m here to tell you the truth: Success in Forex is hard. I’ll do my best to guide you and give you the free information you need, but I can’t force you to learn; that’s up to you.
Someone posted a successful strategy does NOT mean that it will work for you
Many of my readers told me that they saw tons of sites giving away trading strategies that claimed to make X% guaranteed profit every month.
But why do 90% of new traders still fail in trading?
The bottom-line is, most strategies posted on the internet only show you the most ideal scenarios. That’s called cherry-picking.
If you take that exact same strategy and back test it over 10 years of data, you’ll probably lose a lot of money overall.
Consistent profit from Forex is NOT impossible
Now, don’t get me wrong. I’m not saying that all trading strategies posted on the internet are bogus. There are still some rare gems that work like wonder.
But firstly you need to be equipped with the right tools and mindset, and skills to pick out the bad ones first. Time and capital are too precious to be wasted on bad strategies. These skills can be learned, and I want you to have it too.
For now I recommend you to read my next article on how I stop losing money and eventually become a profitable trader. I hope you like the post today and do send me an email if you have any comments.