Forex - The Real Deal or Fools Gold? Part 2

Missed Part 1 of this article? Read it here

Now, let's suppose that you were a new person - and you base your trading on the principles mentioned in part 1 of this article. You may not find Forex easy in the beginning, but - with the right kind of mentorship, never trading with real money until you are ready, your capital remains untouched.

And this is such an important factor - keeping your capital untouched and NOT being tempted into rashly and recklessly trading until you are really, really, ready.

As long as your capital is safe until you have proved, in demo-mode, that you have learned to regularly and consistently leverage money and compound it - why would you risk your real money? It doesn't make sense, does it? But people do it every day.

Forex trading deserves the forethought, planning and consideration that every successful business start-up needs. It's a business that's all about money - good money-management strategies and planning are more important here than in any other business. Without them, Forex IS fool's gold.

Over 95% of new people coming into Forex, hand their money over for training and advice that simply does not work without this crucial aspect of the Forex 'business' being dealt with. But they don't find this out until it's too late.

The most attractive looking trading strategies in the world are no use whatsoever without a well-thought-out money-management strategy and long-term business plan in place BEFORE trading.

Spending time and effort in understanding this part of the learning-forex process will lead to a much better and more fulfilling Forex experience. Anything else tends to be nothing more than an expensive gambling exercise.

Much better to start your Forex career in demo-mode knowing exactly what your targets are. And then staying in 'demo' until you prove beyond a shadow of doubt that you can hit those targets - consistently and safely - before using your real money.

Use good old-fashioned common sense

Learning to trade Forex successfully is a process, not an event. It's a process that if done correctly can be utterly life-changing. Yes, it is possible to make money in the Forex market without ever having to leave home. No commuting, no boss, no shortage of money and oodles of free time to indulge in those things that you may have dreamed of but never seriously thought you could achieve.

It is also possible to become very rich at it. But whilst Forex may be a 'get-rich' scheme - it is definitely NOT a 'get-rich-quick' scheme. It takes time to become familiar with the mechanics, the principles and the various different strategies.

It also takes time for you to develop skills and judgment. It takes time to 'prove' that you can consistently be successful - for instance , my students go many weeks in demo without a negative trade before 'going live'.

Click here to read about the successes of my students

If you believe in fairies at the bottom of the garden or that life will give you a free ride - prepare for disappointment in Forex. In fact, prepare to be one of the 95% of beginners in Forex that lose all their capital in 90 days.

But if you believe that you get back what you put into life. And that very little that is really worth-while comes without effort and commitment - then Forex could very well be that wonderful and rare opportunity to change your life that you have been waiting for. Anyone can learn to be a successful Forex trader if they are prepared to pay their dues.

So, application, understanding, planning, discipline and patience makes for a life-changing opportunity in Forex.

It's much better to prepare yourself properly for the process of gaining the skill, experience and good judgment that guarantees success in demo, rather than jumping in on a wing and a prayer only to find that what you thought of as a Golden Opportunity, turned out to be Fool's Gold.

Learning to make a living from Forex can be stressless, enjoyable and fun - but to repeat yet again - it IS a process NOT an event and it's essential to commit yourself to doing it properly. Then happily, you'll find that Forex is indeed the 'Real-Deal' and not 'Fool's Gold'.

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