Monday, November 12, 2012

Forex Trading Action Plan: How to Take Forex to The Next Level?

By Brian Kinajil

Forex trading is tough. It's definitely not for beginners. 95 percent of all new traders quit forex after a few months trading. This can be due to several factors such as huge lost of investment, discouragement from family members and forex broker scams. The 5 percent who ultimately stay and continue their forex education ultimately succeed and some will become forex mentors and gurus.

I don't want to discourage you but forex is hard and if you are new to the field, I would suggest that you think twice before investing in forex. Investment options like gold bullions and day trading are easier to understand and less volatile compared to forex. I am saying this because there is a real risk that you can lose money while trading in forex.

Some of you might be up to the challenge. You are not afraid to lose and you are willing to make any amount of sacrifice to achieve your financial goals. These are the character traits needed to become a truly successful forex trader. Forex can help you make wealth but it will involve a lot of hard work. The main thing here is that you must be willing to put in the time and effort to make this work for you.

Here are a few suggestions before you decide to become a serious forex trader:

1. Consider the cost before making the plunge. I'm not here to discourage you but forex is risky. You need to have a certain amount of capital to make money in forex. That is the reason why a lot of forex brokers such as xemarkets require a minimum amount to be invested in your trading account before they can allow you to trade with them because a small trading account can blow out very quickly.

2. Get someone who is experienced to teach and mentor you in the art of forex. You cannot go wrong with a good mentor. A good mentor can speed up the process of learning how to trade and they will guide you on the best path to take while trading. It takes years to learn how to trade forex but a mentor can compress those years into months.

3. Develop a strong mindset. You don't need to be super intelligent to be a good forex trader. However, you need to be really strong mentally and emotionally when entering into the forex market.

Forex trading can make you rich beyond your wildest dream but the path to wealth is paved with a lot of pitfalls and challenges. In the forex world, only the strong survive.

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