Sublimes posted: Mostly new traders are unrealistic because they get too influenced by the lucrative advertisements by some scam brokers. They think of the market to be an easy place to make money and often make wrong trading decisions.
The fancy alluring lifestyle showcased by many people think that forex is an easy and quickest way of getting rich. They neglect proper forex education and start trading live directly and eventually fail..
The most common misconception about forex is that it can make you rich very quickly. But in reality, patience, strategy, and practice are the keys to success. There's no point in expecting too much from the foreign exchange market. Most people want to make money in Forex without putting in any effort or having any prior knowledge, but this is simply not possible.
I don’t find it surprising. Anyone can get allured by the mesmerising advertisements that make you believe that you can easily make money in the forex market. But only an intelligent person would be able to use his brain and realise that there is no easy way of making money. Others just fail ultimately.
I won’t go far. I also got attracted by the social media ads and the lucrative lifestyle of the so-called traders. I was so excited to start my trading career that I put a big amount at risk. The obvious loss (as I can say now) came as a major setback. Just like scammy advertisements, there must be realistic ads too that will help new traders make an informed decision.
It's natural for people to expect huge things from something when they see a lot of other people getting a lot. People remark about how much money a trader makes without considering the amount of effort they put in previously. New traders must realise that they cannot expect to make large gains right away. To get to that point, you'll need a lot of dedication and consistency.
It is unrealistic to expect instant success in Forex trading. With only a few months of study and practice, you cannot expect to become a highly skilled and successful trader. Before you begin live trading, you must first learn the fundamentals, develop your strategy, test it, and practise it with a demo account.
People become unrealistic because they get tempted by the mass amount of money one can make in the forex market. However, they forget that this requires you to put in the hard work as well.Without this realisation, they set up unrealistic goals that don’t yield expected results.
It is critical to understand that when most people start trading forex, they become unrealistic. They hope to become rich quickly, or perhaps millionaires overnight, but this will almost certainly never happen. Forex is a long-term game where results are achieved overtime if you are patient enough to go through profits and losses without getting overly emotional.
Those who become unrealistic about trading often end up paying high for their greed. It’s just the right knowledge that can help you make the most of the market. Hopes and desires will only make you do the wrong things.
The fake trading advertisements are a reason why some traders think of forex trading as an easy way of making money. It’s a trader’s mistake to not develop an understanding of the market before setting high goals.
I agree with the OP. People expect forex trading to be some magic, or some kind of a special kind of lottery where every person wins and gets rich overnight. Many people who enter into forex trading do not even know the basics of the forex market. That is why the failure rate in the forex market is so high.
It’s true, those who think they will be able to pull in huge amounts of profit as soon as they begin their journey often lose quicker than most newbies. Setting realistic goals gives you time and space to get familiar with the changes in the market environment and make the most out of every opportunity that may come your way. Focus on learning and minimising risk.
Knowing that forex trading gets you money, most traders think that it would be an easy job to do. They don’t realise the truth until they have to trade in the live market. So, stay patient and sink in what you learn.
In the forex market, people think some miracle will happen and they will become rich overnight, they just completely ignore the hardwork, the struggle the successful trader has been through to earn huge piles of money now has a long back story. Always set realistic goals for yourself and focus on learning initially and then work on strategies.
tyson_learner posted: In the forex market, people think some miracle will happen and they will become rich overnight, they just completely ignore the hardwork, the struggle the successful trader has been through to earn huge piles of money now has a long back story. Always set realistic goals for yourself and focus on learning initially and then work on strategies.
I totally agree with the fact that success doesn’t happen overnight, it's not necessary to move mountains or cross bridges to attain your goal but consistency and discipline can bring you close to your aim. And for trading goals practice is a must.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.