Before you ever began trading, you probably had opinions about what it would actually be like. Maybe you assumed it was an easy way to make some extra money, or you might have been doubtful that it would actually work. Either way, most traders figure out that their original expectations about trading were wrong once they actually open a trading account and start doing it.
Perhaps it turned out to be harder than you planned or you might have been surprised to learn that you actually can make money doing it. If you still haven’t tried trading yet, take a look at some of these beginner statements to see if you have the right or wrong first impressions about what trading is really like.
You Can’t Make a Living from Trading
Yes, you actually can make a living from trading, but there are a few catches. First, you would need to make a sizable investment into your trading account. Think around $30,000 or so. You’d also need to invest enough time into trading while following a great trading plan with experience. If this doesn’t sound like it fits within your guidelines, you should know that you can still bring in extra income from trading, even if it isn’t enough to fully support you. Many traders actually work regular jobs and trade part-time and there are many different strategies that will allow you to do this, but you can’t expect to become rich in a few days.
It’s too Hard
Everything you need to know about becoming a successful forex trader is available online and much of this information can be accessed for free. There are also professionals out there that want to share pro tips with you so that you can make money and avoid making mistakes they’ve made along the way. The idea that trading is hard actually comes from people that don’t invest the time into learning how to do it. If you don’t do research and learn to work a trading platform, you’re bound to feel confused and more likely to enter trades that will go against you. It isn’t hard to learn to trade – it just takes time and dedication. Those that are looking to make a quick buck are often thrown off by this fact.
Most Brokers are Scammers
You might be wary about choosing a forex broker or view all of them as shady. It’s true that scammers are out there, but there are also many reliable options with terms & conditions that will protect you from fraud. All you have to do is spend some time researching any potential broker you’re considering. You’ll want to check their regulation status (you might want to lower your expectations if you’re located in the US) and thoroughly read through their terms & conditions for information related to hidden fees, withdrawal policies, and so on. You can also look for customer reviews online to see opinions that aren’t only one-sided.
