What does it take to become a successful Forex trader? This is a big question without a definite answer. But there we can cover the whole grounds starting from the biggest differences of a successful trader and those who cannot find success no matter how hard they try.

The scary thing about trading is the fact that 90% of retail Forex traders are subjected to lose their invested money in a matter of 90 days. This is just the first problem that is set to challenge new traders, mind that, this problem is a big one. According to Anton Kreil of Goldman Sachs, there is a 90/90/90 rule in trading. Statistics show that 90% of day traders lose 90% of their invested money within the first 90 days.

Trading is Easy Money?

Despite that scary thing about Forex trading, there are still ideas that persist stating that trading is easy money. This idea is strongly implanted into the minds of people that those who are new to trading tend to neglect the importance of understanding and learning the basics of trading Forex. If you can browse the internet, you will see a huge number of new traders asking basic questions about trading which clearly states that they already started trading without prior knowledge with regards to the trading world.

The most common assumption of many is that they can make money very quickly and easily. But sad to say, this assumption is very far from the truth. Trading is not a ‘get-rich-quick’ scheme. You need to work hard to be able to obtain your goals. As soon as new traders enter the Forex market, they already pictured-out the image of themselves living in a mansion with luxury cars in their garage. This perception can somehow be attributed to the trading ads we see online showing Ferraris, mansions, and all the luxurious things you can ever imagine.

Because of this, your brain starts the thought which later turns out to be uncertain and only depends on the trader and how he handles the movement of the Forex market. Soon, you’ll get to realize that for you to be able to succeed in trading, you must consider it as a business. In business, you don’t rely on anybody else, you rely on yourself, your hard work, and knowledge in running the business. Treating trading as a business is a sign of progress.

The Downside

Contrary to the belief that trading is simple and easy money since it is a work from home, not all people tend to find success in it. Just like any other business ventures out there, you first need to know the ins and outs of the market before joining it. Know your craft. Learning is so much easier thanks to the Internet which has a wide range of learning materials available for interested ones.

Sad to say, new traders, tend to think that they can simply jump into the market, start trading, and become a millionaire the next day. Most of the time, these kinds of traders don’t even have a trading plan. Remember that trading is not a game. Your money is at stake here.