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TE01 - Your Most Important Investment As A Forex Trader

"When a beginner to forex trading is asked about what their biggest investment would be, they would often reply with money. This may be true to a certain extent. But it is time that is your biggest investment as a forex trader. Without dedicating the time required, you will not learn much about the markets. By dedicating time, you will set yourself up to learn about the markets, how the different instruments interact and also learn how to trade the markets professional. Many professional traders takes years of hardwork to reach where they are. Therefore if you think that you can become a profitable trader overnight by trading forex, then you are mistaken. You would end up losing more money rather than make any money in the first place. In this article, we will show you why time is so important in your journey as a forex trader and why you should be looking at giving yourself enough time to develop your kislls as a trader."

If one were to think about the biggest investment one could make as a trader, you might get a lot of responses. The answers can vary from time to money, discipline and a number of other things.

Many traders often mistake that the biggest investment they can make as a forex trader is that of investing in a trading system. This may be partly right. But did you know that the single most and the biggest investment you can make as a forex trader is that of your time?

Yes, time is one of the biggest investments you will make as a forex trader. Unfortunately, many beginners in trading do not feel the same. Traders take to trading because they think that they can become rich overnight, or over a short span of time.

This is one of the reasons why many traders fail at forex trading. Without giving yourself sufficient time, the chances of you losing out are quite high. Therefore, the sooner you realize this the better your chances at improving.

Just like any field, in order to be successful, you need to have time and also practice quite a bit. It is no different from forex trading as well. Without time and practice, you will not be able to make quite a lot of profits consistently in the long term.

Why is time such a big investment in forex?

If you think that you will learn a trading system and follow it to the last rule to get rich, then you are mistaken. Even despite following a trading system, you can lose money. This is the nature of the forex and the financial markets in general.

Practice makes you perfect and this is the case with forex trading as well. By practice, you would be able to understand the different aspects of the markets. You might have heard about risk management. Well, in order to be good at managing your risk, you need to be able to have a lot of chart time.

Chart time is nothing but gaining the experience in the markets. Knowing how to react when the markets are behaving in different ways. This allows you to know when to increase your stake in the trade and when to hold back.

All of this is only possible by ensuring that you have spent enough time in the markets. By spending time, we don’t just mean the ability to follow a trading system. It also means that you should be able to understand what the markets are doing.

You can gain this information only by spending time and also learning about the markets. Many traders focus on just the technical aspects of trading. But traders need to also focus on the fundamental aspects of trading as well.

The only way you get become adept at fundamental analysis and the concept of trading is by practicing and also learning. There are many books as well as online websites from where you can learn a lot of information.

You won’t obviously learn everything overnight and you need to give yourself some time. As you can realize by now, time is perhaps the biggest investment you will need to make to become successful as a trader.

Many forex brokers often advertise the hype about trading forex to earn a second income. This often entices many wannabe traders into taking up forex without realizing that it can take months if not years in trading.

Therefore, even before you start to trade forex, you should first know whether you would be able to dedicate the time and put in the efforts required to be successful. Many forex traders often given up within the first few months of trading. The moment they start to take losses, they give up quite easily.

This is because many beginners do not want to dedicate the time required. Rather, they look for shortcuts in the market such as buying an expert advisor or an automated trading system in order to get rich.

This is not the right way to trade!

If you think about it for a moment, if you wanted to become a pilot or an athlete, chances are that you will need to dedicate a lot of time and efforts. Trading forex is just the same and it doesn’t offer you the shortcut to getting rich.

If you are serious about making profits from the forex markets and that too, on a consistent basis, then it is important that you dedicate some time everyday, whatever possible in order to start your journey as a forex trader on the right note.

Read 710 times Last modified on Friday, 26 July 2019 16:12

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