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Thinking about getting into Forex trading but are wondering is Forex worth it? We answer that question below so you can decide if it is worth your time or not.
The answer to that is it depends on you and your goals. Yeah, we know that’s kind of a cop out answer. But it’s the truth.
There are situations where Forex is worth it and situations where it ain’t. Let’s dig in a bit more here so you can have the info you need to decide if it might be your cup o’ tea or not.
Some people do find Forex trading to be totally worth it. They love that they can sit home in front of their computer monitors and trade currencies. It’s a situation where they don’t have a boss and have the chance of earning a living essentially working for themselves.
These people are highly motivated to make money with Forex. And they spend a lot of time learning about the market, about reading charts, poring over those charts on a daily basis and basically making Forex trading their full time gig.
You know who else loves Forex trading and think it’s totally worth it? The charlatans who pitch courses, software, trading secrets, etc. and yammer on and on about how easy Forex trading is. And how much money you can make and how they can show you how.
They talk about things like how joining the Forex foreign exchange allows you to multiply your money in a short amount of time. And focus on systems like Forex leverage. (Forex leverage is pretty much a multiplier of money. If you invest a small amount of money, it may turn into a large amount of cash in just a short period.)
What they don’t say is you can also lose your shirt in a short amount of time too. Which brings us to when Forex trading is not worth it.
If you go into Forex thinking you’re going to get rich quick, then Forex is not for you. Because you won’t. More likely you’ll end up getting poor(er) quick.
Also, if you are not willing to invest a lot of time learning about Forex, how the markets work, how to understand the charts, etc. then Forex ain’t worth it.
To be successful, it takes a lot of time and discipline. You need to treat it like a job. And you have to have patience to develop a trading strategy that works for you. Not just blindly copy others (especially the charlatans) who claim to have their can’t miss strategies and systems for you to follow.
So if you’re willing to invest the time to learn and to devote to becoming a successful Forex trader, here’s how to start.
Learn as much as you can. Really do your research. Start following the markets. Get a sense of how they operate in the real world. Maybe even start making paper trades (where you don’t put real money on the line) and see how it goes.
Then start with small trades. And start with money you can afford to lose. Get some experience. Get some confidence. Find the strategies that work for you.
Sound familiar? That’s pretty much the strategy for any type of investing.
If you’re willing to follow it, then Forex or any other investing strategy can be worth it. If not, better to sink your long term savings in index funds and call it a day.