We've all heard stories of a person who perhaps came from a lower-class background, who began trading and was able to achieve success, earning millions in the process. Often these stories are heartwarming and inspirational, and teach us that all you really need to succeed is hard work, determination, and perseverance. The types of stories will also teach us that we have to be extremely focused on our goals, to learn as much as possible every day, and that in the end, all the hard work will eventually pay off.
Table of Contents
Forex Investment | Effort, Focus, and Determination
Forex Investment | Back to Reality
Real-life stories like this are, of course, extremely rare. There is also another type of story. The story of a professional trader who made millions trading for a few days, then lost everything because they were convinced they had found the ''Holy Grail'', perhaps through some specific Forex strategy – when in fact, they just had beginner's luck. Unfortunately, we cannot expect the stars to always align in our favour. It's important to understand that random events, like 'luck' are unreliable.
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Forex Investment | Effort, Focus, and Determination
Suppose that you owned a company, what you would do with your own company? When you decide to start a company, you do not just invest in the first idea you hear about, right? No, a sensible investor shops around first, and considers various options before committing to anything. Once you're running your business, you probably won't just go with the flow of things either. To make your firm operate effectively, you need to plan, set targets, check progress regularly, and set budgets.
The same principles apply to trading. As with fulfilling your life goals, in meeting your Forex goals, you need to really apply yourself, with a great deal of effort, focus, and determination. As Vince Lombardi once said, "the only place success comes before work is in the dictionary". When you Google something like "Forex monthly return", you may stumble into some outlandish account statements, or claims of people that are supposedly making millions per hour.
Don't forget that with every story of extremely successful and rich traders, there is usually a catch.
You might hear a story about a Wall Street trader making 10 million USD a year, and it may even be true. But, what the story may not mention is that the traders manages billions of USD. Those 10 million USD are less than one percent of the total account that the trader manages. Compare that to a 1,000 USD account, it then amounts to a return of just 10 USD a year!
Before you attempt any form of trading, it is recommended that you do so first within a risk-free trading environment, via a Forex Demo account. This will allow you to try out different strategies, techniques, and timeframes, without putting your capital at risk.
Most stories don't make that fact evident – sometimes deliberately – so ordinary people get the wrong impression. The actual results of this magnitude are very rare. If you doubt the rarity of successful large-scale Wall Street trades, ask yourself, how many times you have seen a Wall Street trader publicly display his or her results? Of course, there are exceptions, but 90 percent of the most successful traders won't share this information, because they simply aren't performing at that level.
