Yes, it is possible to succeed as a trader and be in the market for the long run. Why isn’t everyone a trader, then? Because it takes work and dedication to it. Many get burnt because they didn’t research enough and quickly enough found themselves in scammers’ claws. After such an experience nobody would want to have anything to do with Forex. Is this the fault of Forex itself? Certainly not. We hate to break it to you (especially them), but you can’t get money overnight, and nobody is going to give it to you. If you thought so, think about it. When you were little, maybe you would get some money from your grandparents and such, but that is still because you were family and – you were a kid! You weren’t earning. You weren’t aware of what savings or money management were. Now that you are, it’s important to remember because you won’t get money overnight, it doesn’t mean you can’t get it at all by being a trader. Why would otherwise people trade so much, especially when you can get into Forex trading faster than ever?
Research before you open an account
We know it sounds pretty obvious and not super smart, but you would be surprised how many people don’t want to bother with it. It’s too much work for them. If it’s bothersome for you, then think about your priorities. Do you value your money enough, or you want to blow it entirely and give it to some scammers who will never call you again once you put the money into your newly opened trading account? We don’t think so. Take some time to sit down and instead of doom scrolling, take that time to get familiar with various brokers and companies. See how Forex works. Read about why it is decentralized and how it became more accessible thanks to that. Read broker reviews since they will give you an excellent insight in who is good to work with. Check websites that keep a list of regulated and certified brokerages. It is an easy and straightforward way to secure yourself and your money from any scam, and start your trading journey without much anxiety (even though it will be stressful initially, but don’t worry, it’s normal).
The smartest way to invest and succeed in the long run is to consider investing in index funds. It is regarded as passive income (which is excellent), and there is a fun way to look at it if you are sceptical about it. Instead of buying one rose and putting everything you can into caring for it, it can still happen you wake up one day, and the rose dies. If you buy a small variety of plants, it will not be a complete waste of your time and energy if one plant dies. You still have others to take care of that bring you happiness, and over time you will buy a rose again. Something like that happens when you invest in index funds. Index funds represent a range or portfolio of stocks that “imitate” how the stock market performs. Fees are low, and you will have less expense and build up your income slowly. While we are at “building up your income”…
Don’t be afraid of going at your own pace
Many get FOMO when they become forex traders (Fear Of Missing Out). No wonder since the market is highly volatile and you never know when the chance might pop up. Is there any way around it? First thing would be having a trading plan, which falls into the “research” part, but you will establish it once you start working with your broker. Following a plan and having a goal is crucial when trading since you are less likely to make impulsive trades. Decide if it’s easier for you to set up everything and then check the results once a week, or you would rather spend every day observing the market. The long-term strategy turns out to be the best because you are accumulating income and that’s why it’s called “passive”. Doing Forex is considered an investment, and you decide if you want to put your money in so, you can slowly build up your savings or use the money in three years for something else. It’s up to you, but being patient and considering how you are investing your money and not being rash with your decisions is always the key to success.