It is common knowledge that most investors fail at finding success in forex currency trading. In fact, it is not uncommon to hear that 90% of traders loose money in this market.
Despite all of this, the currency market is not a trading opportunity you want to turn your back on.
Ironic as it may sound, the market that has left a sour taste in the palettes of many traders still holds great promise. After all, for every defeated investor who populates the failing group, there is a small group of investors who fit squarely into the successful group. It stands to reason: if 10% of forex traders are succeeding beyond the wildest dreams of most investors, there must be a secret to their success. And indeed, there is.
If you currently find yourself in the failing group, consider this…
Your failures should not warrant that you to walk away from this market, but rather, they should leave you questioning how the elite 10% of forex traders find their success, and more importantly, how you can duplicate that success. As with anything in life – and the currency market is no exception – perseverance in the face of adversity trumps everything else.
The currency market is, indeed, a challenge… But, for better or for worse, it is still very lucrative. And for that reason alone, you cannot afford to look away.
Quite frankly, the forex market offers traders a very good proposition in exchange for the risk it demands in return. But, don‘t take my word for it… The following are three very good reasons to support my argument:
(1) An excellent ROI
Some traders aim to make a 20% return on their money each year. Others aim higher – they look to get 100%, 200% or perhaps even 300% returns for the year. And, just the same: others go for 10%. Whatever the goal, this market lets you decide how much profit you want to realize.
Now, you can argue that it‘s not easy as I‘m making it seem; that getting double, even triple digit returns for the year is hard work! Well, it is… I won‘t deny it. But, that is no reason to look past this market. The key with the forex market is to develop the skill of being able to capture the same amount of pips (or better) every month, whether it be 10 pips or 100.
That means, after all the additions and subtractions to your account throughout the month, if you can net the same amount of pips on a consistent basis, you will soon find yourself in that group of elite traders. With a consistent amount of pips captured each month, a whole new world of incredible returns can open up for you. You want to see a 100% return each and every year on your money – well guess what, it’s not only possible, people are doing it in this market everyday!
Can your local bank do the same (or, other investment classes for that matter)? Should you still diversify your investments? Of course! But, as soon as you understand what this market can truly offer you, the question of giving it up will never enter your mind. Instead, you will ask different (better) questions, like: how can I improve my trading psychology to win, or, what trading strategies can I implement to succeed and reach my goals, etc. See the difference?
(2) Equity growth
Returns and equity growth go hand in hand but I’m mentioning it separately to emphasize the point that the forex market is truly a money-making market (and, not the loosing proposition that you might be tempted to believe)! It is true that some traders are doubling their money in this market each every year, year-in and year-out… Can you imagine just how much capital they are building up by doing this? And, if that capital remains untouched for the most part (aside from a small draw of income), the compounding effects of growth can be quite extraordinary. See my post for an example of forex currency trading in action and see the power of compounding first hand (scroll down, halfway through the post). In this article, I demonstrate how $10,000 becomes over $10 Million in only 10 years!
By sticking around and mastering the market in the face of adversity, such individuals are enjoying a handsome payday. Wouldn’t you like to be on that end of the spectrum?
(3) Lifestyle Freedom
There are three aspects of lifestyle freedom that you can obtain by succeeding in the forex market:
- Time freedom
- Work freedom, and
- Geographical freedom.
By setting up specific trading systems and strategies, you can limit the amount of time you spend trading and still make the same amount of money each month. In addition, if you are making all the money you need, you won’t need to continue working (unless you want to). And finally, all you need to trade is a laptop and an internet connection. You can be anywhere in the world, so long as you have a reliable laptop and connection to the Internet. Can you imagine the possibilities of what such a lifestyle could offer you? Your problems will start changing from what to do for tonight’s dinner to which bistro to have dinner at, while you’re frolicking around in the south of France (or, any other destination of your choosing… you fill in the blank(s)! See my article on the currency trading lifestyle.
To be sure, this market offers plenty of potential to those who take the time and develop a thick skin to master it. If you’re committed to this market – and overcome the necessary hurdles – your risks will start to fall and at the same time, your rewards will steadily increase.
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