3 Reasons not to trade in the exchange market

Trading in the Foreign Exchange Market or Forex has become popular all over the world in recent years. The rise in popularity of Forex trading can be attributed to the ease of access that everyone has with the advancement of technology. Anyone with a smartphone and an internet connection can become a Forex trader and have access to a huge amount of income.

However, there are 3 good reasons why many people should NOT consider Forex trading as a way to earn extra income. You can call them commercial 3M.

The first condition for successful Forex trading is correct thinking. Be it trading, Forex or Equity, it carries its own risks and not everyone is able to deal with the emotional consequences of investing their money in a volatile market. Correct thinking is key to successful day trading.

It goes without saying that the right method or trading strategy is also very important. It takes time and discipline to find, develop and adjust a winning strategy. Forex trading is a business and, like any business, you need the right skills and knowledge to succeed.

Finally, money is the key. And that doesn’t mean you have to spend money to make money. A small account can be built into a larger account over time. The key is to manage your money, which is to be able to make small trades and allow your account to grow over time. But, this goes against human nature in our fast paced world – we want it NOW!

So if you don’t have these 3 Ms, don’t consider Forex trading. But, if you are not at risk, if you are willing to learn some simple skills and manage your money, Forex trading can provide you and your family with part-time income or more. Age or origin does not matter. It is well known in trading circles that young people over the age of 12 have learned to trade Forex successfully. And that doesn’t mean you’re going to quit your day job. You will be able to earn extra income, but it takes time and effort to be consistently profitable.

Many years ago I negotiated options and was unsuccessful. It seems like I couldn’t figure out all the technical and basic things. I decided that negotiation was not for me. But one day a friend introduced me to Forex and I realized that it was much easier. Of course, the risk and volatility are still there, but I think the technical side of Forex is easier. I haven’t looked back or regretted it a bit and now I’m a full time Forex trader and trainer. Forex trading can be profitable but, as with anything, you need to develop skills and knowledge to be successful.