Is Forex Trading Worth It? It is a really important question, if you are looking for an answer.
If you’ve searched in Google and typed ” is forex trading worth it” and landed on this page trying to find an answer to that question then my guess is that:
- you haven’t traded forex live in your life before
- you’ve got some money that you’d like to invest and you are looking for somewhere to invest and forex trading is something you’ve never done before.
- or you’ve read somewhere or heard about how people make money trading forex online and that has got you interested.
Well, I got two answer for you.
But before I get to it, you may be interested in reading this:
- free forex price action trading course
- follow and subscribe to my free forex trading signals based on price action trading.
- learn about elliott wave theory and how to trade it.
- top 10 reversal candlestick patterns
Answer #1: Forex Trading Is Worth It (And Here’s Why)
I’m not a professional forex trader, nor do I make a lot of money in forex trading. Forex trading is something I do on the sideline and my trading performance probably goes like this in most cases:
Mind you, I’ve had success in forex trading and I’ve blown it away in my quest to get rich too quickly.
If I was successful in forex trading, I wouldn’t be in my day job working 12 hour days, I can tell you that for sure.
The advantage of having a regular day job is that I get regular salary every week paid into my bank account. The so called “job security” as long as you can be required in that job until your services may be required no more and you are kicked out the door.
Such is the cycle of being employed these days.
God willing, should I make it in forex one day, or something else.
That being said, one major reason why forex trading is worth it is so that you can actually work for yourself.
I don’t like to be bossed around as much as you do. Yes, I know, some of you may have the “perfect job” and some of you may be looking to get out of you job because you hate it or you hate the people that work with you.
I do understand the feeling. That’s called job entrapment.
Sometimes you can really do much except stay because if you quite, the paycheck stops and how are you going to survive? How are you going to pay the bills?
Now, forex trading really provides a great avenue where even a very small amount of money can be multiplied fast in a short amount of time because of the thing called forex leverage.
Forex leverage simply means that for a very small amount of deposit, you get the chance to control a large amount of cash to trade forex and this leverage is provided by your forex broker.
If you are one that puts in the money to trade forex and you start to see progress and success, forex trading is definitely worth it.
Forex trading is really worth is when you have the discipline to follow trading rules and risk management as well as and the emotional maturity and mindset because it can be really tough.
Believe me….I never knew how greedy I was until I started trading forex. I would make $1,000-$5,000 profits and sometime even more in a week or sometimes in a single day of trading and I wanted more.
Answer #2: Forex Trading Is Not Worth It IF…
If you are looking to get rich quickly in forex trading, then its not worth it.
If you are thinking that you’d like to invest your last $5,000 in forex trading then forget it.
If you think that you will win in the first attempt at forex trading then forget it. I’ve busted more forex trading accounts and made profits in tens of thousands of dollars (combined) and lost also tens of thousands of dollars and I’m still not successful forex trader yet.
Because this “coconut” of mine is very slow to develop the appropriate proper trading mindset to be a successful forex trader.
If you are not willing to put the time and effort to practice, learn and develop, then forex trading is not worth it. Might as well as stay in your day job like me until you get your act in order when it comes to trading.
How Long Does It Take For You To Be A Successful Forex Trader?
That is a very hard question and there is no scientific formula to calculate how long it would take for you to be a really successful forex trader.
What I do know is that it is very rare for anyone to be very successful on the first or the second try. And there are traders that fail and keep trying…like me.
My problem is ” I know what to do but when I’m dealing with live money, I completely change.” You wouldn’t know what I’m talking about until you trade your own live money.
Forex market is like a massive river flowing in cash… all you had to do is cast your net to catch fish and the temptation to catch more fish is very real and that’s when traders make wrong decisions which cause them to fail.
If you can fail fast and learn fast and not repeat the same mistakes, your chances of being a really successful trader will increase. Also, you cut down the time it takes for you to be successful.
So fail fast, learn fast and change and success may be just around the cornet.
Should you ever reach that point in your life whilst I’m still grinding in my day job, my hats off to you because now forex trading is worth it for you!