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Are You Cut Out To Be A Forex Trader?

Nov 16, 2007
Trading forex can be one of the most profitable professions, even if you're just trading your own account, providing you're successful. However, if you are trading on your computer at home it can be a very lonely profession.

The common opinion amongst non-traders is that forex trading is hugely exciting with vast sums of money to be won and lost every day, with the potential to really strike it rich, but in reality this isn't really the case.

Sure it can be exciting at times when, for example, a currency pair moves 50 or 100 points in your favour in a matter of minutes and you're sitting on a huge profit, but this type of occurrence doesn't happen all the time. Far from it in fact.

There are times when you can be sitting at your computer for hours on end trying to find a trading position to take, and can sometimes spend the whole day without entering a single trade. In fact sometimes during particularly volatile times and conversely in very quiet times when the markets are moving sideways, it's often best to sit on your hands and not take a position.

This certainly isn't exciting and is a good example of why forex trading is not always that exhilarating. In addition there are times when you can have a losing trade, or worst still a losing streak where several trades go against you, and therefore not only have you not made any money, but you've actually lost money. Trust me, it's not a great feeling going into the weekend knowing you've actually lost money during the last week.

There's also the fact that forex trading is an extremely lonely profession if you're working from home. The lack of social interaction during the day is really noticeable, particularly if you are a naturally sociable person, and I would suggest that this aspect alone means that forex trading is not for everyone.

However on the opposite side of the coin, forex trading provides an obtainable means to become very wealthy thanks to leverage and compounding, so if you can become a successful trader the rewards can more than compensate for the loneliness and occasional periods of boredom and inactivity.

Forex trading has provided me with a very good income since 2001, but like anything it takes real dedication and hard work, and you need to learn how to consistently generate profits from your trading and develop your own strategy, but it's definitely possible, as thousands of other successful traders have discovered.
About the Author
James Woolley has been trading the forex markets for around five years and also runs a blog dedicated to offering free forex trading tips.
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