Thread by @LazyTraderr

FOREX TRADING IS IT WORTH YOUR TIME? AND CAN YOU ACTUALLY MAKE MONEY TRADING?

THE PROS AND CONS OF TRADING

Hey guys Walter here..... So based on a thread earlier today debunking forex trading as a mirage i decided to write this thread so people can b properly Educated

By Someone who is in the game
so with that being said let us dive in

[i will try to explain terms as easy as possible here for people who have no single idea about forex]

Forex trading is the buying and selling of different currencies in the markets

As a ...👇

Forex Trader you buy and sell different currency pairs in the market

If you are buying it means you expect the price of that currency to go up 👆

And if you are selling it means you expect the price of that currency to go down 👇

So for clarification if you are👇

Buying a currency pair let's say the USDJPY
It means you expect the price of us dollar to go up against the japanese yen meaning that if you want to buy the us dollar with the Japanese yen you have to spend more Japanese yen and vice versa

Now i know you are 👇

.....Already getting bored and asking why all these explanations😑..... But in order for you to totally understand me and why i believe most people can trade forex i have to explain these simple terms

Now in trading forex our gains and losses are calculated in PIPS 👇

.... A pip is the smallest change in price of a currency typically depending on the amount you are placing on a trade it has it's value

But for the sake of this thread

1pip = 10$

Now if you buy the usdjpy and it goes up 20 pips you have 200$

If it goes against you

In 10pips you lose 100$

Now forex is the most liquid market and probably the only market/business i know that allows you to determine how much you lose.

We have what is called stoploss and take profit

The stop loss is there to protect you and it is caculated in👇

Pips too so lets say you are buying the USDJPY now and your take profit is set at 30pips(+300$) and stop loss set at 10pips(-100$) you see that you are risking 100$ to make 300$ a risk to reward of 1/3

This right here is one of the major things that sets a successful 👇

Trader apart from a newtrader/gambler

Most people do not have good risk management in the market

But the main factor that makes people lose money the most is PSYCHOLOGY

You see as humans we typically do not like loosing more so we do not like losing money.. 👇

This is the reason why most trader revenge trade or pull out of a trade too early and take wrong trades and also trade against the trend

You trade against the trend because you want to be in a hell of a profit you want to catch the trend at the very beginning 👇

Trend ( this is the general direction the market is moving towards its either going up or down) this shows who controls the market BUYERS (GO UP) OR SELLERS (GO DOWN)

So you victimizing yourself and believing the big banks and market is against you is all in your head

If you can master psychology and have proper risk management you will make a lot of money trading forex

A lot of people can't do this hence why majority of people lose money trading now

Another reason is not learning how to trade properly

Most people use 👇

Indicators to trade and end up getting in the market at a bad entry and losing money.

SO HERE ARE THE PROS OF BEING A FOREX TRADER👇

1. Your earnings aren't capped.... well so are your losses if you don't know what you are doing

2. Freedom of location

👇👇

3. High income skill : most people enter the forex market and want to start making 1000$ in a day

It doesn't work this you have to put your back and effort to it

Think of it like this

it takes you 4years to get a degree on average and you come out to get a job that

Pays you 200k monthly at most

but if you learn to trade properly for 4 years believe me before then you will have hit 200k in a day trading

Now everyones journey isn't the same 👇

THE CONS

1. You will lose money

2. You psychology will be tested multiple times👇

3. You certainly will lose money at the beginning

👇👇 that being said forex trading is a skill and like every skill you have to put in the hours to gain mastery

Now with all i have said about risk management and psychology you can see bhow simple forex is and why👇

I believe most people can become profitable rich traders

Typical never risk more pips than you are gaining in a trade

with a 1/3 risk if you lose 3 trades in a row it only takes 1 winning trade to balance you back

well with all that said i believe i will leave

The verdict of if forex trading is worth it up to you

if you want to learn to trade profitably tho

send me a dm or visit this link 👇

bit.ly/2MLXQSY

If you found this thread helpful kindly help retweet it so others get a glimpse too

Bonus: never trade from a desperate place don't use your last cash to trade

have a side income source first this helps reduce the pressure on you and help you make better decisions in the market.

once again kindly retweet