Is it worth while to trade forex or is it a waste of time and money? The majority of people ask this question. They also ask the same question when it comes to stock trading. The answer is contingent on who is asking the question. If you ask those who have lost money in Forex trading, the answer will undoubtedly be a resounding NO. If you ask the consistently profitable Forex traders, who are hard to come by, they will say yes, but they will also explain how to do it properly so that you don’t waste time and money.
Is Forex Trading Worth It?
If you’re looking for a quick answer to the question of whether or not Forex trading is worthwhile, I’d have to say yes and no. The answer is yes if you manage to become a consistently profitable Forex trader. Professional and consistently profitable Forex traders make a lot of money from forex trading. If you succeed in reaching this level, you may become a millionaire. It can, however, be nothing more than a waste of time and money for those who are unable to consistently profit from Forex trading. So, if you’re really interested in learning the answer to the question of whether or not Forex trading is worthwhile, keep reading.
Is Forex Trading Worth Losing Money Before Becoming Profitable?
To become a profitable Forex trader, you don’t have to lose money. Those who claim that Forex trading is worth losing money are completely incorrect. As you put it, “becoming a good driver is worth getting into accidents.” It’s incomprehensible. It’s completely insane. It is worthwhile to invest time in forex trading, but it is not worthwhile to lose money. You may decide to stop trading Forex totally if you lose money. It has the possibilities to install and develop fear in you, preventing you from trading properly. You will gain the confidence you require if you learn how to trade Forex without losing money.
I explained how to become a professional Forex trader in a more detailed article (here). You’ll see in that article that becoming a professional Forex trader is a long process that doesn’t require you to lose any money. Forex trading is worthwhile to try and invest time in, but only if you do it in the manner described in that article. Those who claim that you must practice with real money in order to learn how to manage your losses and not be afraid of losing money when trading Forex are completely incorrect.
If Forex Trading Is Worth It, Then How Much Money I Am Going to Make With It?
Yes, Forex trading is worthwhile because it allows you to make a lot of money. Your Forex trading earnings must be detailed and explained in a separate article. For example, I’ve shown how a small $500 account can grow to hundreds of thousands of dollars if you become a consistently profitable Forex trader in this article.
Those who follow the steps I’ve outlined here are lucky Forex traders. Without losing any money, they will become professional Forex traders. Even if you have a lot of money to risk, you should avoid Forex trading because risking and losing a lot of money does not make you a professional Forex trader. When you successfully grow a small capital into a large wealth, at the start of your Forex trading journey and after becoming a consistently profitable demo-trader, Forex trading is worth your time.
The reason for this is that by going through this process, you will gain confidence and improve your skills in real-money trading. When you start with a large amount of money, however, your mind magnifies your losses and triggers emotions that lead to more bad decisions and losses. You might, for example, take revenge positions, which is a terrible trading strategy. The most important thing to remember is that protecting your money is more important than making money in Forex trading. Only when you start with a small amount of money and grow it into a large sum of money is Forex trading worth your time.
Even if you have the financial means to start with a large sum of money, such as $200,000, you should not do so; instead, start with a $20,000 account and leave the rest of your money in your bank account. After 13 months of trading, your $20,000 becomes $213,986 if you make 20% profit per month, which is a reasonable profit for a Forex trader who has become consistently profitable. Most Forex traders do not perform this calculation before opening their first live account, and as a result, they have no idea how much money they will have if they begin with a small capital and gradually increase it.
Calculations like this are worth doing and looking at every day to remind yourself of where you are now and where you will be in one, two, three, and beyond years of trading. As a result, we’ve created an Excel Spreadsheet that you can use to perform these calculations. This article is worth reading every now and then to (1) keep you from risking your hard-earned money, (2) keep you on track, so you don’t forget where you want to be after different time frames, and (3) keep you from becoming emotional and over-trading or risking more than is recommended.
Forex Trading Is Worth Spending Time
According to what you learned above, as well as the articles whose links I’ve included in the text above, and what our Excel Spreadsheet tells you, Forex trading is worth investing time to learn the basics and master your trading system in order to eventually become a professional Forex trader.
What other business do you know that can turn a $500 investment into $354,401 in three years by profiting 20% per month? There is no such thing as a business like this in the world. As a result, mastering Forex trading is worthwhile.
And, for those who say it’s impossible to make 20% profit per month, I must explain that if you master your trading system the way I’ve described it here, and you succeed in taking 1:2 positions (which means you lose 2% if your position hits the stop loss, and 4% if it hits the target), and your success rate is only 50%, you can make much more. In the preceding example, I’ve taken the worst-case scenario for a professional Forex trader into account. Professional Forex traders, on the other hand, can have much better positions with a higher R/R ratio and a much higher success rate. You haven’t become a professional and consistently profitable Forex trader yet if you can’t make a 20% profit per month by taking a 2% risk in each of your positions. You need more practice
Forex Trading Isn’t Worth Spending Money
As I’ve already stated, becoming a good Forex trader takes time and effort, but it does not require you to spend or waste money. Everything you need to know is available for free on the Internet. You don’t require anything beyond what we have on our website. And, as I previously stated, once you reach the level where you can start trading with real money, you should not open a large live account. If you don’t lose patience and don’t try to rush your way to a higher profit by taking too much risk, overtrading, or experimenting with several different trading strategies, you can easily grow a $1,000 to $5,000 account into millions. The key to success here is consistency.
As a result, while Forex trading is worth your time, it is not worth your money because you don’t need to spend money to become a good Forex trader, and you don’t need to risk a lot of money to start making real money.
Forex Trading Is Worth Your Patience
Patience and consistency are the keys to success in this industry. Those who try to make money overnight through Forex trading will fail and lose their money. More information can be found here, here, and here. As a result, it is worthwhile to invest time and patience in Forex trading. If you’re ready to get started, you can do so right now.