November 16, 2020

Why isn’t everyone rich by trading Forex?

stock charts

Wanting to get rich and earn money is understanding, you can do many things and in particular be able to take care of yourself and your loved ones without having to ask anyone for anything. However, what for many seems like an ideal can often seem difficult to achieve. Whether in business or in other fields, it is very possible to achieve success and earn a lot of money, in return, it usually takes a lot of effort and a lot of work to achieve it.

10% profitable forex traders

We often talk about this statistic of 90% losing traders to 10% profitable traders. Imagine this 10% of traders making money, how many make a lot of money to the point that they could be called rich or very rich, probably less than 1% of the mass of traders speculating in the stock market. 

One might ask why there are so few profitable traders and in my opinion, based on my experience, I would say it is because trading is difficult for many people, or rather they make trading more difficult than it is. It is. Those people who lose money do not take the time to study trading properly, do not bother to study trading courses or take training in trading, they prefer to practice emotional trading by buying and selling the market at random when they feel like it, which often explains their poor results and the fact that they are long-term losers.

 Getting rich in foreign exchange trading, a difficult goal to achieve?

Even in developed countries like Britain, most people are not rich and again this is explained by the fact that to achieve this, you will have to make efforts, become a leader in your field, develop your business and be motivated and efficient enough to keep it at the top and perform. In trading it is also the same, you have to have a real trading plan (business plan) and know how to respect it and stick to it.

The point is that most traders speculate in the financial markets without a trading plan or strategy or do not stick to the plan when they have one. Retail traders too often seek simplicity and do not necessarily seek training as a priority before investing, they are also too easily overwhelmed by emotion and fall into the trap of emotional trading and over-trading.

 Maximise your chances of becoming a profitable currency trader 

Trade training therefore seems to be the solution to significantly gain knowledge and efficiency in the markets. Once a trader has a solid theoretical knowledge, he will have to practice on a trading account to gain experience and improve his trading practice in a concrete way.

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