If you plan going into forex investing, there is one statistic that you need to be aware of: 95% of forex traders end up losing money. I know that’s probably not what you wanted to hear but it’s the truth. Does this mean that you will fall under this category? Absolutely not!
There is one slight difference between the successful forex traders that make 6 figures a year and the trader who crashes their account within a week. The difference is one understands the market and the other is one praying that he is right.
Think about all of the traders that cover their trading charts with needless indicators. If they understood the market, why would they need them? Think about this: An indicator is to be used as a signal for when a trade should be entered and when it should be exited. So in essence, the trader isn’t calling the shots. The indicator is.
To understand the price movements in the market require time to learn about it. But it’s not as complicated as you may think. It’s definitely time better spent doing that, then rushing off to learn a trading system that uses 10 different indicators to signal a trade.
When it comes to forex investing (or any kind of investing for that matter), you’ve got to spend some time educating yourself. You can’t just dump your entire life savings into brokerage account and just wing it. That’s where patience comes in, and unfortunately nowadays, that’s something a lot of people are missing.