If you want something badly, you gotta grab the bull by the horns and make things happen. In this post, I’ll share with you the four worst excuses that I have heard to NOT start forex trading.
1. No time
A common misconception when it comes to forex trading is that it requires you to spend every waking moment in front of the computer. Even though some traders actually do this, it’s not the only way to trade.
Swing and position trading are two methods of trading that you can do. If you have a full-time 8-to-5 job, for instance, you can analyze the markets and trade forex after dinner. Get home at 6 pm, give an hour or two for dinner, analyze the market and longer-term timeframes (4-hour, daily, weekly, monthly) charts from 8 pm to 10 pm, set limit orders, and then head to sleep.
It won’t be easy, but it is doable. What is needed, of course, is discipline.
2. No money
The great thing about retail forex trading is that it’s so easy to create demo accounts. It won’t even take an hour or cost you a single cent.
Now, if you’re not into demo dollars, you can even up a live account for as little as $25 with no minimum position size. You can trade 1 unit if you wanted to. Of course, starting with that kind of capital won’t make you a millionaire, but it can get you started in forex trading and quickly feel the strong psychological effects of trading live.
3. The risk is too great
Forex trading is truly risky, especially without education and practice. However, what many people fail or refuse to understand is that it isn’t riskier than just about any business venture.
Risk is present in everything we do; unforeseen events and accidents can happen at any time. Accept it and manage it like with all other endeavors in your life.
4. Trading is too complicated
Out of all excuses I’ve heard, this one is probably the silliest of them all.
The Internet has made it so much easier to acquire knowledge than ever before.
If you have the time to stalk your crush on Facebook and find out where he or she likes to go out for lunch, then you definitely have the time to catch up on all that there is to know about forex trading for that day.
To make it even sweeter, you don’t need to pay a cent to get the education or access forex news and tools! There’s so much free, quality stuff out there!
For instance, you can learn everything you need to learn by just going through our School of Pipsology. For market updates, Pip Diddy’s session recaps are helpful tools in finding out what’s moving the forex market lately and you can also check Forex Gump’s blog for more in-depth economic analysis.
I understand that forex trading is still a relatively new concept that’s daunting to most people. But if you’re really interested in it, there’s no excuse not to give it a try. It offers such an overwhelming potential for success!
“Ninety-nine percent of failures come from people who have the habit of making excuses.” – Renowned inventor George Carver