How many people lose money when they start online forex trading? No matter what you may have heard, the real answer is 100%. Everybody does. That includes you, by the way. Or, more precisely, will include you once you fund your shiny new forex account with real money.
Who are those people who do make money on forex? Well, they are the ones who learned from their losses. The ones who have learned to take losses. And, most importantly, they are the ones who survived their apprenticeship on the forex exchange with enough money and motivation left to achieve mastery.
So here is rule #1 to surviving on forex exchange: don’t ever do any online forex trading with money that you can not afford to lose. When you open your first forex account, don’t think of it as a deposit. Write the money off the moment you transfer it to the broker. Think of it as the tuition fee. If you make anything, that would be a rebate.
Rule #2: learn to take planned losses. Calculate your margins. Remember that any trade that can double your money is equally capable of wiping you out unless you employ protective measures. Your only goal must be to learn controlling losses while regularly making real forex trades. It is a lot harder than it may seem.
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Well, it sounds really exciting for me!
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