I could almost taste the desperation through my screen when I read this email someone sent us. The email didn’t actually go right through me, it wasn’t one of my students. The email was sent through our Contact Us form on the website, from an anonymous trader from somewhere in the world. I didn’t know him, he didn’t know me. I’m sure he didn’t even know who he was sending this email to. He just wanted someone on the other end to answer and help.
I say it in almost every blog post I write: we are here to help. This is the whole purpose of this website. We know how to trade forex. We make money in the markets. We don’t need help (some do, but not in the trading department!). We’re here to help YOU learn forex and start making a killing in the markets. This guy contacting us did exactly what we wanted him to do. He was looking for help and came to us: great job.
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Why is forex trading so difficult?
I won’t go into this guy’s specific issues with trading. That’s highly personal and I doubt that it would help anyone reading this if I went into real details of his problems. As a general question though, I think it’s worth discussing it. Why is forex trading so difficult? Why is it that such a small amount of people actually end up making money from it? It seems so simple! Buy here, sell there, what could be more dumb?
There are many answers to this. In a previous article, we listed 10 reasons why most forex traders fail at ever making any money from the market. These are real, strong and actual true reasons why most people find forex trading difficult. It’s not difficult in itself, but they can’t avoid these 10 traps and end up thinking that forex is too difficult for them, or that they’re too stupid to succeed.
It’s wrong. You can succeed. Forex trading is not difficult if you get busy and actually do the work.
Time to be real for a minute here. My Trading Hub is part of a big financial institution and we have many traders working around the world for us. Do you think for a minute that a single one of these amazing traders (hi guys!) didn’t bust their bottoms off to get where they are now? Do you really think it came naturally for them? Of course not!
Forex trading isn’t difficult, but it requires you to put in the work. We lay here, in our free forex course, the first very important steps to your success. But once you’re done learning our course, what do you do? Do you expect to start turning £200 into £1,000,000 within the next 2 weeks? Of course not! Sure, with the knowledge you’ll acquire from us you’ll be able to turn a few percent profits each month pretty easily. To get to the next level however you’ll have to put in the hours.
Review your trades. Talk to more experienced traders. Spend weekends back testing new techniques. Read about the market. Dream about your strategies. Try to improve yourself and your results at all times. Once you start thinking this way, you’ll be on your way to make a real trader of yourself.
Your homework for today is this: go to our forex strategy library (unless you haven’t gone through our free forex course yet, in that case go through that first). Pick a strategy, whichever one you want. Watch all the videos. Take note of the rules on a piece of paper. Go to your charts, pick any pair (let’s say USDJPY) and go back 2 years. Back test the strategy on a daily (or H4) time frame for these 2 years.
Take notes of the results and keep your eyes open. Keep a sheet of paper next to you at all times, and write down each time you think something could be done to the strategy to improve it. At the end of the back test, take that sheet of paper and see which adaptations you like the most and start over.
Time to get to work!
Ready to do that homework? Have you ever thought that forex is too difficult for you? Share your thoughts on this with us!