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Forex: Easy or Difficult

8:05 AM Jul 28, 2021
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For beginners

Today we will discuss a viral topic among traders: is Forex trading easy or hard? Trading currencies may be similar to trading stocks or commodities, but there are it's own features. So here is an answer for beginners, Forex trading is very complicated, but it's very engaging. If you jump into trading without any research, indicators, or financial background, visiting a casino is a better choice. However, if you build your trading strategy and strict risk management rules, Forex is a relatively easy way to earn. Let's find out how hard Forex trading is and what you can do to simplify the process.

Most brokers promise quick and easy earnings in the foreign exchange market. Many experienced traders also find trading fairly straightforward. The majority of professionals in their field find their work quite simple and understandable. However, beginners may find Forex quite difficult. You don't need any special abilities, but learning to trade will take a lot of time, patience and willpower.

Who Finds Forex Simple

If you have been trading for several years, then you already do it automatically and find it very easy:

  1. Make market analysis and check on news releases;
  2. Monitor open positions and moderate or close them, if necessary;
  3. Open new trades, if any.

Long-term traders spend no more than an hour a day by the charts. Obviously, trading seems simple to them. But they understand that it comes with time.

If you are promised easy trading from a strat, then you probably deal with a partner of one of the brokerage companies. Most likely, he hasn’t become a professional trader himself and might not know what he talks about.

What Makes Forex Difficult

Physically, trading is a simple activity. But the learning process will require a lot of effort:

  • Sacrifice a lot of time
  • Continuous self-development
  • Working on your mistakes
  • Emotional growth

The last point is the most difficult. Finding time can be easier than mastering your emotions. Forex trading will require a lot of patience and self-discipline on your part.

What to Expect

Don’t worry If you don't have a mathematical mindset. In Forex, you don't have to do complex calculations if you don't want to. There are many programs that will calculate everything for you. However, there are other pitfalls to keep in mind:

  1. Losses are inevitable. You will lose hundreds of dollars before you start making a steady profit. Even professional traders close losing trades. But they compensate for this with profitable positions and come out in a plus. However, this only comes with time. Until then, accept the inevitability of losses.
  2. You don't always make a profit. The market does not offer good trading opportunities every day. It may take a day or two until a good deal comes up. But even in this case, you should not open dubious deals. It is better to wait for a suitable trading signal than to lose your investment.

Simplifying the Process

The training will be long and exhausting in any case. However, in order to facilitate the process, you should find quality teaching material right away. If you are not yet able to filter the ​​information, you can contact a specialist. A more experienced trader will tell you where to look for the data you need and which books to read.

You can also go to special training courses. Here you will receive professional assistance at every stage of your education.

Learning to trade may seem like a challenge, but the end result is definitely worth it. Good luck!

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trading mindset beginners novice traders trading strategy losses forex mistakes trading habits trading plan forex trading women in Forex female traders risk management broker profit trading instruments pairs price advantages of forex leverage FXCL investments copy trading advantages of Forex social trading professional traders trading psychology demo trading buy/sell bid/ask spread Metatrader 4 market analysis technical analysis fundamental analysis trade trading platform Forex trading novice trading dealing with losses charts timeframe indicators MetaTrader 4 trading routine support level resistance level trend low-hanging fruit stop loss loss trading history long-term goals open trade close trade daily charts swing trading intraday trading scalping trading setup Forex traders bullish bearish resistance support MA 200 trend trading professional trading EMA EA daily chart weekly chart Forex news highs lows account type cent trading Mini Micro Cent Partnership commission fees trading terms Stop Loss news trading economical calendar major news release currency pair currency rate national currency trading journal trades profit/loss emotions news release positions size Expert Advisors platform trading robot cryptocurrency volatility day trading position size lot account types cent accounts Mini account ECN Copytrade ECN accounts swap-free minimum deposit order execution liquidity providers demo accounts real account low-risk trading EUR/USD economic calendar majors cross-currencies exotic currencies base currency quote currency quotes bid ask Brexit United Kingdom European Union GBP Euro GDP WTO price levels moving average 4-hour chart 1-hour chart bulls bears false breakout cross-currency USD price action pin bar trading inside bar trading hands off breakeven stop loss 50% stop loss pin bar high-frequency trading position trading swings breakout strategy trading style Entry order Take Profit hammer shooting star inside bar pinocchio bar head and shoulders harami risk to reward ratio trading calculator trader’s age emotion control stop-hunting false signal trading session New York session Asian session non-farm payrolls fed rates decision central banks mentor teacher Forex education Forex books candlesticks bonuses tradable bonus no deposit bonus deposit bonus cashback pending orders counter-trend trading risk-to-reward ratio 1-2% rule uptrend downtrend news releases slippage emotional trading stop orders limits orders trailing Stop correlation Correlation Matrix EURUSD EURJPY RSI Overbought/Oversold indicator doji morning start candlestick pattern liquidity London session gap requote US dollar greed excessive trading Expert Advisor trading instrument Twitter Trump euro Canadian dollar Japanese yen Mexican peso currency pairs Fed China economic news currency wars USA interest rates trade agreement H1 H4 D1 sell trade buy trade price level trading system COVID-19 coronavirus lockdown checklist Default mode network Nonfarm Payrolls intraday traders lot size Stop Out margin breakeven pip point entry price chart candles weekly candle daily candle engulfing candle Doji W1 fears money management trading signals Charles Dow Dow theory primary trend Relative Strength Index signals market noise trading volume oversold/overbought corrections candle M30 GBPUSD GBPJPY pending order fundamentals Interbank order Stop order Limit order Standard account Interbank account liquidity provider M5 chart gold XAUUSD Chinese yuan flat US Dollar Fed Interest Rates inflation level XPTUSD platinum XAGUSD silver USDCNY Chinese Yuan instruments swap trading hours Buy Stop Sell Stop Average True Range ATR range sideways range price level trading scripts Excel tables entry point equity balance applications highs and lows RSI Fibonacci terminal server proxy OS Windows XP self-trading Forex advantages gap trading Fibonacci levels USDJPY Buy Limit Cherry Blossom market cycle mark-up mark-down consolidation distribution long positions short positions double bottom triple bottom double top triple top pattern signal presidential cycle Elliott wave Kondratiev wave Forex terminology quote standard lot mini-lot micro-lot cross pairs exotic pairs counter-currency terminology Margin Call long position short position buy sell candlestick chart bar chart line chart range market channel high low ADX OHLC patterns profit level martingale aggressive EAs VPS demo account EA tester trading signal chasing the market clicking the button oil trading lot EUR cent account Forex mentor novice trader emotions control fear psychological level round numbers Key Levels indicator MetaQuotes iOS Android mobile trading mobile terminal VPS server financial portals day trader position closing short timeframe fast trading news site news portal FXStreet Investing.com Forex Factory ForexLive DailyFX CPI PPI economic indicators Non-Farm Payrolls monetary policy FOMC retail sales inflation rates program installation intuition apps ECN brokers market makers financial 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market cryptocurrency market figures diamond divergent triangle symmetrical triangle reversal signal financial intelligence financial education long-term investing triangle ascending triangle descending triangle risk control stocks Forex mutual fund EUR/AUD AUD Australian Dollar Australia ECB RBA demo live live account spike bearish spike bullish spike breathing techniques meditation unusual trading tips useful habits nutrition intermittent fasting Three indians pamm mam expert advisors start-up capital business Forex business oversold overbought reverse signals 15-minute chart full-time trading discipline drawdown inflation devaluation IDR LAK export Russia regulations regulators Central Bank quantitative easing quantitative tightening Donald Trump Joe Biden coins indexes DXY ICO Mrs. Watanabe beginner trader carry trading young traders women traders productivity self-discipline rectangle sideways channel trend figure Alexander Elder John Murphy Jack Schwager limit order leaving Forex 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losing streak perfectionism consistent profits starting capital initial investment market psychology japanese candlesticks PAMM trust management money manager holidays market sentiment CHF CAD Great Britain pound Swiss Frank reserve currency averaging morning routine initial capital potential profit reverse pattern rounded bottom rounded top saucer inverse saucer IB Program IB Commission Sharing reversal patterns deposits payment methods payment systems local transactions trader’s block market balance