You’ve probably already heard the numbers regarding just how many people succeed at Forex trading. The so called guru’s love to keep reminding you how hopeless of a chance you have of trading currency on your own. How else are they going to get you coming back for more and spending more for the supposed secrets the alone hold the keys too?
Ignore the noise. The fact is, you can trade for a living. And, while not everyone will indeed be successful, that is no reason to start by doubting in your own ability to be successful. You probably heard somewhere along the lines that only about 8% of Forex traders actually make money. Lets put this into a real simple perspective that should give you some peace of mind.
Our minds perceive 8% as a small number. But think about this in proportion to this question, how many people trade Forex around the world? It is estimated there were over 9.6 million online traders around the world (Brokernotes.com) in 2016. According to the Bank of International Settlements (BIS) 2016 report, “Foreign exchange (FX) markets averaged $5.1 trillion per day in April 2016.” So, if only 8% of traders are actually successful, that’s roughly 768,000 traders. Hardly a small number.
Another point to ask yourself, why would 9 million plus people continue to trade if they were unsuccessful? And, why would new traders come online everyday? Because, you CAN be successful, the opportunity is there, and it is possible YOU can be one of those who do succeed.
Success in Forex trading is difficult, yes, but not impossible. Like anything you do in life, it takes studying, training, learning & effort to be successful. People like Serena Williams or Tiger Woods didn’t become successful by chance, it took dedication & hard work learning and practicing the thing they wanted to know and do for a living. In fact, one of the most common suggestion you’ll find from those who have achieved success in their fields all promptly tell you, ‘never quit’. Those who quit, fail. Through the failure, there is learning what causes failure. Over time, you will overcome those mistakes that led to those failures and you’ll learn every time what steps to take, and which to avoid.
Don’t let others tell you what is and is not possible for your life. Anything is possible if your willing to put in the time & effort to make it happen. Keep your eye on the goal, your destiny is in your hands. Learn, keep learning and applying the knowledge you gain from wins and losses to your trading, and you can very well be a successful Forex trader.
BIS, (Dec. 2016). Triennial Central Bank Survey of foreign exchange and OTC derivatives markets in 2016., Foreign Exchange Trading., https://www.bis.org/publ/rpfx16.htm
Brokernotes Ltd. (2016). A map of Forex traders: Where are the 9.6 Million online traders?., https://brokernotes.co/forex-traders-map/