Is Forex A Suitable Business For Everybody?I have a guest post for you today from Luke Peters that basically discusses whether or not forex trading is suitable for everybody, so hopefully you will find it useful.
Foreign exchange exists in a niche of its own. If you wish to enter, then you must learn it, adapt to it and be involved very deeply in its development. It cannot be learnt, unlearnt and re-learnt. It is a skill for life, pretty much like riding a bike. You may still possess the right balance, you know how the gears work and you can take the weight of the bike, but practice is that fine line of difference between you falling in a ditch and riding safely on the highway. Practice does make perfect and that is exactly what is needed in forex trading. Anyone who lacks practice can get minced when trading the forex markets. How suitable is it for anyone? That again depends on how well equipped the person is with regards to the following requirements:
1. Knowledge is power
Knowledge helps in every circumstance. It is with great care and precision that a person receives the knowledge to do things and when it is associated with their livelihood, they tend to be extra vigilant
2. Experience is strength
3. Mind and soul are cleansed
4. It's just business, nothing personal
Another simple way of looking at forex is to think of it as a business with its ups and downs. If you can do that, then half the battle is won. When things can too personal or important for a person, then the line between business and oneself is broken and separate entities no longer exist.
Foreign exchange exists in a niche of its own. If you wish to enter, then you must learn it, adapt to it and be involved very deeply in its development. It cannot be learnt, unlearnt and re-learnt. It is a skill for life, pretty much like riding a bike. You may still possess the right balance, you know how the gears work and you can take the weight of the bike, but practice is that fine line of difference between you falling in a ditch and riding safely on the highway. Practice does make perfect and that is exactly what is needed in forex trading. Anyone who lacks practice can get minced when trading the forex markets. How suitable is it for anyone? That again depends on how well equipped the person is with regards to the following requirements:
1. Knowledge is power
Knowledge helps in every circumstance. It is with great care and precision that a person receives the knowledge to do things and when it is associated with their livelihood, they tend to be extra vigilant
2. Experience is strength
3. Mind and soul are cleansed
4. It's just business, nothing personal
Another simple way of looking at forex is to think of it as a business with its ups and downs. If you can do that, then half the battle is won. When things can too personal or important for a person, then the line between business and oneself is broken and separate entities no longer exist.