Why Looking for Shortcuts to Success Is Going to Lose You Money
Shortcuts To Success Lose Money. Get A Free Forex Education Instead
Why are you here? Do you plan to make your millions with forex or are you looking for a steady long-term solution?
Well, if you’re here to find a quick way to make money, we’ve got bad news for you: trading is not a shortcut to success!
Sorry to disillusion you, but we need to shed some light on who to trust when it comes to trading forex.
In reality, learning to trade takes time and making a genuine profit from trading takes even longer. There are no shortcuts when it comes to forex, but that shouldn’t deter you from taking it up.
While trading is the business of making money with money, it’s not the business of making money from nothing, or at least large profits from a small investment.
Most likely if your idea of forex trading is a quick way to make money, someone has sold you a pack of lies.
In this article, we’ll look into how to really earn through forex trading without getting burnt and invite you to our free forex trading education course.
Let’s dig into the dark and murky ways beginners get burnt looking for shortcuts in the world of forex trading.
Spotting a scam
Before we start, it should be made clear that forex is not a scam. Industry leaders have worked very hard to dispel this myth, however, there are still some forex scams you should be aware of.
Perhaps in the past, there were more scams related to forex than today. Retail forex trading was new and not regulated enough. Many could get away with illegal behaviour. Those days are mostly over.
When you come across something suspicious, you have to question their motivation. If something is too good to be true, how can they be benefiting from it?
Often you can smell forex scams a mile off.
They are usually too flashy in their approach. They’ll try to blind you by giving you exaggerated expectations of your forex earning potential in an attempt to get you excited.
They may even offer one specific strategy to make money and disregard other strategies. This is not a good sign.
Research what they are claiming. See if it makes sense, see if people have tested it themselves.
If you can’t find any information about them online, this should be a red flag, especially if they claim they have been doing this for a long time.
If you are still not sure if you can trust them, get in contact with them and see how they respond to you. If they are unresponsive, pushy or rude, viewing them with concern is natural.
Professionals in the forex industry won’t approach you in that way. They should be open in how they operate and will be looking to set up a long-term arrangement that works for you and them.
They should also not be looking for shortcuts.
They’ll likely give you a more realistic idea of your forex trading earning potential and, if they see you are new to trading, may even recommend you get a forex trading education first.
Unregulated brokers are the worst of the bunch. They can be difficult to contact and money can simply disappear from your account without reason.
Plus, they can make it hard or near impossible to withdraw your money. You may never see your initial deposit again.
They may even make up reasons as to why you cannot withdraw your funds, which will usually include an excuse like the payment system not working or they may just play dumb.
Scams can also come in the form of forex trading signals. Trading signals are notifications that tell you when to open or close a trade, among other things.
They’re a great option for traders who cannot watch the market all day due to other commitments. However, you shouldn’t let trading signals do all the work for you. You should look at what they are telling you and come to your own conclusion.
Not all signals providers are legitimate and there are plenty out there that are put together from poor market analysis.
When browsing for a forex trading signals provider, ensure they are transparent in how they develop their analysis of the market.
Robot scams and other trading tools
Robots, also referred to as Expert Advisors or simply EAs, can help you automate trades. While this sounds very appealing, do not believe those that tell you that you can use one without knowing anything about trading.
Unless these are offered by a trusted broker, you should be very, very careful when considering using one. A fair amount are scams and, if they are real, still might not work properly.
To make things worse, they can be incredibly complicated to use. Often you will need to understand how to programme them first so they operate in the way you need them to. And, before that, you need to ideally know what you are trying to achieve.
There are also plenty of stories of traders who have left such robots unmonitored and have made huge losses because of that.
Most robots can be programmed to operate certain algorithms; to buy and sell at certain points. But they lack human judgement and are unaware of events that may affect the market that may lead to volatile changes.
If you’re a beginner, it is highly advised that you stay away from any such technology. Even if it works and has a proven track record that you trust, these kinds of tools should be left to advanced traders who understand how to trade without them.
Remember, most of what ends up in your spam folder probably deserves to be there!
Other ways of getting burnt
It’s not just scams you should be wary of. There are some more legitimate ways of making money that may work for experienced traders, but not for beginners.
- Overleverage. If you have just started trading, don’t touch that leverage yet! Yes, it is possible to make a good deal of money if done correctly but most likely, it’s a sure way to gamble it all away. When you finally start using leverage, keep it low, perhaps around 1:10. Jumping straight to 1:3000 would be very, very foolish.
- Using too many indicators. This is a surefire way to confuse the hell out of yourself and make mistakes. Having more than two or three indicators can make it difficult to know which one to look at. They may even tell you conflicting things.
- Poor record keeping. By keeping a record of your trades you can learn from your mistakes and successes. Don’t waste your time repeating the same mistakes! Make build a profitable strategy that works for you.
Good things take time
Unfortunately, nothing in life comes easy. You have to make your own luck and no one is ever going to offer you the answer to how to make millions on a silver platter.
Anybody who says otherwise should be viewed with at least a raised eyebrow.
Don’t look for quick ways to make money. Look for stable, long-term ways to make money and set yourself reasonable goals over a fixed period of time, such as a month or a year.
You’ll not only be more likely to be successful, but you’ll also be less likely to be swindled.
If you can meet those goals regularly then great, you can consider setting up new and bigger ones. But please, do not immediately throw away those goals as soon as you start making some money. Know when to back down.
How long will it take to learn how to trade?
That is a difficult question with no real answer and many things to consider. And only at the end of it will you really have an idea of your earning potential.
First, you need to learn the basics of trading. This alone can take a lot of time depending on how much you can dedicate to learning.
The fastest and easiest way to learn to trade is with a forex trading course. Most courses are highly flexible and teach beginners how to trade online and take the form of videos, reading materials and online tests.
Why it could be worth putting in the effort
Don’t let this article dissuade you, forex trading has real potential, it can be a great experience. You just need to know enough to keep away from scammers.
The best way to do this by getting an education in forex trading.
Trading Education is the only place where you can get your hands on a professionally made free forex trading education.
We are transparent!
Our course is paid for by our partners and they want to pay for you to learn to trade.
Why? Because by being educated, you’re more likely to be successful and if you're successful, you’re more likely to continue using them, which is better for their business.
Don’t get burnt, enlighten yourself with an educated instead!