The title might sound a little bit confusing, but we hope that until the end of the article you will manage to understand the point. When it comes to the forex market, one may easily find that it is hard to make money. More than 90% of the retail in the industry fail to generate constant profits.
Even though the main problem of those people is related to mindset in trading, we will not dig into this subject this time. Instead, we want to focus on a phenomenon that appears because of that high level of unsuccessful traders.
Searching for the magic formula
Since most of the people do not manage to generate income with forex trading, a relatively high number of people are thinking that those who manage to make profits on a constant basis had found a winning formula and they are not losing money at all. That is false and the first reason why you should not follow blindly forex gurus is that even they are encountering losses in their journey. The key is to understand how to deal with losing forex trades. Maybe you will manage to get some hints from these guys and gun some profits, but when things will not develop as you wish, you will encounter huge losses.
You don’t just need to find trading opportunities. Risk management, the understanding of the fundamentals and constantly monitoring your live trades, are also skills that lead towards results in trading.
Finding your own method
Even though there are successful traders out there who manage to generate returns and also they are making their trades or maybe the strategy public that still does not guarantee success. You need to find a method that fits your personality and your own schedule.
What works for other people might not work for you, as well. There are a lot of variables that account for success and you cannot just search for an easy way out and skip all the important things. Only those who are losing money are doing this and you do not want to be in that club. You want to make money trading forex and in order to do that, you must take the hard road and push yourself to the limits.
Blindly following a forex guru is not a path you would like to get on to. You’ll miss all the important experiences associated with trading.