Is Forex Trading Easy?
Guest Post from Ryan…
Forex trading is very hard. There, I’ve said it. Not many gurus and so called forex trading expert will tell you this but to make money from trading forex is extremely hard. It will take ages for you to master it without any mentoring. That’s why I always advise people to learn under the guru they trust (and this is very important) so they can skip all the frustrations and mistakes. If you can find a currency trading made easy guide, go for it and learn as much as you can.
There’s two types of trading method. (In reality, there’s more but we’re going to talk about just two of them in this article). These two trading methods re end of day trading and day trading. The difference between the two is the time frame involved. With end of day trading you will focus on the 24 hours period and try to exit before the end of day. (thus the name end of day trading) For day trading, the time frame can be as short as a few minutes to a few hours, depending on the trend.
Because of the short time frame involved in day trading, many people assume its riskier. Nothing could be further from the truth, especially if you follow a system consistently. The thing is, forex day trading can be very profitable because you are making the most out of the daily fluctuations. Sure, you don’t make a huge amount of profit but it all adds up by the end of the day.
However, forex day trading is not recommended for beginners because of the technical aspect of it. You have to be able to read charts accurately and make the decision to enter and exit without hesitation. If the trend is going against you, then you will have to exit fast. Most beginners will be paralyzed and will be reluctant to exit because of the losses already incurred.