Forex: A way to get rich quick or a scam for intellectuals?
Today there is hardly a man who has not heard anything about Forex currency market, although ten years ago trading currency pairs was a surprise and incomprehension for the most part of common people. Nowadays times have changed, vast advertisement on services of different dealing centres is poured by the river from all types of media, but the attitude to Forex, as a way of Internet-entrepreneurship, among most of our fellow countrymen is somewhat peculiar.
Trading: easy money or another scam?
Some of them sincerely believe that by trading currencies one can get rich quick without making any efforts because the most important question for the trader is how to withdraw money from the broker and that is all.
Others firmly believe that Forex is a kind of online casino, or simply put - a scam, where everything is set against the player, and a rare win depends more on blind luck of the trader, rather than on his professional qualities.
Of course, both opinions have the right to life, but, apparently, the truth lies exactly in the middle of these polar judgments.
Is it possible to earn on Forex?
Is it possible to earn by trading on Forex?
Of course it is. But one can argue about the speed of this enrichment, especially in the way of characters of Russian folk tales, i.e. lying on the cooker. Just as the opponents' view comparing Forex to another kind of Internet gambling is not sinless.
Is it necessary to be lucky in currency trading? Absolutely. But to an even greater extent, a gambler needs knowledge and skills that are acquired through a long process of professional training.
What do adherents of opposite views on Forex actually have in common?
Disbelief in the fact that this type of activity can be classified as Internet Entrepreneurship. The lack of understanding that Forex trading is a peculiar business, which goes somewhat beyond the traditional scope of this definition.
Forex trading is a complicated kind of Internet entrepreneurship
Like any other business, forex trading can be done in different ways.
The first and the most common one is that a trader, who made up his mind to devote himself to this type of business, had to thoroughly study the subject of application of his own efforts. This law is not new and is the same for any type of business. Amateurism is dangerous in any business and Forex, with its dynamics, only speeds up the process of bankruptcy of those who decided to brazenly reach the tops of fortune in this type of activity.
In any business individual becomes a professional only after years of learning the profession, practical work under the guidance of more experienced colleagues, and, a constant process of self-education.
Another type of forex earning strategy is the investor's way, which does not require thorough and profound knowledge and is more designed for professional work of engaged performers. Naturally, here as well you need to be aware of the scope of application of your own capital at least to be able to professionally select worthy workers or special service providers.
This way of trading at Forex implies two options: to give their capital management through so-called PAMM accounts, which is also quite risky, or trade independently, by purchasing different systems or expert advisors from real professionals of online trading.
The excellent help in such trading are the services that send trading signals. Naturally, such services should have a professional status and an excellent reputation. But thanks to the Internet, all this is easy to check and find out.
Naturally, a trader has to give part of his profits to buy trading signals, but on the other hand he protects himself from his own rash actions with this money and overcomes the psychological aspect of Forex trading.
Both types of development of individual forex trading have their advantages and disadvantages, but, in any case, to be successful in trading, one first has to invest a certain amount of money either in his education or in a service provider company.
Everyone decides for himself what suits him better, but overestimation of own strength, especially at the initial stage, severely punishes the newcomer, first of all, financially, regardless of the social status of the loser.
This is the harsh truth of Forex trading, a difficult but fascinating kind of Internet Entrepreneurship. For lovers of easy money Forex will always be a scam.