When it comes to trading forex, chances are that you might have come across many advertisements about how you can make money. In fact, you might have even come across a few traders at forums who boast about their trading skills and how they now make a full time living with forex trading.
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You might have wondered how much of this true and questioned whether forex is really profitable? There are many traders just like you who are skeptical about whether it is possible to make money with forex and if it is indeed a profitable venture to pursue.
When asking this question, what most traders fail to understand is the background or the context.
For example, a trader might boast that their forex trading is really profitable. But they seldom talk about how long it took them to be profitable. Most importantly, how consistently profitable were they?
Do 90% of retail traders really lose money?
There is a quite often repeated phrase in forex circles that over 90% of retail traders lose money trading forex. Depending on who you ask, you might see 90% and sometimes 95%.
Let’s get to the facts. This article from Financemagnates sampled around 30 forex brokers to see their total percentage of winning and losing traders. According to the article, statics reveal that about 76% of traders lose money.
Most of winning traders are professional fund managers. A professional fund manager is someone who has experience and is backed by the required educational qualifications to make the cut as a fund manager.
But profitable forex traders are not just these fund managers. In fact, there are quite a few independent traders who have dedicated the time and effort into becoming successful with forex trading. You can find such traders at social trading signals or copy trading websites.
These forex traders have been in the business for years and have consistently managed to turn a profit. What sets aside such successful traders from the rest is their dedication to understanding how forex works and the skills and experience they acquired over time.
How to be successful with forex trading?
Anyone can be successful with forex trading. But to be consistently successful, requires a mix of skills ranging from trading psychology to your risk management and of course understanding the forex markets and how they work.
Can you master all these skills overnight? The most likely answer is no, unless you are an exceptional individual. For the rest of the average traders, to be consistently profitable requires a lot of time and dedication.
Having a good forex trading strategy and most importantly a good forex broker is essential. Take for example 10-Capital, where you can practice trading free of charge by trying demo trading.
As with anything, practice makes you perfect and the world of forex trading is no different.