Is Forex Trading Really Hard?

[Jungletrader]

Most definitely when you look at it from a novice perspective.
Even when you can put your skills to use you will lose trades and this impacts your psychology.
It takes years no shortcuts I'm afraid

 

[PhoneticNachos]

After seven profitable years, it is a hard way to make money. It is in a lot of ways how game difficulty adjusts upward as well.

Why I tell people my background in competitive gaming, and poker playing has a lot of overlap in skills.

I continuously diversify and trade my profits into stocks, crypto etc.

I still love it and look forward to evaluating trades every week.

Everyone who has wanted to learn how I trade at work are sadly unwilling to put in the tremendous hours of work and analysis it takes to succeed.

 

[AC007]

the average man doesn't wish to be told that it is a bull or bear market. What he desires is to be told specifically which particular stock to buy or sell. He wants to get something for nothing. He does not wish to work. He doesn't even wish to have to think. It is too much bother to have to count the money that he picks up from the ground.
... Jesse Livermore
Professional successful traders don’t have any magic indicator. There is no Holy Grail. They never chase the market. They use a simple strategy to put the odds in their favour before they enter a trade. They make their strategy as objective as possible and include the following elements:

•Entry: conditions required before they enter a trade - may include technical analysis, fundamental analysis, or both.
•Initial stop loss: price at which they will take a loss if the trade doesn’t go in their favour.

 

[WalletInvestor]

I guess for most people it is possible to learn to trade if they are persistent enough. That doesn't mean it's not difficult, though. It can take a long time and considerable effort to become consistently profitable, and I think if you underestimate the hardships, that can be risky.

 

[IceThor]

A trader just trades a currency pair at a price and then closes the trade once a higher price is on offer that would make the trade profitable for the trader. This whole process is not as simple as it sounds but it is not even very complex if you are committed to learning.

the idea is easy.......making money consistently is very hard.

 

[Mumpsimus]

Any idiot can trade. ..but about 95% of those idiots choose to ignore risk and trade management to the extent that it's impossible to make money consistently. As old Warren and countless others have said, Rule N°1 is: Don't lose money...everything else is a distant second.

 

[PipjappBevy]

Well, those who take it as gambling find it hard for sure. Serious traders learn and practice incessantly before starting live trading.

 

[tomorton]

Any idiot can trade. ..but about 95% of those idiots choose to ignore risk and trade management to the extent that it's impossible to make money consistently. As old Warren and countless others have said, Rule N°1 is: Don't lose money...everything else is a distant second.

Yes. Its money that makes trading hard. If the reward (and risk) were anything except money we would all be winning traders.

 

[Mumpsimus]

Yes. Its money that makes trading hard. If the reward (and risk) were anything except money we would all be winning traders.

not at all sure about that ....but, on the subject of the money: another beginner's fault is a misunderstanding of the Risk/Reward ratio. The use of the word "risk" frequently leads the uninitiated to equate this to a measure of probability, which is an efficient way of getting rid of money.

 

[Henow1969]

I wouldn't say that it's hard - the actual concepts.

Psychology is the hardest part in my opinion.

yes,agree.

 

[Flink]

Forex trading is really hard due to its unpredictable nature. So traders should prefer using a strong risk management strategy to minimise the impact of these losses.

 

[Calix_12]

Do not know if it is hard or easy but consistency, practice & knowledge make things easy in forex and life too.

 

[Melodiousmelody]

It is hard no doubt but if you have confidence in yourself and work on enhancing your knowledge then making money in forex is not gonna be very difficult for you.

 

[tomorton]

Iṁo, trading is definitely challenging. Your job is to do your best and trade with good risk management and a trading strategy.

Correct and this is where most new forex traders fall down.

 

[1963Falcon]

It is like everything else in life. The hardest workers succeed. As the saying goes,,, if it was easy then everyone would be doing it. I have a small account and sometimes make money and sometimes lose money,,, but I love trading currency...

 

[sharonj]

Yes, it is difficult. But is it impossible? Then the answer is no. Becoming good at forex trading requires skills and practise. To become an excellent trader, You have to consistently work on your skills and be disciplined.

 

[stephenj]

Yes, forex trading is challenging because it can be highly volatile and it is difficult to create profitable strategies. It all depends on your knowledge. The more you know things, the better you can trade.

 

[Chart_Hopper]

In principle it isn't hard. We make it hard by being human and having emotions that often aren't compatible with the task at hand

 

[wmram]

Being human and having emotions; the very thing that makes life so potentially enjoyable, not compatible with the task at hand. Traders are a peculiar bunch . Maybe that's why so few people succeed.

 

[tomorton]

Everyone is entitled to their own opinion of course. But its hard to decide what your opinion is if you don't have enough information on the subject.

The statistical fact that most traders lose money is not evidence that trading is hard. On the contrary, the Turtles were taught a simple objective strategy by Richard Dennis in 2 weeks. They went on to make tens of millions of dollars using this strategy. This can only suggest that neither learning to trade nor trading is really hard.