To run a successful Forex business, you'll need to have a realistic understanding of what it is, and what it isn't.
There are many misconceptions about Forex trading being perpetuated online, and it's important that we clarify some of the most crucial ones before we continue.
This will set your expectations in the right place, and help you avoid unproductive behaviors down the road.
Truth #1: Forex trading is not a job
With a job, you show up on time, put in the hours, and get paid at the end of each month.
Running a Forex business is nothing like this - it's not a job. You are not a worker.
You're an entrepreneur, and entrepreneurs don't get paid regularly (if at all) while building a business.
The payoff for running a successful Forex business is large, but it only comes a few years later.
In the meantime, you won't be making much money at all.
So don't get into this business expecting it to provide a livable wage within 12 months of starting out.
Building a valuable Forex business takes time, and you should only be attempting it if you're not under pressure to make money right away.
Truth #2: You won't be making 1% a day
A common goal among inexperienced traders is to achieve a return of 1% per day.
At first glance, this might seem like a reasonable target... but the truth is that those who aim for this target don't understand what it means.
You see, 1% a day on $10,000 = $1.98 trillion in just 8 years.
That's 18 times the total wealth of Bill Gates.
It's simply not a realistic goal.
A more reasonable target is an average return of