Before going into depth of title, clear your concept about trading; every trade that solely depends upon luck is known as gambling. The main goal of every single trader is to earn money, but the modes and concepts about trading may be different. And this difference makes someone a successful trader, and others get failures.
If you’re here, you probably want to find out the answer: Is forex trading a luck or mind game? So answer to the question, more than a bit of luck, forex trading is a mind game.
Is forex trading a luck or mind game?
Forex Trading is all about selling and buying currency pairs. Traders must need to have proper knowledge and experience about how and when to sell and buy to make the highest profits. Then how could it be a bit of luck?
Before starting a forex trading, learning basics, skills, and taking experience is crucial. The process is not as tiring but to take that decision is difficult. That’s the reason why 95% of traders can’t survive in this market. They desire to be rich in a blink of an eye even without having skills and effective strategy. When they are not a success, they blame their luck.
Forex trading is a pure mind game; those who start this game without forming their minds, they’ll fail even before starting. Research proved that successful forex traders spent their major time perfect in acquiring skills and learning how to analyze charts and data. And it’s their biggest investment to earn the highest ROI.
Forex trading is not a shortcut to earning instant wealth
Many traders heard about the forex trading, so that it’s a shortcut to instant wealth. Yes, it is. But for those traders who have planned an effective strategy and then taken the right decision at the right time. Not for those who have zero knowledge about the market and deadly leverage. Forex accounts will not take your $100 to turn into $1000 instantly. It requires knowledge, skills, discipline, solid strategy, and experience.
You can pursue forex trading as sustained profitable trade only when you make a strategic mind frame, invest time to learn, and have patience. That’s the key point that how many traders in South Africa are becoming successful day by day, and forex brokers in South Africa have made the process easier.
As we mentioned above, forex trading is purely a mind game, not a bit of luck. But it is a hard mind game, and most of the traders can’t survive in this hard game thanks to the lack of knowledge. They don’t have the proper mind frame and mental strength to survive in this hard game.
However, it solely depends on how you will take forex trading. Either gamble with your capitals and depend on luck or be successful by learning about skills and not depending upon luck. Don’t blame your luck. You are the player of your own game but play wisely. Now you surely get the answer: Is forex a luck or mind game?