We all know the foreign exchange industry, also known as the forex industry, is one of the fastest evolving businesses in this decade. It has managed to build goodwill in the world market and has been able to gain an immense amount of attraction globally.

Yet, all of these are just one side of the coin. And what nobody tells you is the other side of it.

And trust us, this side is the must to be known for you if you plan to join forex trading. Hence, this article will contain all the things about forex that no one tells you, but you must know not to get demotivated in case of any bad experience. Please have a look.

Things you should know about forex.

All forex trader lose their money.

The idea of forex trading is mainly taken as equal to the magic lamb that will bring instant profit. However, the actuality is entirely different from this idea. About ninety-five percent of forex traders lose their money. This happens mainly due to lack of planning, training, disciple, not having a trading edge, and having poor money management tools.

So, suppose you are a person who hates to lose or are a super perfectionist when it comes to reviewing generation. In that case, you probably will experience a hard time adjusting to the industry as all traders lose at least a single trade at some point or another. So it is better to be prepared for it. However, you can check trade245 minimum deposit to start small.

Forex is not for you if you are unemployed.

Yeah, you read it right; the forex industry is not for you if you are unemployed, one with low income than needed, are knee-deep on credit card debt, or are the one who can’t even afford to pay their electricity bill or afford to eat.

We are saying this because of the early mentioned point. You see, forex is a high risk involving industry. It is a double-sided sword that can harm you by causing you to lose all your money.

So make sure that you acquire at least $10,000 of trading capital that you can afford to lose without any significant harm. Furthermore, don’t expect to start an account with a few hundred dollars and wish to become a billionaire with it.

Don’t jump directly into the scene.

All forex brokers offer different types of live trading accounts to their customers. And they even invest in the marketing of these accounts.

However, we recommend trying a demo account first. These demo accounts are obtained by almost all the brokers and are the clone accounts. They have virtual money in it that you can use to practice the trade and train yourself up to acquire the actual performance.

In a nutshell

To conclude, forex is one of the most attractive industries globally. Yet there is another side of it you must know to achieve success. So make sure to read the content from start to end without any skips for your benefit.