How real is forex trading? Very.
How profitable is forex trading? Not very – I’ll explain.
First, I want to show you something – Not to brag, and not to gloat, and not to sell, but to help answer this question.
This isn’t my own account – this is the MAM Managed Account I trade for our Forex Lens members. It’s showing a +48% return over the past 45+ days.
Members deposited around $53,000 – not a lot for some, but a lot for others. Generating a +48% return is really good; I mean, it’s REALLY good. Not afraid to say that I am hitting above my average there, and I am proud of that number. But it is very hard to even get profitable in forex trading. I’ve repeated this over and over; forex trading is all a mind game. It’s how you react to pain.
Put yourself in my situation:
You have other peoples money you are managing. Now, these clients aren’t millionaires; $1,000 deposits, $5,000 deposits is a huge sum of money for them. In fact, I would argue that these clients who are trusting me to turn around their money, a $1000 is way more valuable to them than $100,000 is to a millionaire. $1,000 dollars to these clients is their grocery and rent and utility payment. I have many private clients with boat loads of money, and I don’t flinch when I lose theirs, but with the Forex Lens members? Yes – I have a big heart and a I feel a bigger responsibility to them, because their risk is so much greater than someone who has a crap ton of money already.
So now you are in my situation and mindset..
I want to help these folks get a nice return – I work very hard to do it. The technical analysis is easy – I know when the market is going to turn. I know my trades are profitable and will be profitable – The hard part about forex trading is waiting.
Waiting is what new forex traders can’t handle. Waiting is what causes fear.
Over the course of the last 30+ trading days in that account, I’ve gone to bed (2200 CST) with a +$2200 amount and I’ve woke up to a -$15,000 drawdown.
It is the kind of scenario where people freak out and start exiting trades. They can’t handle the short term pain, they begin to doubt. I had to wait two days for the drawdown to return back to normal and I profited a nice chunk from those positions – I just had to wait. I didn’t get worried – I’ve traded forex long enough to know not to.
I’ve done this for a long time, and I make a living doing it. If you’re still wondering if forex trading is real and profitable, I’m living proof it is.
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