This is not a trick question. This is an important question for those that want to succeed for the long term in Forex trading.
You see, Forex trading success will always elude the unprepared. Just as in any business if you fail to plan you plan to fail. What exactly does that mean? It means that guessing and shooting from the hip is not the way to profit in trading. Below are a few questions every would-be Forex trader must ask themselves:
- Do I have a plan for my trading success?
- Do I know how much trading capital I need?
- Do I have the trading capital I need set aside specifically for trading?
- Do I have a proven trading system to grow my capital?
- Am I mentally prepared to exercise the discipline necessary to place the trades when needed?
- Am I mentally prepared to stand aside and do nothing when needed?
- Am I emotionally prepared to handle the inevitable losses that are a natural part of trading?
These are just a few of the questions you must answer BEFORE you start to trade. If you answer NO to any of these questions do not, I repeat, do not commit any funds to trading. Why? Because being unprepared to trade Forex is a recipe for disaster.
Please keep in mind that contrary to what we constantly see advertised, Forex trading is not for everyone.
“Chance favors the prepared mind.”
– Louis Pasteur
