Just like the university takes in students each year, the forex market takes in traders throughout the year. Every newbie who got lured into forex trading was because of fancy stories of super-rich traders. There are two types of preconceived notions about the trading fraternity as a whole in the community. One is trading is a quick-rich scheme and professional traders are affluent and sophisticated and the other one is that it’s a high-risk gambling profession and a big ‘nay’ to choose it as a career. (Don’t confuse this with the investment banking profession, we are talking about a retail trading career.)
As you can see, both are contradictory opinions but still prevail to exist in the community. But there is a logic behind both. Traders boast about their success in public and their failures only to their close-knit family members. The community as a whole process both these inputs and delivers the mixed output. But the question for an aspiring trader would be whether the quick rich scheme is good to be true or yet another goofy misconception.
The career of a trader does have its ups and downs like any other. In fact, unlike any other career, trading has steep falls and narrow peaks. A trader is answerable to no one. If a trader is innately endowed with the skill sets like patience, adaptability, and astuteness, then he will certainly be amused by the market.
PATIENCE:
The word patience strikes out the quick from the quick rich scheme phrase. A lot of patience is needed in trading to even whether you are right or wrong. But if you are patient enough to see it through, then you make it through.
ADAPTABILITY:
The market will throw the sink at you many a time. But it is important to maneuver the market and adapt to different predicaments within a quick span of time.
ASTUTENESS:
He who knows adapts to the changes and makes the market work for him can be the most successful. Volatility is a moment of panic for the usual but an astute trader will see it as an opportunity.