Is Forex Trading a gold mine?

I took permission from my lovely "Boonmy" to post this on her blog which I feel could interest some of us visiting here.

I put the topic as a question because FOREX seems to be the "in thing" in our society today and many people feel it's a fast way of making money and get into it only to hurt themselves the more. Most times we youths of nowadays look for fast ways of making money, atimes by all means, I'm sorry to disappoint you, but FOREX isn't one of the means. If you are looking for fast ways of making money......please stay away from FOREX so you don't get hurt.

I am a Technical FOREX Trader and I have been into it for more than 3years now and I still consider myself as a learner in the business though with some degree of experience I must say. FOREX is just like any other form of business. You need to build it over a period of time.

Let me ask you this question, can a student get into a University to study Medicine and Surgery and decide "I am going to run this course in 6mths and be a Medical Doctor in the 7th month?", I'm sure the answer is "no". This goes for FOREX Trading too. To be a professional in FOREX Trading, you need to know what you are doing in the business. Educate yourself thoroughly. Why would anyone go to war without weapons?....lol. That's what you are doing if you jump into the FOREX Business uneducated.

FOREX Trading involves high risks because of the leverage involved, so why would I want to even risk more by just jumping into it with a very shallow knowledge of it. Now, successfull people in forex trading do everything they can to educate themselves so much that they know when to trade and when not to trade. They take time to invest in themselves first.

I could go on and on, Forex Trading is my passion....lol. Now back to the topic "Is FOREX Trading a gold mine?", to me, I would say "YES!". It is a gold mine in the long run. That is when you have educated yourself and prepared so much for the market, then it will be a gold mine for you.

Like i said earlier, I am a Technical Trader who is aware of the Fundamentals, but i don't trade based on the fundamentals, I believe in Trading what I see on the charts. I use "Simple Price Action" in my trades and Chart Patterns. I trade Gartleys, BATs, Crabs, and Butterflies....lol. I love using the Trend lines, Support and Resistance. I use the Fibonacci Tool as well to determine possible retracement levels and extesions too. I love to follow the trend, but atimes at "Key Levels" of support or resistance, I trade "Trend Reversals" using confirmations such as crowns, 123s, bullish and bearish engulfing candles, tweezer tops and bottoms, morning and evening stars. These are methods that have been used over the years and proven to be reliable to a large extent.

As professional traders, what we are majorly concerned about is "Money Management". This is one of the most important aspects in trading. Once you have superb Money Management in place then you are a step in the right direction. Professional Traders think mainly of how to preserve their capital and not mainly on how much profit their going to make. They consider the risks involved first before even considering the profit they will make..........

I guess I will take a break for now........I hope I made a bit of sense with what I have said so far? Forex is good business if you have the patience to educate yourself first. More of this will come later. We will show you how we trade in future posts and why we take those trades to show you that FOREX Trading works.

Later people....-winks-!