FOREX AS A RECESSION PROOF INCOME...

Is it true that forex is a recession proof income?

The answer is yes as regardless of how the dollar, yen, sterling or euro performs in the market, there is always a bull market for at least one or two currency at a time. Say if the USD/JPY is diving down, it is bullish for the yen but bearish for the dollar and vice versa.

The discussion here is nevertheless, some people blatantly used this recession-proof income to the new comers and giving false impression that trading forex is easy.

In my honest view, trading forex is not diffcult but definitely it is not easy either.

Surely all you need is a few clicks of your mouse in order to execute the trade but to ensure profitability, it takes a whole lots of different approach and calculations.

So, how do we achive such level where we are among the top 10% of traders who consistently takes the money away from the market?

The real answer lies within you. Learn the forex basics, the technical as well as the fundamental analysis. Master them but on top of all these subjects, the most important subject to be mastered is no other than you. Why?

You are the one who makes the decision whether to trade or not to trade.

You are the one who decides whether to buy or to sell.

You are the one who decide whether to ride the profit or ride the losses.

You are the one who clicked the mouse button...

Who else? Nobody... The market is always like that and there is no single hand who could control the market forces, neither you nor I.

Look at this week roller coaster ride on the EUR/USD pair especially. I was caught several times and losses are inevitable. At one point, I almost lost my self-control.

And sad enough to say, one of my account (out of three) burst into flames even though I did all the ******* right things. You see that the market is cruel and have no mercy at all.

Yes we talk about trading with a winning system and risking not more than 3% at one time. But losing 3% each time you trade, say 3 times a day and you keep in getting it wrong, would throw away 9% a day and a total of 45% in a week. That's almost half of your account.

Hence if you had a bad week after another, wouldn't it be an armageddon for your account?

I personally feel that getting in and out at the right time is the No 1 key in profitable trading. Perhaps my no 1 fault is I did not apply my stratgey No 8 which is not to trade in this kind of market conditions. But how am I suppose to know exactly? It is easy to see after it happenned & since it is easy said than done, I must say it was tempting not to trade.

Anyway, am still good for my long term aprroach as all I am doing now is to stick with 5% daily approach and I shall be on my way towards my first million... we'll see...