 CHAPTER 1: Introducing Forex 1.4 - Early Misconceptions If you decide to start trading Forex, then you must quickly dispense of any over-optimistic preconceived ideas that you may possess and focus on reality. For instance, if you delve into Forex statistics then you will find that 95% of all Forex novices squander their entire initial equity within a couple of months from startup. You may also be unnerved to learn that, in practice, less than 5% of all traders even make a living from trading Forex. Con¬sequently, one of your first missions must be to identify methods to help you separate the marketing hype from reality. Basically, you need to discover why Forex is so difficult to trade successfully and why you could be misled into believing otherwise. You must proceed with caution and take your time finding your Forex legs before you throw your hard-earned money into this activity. For example, you should not get over-impressed by Forex’s gigantic daily turnover. Instead, you should analyze it from a different perspective. As opposed to staring boggled-eyed at the enormous cash amounts, you should make efforts to determine how such massive sums can be generated in the first place. In doing so, you would discover that Forex involves the trading ac¬tivities of a staggering number of global market participants. In addition, some of them are corporations and governments who possess extensive budgets, each of which has its own agenda. These organizations can activate substantial currency move¬ments just by themselves with no prior warning to other Forex participants. You need also be aware that the massive Forex daily turn¬over can generate the power to produce very intricate and com¬plex trading formations that even the best experts have difficulty predicting. As such, you must realize from the outset that you need to improve your Forex awareness substantially so that you can control the intense power of Forex to a point that you can trade it successfully. FOREX FRONTIERS: The Essentials of Currency Trading You must understand that your own fiscal reserves and trading experience may not approach anywhere near those of Forex ex¬perts. Consequently, you need to make efforts to prepare yourself psychologically for the war ahead otherwise you will find yourself the equivalent of a rustic leaf being blown wildly in a hurricane. Your first task is to survive and preserve your initial equity. You must make all efforts possible to ensure that you do not become one of the 95% statistical failures. You will gain improved prospects of prospering from Forex trading if you do not think of it as a ‘get-rich-quick’ scheme but instead tread it in a more business-like manner. This book will show you how to achieve this objective. For example, you will learn that Forex experts exhibit a completely different trading psychology from beginners. You will discover how these professionals have enhanced their mindsets so that they are in complete control of their Forex futures. In addition, as you will quickly realize that no other source or individual will pro¬vide you with instant success, you will begin to take measures to ensure that all your educational and training needs are fully met. Your new book will emphatically demonstrate to you that you can elevate your mindset to that of an expert if you follow its prescribed steps. You will be left under no delusions that you will have to devote sufficient quantities of your own time in order to achieve this task. However, you will be taught that you must re¬gard this commitment as essential to ensure that you will gain the required knowledge and skills to guarantee your Forex success. Continues... | 
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