Is Forex for everyone?

Well, the obvious answer is certainly a BIG NO!

The next question is why?

A good friend of mine once advised...

If you trade in stocks, you may loose your savings;
if you trade in options & futures, you may loose your house;
if you trade in forex, you may loose your life!

With this mindset, I too shied away from forex for a long time.

My journey began as I was checking foreign currency exchanges rates regularly on internet. Soon I bumped into various trading platforms with free demo practice accounts.

I practiced for months, put in real money with modest expectations... just to make a hundred US$ a day. I will be happy so I thought!

But soon that was achieved.. and being human, greed sank in. I try to double my money and achieved that too. Then I set higher goals.. pushing the limits again, soon I had a hard fall and hard knock too. That is perhaps a good wake up call!

That posed a new challenge.. after the fall I got up an get going again. There were much to learn even if you know all the basics of technical analysis etc. It is an art to be perfected!

I remembered taking up Tae Kwan Do in my younger years. There are many levels of skill to attain. As one progress up the ladder of the game, new skills are to develop at higher levels. One progresses from white to black belt.. even after that, there are different classes of black belts!

So back to the original question, is forex for everyone?

My answer now is:
It is possible for ANYONE who has the courage taking the first step into it; acquires the necessary basic knowledge of trading and technical analysis. Set modest goals and develop skills along the way and persevere through it. It is no easy meat, but the taste of wins are sweet indeed!

As for the friend who gave me the good advice, I don't attempt to change his mind either.

So Forex is still not for everybody! Simple as that.