Although the popularity of the retail Forex trading is growing rapidly, a lot of people do not know what it actually is, and of those who do, many have wrong ideas about the industry. This creates a lot of misunderstanding between traders and their friends and family.
The issue with getting the approval from a person who is close to you is twofold. On the one hand, there is a positive side to be gained from such backing — emotional and psychological aid can be very powerful in FX trading. Coping with losses can be very stressful if there is no one to talk to and rely on. Having a full support from someone who cares about you and you care about is of a great help in such risky endeavor as financial trading.
On the other hand, there are situations where family’s support should turn into an outright intervention — when trading turns into uncontrolled gambling with clear signs of addiction. There is nothing wrong in gambling per se, in my opinion. However, there is a clear line between recreational gambling and gambling that makes a “trader” go broke or even completely ruins his or her life. In that case, the family’s interference is not only justified but is simply necessary. I hope that most of this blog’s readers do not and will not require such kind of assistance. Yet, it is a good idea not to hide your Forex losses from your family, just in case.
My situation, I am certain, is similar to that of the majority of foreign exchange traders. My friends and family know what I am doing but few understand what it means exactly and even fewer can help with good advice or relate to my feelings when a
Note: There is a poll embedded within this post, please visit the site to participate in this post’s poll.