There are a lot
of good tools
around and sources of information.
Overwhelmingly so. The problem is where to start?
The jargon used in forex trading can be totally foreign to the newcomer.
More than eight out of ten day traders lose money in a typical semiannual period,
according to research
done by Brad Barber.
Moreover, in a survey
conducted by the North American Securities Administration Association,
it was found that "70% of public traders will not only lose, but will almost certainly lose everything they invest." Further, "Only 11.5% of the sample evidenced the ability to conduct profitable short-term trading."
The question is - do you want to be in that 11.5%?
A manager of a major Wall street firm
is quoted as saying:
"I saw people come and go. Most new traders lose money and leave.
Some make very little money or lose small money in the first few years.
Then they start to make more money as they survive on the trading floor.
Your ability to make money grows exponentially if you can stay in the game."
I believe that the biggest problem facing new traders is survival.
It is a hostile environment. Everyone, the 'market' (that is, the other participants),
the brokers are after your money, just as you are after theirs.
Don't be fooled by the hype from the brokers- they are after your turnover.
In an environment where there are no commissions, they need you to trade, and
trade a lot to have their piece of the cake.
The first question is:
Are you suited to trading? We have to ask some pretty tough questions.
For example: Can you handle the emotional ups and downs of forex trading?
Next, it is important to learn the basics. I do not think that you have to explain
the Black-Scholes options pricing theory to trade forex options,
but you have to have a thorough understanding
of the mechanics
and the background of forex.
How shall I get that thorough understanding to trade FOREX?
Many people make the mistake of believing that learning all about the forex market is the key to success, and many vendors are willing to sell you this information. Yes, you have to understand the mechanics of the market, but this knowledge will not make you a trader! Just ask the hundreds of 'advisers' and 'analysts', who can tell you every factor affecting the market and (in retrospect) tell you why the market did this or that. However, they cannot trade!
The main knowledge you need to have is of yourself! I will help you to achieve the self-discipline and realize the self-trust to become a successful trader.
me if you are serious about consistently making money.
The bottom line is
that you can benefit from personal, coaching and mentoring. It is worth your while and your investment
to do this, because otherwise you risk throwing your investment down the drain.
If you follow what I say and never trade because you consider the risks too high,
then I consider that also to be money well spent. Please remember though,
I can show you the way, but the trading is 100% down to you.
If you are prepared to work hard, follow the methods and have the patience, you will succeed.