Here is an e-mail I got yesterday from a colleague trader - just to show it a bit - I also redacted some things since e-mail is tailored to pique an interest in order to participate in that person's blog/web - IN OTHER WORDS - I'm not selling anything NOR do I want this to be sold. (NEITHER IT CAN BE SOLD).
Here it is:
1) Attitude: Save Money All the Way
Dont spend money you dont have to, ever, and especially when starting out!
There is a lot to learn before you can become a consistent trader. The counterbalance to that sobering thought is that much of it is available free these days.
Trading will cost you money over both the short and long term. Trading itself carries costs, not least of which is the inevitable losses you will suffer, particularly in the early stages while you are getting on your feet. Dont compound your business costs by throwing money away getting knowledge that you could have got at no cost.
2) The Kiss Principle
I often refer to the KISS principle: Keep It Simple Stupid! I dont believe in calling anyone stupid however, so I shorten it to just KIS
Look, every beginning trader gets overwhelmed by the complexities they encounter. Thats understandable, it is a complex subject and it takes time to become comfortable with all the new knowledge. The mistake newbies make is to think that they must try to incorporate everything into their trading, learn absolutely everything at once, and most especially pile every tool and indicator and other resource available to them into their trading arsenal.
The best thing you can do when starting out is to narrow your field down to one or two things you feel comfortable with, and add to those one at a time until you have a repertoire of acquired knowledge areas and skills. Dont believe that you have to do it all overnight. Climb the mountain one step at a time, taking regular rests.
3) Have or Get Realistic Expectations
Dont expect to do a course in forex trading and then go out and trade for a living! It wont work, at least not for you although your broker will be happy with all the commissions on your losing trades.
Dont expect to start trading and be able to pay the bills and raise your family after six months. It doesnt work that way, just ask any trader who actually made it to the consistent level. It takes longer than that, usually much longer.
Expect to spend money at some time on education, and to lose money when you actually begin live trading. Even if you start out winning there will be the inevitable string of losses that will puncture your ego and shake your resolve. Be prepared for that. NOTE by DemoAntares - THIS, NOBODY CAN TEACH YOU! NOBODY!!!!
The truth is that the path to forex success is like any other journey: punctuated with failures, characterized by varying levels of hardship, plagued with doubt, fear and greed. Yes, there are triumphs along the way and that pot of gold at the end of the rainbow might exist, but it will take you a while to get there. Which brings us to the next step
4) Study Your Profession. HARD!
Ive already mentioned the fact that it will take a while and that you will have to work hard. Dont think you can make it in forex no matter how much money you have saved in your account in a short space of time like 3 to 6 months. I almost want to cry when I hear people say they are going to leave their day job because theyve saved up $10,000 to begin trading, without having done any homework regarding the markets they will be trading. NOTE: happened to me three times - and it's not excluded it won't happen again (DemoAntares).
To begin with, I was not very good at trading manually: it took me about 6 to 7 years of horrendous losses before I finally stabilised! And seriously, Im not such an extreme case. Most traders I know who are successful will tell you that it took them several years before they started to enjoy consistent success. Be prepared to study your subject. HARD. And LONG.
"several" years is a serious understatement in my opinion.
5) Be Prepared To Fight. HARD!
Youve seen the advertisement: the lucky sod reclining on some gorgeous beach somewhere as a bikini clad twenty-something wafts up to serve him some exotic cocktail in a glass frosted with ice nestled on a silver platter while seagulls drift in the sun-drenched haze yada yada yada yada yada
The truth is that lucky sod (if hes real) spent his time in the trenches earning that reward. (OR HE NEVER SUCCEEDED AND JUST SELLS FOREX STRATEGIES FOR A LIVING). Every successful trader I know can recount nights spent tossing and turning, walls punched in frustration, shameful days when stupid mistakes wiped out accounts and so on. Keep your eye on the prize by all means, but keep your mind on the job at hand.
You will lose, get used to it. You will lose. I repeat - you will lose. At some point in your trading, even if you start out on a winning streak, the forex market is going to belt the heck out of you. And it wont stop there. Trading forex will test your resolve like nothing else can. Its not for dilettantes, so conduct an honest appraisal of yourself now. You will need stamina and courage in abundance. Dont have them? Save yourself pain and money: exit now!
6) Identify the Lions, Sharks and Other Predators
As Ive said elsewhere the Internet is swamped with so-called forex guns & gurus pushing their expensive systems and claiming to be able to turn absolutely anyone into overnight millionaires. Most of these guys are scams to be avoided at all costs. How can you tell if they are a scam? Simple:
If It Sounds Too Good to Be True - It Is!
A real mentor will be honest and upfront about the risks and the costs, and especially about the effort involved to achieve success. Look for a sales pitch that incorporates these realities while at the same time showing the benefits that can be enjoyed employing whatever it is they are selling.
The flip side of learning to identify forex scams is learning to identify those folk you can trust. For the most part this comes with experience, as you learn more and see more of the market.
My note (DemoAntares): FF needs MUCH more of "articles" like these and MUCH less articles like "can you get rich trading", "simple proven 95% system", "how much do you earn trading forex" etc etc...
You get the point.
One more thing: Do you know anybody/anyone/anything that can teach you experience?
Here it is:
1) Attitude: Save Money All the Way
Dont spend money you dont have to, ever, and especially when starting out!
There is a lot to learn before you can become a consistent trader. The counterbalance to that sobering thought is that much of it is available free these days.
Trading will cost you money over both the short and long term. Trading itself carries costs, not least of which is the inevitable losses you will suffer, particularly in the early stages while you are getting on your feet. Dont compound your business costs by throwing money away getting knowledge that you could have got at no cost.
2) The Kiss Principle
I often refer to the KISS principle: Keep It Simple Stupid! I dont believe in calling anyone stupid however, so I shorten it to just KIS
Look, every beginning trader gets overwhelmed by the complexities they encounter. Thats understandable, it is a complex subject and it takes time to become comfortable with all the new knowledge. The mistake newbies make is to think that they must try to incorporate everything into their trading, learn absolutely everything at once, and most especially pile every tool and indicator and other resource available to them into their trading arsenal.
The best thing you can do when starting out is to narrow your field down to one or two things you feel comfortable with, and add to those one at a time until you have a repertoire of acquired knowledge areas and skills. Dont believe that you have to do it all overnight. Climb the mountain one step at a time, taking regular rests.
3) Have or Get Realistic Expectations
Dont expect to do a course in forex trading and then go out and trade for a living! It wont work, at least not for you although your broker will be happy with all the commissions on your losing trades.
Dont expect to start trading and be able to pay the bills and raise your family after six months. It doesnt work that way, just ask any trader who actually made it to the consistent level. It takes longer than that, usually much longer.
Expect to spend money at some time on education, and to lose money when you actually begin live trading. Even if you start out winning there will be the inevitable string of losses that will puncture your ego and shake your resolve. Be prepared for that. NOTE by DemoAntares - THIS, NOBODY CAN TEACH YOU! NOBODY!!!!
The truth is that the path to forex success is like any other journey: punctuated with failures, characterized by varying levels of hardship, plagued with doubt, fear and greed. Yes, there are triumphs along the way and that pot of gold at the end of the rainbow might exist, but it will take you a while to get there. Which brings us to the next step
4) Study Your Profession. HARD!
Ive already mentioned the fact that it will take a while and that you will have to work hard. Dont think you can make it in forex no matter how much money you have saved in your account in a short space of time like 3 to 6 months. I almost want to cry when I hear people say they are going to leave their day job because theyve saved up $10,000 to begin trading, without having done any homework regarding the markets they will be trading. NOTE: happened to me three times - and it's not excluded it won't happen again (DemoAntares).
To begin with, I was not very good at trading manually: it took me about 6 to 7 years of horrendous losses before I finally stabilised! And seriously, Im not such an extreme case. Most traders I know who are successful will tell you that it took them several years before they started to enjoy consistent success. Be prepared to study your subject. HARD. And LONG.
"several" years is a serious understatement in my opinion.
5) Be Prepared To Fight. HARD!
Youve seen the advertisement: the lucky sod reclining on some gorgeous beach somewhere as a bikini clad twenty-something wafts up to serve him some exotic cocktail in a glass frosted with ice nestled on a silver platter while seagulls drift in the sun-drenched haze yada yada yada yada yada
The truth is that lucky sod (if hes real) spent his time in the trenches earning that reward. (OR HE NEVER SUCCEEDED AND JUST SELLS FOREX STRATEGIES FOR A LIVING). Every successful trader I know can recount nights spent tossing and turning, walls punched in frustration, shameful days when stupid mistakes wiped out accounts and so on. Keep your eye on the prize by all means, but keep your mind on the job at hand.
You will lose, get used to it. You will lose. I repeat - you will lose. At some point in your trading, even if you start out on a winning streak, the forex market is going to belt the heck out of you. And it wont stop there. Trading forex will test your resolve like nothing else can. Its not for dilettantes, so conduct an honest appraisal of yourself now. You will need stamina and courage in abundance. Dont have them? Save yourself pain and money: exit now!
6) Identify the Lions, Sharks and Other Predators
As Ive said elsewhere the Internet is swamped with so-called forex guns & gurus pushing their expensive systems and claiming to be able to turn absolutely anyone into overnight millionaires. Most of these guys are scams to be avoided at all costs. How can you tell if they are a scam? Simple:
If It Sounds Too Good to Be True - It Is!
A real mentor will be honest and upfront about the risks and the costs, and especially about the effort involved to achieve success. Look for a sales pitch that incorporates these realities while at the same time showing the benefits that can be enjoyed employing whatever it is they are selling.
The flip side of learning to identify forex scams is learning to identify those folk you can trust. For the most part this comes with experience, as you learn more and see more of the market.
My note (DemoAntares): FF needs MUCH more of "articles" like these and MUCH less articles like "can you get rich trading", "simple proven 95% system", "how much do you earn trading forex" etc etc...
You get the point.
One more thing: Do you know anybody/anyone/anything that can teach you experience?