I am yet to come across any Forex trader worth being called a Pro who didnt have it hard the first few steps along their trading career. Ok people I will be doing the unexpected in this article, I am not going to give you some forex trading psychology mumbo jumbo that will end up with you funding your trading account with more of your hard earned dollars only to blow it again reminding yourself how much you suck at trading.
No! Instead Ill be giving you what I consider to be a Real life definition of winning at the game of losing and exactly how to avoid making my mistakes, remember that wise people learn from their mistakes while smart people learn from the mistakes of others, am pretty sure youre one of those smart folks!
I never attended any Forex trading seminar because I simply couldnt afford any of those Id come across, I only got to touch base with Forex Trading through a close friend of mine who had a handout on forex trading beginner lessons which was very skinny by the way and did a great job of making trading seem darn easy as though all it took was a single click of a mouse and youll millionaire overnight banking huge dollar amounts of profits on any given trade you take, even if you just got to learn about trading that same week.
I instantly fell in love and gradually became obsessed with trading even though in the beginning it was a masochistic relationship, dont we work it out in the end, one things for sure though, it took some serious courting and therapy sessions with myself in the mirror.
I still remember smiling when I thought to myself that I was never going to place a losing trade, I used to think that the traders that do have losers just didnt learn enough to understand the market. Boy, was I in for some serious awakening surprise!
After I had read through several Handouts and trading ebooks, I felt ready to conquer the Forex market with my $25 account. I remember telling a close buddy;
Yo Sid tell me what you think, if the daily turnover in the forex was $4.5 Trillion a day dont you think we would be billionaires even if we only traded the next 12 months?
The answer was always a firm resounding yes even though Sid stopped answering that question after I had traded and lost our rent, rendering us homeless just before I dropped out of college, Boy was I some dumb risk taker.
Somehow as time went on I seemed not to have made any withdrawals from my trading account and I was slowly but surely getting into a large poop, oh sorry pool of debt and I just couldnt figure out why or what I was doing wrong.
I just simply couldnt imagine not being able to trade for a living. The seduction was just too much to resist. I had to figure out a way!
I had the picture of living the life of a trader so engraved in my mind that failure just wasnt an option to even consider, I simply had to find a way of becoming successful at trading even if it meant crawling on ice to get to the Holy Grail, I was just about ready to do any and everything.
I kept telling myself if I played just a little more patient perseverance and studied some more Itll soon be over and itll just be fun all the way after that, even though I hadnt read Robert Kiyosakis Rich Dad Poor Dad or Napoleon Hills Think and Grow Rich just yet, even though now it meant skipping classes at the university where I was studying Veterinary Medicine, to make matters worse my uncle was a lecturer in that same faculty, you could pretty much say i was only counting days before i got busted.
Soon afterwards home found out that I had lost my senses on some new high some new drug I had discovered forex or something they just couldnt understand why, days were all that needed to be counted before I came back home from college never to go back, Forex Major Sacrifice No. 1.
Rushing to open a demo account with some forex broker and pretending that youll be ok with only a few weeks of practice trading trying to understand the currency market, only to jump right into funding your trading account will only result in one thing, Huge Losses.
Avoid being a victim of the pattern of trading disaster by aiming for the home run trade on a standard lot with a $100 account thanks to 1:1000 leverage most forex brokers offer these days youll only watch your entire trading capital lost to thin air within a single trading day only for the market to turn around and move in the direction you had anticipated after stopping you out, this can give you horrible nightmares or in some worse cases a full blown insomnia.
The problem with most of the forex trading education guides on the internet today are that they make trading look too simple, only for you to get a totally wrong picture of the currency markets losing serious amounts of money in record time with no one to ask Hey, what just happened?
Theres just no way around it people if you want to trade successfully you have to learn how to trade the proper way. Gain the right forex trading education and practice forex trading on demo account with any broker of your choice.
Dont be in a hurry to burn your money else youd be better off going to Vegas to gamble your entire life savings and at least have a good time, in the forex its real business and no fun seeing your hard earned money go down the drain while you get cover by layers upon layer of a cloud of mixed negative emotions of pure pain resulting from greed, anxiety, fear and anger and the burden of the inability to close your trade with a humungous loss because you just cant seem to have the guts to click.
You have to make certain that you know exactly what youre doing before moving on to live forex trading with real money in a live account. Anything else and youre just setting yourself up for failure.
To become a doctor you go to medicine school why should you think that some $97 forex trading system will magically take away the learning curve because some guy you met on the internet says so, just think about it.
You need to get proper forex trading training and education to succeed in this business of trading currencies, theres no way around this.
Hope you found this article informative Id like to hear your comments and thoughts, dont forget to share it with your friends and colleagues.