Saturday, September 23, 2017

There Are More to Trading than Guessing the Direction of the Market

December 8, 2014 by  
Filed under Forex FAQ & Latest Post


Recently I have received several emails from readers of this blog asking me to help them as they have lost a lot of money from trading. After some communication, I realized that all of them are trading without a proper strategy or I should call it profitable strategy.

They simply go through some youtube videos and then started to trade live with those strategies that they have learned. Some of them even thought that they can make money simply by guessing the direction of the market.

Most of them think that forex trading is very simple which usually leads them to lose a lot of money in the end. I do not blamed them as I myself had this type of mentality in the past when I first started trading.

If you have read the section on me, you will know that I lost over $20,000 of my hard earned money within a short period of 3 months. At that time, I have been introduced to forex trading and I started reading up on forex books and a few online courses and I thought I am ready to make big bucks in trading. This thinking is very common among new traders. Being a trader myself, I can relate myself very well with the thinking of new traders.

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Soon, I was knocked awake from this dream only after I got my account wiped out twice in a row losing over $20,000. I realized that the key to success in trading is a combination of having a good strategy and the ability to execute it perfectly.

You can learn a very good strategy from a forex course but if you do not put in effort to practice it, then you will not be able to profit from it. You need to be able to enter the trade at the right time and this can only be achieved after you practice the strategy on a demo account for sometime.

If you are a student of my course, you will know that I emphasize a lot on trading demo. For those strategies that you have learned from youtube, they are all general strategies that has not been fine tuned. You will need to spend time to fine tune the strategy and then do backtesting with it on a demo account first before you can trade with your real money.

Trading with real money on strategies that have not yet been tested on a demo account is a common problem among new traders and this is the main reason behind them losing their hard earned money on trading.

Therefore the purpose of writing this post today is to remind you that you will not be able to make money if you do not have a profitable strategy on hand or you are unable to execute the strategy perfectly in trading.

Making money from forex trading is not a dream, it can be achieved provided you are willing to put in the effort to achieve it. So stop looking for short cut and start putting in effort to practice what you have learned. Even if you can only do it for one hour per day, you can still be able to achieve your dream of becoming a profitable trader one day.

Remember this quote: A Year From Now, You Will Wish You Had Started Today

fter some communication, I

realized that all of them are trading without a proper strategy or I should call

it profitable strategy.

They simply go through some youtube videos and then started to trade live with

those strategies that they have learned. Some of them even though that they can

make money simply by guessing the direction of the market.

Most of them think that forex trading is very simple which usually leads them to

lose a lot of money in the end. I do not blamed them as I myself had this type of

mentality in the past when I first started trading.

If you have read the section on me, you will know that I lost over $20,000 of my

hard earned money within a short period of 3 months. At that time, I have been

introduced to forex trading and I started reading up on forex books and a few

online courses and I thought I am ready to make big bucks in trading. This

thinking is very common among new traders. Being a trader myself, I can relate

myself very well with the thinking of new traders.

Soon, I was knocked awake from this dream only after I got my account wiped out

twice in a row losing over $20,000. I realized that the key to success in trading

is a combination of having a good strategy and the ability to execute it

perfectly.

You can learn a very good strategy from a forex course but if you do not put in

effort to practice it, then you will not be able to profit from it. You need to be

able to enter the trade at the right time and this can only be achieved after you

practice the strategy on a demo account for sometime.

If you are a student of my course, you will know that I emphasize a lot on trading

demo. For those strategies that you have learned from youtube, they are all

general strategies that has not been fine tuned. You will need to spend time to

fine tune the strategy and then do backtesting with it on a demo account first

before you can trade with your real money.

Trading with real money on strategies that have not yet been tested on a demo

account is a common problem among new traders and this is the main reason behind

them losing their hard earned money on trading.

Therefore the purpose of writing this post today is to remind you that you will

not be able to make money if do not have a profitable strategy on hand or you are

unable to execute the strategy perfectly in trading.

Making money from forex trading is not a dream, it can be achieved provided you

are willing to put in the effort to achieve it. So stop looking for short cut and

start putting in effort to practice what you have learned. Even if you can only do

it for one hour per day, you can still be able to achieve your dream of becoming a

profitable trader.

Remember this quote: A Year From Now, You Will Wish You Had Started Today

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