This is in response to multiple PMs i have received with regards to forex trading. I think i should just post this here and reference it rather than writing/answering each person individually. (special thanks to Blanco for permission)
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ON TRADING: no pain, no gain.
Yes, it is nearly impossible to win. Penny stocks are easy in comparison; and penny stocks trading is quite challenging. It was the first thing i mastered successfully. Non OTC stocks is easier in comparison. It is honestly one of the most challenging endeavour i ever set my sights on.
Before you do anything...go to babypips website and read it from top to bottom. Achieving good results in forex is going to take a couple of years. There are no shortcut to hardwork. It took me 2 years of intense study to master stocks and 1 year to master forex(and i did not have a mentor, i sorted out the crap from the wheat all by myself). My cumulative trading experience shorten the time frame to 1 year. (people might tell you that it is easy, it isnt. It is simple and yet difficult.) No pain, no gain. Forget signal services. Learn this stuff on your own. Start at babypips and read/digest everything thoroughly.
I said that it is NEARLY impossible to win. That is the blunt truth. I wont sit down here and bullshit you trying to get you all very excited about forex. That will be bullshit. The failure rate is above 98%. You are reading that correctly,....+98% failure rate. Of course, there is going to be people like me that will belong to that group of 1% to 2% that will win consistently. We paid our dues. You will have a better chance of getting into medical school and become a full-fledge neurosurgeon doctor after internship and residency than of making it in forex trading. Will a successful neurosurgeon tell you that it is easy to become one? Of course not. Then i cannot be expected to tell you that becoming a successful forex trader is easy. I will give you hard charging ugly truth. Then, if after that, you want to go ahead, that is fine.
You need the right mental attitude...a tough mental attitude....but...that is not even enough...hardwork. Insanely hard, very hardwork. Bloody hardwork. And smarts. Even with all that, it is still going to be a long hard road filled with setbacks and painful obstacles.
I am just been honest. It has been a challenging evolution for me. Honestly, I have no idea why i never gave up. Most people do. Perhaps, there is just something in me that just want to win badly enough. That just wont quit, deep down.
People talked about discouraging themes...yes, they are there for a reason! THIS IS NOT GOING TO BE EASY.
It is going to be tougher than you imagine. It is for everybody. I remember when i first got started in forex trading...in stocks trading for that matter...i completely disregard the negative attitude and think "i am different", i am a winner. i usually excel at things i put my mind to...sports, academics, etc. name it. I was honours and assistance captain of football(soccer team), represented in sprint and hurdles, etcetera..... How hard can this be?
I was in for a surprise.
In the very end of it all, i came out consistently profitable...BUT...I learn humility and pain and long hours....it was tougher than i imagined. This experience is true for everybody. Ask any successful trader. ANY. If they say otherwise, they dont know what the heck they are doing. Read the market wizards(3 set of books) by jack schwager. All of them rose, fell, rise, fall, and summonted multiple obstacles to become multimillionaires/billionaires. Their stories were inspirational and yet discouraging sober.
There are millions of people doing this. smart people. hardworking people. dedicated people. mentally tough and intellectually sharp people. And yet, over 98% fail. What makes you think you are any different? any special?
It is 1 or zero. there is no "almost there" or "almost got it" in trading. You are either right or wrong...and you pay the price with a diminishing account size and psychological pain. It is a zero-sum game.
ARE you sure you want to do this? Are you sure you have what it takes? Otherwise, find other mode of generating income.
I leave you with this video(it is about sport...but...they could well be talking about FOREX TRADING...or any trading for that matter)
IF you are truly fucking serious about this and not messing around...i will do my best to assist....after you've read and digest babypips...we will take it from there. I truly wish you the best of luck.
.
____________
ON TRADING: no pain, no gain.
Yes, it is nearly impossible to win. Penny stocks are easy in comparison; and penny stocks trading is quite challenging. It was the first thing i mastered successfully. Non OTC stocks is easier in comparison. It is honestly one of the most challenging endeavour i ever set my sights on.
Before you do anything...go to babypips website and read it from top to bottom. Achieving good results in forex is going to take a couple of years. There are no shortcut to hardwork. It took me 2 years of intense study to master stocks and 1 year to master forex(and i did not have a mentor, i sorted out the crap from the wheat all by myself). My cumulative trading experience shorten the time frame to 1 year. (people might tell you that it is easy, it isnt. It is simple and yet difficult.) No pain, no gain. Forget signal services. Learn this stuff on your own. Start at babypips and read/digest everything thoroughly.
I said that it is NEARLY impossible to win. That is the blunt truth. I wont sit down here and bullshit you trying to get you all very excited about forex. That will be bullshit. The failure rate is above 98%. You are reading that correctly,....+98% failure rate. Of course, there is going to be people like me that will belong to that group of 1% to 2% that will win consistently. We paid our dues. You will have a better chance of getting into medical school and become a full-fledge neurosurgeon doctor after internship and residency than of making it in forex trading. Will a successful neurosurgeon tell you that it is easy to become one? Of course not. Then i cannot be expected to tell you that becoming a successful forex trader is easy. I will give you hard charging ugly truth. Then, if after that, you want to go ahead, that is fine.
You need the right mental attitude...a tough mental attitude....but...that is not even enough...hardwork. Insanely hard, very hardwork. Bloody hardwork. And smarts. Even with all that, it is still going to be a long hard road filled with setbacks and painful obstacles.
I am just been honest. It has been a challenging evolution for me. Honestly, I have no idea why i never gave up. Most people do. Perhaps, there is just something in me that just want to win badly enough. That just wont quit, deep down.
People talked about discouraging themes...yes, they are there for a reason! THIS IS NOT GOING TO BE EASY.
It is going to be tougher than you imagine. It is for everybody. I remember when i first got started in forex trading...in stocks trading for that matter...i completely disregard the negative attitude and think "i am different", i am a winner. i usually excel at things i put my mind to...sports, academics, etc. name it. I was honours and assistance captain of football(soccer team), represented in sprint and hurdles, etcetera..... How hard can this be?
I was in for a surprise.
In the very end of it all, i came out consistently profitable...BUT...I learn humility and pain and long hours....it was tougher than i imagined. This experience is true for everybody. Ask any successful trader. ANY. If they say otherwise, they dont know what the heck they are doing. Read the market wizards(3 set of books) by jack schwager. All of them rose, fell, rise, fall, and summonted multiple obstacles to become multimillionaires/billionaires. Their stories were inspirational and yet discouraging sober.
There are millions of people doing this. smart people. hardworking people. dedicated people. mentally tough and intellectually sharp people. And yet, over 98% fail. What makes you think you are any different? any special?
It is 1 or zero. there is no "almost there" or "almost got it" in trading. You are either right or wrong...and you pay the price with a diminishing account size and psychological pain. It is a zero-sum game.
ARE you sure you want to do this? Are you sure you have what it takes? Otherwise, find other mode of generating income.
I leave you with this video(it is about sport...but...they could well be talking about FOREX TRADING...or any trading for that matter)
IF you are truly fucking serious about this and not messing around...i will do my best to assist....after you've read and digest babypips...we will take it from there. I truly wish you the best of luck.
.