collapse

Author Topic: The hard slog of becoming a great trader with good profit  (Read 1408 times)

Online outsidetheboxhk

  • PAMM Fund Manager and Trade Copy Provider
  • Full Member
  • ***
  • Posts: 340
  • Learn from your mistakes and do not give up!
    • Signal Start
The hard slog of becoming a great trader with good profit
« on: August 31, 2018, 08:30:12 AM »
It is getting harder and harder to succeed in Forex Trading, you must really do your homework and watch out for scams and those only interested in their own gain all over the landscape.
It is very sad that a majority of the people that get involved in the forex business end up losing their money and quitting, but I will explain the major reasons why this happens below:

1. Leverage and Margin - Trading on margin seems like a fast way to make quick profit however, this gives birth to greed as a result of margin abuse. Research has shown that high leverage contributes largely to the number of capital losses prevalent with margin trading. Without margin, trading forex and cfds will be like every other business. It is therefore not surprising that CFTC (commodities and futures trading commission of the US) made it compulsory for all brokers in the US to offer a maximum leverage of 1:50. Statistics have shown that since the CFTC rule was set in 2010, more retail traders are now profitable.A proper understanding of leverage and margin is very important if any trader is to be successful in the business for the long term.

2. Half baked education- This is another major mistake many traders make. When a trader is trained by someone who cannot hold an account for more than 3 months consistently, you don't expect the trader to be consistent. You cannot learn how to drive in a driving school where the teacher cannot drive. Next time you want to learn any business, please make sure you approach someone with a proven track record in the business. Many forex trainers do not have performance history of even 3 months. Forget all the sweet talk, proof is everything.

3. Pressure - In my 15 years trading career, I have seen very good traders who lost all their money over and over as a result of pressure from bills and pressure that comes with beginning to manage other people's wealth/assets. If you put the weight of your bills on your small trading account, it is bound to crash. The best traders in the world make an average of 3% monthly ROI (with sufficiently large capital). They have large funds and its almost effortless. Forex trading is not a get rich quick scheme so quit the gambling so you can be consistent.

I left my job as a mathematics and computer tech teacher to go into full time forex trading, forex account management, trade copying, and coaching. I would not do that if I had not been convinced that this industry is very profitable.

My personal slogan is "Slow down to speed up". The fastest way to inevitable big gains is slowly.
---------------------------------------------------------------------------------------
Advertising removed.
« Last Edit: August 31, 2018, 09:32:05 AM by HFT Group »
--------------------------------------------------
Copy or Invest in my Strategy

SignalStart
SimpleTrader

----------------------------------------------------
Follow Outside the Box HK on

Instagram
TRADINGVIEW

Offline Loperte

  • Jr. Member
  • **
  • Posts: 50
Re: The hard slog of becoming a great trader with good profit
« Reply #1 on: December 18, 2018, 06:20:29 AM »
Thank you for bringing this issue to forum. I was also thinking about how much sweet talk is there on Internet about easy money on forex trading. People can get wrong perception that it really is easy and actually is not. There is so much to be learned prior to your first deal. Practice also. 

Offline hiddenvalley

  • Jr. Member
  • **
  • Posts: 35
Re: The hard slog of becoming a great trader with good profit
« Reply #2 on: June 16, 2019, 11:24:27 AM »
It's like ForEx is making a comeback as an extra income fad again after their heyday around pre-financial crisis, for the current next generations. Alongside the crypto and binary-options fads. Now youtube is inundated with the phonies' trading education ads. (seen that fake options trading lady's ads? see -> https://www.tradingschools.org/reviews/petra-picks)

 

browse forum