There are many skills required to be a trader, and to be honest, the mastery of these skills sets the phenomenal traders from the average traders in the world. Whether the best traders are trading for institutions or themselves – that doesn’t matter.
I almost blew a $50,000 trading account myself.
Now you’re probably thinking, “Man, there is so much I could have done with that money,” and this true! You probably could have bought yourself a nice car and put a down payment on a home; I know you could buy a home in South Africa. This $50,000 trading account was essential; I needed to build this account…
Like always, I want to debunk any myths you might believe about profitable Forex trading. I will start by saying No! A holy grail does not exist the way most people think. There is no strategy that doesn’t take a loss or have a losing streak every now and then. There is, however, a strategy that you have to FIND (If you haven’t bought a course and you don’t have a mentor) that makes money in the markets.
You need an edge to be a profitable trader, which is why most of us began our trading careers searching for the best possible strategy. Surprisingly, this is the wrong approach.
Two traders can get the same strategy. One can make a killing while the other loses everything.
Have you ever been in a situation where it feels like everything around you is crumbling, and you have no control over how many things around you crumble, what crushes, or when these things crumble?
In the big bad world of Forex Trading, there are many misconceptions about what it means to be a Forex Trader.
This can be chalked up to a lot of things… Mainly Instagram, if we’re honest. People either think Forex is a get-rich-quick scheme OR a place where savings go to die. Neither is true.
For a very long time, I struggled to trade my strategy because other people’s strategies seemed to be working better than mine. It was so bad that it felt that they were on the other side of most of my trades, taking my money and smiling to their withdrawals for some weekend shenanigans!
Imagine, with me for just one second, a boy or girl who grew up in a family where there wasn’t any more to spare month to month. Even worse, they couldn’t even get by, let alone have anything to spare, since their parents weren’t wealthy and didn’t have high-paying jobs but rather were considered part of the lowest income earners in society.
Have you ever felt like the guy or girl who cannot seem to get anything right? Literally, nothing right! I most definitely have. I used to play cricket back in high school, and I loved it! It was such a thrill representing my high school, and better yet, doing it with my closest friends!
You would be better believing none of it.
If I’m honest, this is a frustrating article to write because the Forex trading industry has been polluted by “Forex traders” claiming to know how to trade and teach you how to trade…