Its summer time. The markets every year dry up at this time. Some times they are still trade-able, others they are not. Its the same after Christmas prior to Martyn Luther King day, they are generally crap so what does a pro trader do? He walks away OR only places a few trades.
What SHOULD a rookie trader do? The real answer is spend the time studying and learning how to trade, so that once the market pattern improves he or she will have a better chance to trade successfully. In reality the majority will ignore all of that boring advice from their mentors and place trade after trade, usually with a negative outcome, become depressed and or quit.
I have placed only a handful of trades since mid July. I didn’t like the look of things when I came back from vacation, so have spent the time doing other projects. Yes I still need to make money for my clients and myself BUT my first priority is to not lose.
Rant:
If you want to learn how to trade forex I and my fellow mentors (all of whom trade for a living) will bend over backwards to help you achieve your goals and in a lot shorter time than it took us. HOWEVER you need to have realistic expectations.
I had a few emails recently from people, completely new to forex, taking the 7 day trial and are not making any money. “Oh my, what a surprise, seriously, that’s terrible.” Get real people. Don’t be so stupid.
People are stupid and there are a ton of unscrupulous marketers who feed the frenzy with their “get rich quick” nonsense.
If you have been taken in by that then I am sorry to say you are stupid.
If its any consolation I was equally stupid when I started trading back in 2002
I had emigrated with my young family to the Canary Islands and needed to make a substantial income so was lured to forex with the promise of making lots of money, working from home. Ironically I now do but it took me 3 YEARS to learn how to trade properly and make a substantial income from my little island in the sun.
Even worse I had paid 3000 GBP for a dvd course to show me how to trade forex and the “hook” was that the guy gave his analysis everyday, but to show how stupid I was, he gave it at the end of the day AFTER the event. As we all know, ANYBODY can tell you after the event, doh I didn’t wake up to that one until after the guarantee period had passed 🙁
The bottom line is this, we can teach you how to trade successfully and a lot quicker than my 3 years BUT If you think you will get rich quick and be able to quit your day job within a few weeks or months trading forex or any indices for that matter then there is no hope for you and you should quit forex now and go find another shiny object.
The reason why forex is so profitable is that its hard work. Most people will quit and yet when you consider that a doctor, lawyer or veterinarian needs 5 years plus to even start practising and at a financial cost of over $100.000 then forex is very cheap to learn BUT you need to put in the time and effort and have those realistic expectations..
Omar, Pierre & Judith all started as regular members here at FMP. The one thing that struck me with all of them was that they had what Napoleon Hill describes as a “burning desire” to succeed. In my experience those that have it do. Those that don’t, will at best struggle badly.
Another email I received was a gent asking me what I thought about the following, for which your inbox will be flooded over the next few weeks…. There is a huge launch coming up from a well known forex marketer. Its a “wonder system” and will set you back $999. It will be promoted by most of the big marketers as “THE latest, greatest, bestest ever” forex trading system by respected trader/vendor …… ironically the same gentleman had a different “wonder system” to sell at $999 in 2015, 2014, 2013 et al.
SO what do you think? Does it make sense to buy it or the other myriad of nonsense on offer on a daily basis? By now you will know what I think!
Marc Walton
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