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I've heard this sort of thing (expressed in 100 different ways, about various products) and it's pure snake oil.
To succeed in forex trading, we have to FORGET that there’s money involved.
You have to learn to trade not because of the money. But because you like forex trading and you are passionate about it.
You have to learn to trade right and not trade for the money.
When you trade right and forget about the money, the money will come naturally.
If you forget it's money, the money will come naturally! Really? Utter BS IMHO.
Can anyone get passionate about forex trading? And if so, would that be good? Like would that be a good way to live your life? I very much doubt it.
The reason most people don't do well in forex has nothing to do with this kind of nonsense. It's because no one knows which way the currencies are going to move. It's as simple as that.
There are teams of people who do this for a full time living, for banks. And you know what? They get it wrong nearly all the time. Yep. But they make a small amount when they get it right, which pays their wages and hopefully earns the banks a bit of money. But no one gets rich doing this. Even with all the info, technological knowhow etc.
After a brief period Forex trading I have given it up for the simple fact that its bloody time consuming, very risky and us "bottom feeders" as we are known in the Forex world don't have a chance to make money especially now they have the robots doing the trading and stuffing up (HFT). The movements can be very fast with no clear logic even after you spend hours researching the news - thats due to the robots.
Plus to make it beneficial you need a HUGE amount of money at least 100k USD - if less than that don't even bother. Plus there are so many dodgy Forex brokers out there - the kind where you load up your trading account with them and their business starts failing and you cannot get your money out or they run off with your cash - so many examples of that its scary.
Last edited by Marc; 15-12-2012 at 12:39 PM.
There are lots of tips to become a successful forex trader but what are the main reason why people fail? The main reason of failure are :-
1:- Treating Forex as a get rich quick opportunity.
2:- Beginners want to achieve great returns on a short period of time.
3:- Thinking itís easy to make money on Forex.
4:- Thinking youíre smarter than the other traders or smarter than the market.
5:- Thinking that you can make money in Forex with no work at all.
Yep all standard stuff and I even brought a heap of books on mindset and trading but ultimately most of us are so small with our trading accounts that we need a good pip movement (20 pips +) in our direction to earn anything. If you placed a trade with a million USD then yes its good as even a couple of pips movement in your direction will earn you a good profit.
Originally Posted by Alliee
To be honest the only people that make loads of $$ in our realm are the ones selling training and forex trading accounts and the software like eSignal.
I think the main reason of Forex traders fails is Global Economical Crises
I have never tried forex trading nor understood it.To me it sounds like gambling and success is determined by luck.Hope I am wrong.
My advice as above - don't bother unless you have at least 100k USD and don't mind losing the lot. It takes an enormous amount of time to learn the skills required to trade and the time and concentration needed to trade is too much. This game is not meant for "bottom feeders".
I've lost 20K on 2 different "this guy is great has a proven track record" systems. I met one honest guy who made a living out of forex. HE said he spent 350K and 6 years learning how to not lose money and he now earns around 500K a year. But he took twice as long as a university degree and a small fortune to get to where he can live off trading.
Definitely not for the faint hearted.
This sounds very realistic - for my mindset FX trading is not for me. I found out like most - spending around 5k on training then losing all my funds - then working out I am not built for trading.
Originally Posted by Damap
But! I did learn a good deal about how the financial markets work, I learned not to trust any financial advisor, any financial products on offer, or the media. So I think the 5k for me did provide great value.
Property is it for me.
Last edited by Marc; 17-03-2013 at 04:26 PM.
So Marc, I have to ask.
Why do you continue to promote K2A ?
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