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Written by Hass67
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You must have heard this fact many times that more than 90% of new traders fail and give up in a few months. Only a few survive in the long run.
Yet, everyday millions of ordinary people around the world wake up, turn on their computers and try to make a living trading the financial markets electronically. Do you want to be like them?
The interesting thing is this that almost the same statistic of failure exists in other businesses. Take the example of restaurant business. New restaurants open everyday; most of them fail. Only a few are able to succeed.
Still the possibility of hitting big never deters people from starting new businesses. The same applies to forex trading.
Kathy Lien is a professional forex trader. She is a great writer too and has written many books on forex trading. In one of her books, Millionaire Traders, she tells the story of 12 ordinary people who beat the Wall Street at its own games.
These 12 stories are remarkable and inspiring. The rag to riches story of Hoosain Harneker, the 10 pips a day trader is especially worth mentioning. He lost almost all his money in a failed business partnership.
After that he had no money. He was heavily in debt and did not want to borrow more. His best friend told him to trade forex. His friend emailed him the forex trading system that he used to make pips daily. The forex trading system was based on simple moving averages. Hoosain did not have even a few hundred dollars at this stage and did not want to borrow from his friend.
He took six months to save $1000 to open an account and start trading live. During those six months, he practiced and practiced his forex strategies on the demo account.
However, his wife was not sure about his success in forex trading. He told his wife that he would never trade forex again if he blew up the $1000. He had only one chance and he made it. All the 12 people described in the Millionaire Traders had blown their accounts in the first few months of trading except Hoosain.
Hoosains advice to new forex traders: Begin by practicing on your demo account and double your amount three times in a row. Dont trade live before that. Paper trading gives you the confidence to face the daily turmoil of the forex markets.
Many new traders jump straight into live forex trading without practicing much on their demo accounts. After a few losses, they give up thinking that forex trading is difficult.
Forex trading needs a lot of discipline. You can learn from the success stories of these 12 ordinary but remarkable people who had the discipline and determination to make it big.
About the Author:
Mr. Ahmad Hassam is a Harvard University Graduate. He is interested in day trading and swing trading stocks and currencies. Learn Forex Nitty Gritty. Read about Trend Forex System. Try Netpicks Forex Signal Service. |
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