How Ordinary People Beat the Wall Street?
How many times, you must have heard this oft quoted statistic that more than 90% of new traders fail and give up trading in a few months. Only a few lucky ones survive in the long run.
Yet, still millions of ordinary people around the globe wake up everyday in the morning, turn on their computers and try to make a living trading the financial markets electronically. Have you ever thought why?
The interesting fact is this that the same statistic of failure exists in other businesses like restaurant business. New restaurants open on daily basis; most fail. Only a few succeed.
But despite the high probability of failure, still the possibility of making it big never stops people from starting new business ventures. The same thing also applies to forex trading.
Kathy Lien is a professional forex trader who has written many books on forex trading. In her book, Millionaire Traders, she tells the story of 12 ordinary people who made it big.
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.
He had no money. He was heavily in debt. One of his friends told him to trade forex. His friend emailed him the forex system that he used to trade forex daily. The forex system was based on simple moving averages. Hoosain did not have even a few hundred dollars to open an account with a forex broker.
Hoosain took almost six months to save $1000 to open an account with a forex broker so that he could trade forex live. However, during those six months, he practiced and practiced the forex trading system his friend had emailed him on the demo account. If he had any query he would email his friend for clarification.
He promised his wife that he would never trade forex again if he blew up that $1000. All the 12 people in the Millionaire Traders blew up their accounts in the beginning except Hoosain.
Hoosains only advice to beginning forex traders: Practice on your demo account and double your amount three times in a row. Dont take up live trading before that. Paper trading will make you confident to face the daily emotional turmoil of the forex trading.
Now, most of the new traders jump straight into live trading without practicing much on their demo accounts. After a few consecutive losses, they give up, considering forex trading to be 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. - 23204
Yet, still millions of ordinary people around the globe wake up everyday in the morning, turn on their computers and try to make a living trading the financial markets electronically. Have you ever thought why?
The interesting fact is this that the same statistic of failure exists in other businesses like restaurant business. New restaurants open on daily basis; most fail. Only a few succeed.
But despite the high probability of failure, still the possibility of making it big never stops people from starting new business ventures. The same thing also applies to forex trading.
Kathy Lien is a professional forex trader who has written many books on forex trading. In her book, Millionaire Traders, she tells the story of 12 ordinary people who made it big.
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.
He had no money. He was heavily in debt. One of his friends told him to trade forex. His friend emailed him the forex system that he used to trade forex daily. The forex system was based on simple moving averages. Hoosain did not have even a few hundred dollars to open an account with a forex broker.
Hoosain took almost six months to save $1000 to open an account with a forex broker so that he could trade forex live. However, during those six months, he practiced and practiced the forex trading system his friend had emailed him on the demo account. If he had any query he would email his friend for clarification.
He promised his wife that he would never trade forex again if he blew up that $1000. All the 12 people in the Millionaire Traders blew up their accounts in the beginning except Hoosain.
Hoosains only advice to beginning forex traders: Practice on your demo account and double your amount three times in a row. Dont take up live trading before that. Paper trading will make you confident to face the daily emotional turmoil of the forex trading.
Now, most of the new traders jump straight into live trading without practicing much on their demo accounts. After a few consecutive losses, they give up, considering forex trading to be 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. - 23204
About the Author:
Mr. Ahmad Hassam has done Masters from Harvard University. 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.
posted by X - Men @ 7:32 AM
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