How Ordinary People Beat the Wall Street?
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.
The rag to riches story of Hoosain Harneker is remarkable. He had lost almost all his saving in a failed business venture.
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.
Hoosain took six months to save $1000 to open an account so that he could trade forex. But during those six months, he practiced and practiced the forex system on the demo account.
His wife was not sure about his success. He promised his wife that he would never trade forex again if he blew up the $1000. All the 12 people in the Millionaire Traders had blown their accounts in the first few months of trading except Hoosain.
His advice to new forex traders: Start by practicing on your demo accounts and double your amount three times in a row. Only then think of trading with your real money. Paper trading will give you the confidence to start trading live.
Now many new traders jump straight into live trading without practicing on their demo accounts. They make consecutive losses. Consider forex trading to be difficult and give up.
Forex trading requires a lot of discipline. Learn from these 12 ordinary but remarkable people who had the discipline and determination to make it big. - 23222
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.
The rag to riches story of Hoosain Harneker is remarkable. He had lost almost all his saving in a failed business venture.
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.
Hoosain took six months to save $1000 to open an account so that he could trade forex. But during those six months, he practiced and practiced the forex system on the demo account.
His wife was not sure about his success. He promised his wife that he would never trade forex again if he blew up the $1000. All the 12 people in the Millionaire Traders had blown their accounts in the first few months of trading except Hoosain.
His advice to new forex traders: Start by practicing on your demo accounts and double your amount three times in a row. Only then think of trading with your real money. Paper trading will give you the confidence to start trading live.
Now many new traders jump straight into live trading without practicing on their demo accounts. They make consecutive losses. Consider forex trading to be difficult and give up.
Forex trading requires a lot of discipline. Learn from these 12 ordinary but remarkable people who had the discipline and determination to make it big. - 23222
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 @ 7:37 AM
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