3 Forex Trading Secrets I Learned From an Undisciplined Trader


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3 Forex Trading Secrets I Learned From an Undisciplined Trader. :

3 Forex Trading Secrets I Learned From an Undisciplined Trader. By: Jay Molina From: www.myfxventure.com

Slide 2:

Today I will be talking to you about an experience I had a couple of months ago, I met this trader that was struggling not only with being profitable in Forex but with paying his bills as well. The interesting part about the whole situation was that he was a doctor who was making a big fat six figure Salary. This didn't make any sense to me since he was a highly educated man and he was making so much money.  I became a close mentor to him for about 2 months and during that period of time I was able to learn a lot of things from him (good and bad). At the end, he gave up on foreign currency exchange trading due to personal reasons. During this relationship I noticed 3 major trading mistakes that he was making. I believe these mega-mistakes can affect any trader and might even take the trader out of the game if they let them. These 3 Forex trading secrets can help you to avoid common pitfalls committed for several traders.

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Lesson #1: Immediate Gratification Dr. X (I won’t use his real name for obvious reasons) was a beginner trader with very limited knowledge of the markets and as a result he was losing money; this is when he came to me. At the beginning I thought he wasn't profitable because his money management was out of place but as we talked more I began to understand more of the factors why he wasn't profitable. His problem was that he wanted to make 20% or 30% per month but he wasn't willing to learn more about the markets. We (humans) are addicted to immediate gratification. Unfortunately, in FX the rewards are rarely ever immediate; instead it takes days, weeks, or even months to become profitable and consistent.  As a rule of thumb, anything that is worth your time, money, and energy will take time to develop.

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Lesson #2: Relying on trading to pay bills or a debt Another thing that prevented Dr. X to profit from the market was his urge to make money in the Forex so that he could pay off some debts. Trading is a very exciting career and it can bring many positive feelings to your life. On the other hand, if you pressure yourself to make money because you need to pay bills or debt it will not do any good to your trading. Even full time traders know that they can’t rely on the markets to pay for their bills; they have a fall back plan such as second job or a savings account. The markets act different every month. One month I might make 27%, the next one I might only make 5%. The bottom line is to not rely on the markets to pay for your food or mortgage or car loan.

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Lesson #3: Trading can’t be learned at school Mr. X spent years and years at med school to become a doctor and to be able to practice medicine. I always thought that because he was a doctor, trading was going to be a piece of cake for him, I was wrong. We together found out that his medical knowledge was of course not going to help his trading. As a result, he started to study the markets very hard, everything was going well until he decided that trading was not for him. I talked to him a couple of months ago and he is back in the game. But this taught me something. It doesn’t really matter from which walk of life you come, trading the Forex is a new skill and you will need to dedicate time to perfect it and get good at it. Forex will take time to work for you and the more you learn the better you will become at trading the markets. I am open for any comments you may have I read every single one of them. Also, I will be providing you with a Forex broker list in a few days. To your trading success, Jay Molina, Professional Forex Trader & Strategy Analyst Get your FREE copy of my secret Forex trading plan now! Click here for immediate access!