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, 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 same statistic of failure exists in other businesses like restaurant business. New restaurants open on daily basis; some succeed, and most fail.
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 teacher and writer too and has written many best selling books on forex trading. In one of her books, Millionaire Traders, she relates the story of 12 ordinary people who beat the Wall Street at its own games and 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.
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.
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.
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, 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 and determination. Learn from the success stories of these 12 ordinary but remarkable people. They had the discipline and determination to make it big. All are millionaires now. - 22871
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 same statistic of failure exists in other businesses like restaurant business. New restaurants open on daily basis; some succeed, and most fail.
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 teacher and writer too and has written many best selling books on forex trading. In one of her books, Millionaire Traders, she relates the story of 12 ordinary people who beat the Wall Street at its own games and 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.
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.
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.
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, 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 and determination. Learn from the success stories of these 12 ordinary but remarkable people. They had the discipline and determination to make it big. All are millionaires now. - 22871
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.
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