subject: Learn Trading This Way, Enjoy And Get Rich! [print this page] You must have read a lot of stories about people getting rich with trading. Rags to riches stories of ordinary people who had no money but were determined enough to succeed. You might even have read stories of people who started trading with borrowed money something like $1,000 on their credit card and ended up making $200,000 in just 30 days!
First don't make the mistake of trading with borrowed money! Never! Second don't believe in these fanatasies. 90% of the people who take up trading after reading such stories, some which might be no doubt true, start receiving margin calls and lose their trading accounts soon.
They learn the hard way that you have absolute no control over the market. Markets do what pleases them whether it makes you rich or poor. Markets simply don't have any mercy that you have borrowed the money to start your trading career. After experiencing losing their hard earned money, 90% of those who start trading leave forever. Too badly shaken and burned to think about trading again.
I give you one example. Suppose, you have been investing in stocks over some years making some consistent return. Though that return is not astounding but you are still satisfied. You know something about how to invest in stocks. You know the importance of doing research before investing in a stock.
So, you are an amateur stock investor who likes to listen to what the broker says or what your friends are saying in the investment club. One day, you go to the investment club gathering. One friend tells how she made a killing in the commodities market. You listen to her and get inspired. You have never traded commodities before but you delude yourself in thinking that since you have been investing in stocks for sometime, you will be able to master commodity trading in a short period of time!
You do some prelimiary reading. You learn that commodities are traded in the futures market. So, you open an account with a futures broker who makes you sign the customary risk disclosure statement. You read it. Of course, you know futures trading is risky. But you are making te cardinal mistake of rushing. You rush into trading commodity futures. You lose trade after trade and in a short time, lose the capital in your trading account. You had a nasty experience with commodity trading. You give up. So learn not to rush headlong into trading. Join the 10% who ultimately succeed at trading and start enjoying it in the end!
10% who succeed at trading don't make the mistake of rushing. They are like everyone when they start; novices. But they know they are novices. So they are cautious in the beginning eager to learn new things and improve upon their mistakes. In the end, they succeed and start enjoying trading.
Three decades back, Bill Poulos was one such person. Over the years, he learned those little known tricks that can make you a consistent winning trader. Forex trading is being called the Recession Proof Business of 21st Century. Forex trading is going to make many millionaires in 2010s. It already has. Take the example of Bruce Kovner, who started with only $3,000 borrowed from his credit card trading forex and futures. He is now one of the richest men in the world with a net worth of $11 Billion. But this does not mean that you can be another Bruce Kovner. It only means how immense the opportunity is right now in the currency markets. Currency markets are experiencing volatility never seen before since early 1980s. Bill has a flexible forex day trading system that takes not more than 20 minutes each day to trade and can easily give 5 figure monthly income part time. The first thing that he stresses upon as a new trader is risk management. Learn from Bill, he is the best trading educator!
by: Ahmad Hassam
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