I see this all the time. Everyone wants forex “shortcuts”, rather than figuring things out and doing some proper work to make it in this game. They want the road to getting insanely rich quickly from learning a new system ( keyword to watch out for: “the Forex Holy Grail System”) or following trade signals from a trade “guru / pro” to become the next forex millionaire trader. However, more often than not, most of these forex newbie traders following those forex “shortcuts” end up going quiet (almost as quiet as the crickets) as the system fails or the trade signals simply don’t turn the profit as it was meant to do.
What ensues after a period of draw down / a string of losses on these systems, is great mass panic (chime in: fear & greed). And the reason is very simple. The forex newbie trader doesn’t know how the system works or even worse, he/she may not even know what the system is. Thus they lose a great deal of confidence in the trading system and then switches or goes on a new search for the Coveted Forex Holy Grail System – again.
This is not to look down on anyone selling trading systems nor trade signal providers. I am sure there are some genuinely true profitable providers out there, however unfortunately in this business there are more people out to make money from selling the forex trading system / trade signals rather than trading profitably for themselves. (On a side note: Later in my trading journey, I started to question why on earth would someone who trades profitably want to sell some course / trading system or spend time with some unknown trader. Trade signals on the other hand I can sort of see.. but that doesn’t really help the forex newbie trader themselves.)
Can you live off forex trading? You can definitely live off forex trading. The question is, are you willing to go that extra mile to give what it really takes to make it in this game.
Stop looking for forex “shortcuts”. Go read about the markets. And before you trade live, question.. WHY does this forex system work (please don’t answer it because this forex guru / pro said so… or because that’s what this forum member said..). What edge does this trade have over all of the other trades and traders. If you can’t answer these, go back to the drawing board and figure out the why, not the how.
P.S. *YAY* to me. My second post of the month! 😛