Monday, 9 March 2020

Why You Failed Trading Forex - What Step To Take

Why You Failed Trading Forex

This is an important subject for all newbie traders, you want to know when you need to go live as soon as you get into the business, you want to start making money which is obvious, I mean, in any business you want to get some money quick but, if you attack this process to immediately want to have an income and you want that quick result you're going to fail. I have a good analogy for you that can help you structure the process of when to actually take your trading live. Because you just don't hope into this thing and start making money, you don't get on demo for a couple hours, find a cute little strategy that might work and what you think is 75% to 80% of the time and then sure you start making money 2 to 3 months out the gate.


Let's Get Started


Think Of Forex Trading As A Pilot.

Pilot

I want you to imaging a pilot, with any pilot it takes around 4 years to become a successful commercial pilot, but if you read online, it takes up to 15 years. But think of the process for when you're trying to become a commercial profit pilot. It's strange but they've made it literally, it's illegal to not be a pilot without having a college education. So that's one, but besides the college education, you have to go through 300 hours of flight school. You're in the classroom and you're in the plane, you're in the simulator, and it's just back and forth over and over again repetition.


How often are you doing that in your forex business, how often are you truly learning that ends and out of everything that what the forex market entails? Because I promise you this, if a pilot study as much as you study the forex market, there wouldn't be any plane in the sky right now. I mean, if they would, they wouldn't be up there for very long. 

They go through education, they learn everything you need to know about a plane. And they're not even on the simulator yet. So they get an "A" in fly school, what's their next step? They have to have some hours done fly, probably with a co-pilot, they're in a simulator, they're doing that for 300 to 1500 hours of simulator just over and over again, landing, taking off, landing, taking off, you're not going to get off that simulator until you know 100% of certainty that you're going to be able to land that plane. You got lives at hand, I mean, money has faces on it I consider those lives.

So how seriously are you taking care of your money? So then what's your next step, they might put you in a copilot seat of like a big commercial airline, you might be in a 747 with a pilot at Delta, but you're still not flying that plane. You can take it off he might give you the wheel a little bit to take off, he's not giving you everything. In an autopilot, he might let you manage something a little bit, check flight control, talks, relay some information, but he's giving you the experience of flying the plane.


Do Have A Mentor

  • Are you doing that with a mentor? Is a mentor moderating everything that you're doing in your trading? And if he's not, and if you don't have one, then that's going to be very detrimental to your overall business. 

Get the education, find the best education, if you're getting bad education just like a pilot getting bad pilot education even though it seems like it might work for you, you're going to crash. So you to have figure out if the education you're receiving is what's going to get you to become successful. After that, practice that education over and over again on a simulator, make sure you're freaking when you're getting your trades, make sure you have everything constructed to where you know everything that involves why you're making this trade.

Put some money into account and trade with a mentor live, just do that and he'll just give you advice on what you're doing wrong or what can improve and then after that, once he lets you go, now you're in the business and now you're making money





Conclusion

That's the process, personally for me on how I think students should go live. A lot of people have their own ideas of what they should be doing, but that's personally what I would do.

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