Your father has got it right. The majority of hopeful new traders expect to follow a trend for a few hours and hope to get rich. The daily ups and downs mean that you LOSE.
If you study the historical GBP/JPY charts you will see MASSIVE rallies, caused mainly by some bit of economic news or other but I have found the secret is TIME. Give your trade a chance to make money!
For example, if, on July 19th when the GBP/JPY peaked at around 250.00 you had places a straddle trade (go long and short at the same time) with a 50 pip stop-loss each way, you would now be around 2,200 pips in profit.
At $5 a pip that would have made you $11,000 in five months, FOR DOING ABSOLUTELY NOTHING!!!!
So the big boys who trade at $100 a pip................... get rich!
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