Now… that , my friend is a very intelligent newbie question. No Kidding.
Search the results on Newbie island and see how many Newbie’s ask this question. I’d be suprised if you found 5 max. for every 1,000 newbies.
Very smart question.
ok, here’s there answer…
When we say “Trading is not for everyone” this is what it means
- Firstly, a lot of people don’t like big explanations so you give them a meaningless answer to make them feel better, Like "oh well… trading is not for everyone"
as per my post to the OP
I mean to look at the other side of it, what was i supposed to say “Get off your arse and try again” ?
Now.even though this is probably the better answer… THE TRUTH in today’s world is this
- Some people don’t get it
- Some people Can’t handle it
- Some people are just plain lazy
now if someone falls into the above categories, there’s no point beating a dead horse,
if they truly do not understand it and how to trade, IT’S A BETTER OPTION TO STOP.
if they get too stressed and can’t control their emotions IT’S BETTER TO STOP
if they are too lazy, IT’S BETTER AND EASIER TO STOP
- Now. there is another kind of person.
The kind that really really really wants to learn and has a passion to succeed , because this person has a goal, BUT THIS PERSON LACKS ONE THING… KNOWLEDGE
well then, that’s rectifiable
so how to do you establish if forex is or is not for you
STEP OVER HER MY LAD AND TAKE THIS QUESTIONAIRE hehe
Question 1. Do you agree to answer honestly in this questionarie even though you might feel like an idiot to yourself if you do
if you TRULY answer No , then don’t bother with any of the other questions
if you answered YES, Proceed to question 2
Question 2. Are you able to emotionally disconnect from money completely, Meaning, While trading, are you able to forget completely what you did to earn the money and how hard it was to earn it, are you able to forget what bills you could potentially pay or not pay if you win or lose
and are you able shut off the excitement of winning or the depression of losing
THIS IS A BIGGIE
if you can answer YES - Go to Question 3.
if you TRUTHFULLY Answered NO - DO NOT TRADE, (you’ll save a lot more money not trading)
if you answered NO, Trading is not for you, that’s certain.
Question 3. Think about question 2 again and Re Answer it
if you still came up with the same answer of YES, go to question 4
if you now came up with NO, sit down think about it and start again from Question 2.
Question 4. Are you able to set a goal
if YES, then move to Question 5.
If NO, Then Trading is not for you (But, Kudos for being able to control your emotions)
Question 5. Are you able to put in place systematic processes and follow them ?
if Yes, Move to Question 6.
if No. Trading is not for you
Question 6. Are you able to monitor your systems and processes so that if they fail at certain points , you can modify them and learn from your mistakes
If NO. then trading is not for you
IF YES… THEN TRADING IS FOR YOU and the only thing that is really left is to gain knowledge
but we are just addressing IS TRADING FOR YOU
Lastly… do you have a basic understanding of Mathematics , Meaning the following
- Can you Count to any number
- can you Add, Subtract, Multiply and Divide
- Do you understand ORDER OF OPERATIONS
- Do you Understand how to calculate an AVERAGE or MEAN of a set of numbers
- Do you understand what a STANDARD DEVIATION Is ?
- Do you understand Proper Fractions, Decimals and Percentages and can you convert between them
if you answered NO, this stuff is pretty easy to brush up on if you simply google it, there is no shame.
if you answered yes… GREAT
so… if you can control your emotions, Set Goals, Put Procedures in place, Learn from your mistakes and have a basic understanding of Math. Trading is for you if you want to do it
and that’s how you establish that
but EMOTIONS is a big part of it
Stress. Greed, Desperation… These things will lead you to failure
however, if you are broke as hell and have a small amount of money to your name and CAN AFFORD to put aside say $1,500 as a minimum and you can forget what bills need to be paid, and if you lose you can ignore stress and merely learn from your mistakes.
YOU CAN TRADE
so like i said… NOT EVERYONE CAN DO THIS… therefore IT’S NOT FOR EVERYONE
and that’s what i mean when i say it
and that’s what most people mean when they say it
but, you see how long it takes to explain it
and given that 95% of people will be greedy or give up
it’s just easier to say to them
“Oh well. if you’ve tried and you think it’s not for you… ok then… it’s not for everyone and we wish you the best”
as opposed to trying to beat a dead horse and force a person who is depressed or ready to give up to trade again and probably lose anyway
hope this helps