I have a Q for all my fellow traders.
I really need some help. And I hope this topic will sort out a lot of questions for those who just start out.
my trading has not been going good so far. A couple of days ago I talked to a friend of mine who goes to Berkeley business school and he told me that it is impossible to succeed in the FOREX market being an individual trader because you are competing against teams of highly trained and smart guys who develop strategies for large financial institutions. I have herd the same story from one of my professors about a year ago.
So here is my main Question:
who thinks it’s a BS and why?
Are there any people out there who have been:
Trading a fairly simple system for a year and have been making money
Do you know anybody personally who fits the description above
If you are a guy or a gal form #1 please tell me your thoughts about the overall issue
If you are a guy from #1 would you recomend a system, mentorship, signal service, trade room anything that works.
Although I appreciate all the opinions please know what you are talking about meaning if you have just started and made a couple hundred bucks in the last 4 trades may be you would benefit from just reading this post.
Thank you guys.
It isn’t necessarily BS but the reason is not what they say it is.
Most traders do not really understand the market. Look at my post in the Pi thread in the Melting Pot here on BabyPips… I would post the link but I don’t have the proper post count and already received 1 infraction.
well its certainly not impossible, though there are more losers then winners. also look at it this way, for every dollar you win someone somewhere loses one dollar. yes there may be teams of professional traders making loads of money maybe even millions of dollars per trade but the important thing is they arent recieving any of my money. With the right mind-set, money management, and even a decent trading system anyone can make consistent profits off of forex. i think this market has somewhere around 3-4 trillion dollars traded daily so the chances of a few teams taking your money is slim and its possible your taking some of their money! i havnt been trading for a year but demoing has provided me with consistent profits and when i have traded live i certainly won more then i have lost.
as for reccomending anything it would definitely be a few books, a system doesnt really matter just try to find one that works for u, personally not many systems worked for me until i developed my own, definitely wouldnt reccomend a signal service and a mentorship could work though ive never had one but its gotta work if ur getting trained by a professional right?
you don’t have to be better than the big institutional mega bucks traders, you only have to be better than all the other little guys.
reminds me of the story of two guys in the woods who stumbled upon a bear. one takes off running and the other says, you can’t outrun a bear. he says, I don’t have to outrun the bear, I only have to outrun you.
