[B]THERE ISN’T ONE[/B]
For those of you who came to this post hoping against hope that you could “get rich quick” I apologize. [B]But please read the rest of this post.[/B] I promise it will help you in the long run.
As a new trader, most people are two things.
- They are skeptics, thinking forex is a scam and want all the information they can get before they even think about investing their hard earned money.
2)They are people who want the easy way out and want money to be handed to them. And hope that one of those offers on the web will do just that. (better to be option 1 in my opinion)
[B]The fact of the matter is, is that forex is a job, it is a business.[/B] It is not a get rich scheme, and it takes discipline and practice to master.
Think of it like a swimming lesson. First you go to a class where an instructor tells you the basics of swimming (the Baby Pips School of Pipsology).
Then after you understand the concept of swimming, you start out in the kiddie pool learning how to keep yourself afloat (reading this forum and opening a demo account).
After you can keep yourself up in the kiddie pool without touching the bottom for some time, you go into the main pool and learn to swim laps (opening a mini or micro account and trading only 1 lot at any given time).
After you become confident in the swimming pool and go off the diving board a few times, you talk to the experience scuba divers (expert traders here on baby pips) and start perfecting the art of swimming with the sharks (trading for a living).
Then, and only then, when you are comfortable with all that can happen, when you learn not to panic underwater (or losing trades) and when you learn to control your breathing and not get to exited, are you ready to swim in the ocean.
Of course, there are always though who just jump in and it’s sink or swim. In this case you are gauranteed to take several mouthuls of water (lose alot of trades) and you could possibly drown (lose your whole account and not be able to return). Sure this way is much faster if you make it, because you learn from your mistakes, or you die. But, ask any life gaurd, or anyone who swims alot. If you throw most people in the ocean (probably 95 percent), and they have never swam a day in their life, they will die. This is what most people do. This, or they go straight from the kiddie pool to the ocean and freeze to death, get eaten by a shark, or drown.
You, as newbies, need to practice practice practice. Don’t jump in untill you know all that can happen and know what to do in each situation.
Practice trading, practice keeping your emotions under control, practice not biting more off than you can chew (overleveraging) and above all [B]PRACTICE FOLLOWING YOUR SYSTEM.[/B]
After reading this post a few times, go here 301 Moved Permanently and read that post two or three times.
Don’t be afraid to ask questions, don’t be afraid to try things on your demo account. And definatley don’t be afraid to admit you have weaknesses and focus on strengthening them.
I wish you all the best of luck, and hope to see you all in the winners circle.