Ordinary People Who Made Millions Trading Forex
You must have heard this fact many times that more than 90% of new traders fail and give up in a few months. Only a few survive in the long run.
Yet, still daily millions of ordinary people around the globe wake up, turn on their computers and try to make a living trading the financial markets online. Do you want to join them?
The interesting thing is this that almost the same statistic of failure exists in other businesses. Take the example of restaurant business. New restaurants open everyday; most of them fail. Only a few are able to succeed.
But despite the high probability of failure, still the possibility of making it big never stops people from starting new business ventures. The same thing also applies to forex trading.
Kathy Lien is a professional forex trader who has written many books on forex trading. In her book, Millionaire Traders, she tells the story of 12 ordinary people who made it big.
All these 12 stories are remarkable. The rag to riches story of Hoosain Harneker is especially worth mentioning. He lost almost all his saving in a failed business partnership.
One of his friends advised him to trade forex. He emailed him the forex system that he used to trade. It was based on simple moving averages. But he did not have even a few hundred dollars to open an account with a forex broker.
Hoosain took almost six months to save $1000 to open an account with a forex broker so that he could trade forex live. However, during those six months, he practiced and practiced the forex trading system his friend had emailed him on the demo account. If he had any query he would email his friend for clarification.
He promised his wife that he would never trade forex again if he blew up that $1000. All the 12 people in the Millionaire Traders blew up their accounts in the beginning except Hoosain.
His advice to new forex traders: Start by practicing on your demo accounts and double your amount three times in a row. Only then think of trading with your real money. Paper trading will give you the confidence to start trading live.
Many new traders jump straight into live forex trading without practicing much on their demo accounts. After a few losses, they give up thinking that forex trading is difficult.
Forex trading needs a lot of discipline. You can learn from the success stories of these 12 ordinary but remarkable people who had the discipline and determination to make it big. - 23162
Yet, still daily millions of ordinary people around the globe wake up, turn on their computers and try to make a living trading the financial markets online. Do you want to join them?
The interesting thing is this that almost the same statistic of failure exists in other businesses. Take the example of restaurant business. New restaurants open everyday; most of them fail. Only a few are able to succeed.
But despite the high probability of failure, still the possibility of making it big never stops people from starting new business ventures. The same thing also applies to forex trading.
Kathy Lien is a professional forex trader who has written many books on forex trading. In her book, Millionaire Traders, she tells the story of 12 ordinary people who made it big.
All these 12 stories are remarkable. The rag to riches story of Hoosain Harneker is especially worth mentioning. He lost almost all his saving in a failed business partnership.
One of his friends advised him to trade forex. He emailed him the forex system that he used to trade. It was based on simple moving averages. But he did not have even a few hundred dollars to open an account with a forex broker.
Hoosain took almost six months to save $1000 to open an account with a forex broker so that he could trade forex live. However, during those six months, he practiced and practiced the forex trading system his friend had emailed him on the demo account. If he had any query he would email his friend for clarification.
He promised his wife that he would never trade forex again if he blew up that $1000. All the 12 people in the Millionaire Traders blew up their accounts in the beginning except Hoosain.
His advice to new forex traders: Start by practicing on your demo accounts and double your amount three times in a row. Only then think of trading with your real money. Paper trading will give you the confidence to start trading live.
Many new traders jump straight into live forex trading without practicing much on their demo accounts. After a few losses, they give up thinking that forex trading is difficult.
Forex trading needs a lot of discipline. You can learn from the success stories of these 12 ordinary but remarkable people who had the discipline and determination to make it big. - 23162
About the Author:
Mr. Ahmad Hassam is a Harvard University Graduate. He is interested in day trading and swing trading stocks and currencies. Learn Forex Nitty Gritty. Read about Trend Forex System. Try Netpicks Forex Signal Service.
posted by X - Men @ 7:47 AM
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