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I have been contacted this week by several traders, about Forex Training and Making Money Consistently in the Forex Markets and looking for advice and tips which will help them become profitable in the market. In itself that is great news that people are looking to improve their training and looking for proper help as opposed to grabbing at USD 49 products – keep the mails coming !!
In this short article I would like to dish out some “tough love advice about Forex trading”.It is generally in my character to do so, but sometimes, as we all know, hearing the truth is the best policy, especially where there is money involved.
Here is my message, and it’s this. Unless you have an in depth understanding and knowledge of how markets really work and more importantly and understanding of who the people are behind that ‘how markets those markets’ your chances of success are slim.
Now such a statement is not designed to make you want to give up or even stop Forex trading – far from it .It’s simply a reality check. This is a difficult business with pitfalls all over the place.
Please understand that the Forex business is run by big players who are in it to make money and a lot of it. Think you are going to take on those guys, having read a few free download articles on Google and make a profit just like that – don’t make me laugh. Why should it be like you haven’t paid any dues, you’ve had no education so why do you think it’s possible – please ask yourself. I’ll tell you why. It’s delusion planted in your head and seeded by the very same large companies who will later take your money.
You don’t stand a chance against them without education, guidance or a
mentor.
I count myself extremely lucky in that life has dealt me some very nice cards – perhaps I created my own chances I don’t know – which has allowed me to get very close to the pulse of the market, this is because I have worked for some very large trading houses and I understand and get the reasoning behind their strategies. Please be aware that there are a myriad of strategies as there are a myriad of trading houses and trading styles.
What I want to add is this. To all newcomers or people coming to the Forex market who maybe have tried this or that, MACD cross over’s, FIB retracements, support and resistance trading, without success – you know the type of thing I mean, please look at the myriad of advertisements around you, on your trading screens and on the forums
and web sites where you hang out and ask yourself just a question.
“Who is on the other side of the trades I am taking” ?
When you have considered that question ask another.
“What is really going on when I place my trades?”
If you don’t know the answer to the above questions, or don’t feel like finding out, you shouldn’t be trading, please stop now and stop the bleeding of your account
If you do feel that you owe it to yourself and to your loved one’s to find out, then please carry on reading.
The answer of course is that on the other side of trades that you are taking are the very same people who are paying for all the advertisements which I mentioned above. As we all know, there is money to be had
trading the markets and competition for your money is fierce. As a result of this competition, the costs of those said adverts is very high. If the advert costs are high, this can only mean that profits are high – right ?
It’s the same old chestnuts of companies who advertise day, after
day after day and if they weren’t making money they wouldn’t be advertising there right,would they. This is their business, they own it almost and they are making money.
Now ask yourself how do they make the money from you, answer, spreads and taking the other side of your trades. That’s it.
The upshot of all this, in the case you are feeling a bit like a train wreck because you are having trouble cracking Forex trading, and because I am having a go, is that you aren’t alone, it isn’t just your account that is funding all those adverts and brokers and dealers salaries its many people’s accounts.
This leads to just one ultimate conclusion and this is the following, nearly everything everyone is taught is false and wrong.
Generally, what is taught doesn’t work, as I bet you can confirm. You will have tried various strategies and you’ve probably done quite well at sticking to what you have been taught and done your homework as well, but things have not worked out as they should have. The practice hasn’t turned out to be the same as the theory.
What the….. how come…. man am I frustrated………… Yes I can understand that, sometimes it takes years, multiple Skye groups, inner circles, premium groups, robot trials, indicator splurges to get where you need to go.
Here’s the golden rule…………………………….
THOSE THAT HAVE THE GOLD MAKE THE RULES!!!!!!!!!!!!
To be continued……
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