You’re starting to wonder whether you’ve wasted your time trading forex, aren’t you?
“Maybe this whole thing is just a scam…?”
I assure you it’s not, you just haven’t mastered it yet.
I’ve been making money trading for decades, as have my colleagues Mark Bennell and Joel Kruger. But it ain’t easy.
Each one of us thought about quitting in the early days. There were times when I found it difficult to keep my head up, or face my friends and family after a string of losses. Doubt crept in and I would dream about getting a regular 9-5 job so I’d know when my next paycheck was coming in.
Boy am I glad I didn’t listen to that little voice in my head telling me to work in a grey cubicle and wallow away my life in the corporate world. I’d probably have necked myself by now if I had…
There’s only one way to live in my book, and that’s living and dying by my own ability and hard work, not determined by some line manager in charge of my next promotion.
As traders we are in a wonderful position to change our lives, support our family’s and create financial freedom. The sort of freedom suit wearing wannabes can only dream of.
You can make money trading forex, but it’s like any skill or profession. It takes time and diligence to succeed.
The trap many traders fall into is thinking this is a get-rich-quick scheme, and if they just follow a simple moving average strategy they’ll make a bucket load of money and be able to sit on a beach for the rest of their life.
If you really sit back and think about that for a moment, it’s ludicrous. One of my favourite saying is “If it was easy, everyone would be doing it.” and forex trading proves this point.
New traders generally give up after a few months, or maybe a year due to repeated failures. If you started a new business and didn’t make money during the first year, would you consider it a failure?
Probably not. Most business take a few years to generate a profit, and trading is no different.
It’s hard to rise above the 95% of losing traders, you have to claw your way into the 5% group through focus, sweat and determination.
Those that lose money over the long term are quitters, likely moving onto the next hot money making scheme (read: crypto trading, affiliate marketing, facebook advertising, amazon dropshipping).
It’s the same cycle each time. They eventually get bored, followed by failure, only to go going back to their regular boring job to sell their time (be sure to read our blog post on why you need to stop selling your time).
So to answer your question – Yes! You can make money trading the forex market, I do well, and have several colleagues that also pay their way handsomely through life with their trading profits.
Come and join me inside the trading room so we can discuss just what it takes to become a professional trader and make a living from day trading.
I stream live each day after Joel Kruger, midway through the London trading session.
I look forward to seeing you there.
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