Forums » News and Announcements
Need to Do Before You Start Trading Full Time-Karen Foo
-
Recently there has been a massive surge of aspiring traders and investors rushing to open a brokerage account.To get more news about WikiFX, you can visit WikiFX news official website.
Yes. With crisis comes opportunities, but if youre in a position where you have zero or very little experience in the financial markets, you are literally jumping out of the plane without a parachute.
I want to share with you 3 things you need to do before you take the leap of faith so that you dont get burnt by the financial markets.This is the first and most important step that most get-rich-quick traders skip. They want to come out of this a millionaire.
This just shows that most people are just ignorant and delusional when it comes to making money in the financial markets. Due to the fact that most people are not willing to put in the patience, they would blow their accounts really fast and get burnt.
I‘ve received so many emails from people telling me that they’ve blown their accounts because they never took the time to learn trading properly and because they rushed the whole process.
Most people think that they can just quit their jobs and go into full time trading within 1 month. There are even people who think that I encourage people to quit their jobs after watching 1 YouTube video on my channel, which just portrays their complete ignorance.
Some people would read about the overnight bitcoin millionaire or options millionaire and envision that they can achieve the same results.
The truth about trading is that you just cant watch 10 trading videos and go into trading a live account the next day. Neither can you attend a 2-day workshop and then go into full time trading within 1 month.
Just like any other profession, you need to give it some time. The average trader takes 3 years to become profitable, and youre thinking that you can get there within 3 months？!
I don‘t care if you attend workshops, watch videos or read books to learn trading, just make sure that you don’t skip this step.
I don‘t care who you learn from. Just make sure you learn from a proven mentor rather than someone who just shoves you the get-rich-quick lifestyle. And also, don’t learn from me if you dont like my content or videos. Simple as that.Being an entrepreneur is not for everyone. Some people are just born to be employees, and thats fine. Same thing with being a trader or investor. It is just not for everyone.
If you feel that trading is not for you, you are free to go pursue something else. There are lots of ways to make money nowadays from e-commerce, freelancing, drop-shipping or even starting your own café. Trading is just one of those ways to make money.
If you find yourself getting bored from looking at charts and reading trading books, then this might not be suitable for you.
If you find yourself being more interested in finding out how to make good coffee than how to trade the EUR/USD, then maybe trading isn‘t’ for you.
Can you imagine if Gordan Ramsay decided that he should pursue trading instead of cooking because trading is more profitable？ The thing is, if youre super good at what you do, you can make money from any industry that you pursue.
You need to have passion in the financial markets to help you withstand those day where you feel like quitting, because trust me, you will have those days.
Passion is the one thing that will get you up in the morning to check the markets even when you feel tired. Passion will keep you going when it gets hard. 3. Have a Proven Trading Plan & Strategy
Over the years of meeting so many traders, I realized that most traders go into trading without a proper plan. Basically, they gamble the markets without a proper strategy.
Without a proper and proven strategy, you are literally setting yourself up for failure. If you have a losing trade today, you wouldnt know exactly why did you lose money. That is a big problem.
If you don‘t know the reason why you lost money, you wouldn’t learn from it and hence you would be forever stuck and not progress.
Being a random trader will not get you anywhere. Neither is using a strategy that youre not comfortable with using.
A lot of traders follow strategies that are given to them by their mentor or after finding out about it in a forum without taking into account their trading personality.
And speaking of online forums, they are also where most losers gather. So if you want to be a loser as well, be my guest and join them!
Anyway, as I was saying. If you have a trading personality that is suitable for short term trading, then there is no point for you to go out there and buy a trend following trading system that would require you to hold your trades long term. It just doesnt make sense!
And yet so many traders are going around asking questions like “What strategy or indicator do you use？”. As if after getting the answer, they will miraculously turn into a millionaire trader, which is complete nonsense.
That is like asking Tiger Woods, “What golf set brand do you use？”. This is the kind of ignorant and delusional thinking that cause most traders to lose. They think that trading is all about having the best strategy ever.