Do traders deserve to lose money if they treat their trading development the same as the person who ignores healthy life choices? You will get what you give.
Going the easy way? It's a trap!
There appears to be a consistent effort made by traders to find the easy way to trade, via signal services, social trading, advisory services, robots, etc.
If you do, you open yourselves up to being a victim of a scam. If it all sounds easy and the return profit is very appealing, you are the target and the next easy victim!
Most of us can get caught out
Even seasoned traders can get caught out. Between my mentor who is a fund manager, another wealthy investor and myself, we diversified into a Forex fund that was showing fair returns on a weekly basis. The supplied trades gave an average of 1% - 2% return each week with the occasional small losing week in between. After
I withdrew and deposited funds testing the environment, kept in regular contact with the face of the fund. For almost 1
Then, one dreadful morning an email in my
It took over 10 years to get a portion of the funds returned via the courts. There were people who had life savings and retirement funds invested, dreams shattered.
Did we deserve to lose our money (many thousands of personal dollars)? Yes.
We all want more and think we are smart and sometimes we
Avoid the trap and learn how to trade!
Looking for the cheapest broker or high returning signal service is not where the goose has laid the golden egg. You need to invest
Your planning needs to
A desire to be open and work on your own personal development.
You will spend much of your trading time alone. Can you be alone? Can you avoid the trap of seeking
You need to work hard at trading. Trading takes many hours and dedication to
If you are in a position, find yourself a mentor. Finding random information on the web is not the answer. You are trading against the best traders in the world, do you really think you can take money off them by taking advice from some hack on the web?
Most Traders Quit
To quit is easy.
We all get to enjoy the fruits of those that have failed the most, but they refuse to quit. It is the very secret ingredient that gives us the privilege to drive a car, be a passenger in a plane, use electricity, have wireless internet, better health facilities, etc.
Never quit but learn. See every setback as an opportunity to move forward.
Build a team of reliable, trustworthy people that you can use as your development. Be vigilant with whom you let into your life.
Do new traders deserve to lose money?
Until you have found your groove and position in the market, it will be difficult to avoid losing money. You only need to find a section of the market you feel that you can perform your best. If you hope to be a short-term trader, do that. If you only have the stomach for long-term trades, do that. Do what works for you. Feel open enough to develop your own personal trading approach.
Trade well, Steve.