You must have heard so many times that almost something like 90% of new traders blow up their trading account in the first month of their trading . Trading is a serious business. Only a few become sucessful traders who make a living out of trading .
Discover the Freedom Forex Formula and download this Special FREE Manuscript that shows how to build a $34 million forex business from scratch with a very simple forex method. Learn how to make 7,913 pips from just one market move with this FREE manuscript that explains the simple forex method in step by step easy to understand detail. Get this 1 Minute Forex Trading System FREE that makes money instantly anytime you want even if you haven’t traded forex before.
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 . After knowing that more than 90% lose in their first few months, do you still want to try trading?
However, you need not feel discouraged. Almost the same statistic exists of people failing at other new businesses like real estate Investing, restaurant business, construction, property or other businesses . New restaurants open on daily basis; some succeed, and most fail.
Still the possibility!hypothesis of making it big never stops people from starting new business ventures. So if you are interested in trading forex, stocks or futures or whatever you want, you will have to show a degree of determination if you want to succeed . If you want to learn forex nitty gritty, watch this forex story on video!
Kathy Lien is a professional forex trader who has written many books on forex trading. In her book, “Millionaire Traders”, she interviews 12 ordinary but amazing people who were determined enough to succeed and make it big .
All these 12 stories are remarkable . The rag to riches story of Hoosain Harneker is especially worth mentioning. He lost roughly all his saving in a failed business partnership.
One of his friends advised him to trade forex . Now interestingly, his friend lived in another country and they were in contact with each other only on email. So his friend emailed him the forex trading system that he used daily to make a successful living from trading currencies . It was based on simple moving averages. Hoosain had one problem. After having lost all his money and savings in a lost business venture, he was not in a position to cough up even a few hundred dollars to open a forex trading account with a forex broker .
But Hoosain was determined. He worked hard for six months and eventaully saved $1000 to open a live trading account so that he could trade forex . But during those six months, he practiced and practiced the forex system on the demo account .
Hoosain’s wife was anxious that he would lose his money. Hoosain knew this so he promised her that if would quit forex trading if he lost those $1000 . Interestingly, all the 12 people who have been interviewed in this book blew up their account in the first month of their live trading but not Hoosain .
Hoosain’s only advice to beginning forex traders: You should first practice on your demo account for a few months. Don’t try to jump into live trading too soon. First try to double your demo account three times in a row only then think about trading live . Most of the new traders jump straight into live trading without practicing much on their demo accounts. After a few consecutive losses, they give up, considering forex trading to be difficult.
Forex Trading needs a lot of discipline and determination . Learn from the success stories of these 12 ordinary but remarkable people . They had the determination to succeed and this is what you will also have to show if you want to succeed . You too can be a millionaire like them .
