Forex and Futures Trading: Are you really prepared to trade?
So you have some speculative funds and believe you can master the Forex or Futures Trading markets. Hang on for the reality and do yourself a favor by considering this.
Before you blindly believe the hype about Forex and Futures Trading.
Before you spend money on the greatest futures trading system ever.
Before you put any real money in a futures trading account.
Just consider the reality of the statistics and answer the following questions because they apply to you and your pocketbook.
Do you have $20,000 or more in speculative funds? I am talking about money that means nothing to your current standard of living. Can you look at it as money that you would be willing to start a fire with? The studies indicate this is a very realistic expectation of the capital needed to learn the ropes of futures trading.
Have you spent 3 to 5 years studying and learning how futures trading works? Most futures trading veterans agree that buying 1 or 2 books or trading courses is not enough. The education is part learning from the success of others and part developing your own trading style. This education comes at a heavy price. Plan on purchasing several educational works. Are you willing to pay?
Are you sure that you have the mental discipline required to be a successful futures trader? In my opinion this is the major unknown to futures trading. Many professional traders express that their trading success is 80-90% mental discipline. Paper trading does not account for the emotional aspects and effects of a position moving against you. Now what if you had 3, 4 or 5 losing trades in a row? Do you have the discipline to stick with your trading system?
If your honest answer to any of the above is No, then you should consider putting yourself into a holding pattern until all conditions can be accomplished. Failure to effectively overcome any one of the above obstacles will almost certainly spell futures trading disaster.
Forex and futures trading can be a highly rewarding activity. The rewards are earned at a price. Do not believe the offers that claim how incredibly easy it is to make a fortune. It is not true. Any futures trading book or course you purchase should be viewed as a tool to learn by. It will be one step of many on your path to trading success.
Merv Thompson Author and operator of www.futures-brokers-review.com a website providing tools, resources andreviews for todays trader.
Find out about an exciting alternative to Forex and FuturesTrading at E-currency Trading
Before you blindly believe the hype about Forex and Futures Trading.
Before you spend money on the greatest futures trading system ever.
Before you put any real money in a futures trading account.
Just consider the reality of the statistics and answer the following questions because they apply to you and your pocketbook.
Do you have $20,000 or more in speculative funds? I am talking about money that means nothing to your current standard of living. Can you look at it as money that you would be willing to start a fire with? The studies indicate this is a very realistic expectation of the capital needed to learn the ropes of futures trading.
Have you spent 3 to 5 years studying and learning how futures trading works? Most futures trading veterans agree that buying 1 or 2 books or trading courses is not enough. The education is part learning from the success of others and part developing your own trading style. This education comes at a heavy price. Plan on purchasing several educational works. Are you willing to pay?
Are you sure that you have the mental discipline required to be a successful futures trader? In my opinion this is the major unknown to futures trading. Many professional traders express that their trading success is 80-90% mental discipline. Paper trading does not account for the emotional aspects and effects of a position moving against you. Now what if you had 3, 4 or 5 losing trades in a row? Do you have the discipline to stick with your trading system?
If your honest answer to any of the above is No, then you should consider putting yourself into a holding pattern until all conditions can be accomplished. Failure to effectively overcome any one of the above obstacles will almost certainly spell futures trading disaster.
Forex and futures trading can be a highly rewarding activity. The rewards are earned at a price. Do not believe the offers that claim how incredibly easy it is to make a fortune. It is not true. Any futures trading book or course you purchase should be viewed as a tool to learn by. It will be one step of many on your path to trading success.
Merv Thompson Author and operator of www.futures-brokers-review.com a website providing tools, resources andreviews for todays trader.
Find out about an exciting alternative to Forex and FuturesTrading at E-currency Trading
posted by Dxjunkie at 6:46 AM
4 Comments:
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We're all getting ready for Christmas and there aren't many trading days left this year. Although I'm still trying to grapple with where the dollar's headed next year. My feeling is that it's going to be much the same as this - all over the place, but possibly on the ascendant over the year, mainly due the instability in the Eurozone.
If you do have a moment, please take a look at my new site on: Forex Trading .
A merry Christmas to you and yours! Amon
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