I don’t see myself as a controversial individual, yet surprisingly enough I have been regarded as such on numerous occasions by people who have asked my opinion on the markets. You see, I speak to many people every week who have a healthy interest in the markets and they are usually looking to increase their skills in trading, hoping to finally become consistent and make money on a regular basis. In fact for some, I think they just want to stop losing so much. Motivations are different for everyone, yet one thing I have noticed in my years of teaching and trading for myself is that no matter when someone started, or what their journey has entailed, for most novice market speculators the experiences that they have had are mostly the same on the whole. You can do a search on the internet for “trading strategies” and it is overwhelming how many hits you receive!
Now knowing that the vast majority of people in the FX markets today (retail speculators) are losing money or just breaking even in their daily trading activities, we need to ask ourselves why that is if we hope to avoid the same outcome personally. It would seem at face value that trading profitably is just practically impossible because so many people seem to fail, but this is completely the wrong way to look at it. Considering that all of the information available on the internet is freely available to anyone at anytime for absolutely no financial cost whatsoever, is it really surprising that most people take the free education option and then run into problems? One of the most impactful statements I ever heard was by none other than my friend and mentor Sam Seiden himself, when he said, “If trading books had all the answers then every librarian in the world should be a millionaire trader by now.” The equation is simple in nature: if you do what everyone else does (uses the free trading education available to us all) then you have to expect to get what everyone else gets (a lack of consistency and profits from trading).
My reason for sharing this reality with you is in direct reference to what I said in my opening paragraph of this very article. Time and time again I am seen as being controversial… Continue Reading
