5 Things You Have To Know Before You Become A Trader

Forex trading is probably the only thing I can think of where you can start your own business for under $1,000 and could make $100,000 - $250,000 a year, even if you have never traded before. But here are 5 things you should know.

1. Trading goes against evolution. Let me explain. We are hard-wired to be conservative when we win and take greater risks when we lose. You can grow your bank balance more by increasing how much you trade when you win and decreasing when you lose.

2. Trading is counter intuitive. People who work for a living generally get paid more if they work more. Trading is not like that. No amount of hard work can force a trade to happen. It's more about timing than anything else. As a trader, you will probably spend most of your time reading, watching TV, or messing around on Google.

3. You have to be independent of thought. This is hard for human beings because we are actually social animals. We formed ourselves into tribes early on, and we generally think like a herd. As a trader, you have to have the ability to make a decision based on your own reasons, not that of anyone else. 

4. Strangely enough, most traders can get the direction of a trade right. It's everything else they screw up. They second guess themselves after they enter a trade, or they have no idea about money management. Most traders never take the time to learn the things that could make them successful.

5. Most traders never get past trading small amounts. I was on holiday once and saw a red Porsche boxster with the number plate FOREX1. I wondered to myself if the owner was a Forex trader. Anyway, I know hundreds of people who are good traders but always seem to stay trading small amounts. If you want to be rich, you have to think big. Happy Trading,

 Yours sincerely,




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