Agree especially with this part: If your interest hangs on any of the above -- biggest, free, round the clock, no barrier to access -- you are beat already, in my view, because none of those factors appeals to a serious, experienced investor or trader.
Austin makes some really good points. Let me just add another one. You will be competing against your broker most likely. Unlike currency futures there is no central market place, the price you see is the price your broker is willing to offer you, which in most cases is not as good as what they are offered from large banks. Your broker can bust your stops out at will by playing games with the prices quoted. It's what is known as a dealing desk. Do a little research on that term before you play in the forex market. Just be careful. Dan
First off, I really appreciate the honest feedback. I don't mind losing money at first. You only learn when you make mistakes. I'm not scared of losing everything anymore. I think we will all agree that a man's greatest fear is poverty just like a woman's fear is having her love taken for granted. I respect forex and I respect all the time and effort and money everyone has put into this great opportunity. I just feel that the timing is right for everything. After lurking around the boards over at Trade2win one of the posters suggested that I read "Mystery of Banking." While, I am sure many of you already have a great understanding of the banking and money leveraging, I didn't. One word. WOW! I was blown away when I read that. Here I am a financial planner/estate planner and I, for all intents and purposes had no flippin' clue about how the banking system works. $50 billion in printed money from the Fed equates to $400 billion in inflation???!! THat is almost inconceivable!! Yes, I will admit, that compared to everyone in this thread, I know basically nothing about trading. WHat I do have going for me is that I am persistent and that I have great intentions. Persistency can be seen in the last 2 months of continuous reading and watching the FX charts and 15 different FX ebooks I've read, and litearlly 24 hours a day 7 days a week, uninterupted thinking and planning and contemplating about fx trading. It just feels right. I love a challenge. I know there are great people out there, just not in my country - USA.. lol.. Ok, there are a few, but they are few and far between. I'll be honest, I am looking to 'get rich' via forex trading. I don't care how tight I have to squeeze my money, if I have to go get a bartending or bouncing job on the side from my financial services franchise that i own, I'll do anything. I'll even dip my hands into commercial real estate if I have to. The main reason I want to become a millioniare via forex trading is so that i can help others do the same. So, I can make someone feel the excitement that I feel right now. I may be fooling myself right now and I may think that it's easier than it really is, however, I will, very soon, verrrrry soon get a grasp on it. I know there are some incredibly brilliant and helpful people on this forum. There are some incredibly successful people posting in this here thread which I am grateful for. My ultimate goal is to open up a Wellness Center. I don't know if it's going to be able to be located within the United States, as, my center will not condone the absurd recommendations for pharmaceutical drug use, but I'll put it somewhere. I know the cure for cancer, the secret to aging, how to change anyone's physique into any shape they desire. I got out of the training aspect because the money isn't there, because I just couldn't work for someone who has no clue about health. The financial services industry was the answer. Most people's health condition is greatly determined by their income. The only way to truly fix a person's condition is to first help them increase their income so that they can afford the healthier lifestyle. Sorry, I did get a little off track there but I just want you to understand my passion. I don't want to do forex trading so I can just work 2-3 hours a day make a $20 grand and go party and piss all the money away. I love the challenge it presents and I know it's going to be the vehicle to help me acquire the capital to open up my Wellness Center. If any of you have any suggestions as to any specific books you'd recommend that I read, please, offer them. I can't think of ever reading any book and getting dumber by reading it (well, actually, I would imagine that if they printed Napoleon Dynamite, I would lose another 15 IQ points reading it). Also, if you can suggest any other markets you think I should consider entering, please feel free to share with me why you think that. I am completely open at this point, just understand that I am not scared. I respect the discipline required to succeed, however, I don't do business in fear. When you constantly remind your subconcious mind of fear, it makes fear reality and it attracks circumstances and people to support that feeling of fear. I disassociate myself with all fear. Thank you all again for listening to this young buck.. I am a master on the grill, can't wait to return the favor a few years from now by inviting you over to my new place eating some BBQ, slammin down a few beers while watching Swedish Supermodels bounce on a trampoline in lingerie. -Matt
Expecting to go from zero to making a living in 15 months is not reasonable. Don't put that pressure on yourself, good luck.
More than anything, I just really enjoy the knowledge I have acquired so far learning about fx. I really respect the determination it requires to be successful. I've always believed in keeping it simple. I feel as though, as long as I go into this with an open mind with the mindset that I know nothing at all, I will have a more realistic view point than most. I realize that those few words up there are just all marketing strategies for the weak to come in and contribute their money into the pot to get quickly taken away. Due to my interest in FX I stumbled upon an article about asset management. Before fx trading I would have assumed that I already knew what that article was going to say, being that I realize that I know nothing at all regarding fx, I opened it up and learned more than I can ever imagine. That article, in turn, led to another article about The Tunnel Method, which I find very interesting.... I believe that the most difficult task in FX trading is not that actual trading itself, but rather learning how to extract quality information out of a pool.. I've stumbled upon websites and thought, OK, wow, I may not be able to get returns like this through this company but the ideology behind that sort of return in the FX market is not unheard of. For someone to put that website together they had to caculate some numbers and determine a realistic ROR. While those numbers are on the extreme high end, those results can be achieved via FX trading. I just need to be disciplined enough to remember K.I.S.S. and to always keep the mindset that I know nothing at all....
Thank you for this! I was completely unaware of this! Now that I am trying to get an understanding of this, I can see how having a demo account can actually be counterproductive, as, you will not be quoted similar prices once you're dealing with real money.
Austin, There is literally so much I could say right now in response to your well thought out reply that I would be here all evening. I will save the questions and comments from now, dive into the achives and blogs and see if I can answer some of my questions reading. I will definitely reply once I have a true grasp as to the true nature of your suggestions as they pertain to me. Thanks again for your time.
ES- I'm all over your thread, there is some QUALITY information in there my friend. I don't think I can ever go bankrupt with someone like you offering help.. That's the one thing in life that scares me the most now that I know I just can't be poor... bad timing.. whether it be in meeting the love of my life or the opportunity of my life. I am deathly scared of not being prepared to absorb quality information when it is presented point blank infront of me. For that reason, I am reading and re reading 4 times every post in this thread. Thank you for your guidance!
You see... Its like this. You just made the hundreds of hours worthwhile now...If just one person wrote what you just did...it would make it worth it... I just got paid. Thank you Michael B. P.S. I have a three ring binder...but oh nevermind...just keep growing and learning and you will find your way.
Excellence is never reasonable. Reasonable to me is average. I go into this with a clear mind, with a clear goal, with a great understanding. See, I know the difference between grandiousity and self confidence. Most people confuse the two and think that self confidence is thinking that the only possible outcome is success. That just isn't so, that is, in fact, grandiousity. Self confidence is knowing that you will put forth your best effort. I know that I will do whatever I have to do to put myself in a situation to make this 15 month run possible. Failure is a possibility, but so is success. As long as I go over my goals and improve daily, I will be setting myself up for success. I believe that the human subconcious mind is the most poweful tool in the world. Your life becomes what you tell it to be so. Granted, there are ups and downs and failures, but that's only a part of learning. You only learn when you fail, so, as long as you don't continue to do the same things and fail and expect different results, success will come. Success is getting what you want. Happiness is wanting what you get. Thank you for your realism, I appreciate it. I probably don't truly understand what this desire requires me to do.