Forex trading used to be for the high class club, but with the advancement of technology and advent of internet, one can make so much money in forex by being your own financial and investment manager and also working smart.
In my last publication "Exploring the biggest Financial market of the world....." I told you how forex trading has made me successful and how reluctant I was at first to start trading. In this publication, you will be reading why it is important to work smart yourself and not just to allow any financial manager to out smart you by using your money to their advantage and giving you peanuts as interest.
There are more individuals, private Foreign Exchange traders now than there have ever been, and the number is growing daily. There are three main reasons for this. The first is the advancement in technology and, in particular, the Internet. The expansion and popularity of the Internet has made it possible for everyday people to have access to the world’s largest and fastest growing marketplace (the Foreign Exchange market) through online brokerages and charting software companies. The second reason is awareness. In the past, individuals were unlikely to know anything about the Forex market because it was really an exclusive club, only for large banks trading with each other. Nowadays, anyone can trade, and people are talking about it and understanding the profound effects that successful money management and Forex trading can have on their lives. The third reason for the increase of individual participation in this market is a lack of confidence in the traditional style of investing— that is giving your money to someone you don’t know and letting them “have a play with it.” Investors have witnessed their pensions and investments underperform for far too long, and they have now decided to manage their own money and keep 100% of the return (without paying management or performance fees). At the end of the day, it’s your money and you’ve worked hard for it. After you’ve lived a little and made some money, the smart move is to find somewhere sensible to grow it. That’s why you are reading this today. There will always be people out there who will happily take your money and do nothing more with it than generate fees, commissions, and income for themselves, leaving you with just a husk of the potential wealth that money could have generated.
I have worked for 13 years in the banking industry, among investment bankers and asset managers. As a young man fresh out of the university, I found the “city” to be a fascinating place—but, after a time, one just have to wonder who is paying for all the flashy cars, expensive lunches, and exorbitant offsite junkets—the answer? You! We have all watched city bankers (clad in fitted suits and Hermes ties) promise us much—casting their investment outlooks while talking in tongues—but actually deliver little, if anything of value.It amazes me how quickly we forget the lessons from the past and then, like sheep, we are herded by the next Hermes tie-clad shepherd into his pen, where his well-educated but poorly skilled traders erode our savings with irresponsible money management, poor trading strategy, and just a basic lack of care and responsibility. If you are in the Investment Management business, this is important. There is an unending supply of people who are willing to hand over their money to you on the promise that you will do something more useful with it.Making money in the financial markets requires a personal epiphany. You have to realize that the cultural hypnosis that has been keeping people poor for hundreds of thousands of years works as strongly today as it ever did. The good news is that you can harness tools and strategies to rapidly affect your psychological and internal beliefs—and this will change your entire world. Simply learning some trading tools and skills is not enough. The old adage, “Scared Money never makes money,” speaks to the importance of mastering your mind and creating confidence within yourself. As Mark Douglas elegantly put it in “Trading in the Zone”; the solution is to change the way that we think to get our minds into a care-free state so that we don’t interpret market information in a threatening way that could cause emotional pain, thereby bypassing the automatic invoking of our hard-wired mechanisms. Once the psychology exercises are in full flow, we must find a trading strategy that suits our personality and, with that, we are ready to start producing.My mission is to equip this next generation of up-and-coming, private Forex traders with the skills and confidence required to trade successfully. I understand that 95% of what you read about finance and economics is either useless or incorrect, so we are going to scrap all of the irrelevant information and focus on the 5% that is potent and effective.To get the most out of my writting, it is vital that you get your hands dirty. Read through thoroughly and methodically and most of all, have fun and enjoy every bit of the journey.
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