SO YOU WANT TO BE A STUPIDLY RICH FOREX TRADER?

So, you hear about forex trading.

It sets your mind off, thinking of ways to become stupidly rich and probably a famous forex trader, yet an idea of how to get to that level eludes you.

you tune to your favorite radio station,

or favorite TV station

or you got a call from a friend

or you walk into some sales representative and all you hear is:

The story of some dude who was jobless, and was living off his mum’s monthly stipend, but he somehow stumbled across forex trading,

and before you shout: “Iya Basira I need more rice“, this dude is driving a classy Benz which you were told he got through the proceeds of his trading the forex market,

or

You keenly listen to the story of a university undergraduate who barely had funds to support himself on a daily basis, but he suddenly stopped school because he turned into an overnight success trading forex.

He now moves round town with a convoy of ten exotic cars and the plate number reads:

“F### SKOOL”

This Cinderella story you just heard sends you into a state of shock, you try hard to comprehend the entire stories with your mouth and eyes wide open.

Now…, almost breathless, you ask or wait to listen for the requirements needed to join this LEAGUE of EXTRA ORDINARY GENTLEMEN.

Alas…!!!

The answers you have been waiting for is finally here. They go along these lines.

• Open a REAL trading account
• Learn how to copy signals from a signal provider and
• Get ready to start counting your millions in whatever currency your mind dares to count in.

Or

• Open a demo account
• Practice how to trade for a month or two
• Open a REAL account afterwards and start making billions in whatever currency your imaginative power is bold enough to imagine in

This good news gets you all giddy,you start imagining yourself touring the world in private jets.

Hanging out in expensive night clubs with your favorite celebrities while comparing your sleek customized automobiles in the parking lot.

Not forgetting all the beautiful ladies who literary drool over your irresistible charm and success.

Well, in all of this…

I can only beg you and your imaginative prowess to come back down to planet earth.

Yes, I am serious, kindly come back home sir.

You are not alone.

These fairy tales are not peculiar to just you. I was also drawn into this career path, partly because of these beautifully concocted stories.

However,

The truth nobody told you about becoming a profitable fx trader is:

1. Over 90% of forex traders are not successful

Sorry fellas, I am here to tell you the truth,

the whole truth, and

nothing but the truth.

Trading forex is frustratingly difficult, and if your sole reason for going into this career has anything to do with reliving the fairy tales sold to you by those snake oil salesmen…

YOU ARE DOOMED.

Becoming not just profitable, but consistently profitable in trading, is like making money off playing chess at a professional level.

How you ask?

Well, in case you never knew:

There are millions of traders who come online to invest their hard earned cash in order to make profits, these traders have varying trading skill levels, and believe me they are not trading to lose money.

Do you think you can just come from nowhere, and beat these guys in the game of trading just because someone cajoled you into the business of trading forex?

Think again my friend.

What separates you from other traders

DISCIPLINE.

The level of discipline required by this profession is insane.

It takes years of consistent and deliberate practice for most traders to attain such level of self mastery,

I ain’t kidding.

Without discipline in trading, most part of your early months or years will be spent dwelling in mood swings.

One minute you feel like a rock star, hitting your target profits and dreaming of that Lamboghini or Ferrari, or both in your underground garage as promised by whoever.

The next minute you feel so so miserable, wondering if this profession is not just another sham, formulated by some group of individuals to defraud you off your daily earnings.

To make matters worse,

you have no shoulder to cry on when the going gets tough.

The fear of rejection or being called a gambler by non traders after telling them about your bad experiences in the market, would rather make you stomach the pain alone.

Gradually your despair turns into self doubt and your self doubt gives way to you throwing in the towel.

2. More than 70% of newbies who started trading forex give up within the first 5 years 

Lets face it…,

After going through social media and observing some traders who post their results, making 10,000 pips or gazillion percent return on investment (ROI) per month, you start becoming agitated.

Why can’t I be like those traders?

You are running out of time, your lady is already threatening to leave the relationship since you have refused to “put a ring on it”.

So, you start over trading and swearing underneath your breath that you are going to be the next hottest trader on social media.

Or so you think.

Before long, you end up with a BLOWN ACCOUNT.

In anger you refund the account, thinking to yourself that you now know what went wrong in the last blown account.

You end up blowing yet another account for the same reason the first account was blown. This cycles continue for a while until frustration starts setting in.

The inconsistencies in your trading results finally makes you think to yourself:

• Do I really have to go through this torture in order to make an additional stream of income?
• Is there no easier ways of making money online other than trading forex?
• Is trading currencies not more or less like GAMBLING?
• What do I tell my friends who often ASK about my trading career after all these months/years I have invested into it?

So you scream at the top of your lungs saying:

“who needs forex in his life anyways“?

You shut down your laptop in annoyance.

Shut down the voices in your head telling you to go back to your drawing board.

The only thing you forget to realize at this point is:

There are no HEROES without BATTLES

3. It takes time to learn how to be a CONSISTENTLY profitable trader

Personally I hate giving a TIME LINE of how long it would take a beginner to transform into a professional trader,

however I am a firm believer that the learning curve of a beginner can be shortened if:

• He/she is passionate about this profession and
• He/She has a mentor to guide him/her through the hurdles ahead.

Mind you….,

Even with these two major points, it takes a while for a BEGINNER to transform into a CONSISTENTLY PROFITABLE TRADER (CPT) or an ELITE TRADER.

If I were to use an analogy,

For anybody to become an elite chef or professional soccer player, we know it takes countless hours of practice.

In fact, It is a well known fact that one has to put in 10,000 hours of deliberate practice in order to transform from a BEGINNER to an ELITE player in any field

Yes, you can shrink 10,000 hours into fewer months/years if you decide to practice deliberately and consistently.

But hey,

I am sure you know that even the most gifted student cannot transform into an elite trader in just a few days?

It takes a whole lot more than just a few days/weeks of practice.

4. Trading forex is not a quick fix

The main reason why most people jump blindly into this profession is the fact that most see it as a short cut to making trailer load, full of money.

Do I blame them?

Hell noooo….

The snake oil salesmen of forex don’t make it any easier on the desperate masses, who are always willing to take the bait of a get rich quick scheme.

These skillful salesmen always wait for an economic downturn before rolling out their different schemes which have been carefully garnished over time

These marketing strategies have been employed for as long as I can remember and they are most times the greatest pitfalls of most beginners who pick this profession.

If ever you are going to stand any chance of becoming a stupidly rich forex trader:

You need to put in the time to learn this prestigious profession properly.

Trading forex as a profession requires the same level of commitment as any other career path out there.

Let no one bamboozle you into thinking you can become rich overnight.

“If it was easy, everyone would be doing it”