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Forex and Futures Trading: Are You Really Prepared to Trade?
Sure Fire Trading.
Trading systems, methods and signals. Who else want's to trade like a Pro?
Author: Merv Thompson Article source: http://www.vt.org/. Used with author's permission.
So you have some speculative funds and believe you can master the Forex or Futures Trading markets. Hang on for the reality and do yourself a favor by considering this.
Before you blindly believe the hype about Forex and Futures Trading.
Before you spend money on the greatest futures trading system ever.
Before you put any real money in a futures trading account.
Just consider the reality of the statistics and answer the following questions because they apply to you and your pocketbook.
Do you have $20,000 or more in speculative funds? I am talking about money that means nothing to your current standard of living. Can you look at it as money that you would be willing to start a fire with? The studies indicate this to be a very realistic expectation of the capital needed to learn the ropes of futures trading.
Have you spent 3 to 5 years studying and learning how futures trading works? Most futures trading veterans agree that buying 1 or 2 books or trading courses is not enough. The education is part learning from the success of others and part developing your own trading style. This education comes at a heavy price. Plan on purchasing several educational works. Are you willing to pay the price?
Are you sure that you have the mental discipline required to be a successful futures trader? In my opinion this is the major unknown to futures trading. Many professional traders express that their trading success is 80-90% mental discipline. Paper trading does not account for the emotional aspects and effects of a position moving against you. Now what if you had 3, 4 or 5 losing trades in a row? Do you have the discipline to stick with your trading system?
If your honest answer to any of the above is No, then you should consider putting yourself into a holding pattern until all conditions can be accomplished. Failure to effectively overcome any one of the above obstacles will almost certainly spell futures trading disaster.
Forex and futures trading can be a highly rewarding activity. The rewards are earned at a price. Do not believe the offers that claim how incredibly easy it is to make a fortune. It is not true. Any futures trading book or course you purchase should be viewed as a tool to learn by. It will be one step of many on your path to trading success. Merv Thompson Author and operator of http://www.futures-brokers-review.com a website providing tools, resources and reviews for todays trader.
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Lowest price paid for a seat (membership) on any major stock exchange was 25 cents in 1979 for the Pacific Stock Exchange; another seat traded shortly thereafter for 75 cents.
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