Chrisdunn

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The best AND worst thing about trading… and some SCAMS

The best and worst thing about trading is zero barrier to entry.  In other words, anybody can open a brokerage account, download a trading platform and start trading.  The opportunities are infinite… you have customers (other market participants) to buy and sell from literally at any point.  This is a huge catch-22, double-edge sword or whatever cliche you want to attach.

If you've ever watch a live feed, let's say e-minis, then you've felt the urge to place an order.  This is usually once you see price make a quick, strong move either up or down.  The market is like a temptress trying to suck you in to the market.  Seriously, the market will do whatever it can to "greed" you into a trade and "fear" you out of a trade.  If you are a gambler or have no self-control, then the absolute worst thing you can do is try to trade! (unless you gain the proper training and knowledge).  Think of a mouse trap with $100 bill on it… 

Mousetrap

On the other hand, if you have a solid trading methodology and proper money management control, the market can literally be your gold-mine or money printing machine.  Most traders spend a great deal of their time looking for that one indicator or system that's going to deliver $1,000,000 into their bank account automatically.  Think I'm joking?  Type "forex robot" into google.  Click on the top 3 ads and read what they're telling you…

"XXX trading system indisputably proves a robot can trade with 95.82% accuracy in every single market condition and at least quadruple every single dollar you deposit"

"Get a forex robot that is capable of doubling your account every month"

The best part?  All these systems will only cost you $99-$199 for life!  Listen, if you can show me an automated trading system that can generate just 3 points on the ES or 30 pips in forex daily, I'll pay $100,000 for it.  Maybe more… I can relate to newbies who are sucked into these scams.  They look really appealing.  But the truth is, there is only one way to be consistently profitable in any market.  You need all four of these components:

1. Proper mental programming
2. Complete trading methodology
3. Solid risk management structure
4. Personal style development within your trading and risk structure

This is the ONLY way.  
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  • Are there scam broker on forex trading? Be carefuly. We must join venture with the best forex broker. Than you.
  • When I trade forex (which isn't very often), I like using minute charts. Also, I've found you need bigger stops... that market can get pretty choppy. What time frames and indicators do you use?
  • Rashesh Bhavsar
    Very True Chirs...I am trading FX from last four years and come to the same conclusion..Interestingly, my indicators work well with Forex but not with eminis. Can you please explain me why ?
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