Is being successful as a retail trader really possible?
It's funny how sometimes information that is 'right on the money' of your focus at that time lands in your lap.
This video on the world of retail trading popped up as a YouTube suggestion earlier today, and I decided to give two hours of my life to watch it in full.
In summary, it was a worthwhile watch and covered many of the things I already know about the murky world of brokerage houses and trading education companies. Things I found out through trial and error, and things that cost me time, energy and money to learn.
My first venture into forex trading started many years ago now. I forget the exact year, but 2010/11 rings a bell.
I attended a conference in London where successful entrepreneurs in their field took to the stage with a mission to inspire the audience (myself included) with stories of how they'd made it big and how we mere mortals could do too.
This however was not their only mission, as each presentation invariably moved from inspiration to selling. Yes, if 'you want to know what I know', they'd say...'sign up now at the back of the room for my training course...which is discounted for the first people who get involved'.
One of the people on stage that day was a self-made forex trader. He outlined his rags-to-riches story, and played a couple of videos of him driving a fancy sports car and flying around in a helicopter. He also showed a video of him making c.£30,000 in profit in a matter of minutes from one currency trade (he failed to explain that to do this safely you would need a c.£1,000,000 brokerage account, which I doubt many of us in the room had at our disposal).
Along with many others in attendance that day, I fell for it and signed up for a £2,500 trading course in London that would take place over a weekend in a secret location. I subsequently attended the course and was taught some of the basics of trading, things like support and resistance, moving averages and how a candlestick formation was constructed.
Delegates at the weekend were encouraged to sign up with a specific charting package provider and subscribe to the educator's trading signals, in addition to placing our trading capital with their preferred brokerage house (I now realise the scam of introducing brokers, and that I along with the others in the room that day were the fresh meat the industry relies upon to sustain itself).
On the final day of the course we were ushered into a small room and played videos of exotic locations showing life in the fast lane, then invited to to be one of only a few people to walk to the front of the room to sign up for more education, where a bottle of champagne and fancy pen were waiting for the 'lucky few' who decided to take this opportunity, as they parted with yet more of their hard-earned cash.
I followed this educator's system for a while, but quickly realised (as I consistently lost money) that I had no clue what I was doing and was reliant totally on their signals (signals that as far as I could tell didn't seem to work).
The good thing about my experience with the company I've decided shall remain nameless (I just don't need the grief) was that it got me started – the bad news was it was an expensive way to get going!
I decided there must be a better way, and so began months of endless reading and me becoming one of Amazon's best customers!
Back to the video I presented at the start of this post. It's well worth a watch and emphasises two key things you need to be a successful trader:
Is it really possible to turn £50K into £1M? Over the next 36 months I'm going to find out by trading my personal account with full transparency.
Follow my 36-month challenge to turn £50K into £1M.
Read my blog here: https://stgforextvforexchallenge.blogspot.com
Subscribe on YouTube here: https://www.youtube.com/channel/UCyGySJ5IeDjq-DIJPU7nYvw
[Please note, the information presented is general educational material and does not constitute trading advice.
Trading foreign exchange (forex) on margin carries a high level of risk and may not be suitable for you or your circumstances.
Before trading forex you should investigate all of the risks, including the possibility that you could lose more than your initial investment.
It’s important to consider your investment objectives, level of experience and risk appetite. If in doubt seek advice from an independent financial advisor.]
This video on the world of retail trading popped up as a YouTube suggestion earlier today, and I decided to give two hours of my life to watch it in full.
In summary, it was a worthwhile watch and covered many of the things I already know about the murky world of brokerage houses and trading education companies. Things I found out through trial and error, and things that cost me time, energy and money to learn.
My first venture into forex trading started many years ago now. I forget the exact year, but 2010/11 rings a bell.
I attended a conference in London where successful entrepreneurs in their field took to the stage with a mission to inspire the audience (myself included) with stories of how they'd made it big and how we mere mortals could do too.
This however was not their only mission, as each presentation invariably moved from inspiration to selling. Yes, if 'you want to know what I know', they'd say...'sign up now at the back of the room for my training course...which is discounted for the first people who get involved'.
One of the people on stage that day was a self-made forex trader. He outlined his rags-to-riches story, and played a couple of videos of him driving a fancy sports car and flying around in a helicopter. He also showed a video of him making c.£30,000 in profit in a matter of minutes from one currency trade (he failed to explain that to do this safely you would need a c.£1,000,000 brokerage account, which I doubt many of us in the room had at our disposal).
Along with many others in attendance that day, I fell for it and signed up for a £2,500 trading course in London that would take place over a weekend in a secret location. I subsequently attended the course and was taught some of the basics of trading, things like support and resistance, moving averages and how a candlestick formation was constructed.
Delegates at the weekend were encouraged to sign up with a specific charting package provider and subscribe to the educator's trading signals, in addition to placing our trading capital with their preferred brokerage house (I now realise the scam of introducing brokers, and that I along with the others in the room that day were the fresh meat the industry relies upon to sustain itself).
On the final day of the course we were ushered into a small room and played videos of exotic locations showing life in the fast lane, then invited to to be one of only a few people to walk to the front of the room to sign up for more education, where a bottle of champagne and fancy pen were waiting for the 'lucky few' who decided to take this opportunity, as they parted with yet more of their hard-earned cash.
I followed this educator's system for a while, but quickly realised (as I consistently lost money) that I had no clue what I was doing and was reliant totally on their signals (signals that as far as I could tell didn't seem to work).
The good thing about my experience with the company I've decided shall remain nameless (I just don't need the grief) was that it got me started – the bad news was it was an expensive way to get going!
I decided there must be a better way, and so began months of endless reading and me becoming one of Amazon's best customers!
Back to the video I presented at the start of this post. It's well worth a watch and emphasises two key things you need to be a successful trader:
- Stop listening to advice from others.
- Find your own way in the markets.
*********
Is it really possible to turn £50K into £1M? Over the next 36 months I'm going to find out by trading my personal account with full transparency.
Follow my 36-month challenge to turn £50K into £1M.
Read my blog here: https://stgforextvforexchallenge.blogspot.com
Subscribe on YouTube here: https://www.youtube.com/channel/UCyGySJ5IeDjq-DIJPU7nYvw
[Please note, the information presented is general educational material and does not constitute trading advice.
Trading foreign exchange (forex) on margin carries a high level of risk and may not be suitable for you or your circumstances.
Before trading forex you should investigate all of the risks, including the possibility that you could lose more than your initial investment.
It’s important to consider your investment objectives, level of experience and risk appetite. If in doubt seek advice from an independent financial advisor.]
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