Want some motivation for your trading? Want to become a professional forex trader? It's time for a reality check.
Guess what... you won't be able to become a successful trader overnight. These things take time and you have to put in the effort. The problem is, most of you aren't willing to do it! Trading psychology isn't just about how you approach each trade, but also about how you perceive your entire trading career.
This is your wake up call. Let's get to work.
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I was just thinking about this the other day and the most overlooked and common reason why currency traders fail.. If you applied for a job with this kind of risk involved and the potential for profit/losses that comes with it , your employer would require 4 years of an Ivy League education and 3-4 years verifiable experience (winning record) minimum.. Not to mention that even with all those qualifications such employer ( a high turn out level financial institution with very demanding billion dollar clients..) would still install a surveillance camera over your shoulder to make sure you're not fucking shit up....
However, most people come into trading (currencies specifically) with the mentality that they'll figure this shit up after 2 weeks... The easy accessibility is indeed a problem and the reason most people fail. No need for Ivy League education or 3 year profit record... you just have to get online, open a broker account in 15 minutes, fund it with $200 and you're on your way to Lambo heaven...
This is not only a profession, it's perhaps one of the most time involved, commitment demanding, psychologically challenging things you'll ever do in your life. Only those who have this understanding and undying resolve (to make it) will probably go through the countless hours of setbacks and failures (that it will most likely take) to get through to the finish line... it's no surprise that most don't..!
I'm not saying this to be discouraging but the opposite, to bring awareness to the reality of it. This is not some game that will fix your money problems quick... It's a full blown career, a profession that can be highly rewarding but it will KICK YOUR ASS until you get it right (if you ever do). Do not come to it with the wrong idea... There's no "luck" in trading, any such luck will prove to be temporary.... YOU MUST acquire the SKILL through education and EXPERIENCE (Everything you will ever need to know is on the net and of course here on YouTube) But if you're not really serious and think what I'm saying is BS good luck to you.. because 100% chances you will not make it. I just saved you a lot of time and aggravation. It's up to you !!! ;-)
Thank you so much for this good video. Sometimes we all need a good slap in the face to wake us up. And after watching this video it made me realize that I am living in a fantasy land. I need to do more work, more learning, and more attitude adjustment. Thank you
This is awesome! I work full time, trade on the side. People at work and friends ask me all the time. I simply ask for their email then send a copy of "trading the trends" by Fred McAllen. And a copy of "charting and technical analysis" also Fred McAllen. They are about 200 pages each.
I ask every week and nobody I buy them for ever reads them. A guy in his late 20's always ask me but never read the books.
I told him not long ago, I bet 250$ you read 500 sentences a day on Facebook. He laughed and finally started reading those damn books! Lol
Great inspirational vid. Yopu have to put energy in to get energy out!!! Forex is a cut-throat arena. Scam artists are everywhere! Self-proclaimed experts on every forum and everyone os selling a get rich quick strategy!!! Learn your craft/ be disciplined/ stick to a strategy/ have a plan/ be willing to learn and change and adapt/
Hi Nick, I want to put in the hours. I have the most free time on the weekends, and I would like to put in more hours. You mention doing a lot of work on the weekends, but what is it you work on while the markets are closed? Thanks, Rick.
Reality checks aren't meant to come off as discouraging but rather reveal potential threats which are often misconceptionalised . Though you're right in underlining the fact that trading has no shortcuts , it would've been preferable for you to stipulate further in why that is . Arguably , it just felt like you made this specific video just to rant and vent out your frustration on issues which every *logical* future trader is aware of .. Plus , there are many types of trade and investment strategies which do not necessarily require you to sacrifice your daily life , hence you're being very one dimensional about stock trading but thanks for the advice . Love your videos .*
it is good to see that your viewers and subscribers are growing rapidly :) nicholas sir i am the one who had seen all of your videos and gave a contribution towrds increasing your views when your views were consolidating between 800-2k...good to see that your business is growing:)..always keep moving ahead we all are with you sir::)))
Actually... very fun fact. How convenient it is for the markets to make it so easy for us naive newbies to enter it with capital in our hands? Do you really think is a coincidence that you're able to create an account and start trading in minutes? We're just there to serve the market
Hi Nicholas! There is so much truth in this video. Let me share a little on my own story, not to brag but to share the truth in forex trading. In the beginning, I won a couple of trades and thought I was one of the best traders in the world (I'm sure I'm not the only one feeling this way, am I? Hahaha). Soon after, due to emotions and pressure to make fast money, unfortunately, I have blown a few accounts. Damn, all that money could have been used for better things, better forex education, online courses etc. It took me a full year to realize trading is in fact not that easy at all. A click on the mouse and it turns $1000 into $1 million? That's dreaming! Time to wake up. It takes hard work. And so I use another full year to completely immersed myself with forex education, watching countless of videos, reading countless of books and a hell lot of time experimenting with different strategies. All the time and hard work that I have invested in myself, I'm proud to say that this month I'm almost up 20% on my account. It's definitely not luck, it's pure hard work. I agree with you totally that if you're not willing to put in the work, you definitely do not deserve to be in this industry.
I am finishing my Forex trading simulation software this weekend and will play back hundreds of years worth of data to train myself when the markets are not ticking. Embracing risk and trading with an offensive attitude in life is the best way of preparing oneself for the times to come, especially if living in the cities. I guess a bit of a prepper talk ;) Thank you for the reassuring message that hard work will get us there, no matter what one's driving fantasy is. I do all of this after five years of miserable losing and 2 years of breaking even. You want to know why ? Because now I have kids who need to look up to their father and say: he was no loser.
i am going to highschool this year to learn about finances- i will learn more about trading and after more than 4 years I will start trading- I hope that u will put more videos that I can learn from u. And I was one of those idiots who lost money (150 euro) :D.
Doing a profitable trade is one of the easiest things on the planet. You just buy, hold and then sell. Being a profitable trader on the other hand, is one of the hardest things to learn. Do not make the mistake of thinking the two are somehow the same or even related. They are two entirely different things and have absolutely nothing to do with each other. I have spent many years, and thousands of hours looking at charts.
With consumer electronics trading background where we see price fluctuations everyday and being doing for 15 years, I got into forex thinking that it's similar concept and unlike any other guy out there, this is something going to be less painful. I was wrong. I started, made money in first 2 weeks, but then I had a loss, started trading like a cowboy to recover loss and then boom.... I blew my 5,000 usd account out of revenge. It's not only skills how to read charts, entry and exit points, it's how you manage your emotions when things up and down. Lastly. It's not easy money. It requires lot of learning and mentality change
I expected some rubbish babbling like on majority of videos, but I was actually surprised by the honest and realistic message in this video. I'm seasoned trader and completely agree with message (although I think speaker is abit too young to be very experienced in trading).
Hello, I do not understand how the iq-option with fake money right over one million € for real money somehow it's not going and I noticed that my strategy works great for one day, the next day you do not, I do not know what's the problem? :-) Greetings from Serbia, sorry about bad writing to eng.
i am using a demo account, and I'm focused in forex, i trade , 0.10 or sometimes 0.50, and i buy top ten moneys, when they are at their lowest, and eventually set TP and leave for hours until it goes back to TP that i set, Mostly successful and i make about 50 bucks, in my country that's alot. 1/200 leverage, and 500$ in my account? is that wise?
Instead of wasting money trading live with no idea what you're doing, take the cash you were going to use and invest it into training i.e. The Duomo Initiative. You will save allot more in the long term. Unless you want to be the dumb money in the markets.
Gregory Mannarino, great guy. I don't follow his stuff often and think it can sometimes be a bit extreme, but I respect him and he certainly knows the industry.
This video isn't a first, but I wouldn't call it regular either. On this channel you're going to see more lessons for retail traders and some alternative economic analysis pieces, rather than the motivational type stuff... it comes maybe once every few weeks or so.
I want to day trade but it's hard to find out where to start. There's so much information, and it makes it hard to filter through. I have way too much down time in my day, and I need to be making money, and not wasting time. That's why I love the idea, but I think it will take me years to even get my foot in the door.
We have a free 4 part video series that will help get you started (link in description box). There is definitely loads of information out there (or "noise" as we call it). Just focus on the long term, don't rush into anything and take your time with your learning. You will get there eventually.
I'm up 40k (all profit) in 1 year. Not bragging but I've had some success. It's not easy, but it's also not impossible. Trader mentality seems to potentially the biggest key. It's not my day job yet, but a journey of a 1000 miles starts with a single deposit.
Trader mentality is so important and so overlooked by many new traders. We try and put a lot of focus on it in our lessons, but people are always so eager to focus on their analysis rather than looking at what the real problem is. Well done on your performance, I really hope it continues for you - slow and steady, protect your capital!
Here my take on forex...its a get rich slow system more than a get rich fast system ,most people can only afford to put up a few thousand quid at the start and you got to risk 1%-2% on each trade,therefore its going to take years to build your account up but most people cant see that,thats why they will fail,you got to be in it for the long haul,its the only way...good luck everyone ! :-]
Duomo. I have come across your videos recently and have really enjoyed them. Very informative. Your video and the two comments above suggest that you can make profits relatively quickly but not in huge amounts. This contradicts statements you have made in other videos suggesting that it takes years to master trading. If you can make small profits in your first month of trading, couldn't you also make large profits after trading for a month with an exponentially larger account ($1,000,000+)? The size of the profit correlates directly to the size of the investment. Correct?
What's sad is the previous generation who came before us, screwed the world and everyone in it in their pursuit of greed. We're born into the remnants of the shattered pieces and have to spend our lives chasing money just to ensure we don't end up helpless, alone, gasping for our last breath in poverty. The generation who comes next will despise us as we make it worse, as we ourselves despise those before us. Success now means being better at shafting the world and everyone in it faster, smarter and more efficient than those before you. If you make it in Forex, try to give something back if you can - so somewhere down the line we can give up this folly. Cheers.
Largely true, the baby-boomers really do have a lot to answer for politically, but then so do most generations in one way or another. As traders it is in my opinion socially important that we educate and even agitate for policies that would be beneficial to the wider society. For example, re-nationalising Central Banks for the good of society not just the point-one percent. The discipline of economics is certainly the most corrupt and the most in need of reform. Neo-liberalism must eventually be banished if humans are to thrive.
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He's probably from the US, I used to think this way while working in the oil industry. It's a sign one should consider moving and do something else in a different industry.
I agree with aspects of what you're saying, but one thing I would disagree with strongly is: "success now means being better at shafting the world and everyone in it faster, smarter and more efficient than those before you". Maybe in certain industries that's true, but on the whole I think innovations are aimed at improving future generations, not sabotaging them.
It's just a matter of priorities. I'm sure with everyone there are other things in life that are much more of a priority than trading (me included) and it's unavoidable that sometimes those will get in the way. However, when we have things that aren't more of a priority becoming a distraction, that's when we need to reassess what we're spending our time on.
Took me 4 years before I was depositing money into my account without the expectation of losing it all again. You're going to have sleepless nights, you are going to be tested to your limits, lots of stress; and questioning what you are doing with your life and all this money you're "wasting".
I don't know how many hundreds of hours I've spent in front of charts, not going out, being miserable, etc.. it's definitely a demanding craft to perfect. And I learn everyday, never think you will be at a point where "I've got it all figured out".
This is a long-term goal, just make sure you're ready.
so much stress on "spending so much time grinding" but isn't trading success boiled down to you versus yourself with regards to risk management and cutting losses? seems to me that it doesn't require sleepless nights trying to find the holy grail of patterns or setups coming, but more of just being able to fight yourself when your actual trade is on the line and cutting losses when you KNOW you should cut them instead of just being a deer in the headlights and taking too large of losses. am i right on this..
man if its that painful for you why do you do it?:D
Just look at it that way.....everybody can trade it will take time but if you stick to trading you will make money sooner or later.
Those 95% are a fable in my opinion because I have never seen a trader that doesn't become profitable at some point. Just don't give up:)
Couldn't agree more. Everyone's journey will be different and some will have it harder than others, but the common variable for everyone is the amount of work you put in. If you don't put in the work, you don't succeed. If you want to achieve everything in the bling of an eye - you will probably fail.
I've had so many people come to me lately telling me they want to get started in trading. the first thing they want to know Is how much they should start with and what broker to use. I tell em to sod all that and go to the duomo initiative and start studying. sadly there's an inevitability that they will will fund an account and just start straight away, I truly believe this is inevitable with every aspiring trader. for some, after they've lost their money, it will be a kick up the backside and a reality check which will drive them to go learn. but for others in the same situation, they will go on to criticise trading and rant on about how it's gambling. i like to think that this industry separates the boys from the men in the end.
" consider it a learning fee, and keep studying in the process" this has been my point of view. as a programming student i was taught to have that point of view about problem solving. i.e. make calculations, test them, find bugs remove bugs, find more bugs etc until expected results are realized.
I mostly agree with that, but at the same time you could take it to the other extreme - spend an eternity researching and studying, but never actually take that step and start trading, because you get stuck in analysis paralysis. Definitely educate yourself before throwing any significant money into it, but at the same time there's a limit to how much you can learn without that personal experience, and no matter how much you learn beforehand it's almost inevitable that you'll lose more than win when you're new to it. Beside the raw, technical knowledge and understanding you need, there's also the more ephemeral aspect of getting a "feel" for how markets move.
So I'd say it's worth starting sooner rather than later, just don't blindly go all in - that's indeed foolish. Put in a small amount that you're fully expecting to lose, consider it a learning fee, and keep studying in the process.
I appreciate you recommending us! I agree with you. I think the real thing people quickly realise when learning about trading (or any other skill) is that you maybe didn't want to succeed at it as much as you thought. If you did, you would put in the time, work and energy to make it happen. If you get put off when things are difficult, you probably never wanted to succeed that much anyway.
""Not my course, Not anybody else's course.... You need to put your time into it""..... That earned you my respect :)
Having started as a novice and seen the absolute bottom in terms of stress and panic that trading can cause, I must say this was your best advise to all those considering to start trading. Media/Social Media today makes it look like you are missing on getting rich by just not being in the market. They fail to tell that more than 90% traders lose money and quit, a few of them end up facing considerable financial stress.
So as you said... No shortcuts.... No substitute for hard work!
The potential financial stress is really overlooked! People make a mistake when they get caught up in the moment and believe some social media 'guru' and spend years of their life paying the consequences of it. I despise the current situation on social media with regards to trading.
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