Article Learning How to Trade vs Trying to Get Rich Quick

[T2W Bot]

The Wrong Questions:
Whenever I get emails from newer traders, they consist of questions like "How Can I Make A Lot Of Money?" and "What Method Can I Use To Make A Lot Of Money?" and "How Should I Know When To Buy And When To Sell To Make The Most Money?".
Just by reading the questions asked in the emails I can tell the experience level of the trader. I usually don’t even give a straight answer to these emails since these are the types of traders who are destined to fail in the first place. Remember that about 90-95% of traders end up losing money, and that is simply because new traders are getting involved in trading for all the wrong reasons. My typical response is something along the lines of "You need to learn what to ask and how to trade before you ever worry about becoming rich from trading"-this truly is how I feel about the subject and I really wish someone with experience in trading would have turned me on to this concept sooner-it would have saved me...

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[LiamH]

Just read the article and I think the points made will ring true for 90% of the people who decide they want to trade.

I thought I would get rich quick and it would be easy until I got my backside handed to me by the markets a couple of times. I feel that lessons have been learned and the penny has dropped.

It seems that new traders (me included until recently) can read the same things over and over again... the same sound advice, the few crucial aspects you need to get right -They read, they probably get it but it just doesn't fully sink in. At least, this is how it has been for me.

Maybe it's a process most traders need to go through? Time will tell whether or not I become successful but I feel that losing money in the way I did taught me some massive lessons.

 

[123LearnToTrade]

Losing money definitely does teach you some very quick lessons. I think losing money is part of EVERY trader's learning curve, however the factor that determines how long you will stay in the market and whether or not you will make it, in my opinion, is how much money you lose and how quick you learn from your mistakes.

Thanks Liam I think I feel another blog post coming from this

 

[wackypete2]

Good article.
You can teach mechanics, but you can't teach emotions and discipline. Like almost any other career in life, hands on is required.

Peter

 

[Dinos]

Excellent advice, I lost my first 2 pots before I learnt to trade over a decade ago, enjoyed every day since, well nearly everyday, hehe

 

[angelnish]

Hi, am new to this market. Please tell me what is leverage?