August 28, 2015 at 9:59 pm
Let’s start this article off by being brutally honest with ourselves, while still looking at the statistical facts from the get-go. There is no use approaching the topic in any different way, as we will not only be wasting my time but your valuable time as well. We all know the famous saying in this industry; “time is money“. For those of you that still don’t know what the ‘industry’ we are referring to is, should probably read the following sentence to follow thoroughly. Binary Options trading, the not so new retail trading gateway that became available, since the Spot Forex trading hype hit the general financial enthusiast, seeking to profit from asset price fluctuations.
It is 2015 for goodness sake! The now well know ‘all-or-nothing‘ style of trading first showed up on traders’ radars mid-2008, early-2009, as a potential opportunity to bank some quick and easy profits. How difficult and risky could it be compared to more ‘skilled required’ traditional forms of trading such as Stocks, Indices, Commodities and Forex trading? All that is required is to predict IF the price of the specific asset will increase, or decrease in value, at a predetermined time. They clearly underestimated, misjudged and got enticed by the brilliant thought out marketing and business module, backing up the entire soon to be binary options empire a few years down the line! Being a few years down the line, we can see that thins panned out exactly as planned. What a shocker – right? If you only knew where it all started, and by who, things would make a lot more sense to you right now?
Remember the big if I mentioned in the latter part of the second paragraph… That is what turned 95% of the skill, such as technical, fundamental analysis etc. into gambling. Just like flipping a coin, calling ‘heads or tails’. What happened to the basic guidelines, rules, screen time and skill we know as clear as daylight we need to succeed in the financial commercial enterprise we call retail trading. Does it surprise you that only 5% of traders succeed after reading what you have thus far? “Don’t hate the game, hate the player!” What? We always blame -the market, platform, broker while pointing to all the faults. When is it time to stop and look where the other fingers are pointing back at? Right back at you… Stop the damn excuses and man up. Don’t get me wrong; Traders do get screwed, and maybe you already have been, or most likely will at some point in time. There will be times when you can play the blame game without ‘YOU’ being responsible for whichsoever reason it may be.
If you skipped the introduction, only starting to read from here, you missed out on valuable information! You have already failed before even starting your journey to becoming a professional trader. If you cannot even take the time to read this, do yourself a huge favor and quit while you ar ahead, implying to not even bother investing any money into your trading business. Yes, it is like running your own business. So we can safely call it a business venture!
The exact opposite of an expert trader. An amateur trader might refer to part-time trading, or to someone that is new and inexperienced in the field of the type of trading they are looking to get involved in. The are also referred to as ‘newbies’ amongst more experienced traders. An Amateur trader might have small goals set in place to help them progress at a realistic rate.
………………… It all started with a Google search: “Make Money Online”.
August 29, 2015 at 8:39 pm
Hi Alex…. I just finished reading part 1! Very interesting to say the least. It all started with a Google search ey? I guess you need to pay Ggoogle some of your profits hahaha. Just kidding, screw Google!
Looking forward to reading part 2 in a bit 🙂
August 29, 2015 at 8:56 pm
What’s up Harry 🙂
Hahahaha, yea screw Google. They don’t deserve credit for my success. They are just the middle man, connecting us to advertisers (opportunities) to make money online. Let’s not forget all the scams they index and display to us as well. That is why we should do our own due-diligence no matter how good or tempting something sounds.
August 31, 2015 at 1:42 pm
Alex I love your articles!
These are very good tips to start off with. Most traders will fail to see trading as a business and that is why most of them fail in the long run in my opinion.
It’s also a very good point you make to set realistic goals. This can literally mean the difference between success and failure. You should know what you are capable of, but you also should not underestimate yourself. It sounds easier than what it actually is so make sure you set the right goals for you. Don’t compare yourself with other people.
You must be logged in to reply to this topic.