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I have been working hard with the Super VIP guys and it has been taking up a lot of my time. Over the last two weeks I started noting down some of the most common questions newbies in the Super VIP group have asked me.
These questions are probably familiar to you:. You probably notice a theme to all these questions: Forex can make you money. It can make you a lot of money, but it will not happen fast.
I am sure you already know that Forex is not a get rich quick scheme. Many people out there spout that line. And as with any career it can take a long time to master Forex. So, if you are considering Forex you need to ask yourself two simple questions:. I have been trading for nine years now and I have yet to meet anybody who has gotten rich fast in Forex. I am not saying that it is impossible.
What I am saying is that the vast majority of successful traders get rich slowly. Becoming a successful Forex trader breaks down into five steps:. Most new traders want to jump from step one to step five in the space of a few months. Realistically, you will have to go through each step to succeed and it will take you some time. So I am sorry to be the one to tell you this but Forex is very much a get rich slowly game.
Well the fact is that most people do not get rich quick in any career or business. So giving up on Forex because it will take you time to achieve success is silly. I personally feel that the best thing about Forex is the freedom it provides.
Unlike most careers, once you become consistently profitable in Forex you can scale back your chart time. Over the past two months, I set up a stop watch and timed the total amount of time I spend trading per week.
I found that on average I spend six hours per week trading. Compare that against the hour work day most people are forced to do these days. Forex is the obvious winner. Forex certainly does have a lot of benefits and it can turn your life around. However, please do not fall into the trap of thinking that you will be rich within six months. Click here to cancel reply.
Email will not be published required. It is very much in the beta stage right now. You are still on the old Super VIP system. Always refreshing advice from an experienced trader. Thanks Nick ur method have been life saving for me. You do not have to have excessive cash in order to succeed. What you need is know someone who has blown theirs risking too much any any amount. What has the purchase date got to do with anything? I see what your saying but the logic is quite simple and is commonly used by software and web application designers.
The new web application that allows users to view the course is currently in the beta stage. The fact that it is new means that it can have a lot of bugs. I am only allowing a small group of people to access it at the moment so they can give me their feedback and I can fix bugs. If I give access to over one thousand people I will receive hundreds of bug report emails weekly.
As with most new software or web apps we are currently beta testing so it is not publicly available. Top notch post Nick! I still remember starting out and thinking how fast I was going to make money. Until I started losing it of course. I would like to say to the younger croud that I hope you fully understand how lucky you are.
Take the following to heart!!! Oh; for you smarty pants that think at 50 we have to take it slow; just 3 years ago I smoked a local highschool sprinter in the Never underestimate old peoples o:. I spent the last 2 weeks contemplating if I should continue. Then I lost it ALL! Very scared of loosing any more but this is my chosen career.
I will start over but take it slow. This is my first time that I will post here as I feel that what Nick said is important. I want to share with everyone a trading story and why it is better to wait for your trades. Many years ago when I was young and naive and living on Long Island I used to pass by a brokerage firm in Bay Shore on my way to the marina.
The brokers would leave the door open and you can see the ticket tape. This how I got interested in trading. Back then I had no idea what the numbers and letters represented. One day out of curiosity I was standing outside the door looking at that ticket tape and one of the brokers invited me in.
He told me have a sit and enjoy the show. Sitting a few sit from me was this old man. Anyway, as I was sitting there this old man got up and started yelling. I still remember the words as it startled me. So did everyone else in the room. It was a long time ago. At the time I did not know what that meant. The broker picked up his phone and said something like buy 50 something something.
I could not hear him but now I know that is what it was. The old man sat back down at his chair. I had no idea what just happen. Who the hell was gay in that movie? I went to talked to the broker that invited me in asked him about the crazy old man. He told me he comes here a couple of time a month and trade the meats.
He told me just sit down and watch him again in about an hour. So I sat there, watching all those numbers on that ticket, still confuse but more intrigue then before. About an hour and a half later as I watched the ticket tape the old man did it again.
Then old man then leave. Everyone in the room just watch him leave. I went to talked to the broker that invited me in. He told the story about this old man. He said a couple of times a month this old man comes in and buys the meats at the CME.
Mostly he trades the bellies. He only trades 50 lots and always go for half a point or more depending on the time of day. I had no idea what this man was talking about but he told me that this old man makes a nice living doing this.
Later, as I got older I realize what this old man was doing. If my theory is correct, this old man would trade off of the meat and agriculture reports and buys after the selling stop. He would wait for the trade to COME to him. This is important what I am saying. This old man only traded a couple of time a month. Lets do the math. He trade 50 lots. Multiply that by what, 50 lots. How much is that? Nick only trades about 6 hours a week and is making a living. I hope you all enjoy this story.
BTW, last year issue of Traders magazine they have their annual top traders. He only trades a couple of times a month and takes the rest of the month off. How would you like to have that job?