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Friday, November 19, 2010

Be an Honest Trading Professional

TRADING TRUTH WILL ONLY LAST

‘I know from experience that, as a trading professional, whatever I do, say, or decide today would shape my career tomorrow.”

Hello:

There’s a widespread crisis of confidence in trading professionals, just like in other walks of life. The world of trading is full of different types of careers, but confidence in trading pros is declining. Deceptive and crafty marketers have advanced from bad to worse. You might acquire a highly praised customized indicator, either free or at a price, only to see that it has extremely low hit rate. Yet the marketer showed you numerous good examples when persuading you to acquire it (only a highly disciplined and patient trader who can endure lasting losing streaks and ride a few winners to victory can survive with that kind of poor, but highly praised indicator). After a novice has fallen a victim of dishonest trading professionals many times, he or she would decide never to believe any so called pros again.

Why would a professional deceive people in the first place? A professional may try to capitalize on people’s ignorance of the mechanics of the financial markets; giving them poor training, making them believe that a piece of trading software is a Holy Grail or giving an impression that the markets bring extremely high returns within the shortest possible time, creating impression that the markets can be predicted, falsifying of trading results, or showing/mentioning only profits in analyses or examples (if one can’t mention any loss, then no sincere trader is interested in hearing/seeing one’s profits). Someone who calls himself a professional may find it difficult to tell people the truth about trading because of greedy expectations, determination to succeed at all costs (even if it involves confidence tricks), scarcity of honest role models (for he was also probably lured into trading by crooks), and practices that are inconsistent with noble trading principles. Many people have confirmed some highly ‘marketed’ trading experts as not virtuous, and they don’t see why they should be so themselves.

Many traders today believe that being honest in one’s profession may put one at a disadvantage. But you might do well to ask yourself this question: What’s more valuable, attainment of instant gratification or attainment of long-term benefits of honesty and transparency, including respect? Lies would soon be found out and everything would come down crashing. Yes, the short-term rewards of telling lies to people about trading pale into insignificance if compared to the long-term benefits of being honest. Are you a coach or an analyst? Are you a marketer or a trading signals provider? Please set a good example for your clientele by embracing integrity. Explain to them how you’ve benefited from knowing the truth about trading, and embracing it. When beginners see their mentors walking in the part of integrity, they’re more likely to adopt a trustworthy course themselves.

The truth about trading is that there’s no Golden Goose trading system, whereas marketers and coaches praise their products and seminars as the ‘almighty solution.’ The markets aren’t predictable; yet you can survive on them. Given the significant percentage of the traders that lose money by trying to predict the markets, the notion that the markets can be predicted is intellectually unsatisfactory. The truth also entails that there’s no short-cuts to success – no easy money. Risk and money management must be taken serious; otherwise any trading methodology is doomed. Any trading system pales into insignificance if compared to the value of survival measures. You need to limit your losses when you’re losing and make more money whenever the market is favorable to you. Success is possible, but you’d need to put forth real effort to attain it. Trading is like licking honey off a thorn. The only way you can short-cut the usually long process is to find a mentor who will lead you through the right steps. It will still take time and effort on your part, but you will arrive at your goal a lot sooner.

Unlike self-applauding professionals who sometime falsify trading results to fleece people, there are experts who mention their exploits and failures on the markets. These commendable experts reveal the trading truth, even when doing so is unflattering – as telling people what is right rather than what they want to hear. Such candor contrasts sharply with varnished, exaggerated trading hints and results from deceptive experts, who’d refuse to record or mention anything that may tamper with their inordinate greed and egocentric motives (which requires a considerable amount of criminal energy). It’s nice that some professionals chose to follow a trustworthy course. They speak the truth about trading. They mix the bitter truth with words of hope, without thinking of scaring people. They avoid doing things that aren’t in the interest of their potential and exiting clients, and they don’t think it’s proper to reap where they’ve not sown. There are honest professional everywhere - certain ones have earned reputation for being dependable. Yes many traders are trying to tell the truth about trading, and some pros have noble principles and they stick to them.

Although some people feel that poverty makes an individual exempt from the need to be honest, the assumption is not true. It’s a human tendency to give noble reasons for selfish actions; nonetheless, no evil would be justified on the ground of expediency. Many people will agree that the trading world would be much better if more trading professionals were honest. Being honest may make you appear like an idiot in the first place, but your reward is on the way. Please think of the time when many people can say to you: ‘We like you because you haven’t tried to deceive us.” No-one should be afraid to continue in the course of integrity. If you’re new to trading, please make a pivotal decision to be an honest professional.

Trust is like a paycheck – it must be earned. It gives me true joy and peace of mind to know that I’m not lying about trading or my trading results.

PS: Why do I find it easy to write articles? You see, for those who love the markets as much as I do, writing articles is easy. I end this article with the quote below:

“In this job there’s the disadvantage that everybody presumes everything has to be serious. Nothing is further from the truth. Trading the markets can be a long-term endeavor only if one mixes seriousness with humor, if it’s true that someone who’s intellectually clever also needs to have a sense humor.” – Emilio Tomasini


Your questions and opinions are highly welcome.

Thank you.

With best regards,

Azeez Mustapha

Forex Signals Strategist, Funds Manager &Coach

Senior Analyst

FX Instructor, LLC

Email: amustapha@fxinstructor.com

Get my Forex trading signals at: http://www.fxinstructor.com/en/analytics/ituglobal

Nice trading tips are available at: www.ituglobalforex.com

And my past articles are also available at: www.ituglobalforex.blogspot.com

Yahoo! Messenger ID: saazalmu

NB: There is risk of loss in trading, but it is possible to be a successful trader.

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