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Wednesday, January 22, 2014

Investing Wisdom from a Total Novice


“It is so important in the training for trading to do the right things from the very
beginning.” – Norman Welz

I recently met someone who doesn’t even know how to trade Forex, though he’d heard the word ‘Forex.’ We were chatting together and he, interestingly, said that when he was ready to do Forex, he would just put down his money with a funds manager that has a proven track record, and he would then forget the investment for many years. He said he’d even be happy when small but consistent profits accumulate of the account on a quarterly or annual basis (totaling about 15% to 30% per annum).

Unlike those who prefer gargantuan profits very quickly, the man didn’t mention doubling accounts again and again in a short period of time. What do you want from trading? Latest automobiles, beautiful girls and financial liberty – which can all be gotten at will. The hope of making money without lifting one’s fingers looks feasible, though some don’t think that the hope could be out of touch with what are real. Many a speculator targets the probability of living affluent and carefree lives. Plus there seems to be the probability of attaining the goals thru trading. We’re grateful!

Online trading remains one of the best jobs we can do. It incorporates self-employment with liberty and the chances of getting rich. But the fact is that one would get rich slowly, not quickly. As mentioned in some of my past articles, trying to get rich quickly is very risky. Please consider the wisdom in the statement made by the man mentioned in this article, and lower your expectations.

Conclusion: It’s not likely that hard work would make you a multimillionaire. In trading, it looks great to go for small but consistent profits rather than home runs. The mortals’ mistakes sometimes have far-reaching effects… Occasionally, an incident that lasts several hours or an ‘extraordinary situation’ might bring a trader’s dreams to an abrupt end. Therefore, it makes sense to try to be realistic when managing trades.

The article is concluded with the quote below:

“Being your own referee is just as hard in trading as it is in football. But those in this profession who fail to submit to discipline control can quickly find themselves left out of the game. Most of those affected remain.” – Norman Welz (Source: Tradersonilne-mag.com)



Eye-opening trading lessons: Lessons from Expert Traders

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