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Trading is by far the most simplest way of making money, but simple doesn& #39;t mean easy.
(A thread)
(A thread)
In times like these when there& #39;s a lot of uncertainty: people losing jobs, students being told that the unemployement rates are still going to rally, and gov looking like it doesn& #39;t necessarily have a solid enough plan to take us out of this mess.
People have started to look for ways to increase their income streams to better prepare themselves for the worst.
Scammers across most industries have siezed this opportunity to make gangs of money during these times as they want to take advantage of the most vulnerable, most of these scams being forex related.
I& #39;m sure the majority of you have been overwhelmed by the number of ads you see from traders telling you that trading could be your way of kickstarting your journey to "financial freedom" now that a job alone isn& #39;t security enough.
This has tempted a lot of people to try their luck with their last monies because they also want to be rich
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤷🏾♂️" title="Achselzuckender Mann (durchschnittlich dunkler Hautton)" aria-label="Emoji: Achselzuckender Mann (durchschnittlich dunkler Hautton)">
These scammers will post their designer clothes, cars and stackshttps://abs.twimg.com/emoji/v2/... draggable="false" alt="💸" title="Geld mit Flügeln" aria-label="Emoji: Geld mit Flügeln">(content that& #39;s got NOTHING to do with the main business), and maybe you& #39;ve got money lying around and you want to start, but do you know what you& #39;re getting yourself into?
Trading is not as easy as it seems. The most common hurdles you& #39;ll face on your trading journey will be (1)learning the craft itself; the market jargon, understanding the logic behind market movements, learning how to read charts, and (2)Money management; proper
risk management techniques, controlling emotions, etc.
This doesn& #39;t mean its IMPOSSIBLE to master trading, or trading is only for "smart" people because trading is a skill more than anythinghttps://abs.twimg.com/emoji/v2/... draggable="false" alt="‼️" title="Doppeltes Ausrufezeichen" aria-label="Emoji: Doppeltes Ausrufezeichen">
This doesn& #39;t mean its IMPOSSIBLE to master trading, or trading is only for "smart" people because trading is a skill more than anything
LEARNING HOW TO TRADE IS AKIN TO LEARNING HOW TO DRIVE, when one decides that they want to learn how to drive, its not easy at first but as time goes, the more that person practices, the better one can get at it to a point of mastery.
Starting a trading career could be EXPENSIVE, and I don& #39;t think a lot of these insta ninjas are having honest chats about it.
Yes, it& #39;s possible to flip a small amount into a substantial amount of money, but when you see such consider 2 possibilities; either that person really knows what they& #39;re doing or it& #39;s just pure luck.
For most people truth is, YOU NEED GANGS OF MONEY TO STAY IN THE GAME, no cap. A small portion of your money will go into paying for mentorship and the rest will go into your trading account
On mentorship, a mentor is not necessarily a teacher, but he& #39;s there to give you direction, you don& #39;t need a one to succeed, but having one definitely speeds up your learning curve. You& #39;re less likely to make mistakes that most traders make in the beginning coz your mentor will
be there to guide you throughout the whole process
A lot of people pay for mentorship with the expectation that they& #39;re going to be spoon-fed: they don& #39;t read the study material as prescribed by their mentors, they don& #39;t put in the hours, and at then at the end the day they& #39;ll call out their mentors calling them scammershttps://abs.twimg.com/emoji/v2/... draggable="false" alt="😒" title="Unerfreutes Gesicht" aria-label="Emoji: Unerfreutes Gesicht">.
I& #39;m not saying that there aren& #39;t sketchy mentors out there, there are a lot of scamming ninjas out there, but they& #39;re almost very easy to spot
vusi thembekwayo once said - "If I have to flaunt my wealth to get you to buy into something I& #39;m selling then there& #39;s something wrong about what I& #39;m selling".
If I have to post my possessions and say "book your seat" at the end of my post then there& #39;s your first red flag https://abs.twimg.com/emoji/v2/... draggable="false" alt="🚩" title="Dreieckige Fahne an einem Pfosten" aria-label="Emoji: Dreieckige Fahne an einem Pfosten">. But that& #39;s a topic for another dayhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🤷🏾♂️" title="Achselzuckender Mann (durchschnittlich dunkler Hautton)" aria-label="Emoji: Achselzuckender Mann (durchschnittlich dunkler Hautton)">
Most of your money will go into trading itself. With the high failure rate in trading stats show that a new trader stands a 90% chance of losing their trading capital in the first 90 days of trading it.
So trust me, unless you& #39;ve got super powers you& #39;ll most definitely blow your account at some point as this will form part of your learninghttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🤞🏾" title="Crossed fingers (durchschnittlich dunkler Hautton)" aria-label="Emoji: Crossed fingers (durchschnittlich dunkler Hautton)">
For that reason, I& #39;d advise you to save up a fair sum of cash before funding your account, to make room for error. I myself have lost lots of money to the market.
Of course, a lot of trading platforms provide demo accounts, where you can practice until you& #39;re "confident enough" to trade live. But that& #39;s a darkish area because demo accounts were intended for pros to test their strategy
, meaning you as a beginner trader can realistically only use a demo account to test your strategy, mastering a demo doesn& #39;t necessarily make you a "Pro", it just means that you have a solid strategy.
You need a live account for you to learn how to control your emotions(that& #39;s where the real fire is) and thats the main key to trading successfully, controlling emotions and psychology. Remember, trading is 70% psychological and 30% skill, unless you master that 70% you& #39;re toast
So yeah, the point of this was to make you realise that a lot goes into building a successful trading career and its not as easy as IG portrays it, you can still make but please MANAGE YOUR EXPECTATIONS
Trading is 100% legit and if you& #39;re still considering starting your career then I advise to take the things I spoke about previously into consideration, of course I didn& #39;t cover everything, that& #39;s just grade 1 chats but I hope it& #39;s enough infohttps://abs.twimg.com/emoji/v2/... draggable="false" alt="👍🏾" title="Thumbs up (durchschnittlich dunkler Hautton)" aria-label="Emoji: Thumbs up (durchschnittlich dunkler Hautton)">
To more Ted talks https://abs.twimg.com/emoji/v2/... draggable="false" alt="💕" title="Zwei Herzen" aria-label="Emoji: Zwei Herzen">
