Lvup7 wrote: aliassmith wrote:
There has probably never been a better time in my history to be involved in the financial markets.
*speeads are tighter
*commissions are lower
*volume is high
*volatility is good
Even tho you don't have to pay $100 round trip to get a lean hog contract a high percentage of you out there are not cut out for this business.
That being said. There is such a low barrier of entry these days you can learn for free or little money. Unfortunately this breeds a lot of get rich quick mentalities and grifters.
I believe if you are not on your feet financially then this business will be so much more difficult. I see the desperation in people all the time. They spend money on training and services that was needed to support their household.
These people see the guy wearing a tee shirt on youtube who made $300k from $500 and now they think anyone can do it. Many of those people on youtube are full of crap.
When it comes to forex there is a lot of info out there. You can get demo accounts free forever. You can test your skills on an FTMO demo for free this way you can't lie to yourself.
If you ever get to where you can make 2% or more a month consistently there is 5ers that has a starting package of $250ish and 6 months to meet your first target. They also have a $50ish boot camp you can train on for a year for accountability purposes or maybe you pass it and get $100k account.
There is a new place (Ment Funding) that also starts at $250ish and has unlimited time.
Don't trust me on this, do your own due diligence. Don't jump in the pool with bricks chained to your feet. Don't fall for the rags to riches BS. Come to this with clear thinking and a reality check. If you can't trade a fee demo account you can't trade a $100 account and you can't trade a $1M account
If anyone here has blown an account by risking to much or having poor money management lets hear about it. I have done this. Lack of Patience, Risking to much! Not planning for a Black Swan situation. How about desperation? EGO? Trying to be as good as MO? Not being realistic about your downside risk or just ignorant about it. How about not taking a profit because its going to the moon?
Blown account[s] not due to poor money management, due to lack to knowledge loss after loss.. and just straight up EGO. Perfectionism. Holy grail syndrome for years. Changing methods after one loss, still believing going in the right direction. Always knowing more than anyone else. Immature really.
Desperation to escape mediocrity is a big one for many folks.
*Holy Grail does not exist.
*Strive for perfect execution not outcome .
*Harder to make good decisions if you are in a bad mindset.
*Thinking just because traders like MO can do it you can
*Inability to take a good loss because of EGO
Yes you hit most of the common issues that holds people back.
Realizing them and make corrections will move you closer. You are the biggest piece of the puzzle. MO could call out every trade he makes and people would still figure out how to lose.