To write about trading in one article directed at all segments of the public is to try to fit the ocean in a bottle.
To explain to those who have never experienced trading, is to try to explain the ocean to one who has never seen the sea, if the concept of the sea was buried in all types of misleading false cliches.
To heal those who have crashed in the market requires them to first acknowledge their own mistakes rather than hiding behind the mantra “you can’t win against billion-dollar hedge funds”. There are beautiful teachers willing to assist in this healing process, but those in need of help can only be helped if they are determined to change.
And herein is the key and beauty of trading – never in human history has there ever been any mass activity which could bring unlimited financial freedom as a reward for personal transformation and awakening.
Yes, there have been many religious leaders, some of whom were always spiritual, and in this article the difference is well explained https://www.fairobserver.com/culture/building-bridges-spiritual-approach/, but those were always single blinks in the obscure ocean of the masses.
With the advance of retail, self-directed trading, the mastery of one’s self is available to everyone: financial freedom is not a dream, but an achievable target, a few clicks of the mouse away. And you will not be alone, there are 14 millions of us, self-directed, retail traders https://www.thestreet.com/video/14383781/futures-trading-isn-t-just-for-big-players-cme-group-says.html .
What it takes, and how do you become one of 6% who statistically make it? It is very nicely defined here by one of the best teachers in trading psychology, Adrienne Toghraie, in this article: https://www.businessinsider.com/what-percentage-of-traders-make-it-2011-6.
The most difficult part is the inner journey that it requires–the need for great courage and persistence to look inside yourself, recognize your weaknesses, heal, transcend, and move forward. It is only in this way that you will be in the right direction to enter the flow, the harmony of the markets, and in doing so become profitable.
It is always good to know the history of your endeavor, because these are your roots, the place where the foundation of your freedom will be built.
And the roots and gratitude of all self-directed traders should go to Mr. Leo Melamed, Chairman Emeritus of CME – Chicago Mercantile Exchange http://www.leomelamed.com/ – it is thanks to him and his circle that what was impossible before, is today a reality – you do not need any license, nor do you need large capital, and you can learn and practice from any place in the world – Globex is open Sunday 6.00pm ET up to Friday 5.00pm ET.
The revolution of how all of it became possible for anyone to make a living (modest or brilliant) through the unlimited platform known as the financial markets, from what was once the limited place of families profiting for generations by controlling and cornering the markets, is Mr. Melamed, a living legend, who in his book Escape to the Futures has described it, where You will also be immersed in the unbelievable atmosphere of the solidarity of real traders. The silver thread fueling the pages and events with a special energy is the Holocaust survivor life - attitude , gratitude and memory.
If you are ready to start trading, please be prepared to put in the work before tapping into the potential for riches. A surgeon, for example, does not instantly enter the field and make lots of money – they have to study and practice, and it requires years of devotion. To become a good engineer you need not just a high IQ, but again years of devotion. Any human profession requires years of preparation, study and practice, so why should trading in the digital landscape be handed to you for free?
It has a price – years of studies and practice, exercise and self-scrutiny, and recognizing that when you fall, it is not the market’s fault, but your own. There is something in you that needs to be adjusted.
Two brilliant books by Mark Douglas are a must read for me: Disciplined Trader, followed by Trading in the Zone, once you start to build your mindset from these books, there are many subsequent resources to learn the technical side of trading, such as free nice courses by the CME: https://www.cmegroup.com/education.html.
Many books offer technical know-how, and even brokers offer good and vast learning material, all for free. You can also find a broker through CME Group’s home page.
Whatever product you decide to trade, just keep in mind that you must open your account only with a registered broker, USA or UK based, and the firm’s/broker’s name has to be registered with a competent authority - CFTC, for futures and options, FINRA and SEC for stocks and ETFs. The registration is a crucial point. For instance, much of our struggle originated from the simple fact that neither UBS nor Credit Suisse were registered with the SEC US. If they were, our complaints would have been solved with settlements in arbitration years ago, when they arose. For a clearer picture, visit the Finra complaints page and see how easy it is to resolve issues if you are dealing with registered brokers.
All accounts are free – you pay only when you trade, and it is a very modest low price, clearly published. Check more than one broker to understand real market average cost of brokers’ fees per trade. I can’t help you with commenting on crypto, forex – those are non-regulated markets and, to me, represent extreme danger.
To invest in a system which will make money for you while you will be sleeping is another illusion. If you intend to be the one to accomplish that, good luck in both achieving that goal and in winning the lottery.
I love trading for the inner journey it takes you on. I come to the markets for its wisdom and power to wash out all obstacles within you – your Ego, fear, greed, anxiety, revenge. There is no hope involved in solid, profitable trading, no luck; just simple harmonious ascension, but this simplicity is the fruit of many years, many transcended ups and downs. After my ten years of trading I can only stress how important education is. All that you will not pay to the teacher you will give away in double or triple measure to the market, and as all succesful traders agree – 90% of success is your mindset. We were tremendously helped and improved thanks to the courses and teachings of Adrienne Toghraie, founder and CEO of http://www.tradingontarget.com/, whose article you may enjoy above and about whom I can never say enough to express our gratitude and high esteem for her generous work.
I wish you to find your teacher, who will help and give you the shortcut needed for you to find your path on the market.
If you are ready to explore the challenges a hedge fund manager goes through, you may find it in a very unique book by Alex Krainer Mastering Uncertainty in Commodities Trading: Generating Sustainable Profits in Forex, Commodities and Financial Markets Through Trend Following
And closing this post with a special gift, a blog of a dear friend, whose sixteen years on the trading path are transformed in those drops of trading-life wisdom, expressed in his lingustically virtuosic pieces http://dtowntrader.blogspot.com/?m=1
And good luck to you!
I am no longer of the capacity to personally help everyone with their trading, since I have met my trading partner with whom I am traversing on an inner journey, and where all my energy and time will be concentrated in the near future as we ascend to another level of trading progress.
But I am sending to you my blessings, and remember, the unfathomable is always possible !