Misconception on FX Trading

Read about this from Peter Lim of FXTraing@SG which has a few good pointers on misconception with regards to FX Trading.


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Good evening to all Brothers and Sisters, since going full time beginning of 2014 my account is showing steady increase from more quality wins which I do post some of my trades calls and results as a form sharing and encouragement to all ppl that making a decent living trading from FX is possible.

These good results posting had attracted many ppl PM me with requests from sharing my trading methods to helping them make more monies to recoup trading losses and etc. As such I see a need for me to do this write-up on some popular questions asked to clear misconception that FX trading is the solution to fast money.

Q: I want to go full time and can really make a living trading Forex?

A: Yes you can make a living trading the Forex market but you have to consistently do a lot of things right. Most traders simply do not yet possess the necessary trading skill, discipline, patience, or realistic attitude to succeed long-term in the markets. If you have your hard-earned money on the line in your trading account and you feel like you HAVE to make money from your trading, you’re screwed, to put it bluntly. The single biggest reason you’re not making a living trading is because you feel like you have to making a living and you’ve gone ‘all in’ with your capital and emotion.

Q: I need to raise a few hundred thousand to send my children to overseas school?

A: If you wake up every day and think about your trading as a “do or die” venture, as your only source of income or financial security into the future, you are creating HUGE mental pressures that even the most disciplined trader could not overcome. This world is very funny when you need money it doesn’t come but when you don’t need it they keep showing up at your doorsteps.

Q: I have only small capital to trade but I want to quit my job and become successful in FX?

A: The hard truth why 90% of traders fail is simply the self-inflicted pressure to make money fast. If you have small funds please accept your reality for now and trade slowly, with proper risk management. You can build a small account successfully, yes it will take time, but the more you develop the proper trading habits, the easier trading will become for you and the more profitable it will become. You have to trade from a clean and clear trading mindset with virtually no attachment to the money you have at risk. You can only do this by having a solid plan B to fall back on, like a job that covers your bills in addition to allowing you to save some extra money each month. Trading is inherently risky, and it tends to attract people who can’t afford to trade, yet it only rewards those who can afford to trade. The temptation to try and build your account really fast, is very difficult to overcome especially trading with scared money is almost the same thing as taking that money, pouring gasoline all over it and throwing a match on it guaranteed to lose it in the market.

Q: How can I be successful in Trading as I want to change my life to provide for my family?

A: Trading Forex for a living is the result of doing a lot of things right… not only depend on being sufficiently funded instead some of the key points I use to help me trade effectively.
1.) Learn and master a effective Forex trading strategy like PB, OB & IB price action on a higher D1 Time Frame.
2.) Have good risk management, do not over-trade and do not risk more than what you cannot afford losing on any one trade.
3.) Learn from a good mentor, just like any other profession or skill in life is easier to learn from a mentor, learning to trade Forex from a skilled trading mentor is arguable the most efficient and effective way to achieve your trading goals.

Conclusion
Success in FX market begins with ‘overcoming yourself to make money fast'. You will never face a tougher opponent in the trading world than the one that lives inside of your own mind. However, the recipe for beating the market is: [Combine trading skill with mastery of yourself.] If you can do those two things, beating the market will be well within your reach, and best of all, HUAT AH...will always be at your door steps. Cheers to all sincerely from my heart.

Note:
 I did not give up my present business instead I acquire new business and they are run by my managers instead. 
From 1995 to 1998 I was very much involved in FX and even served two 2 years full time but decided to quit as I was also involved in dot.com setup. In order to be fair to my investors who had pumped in millions I decided to quit FX trading and concentrate building up business which was the right decision.
After almost 15 years later I have I decided to come back to FX with the intention to spend my last 10 working years fulfilling my lifelong dream and vow that I make in 1998 to return one day as full time FX trader.
Perhaps it is because FX trading is so difficult with only a small percentage of successful elite that draw me back. All my life I have been making decision both good ones making millions and bad ones losing just as much but to make my first million thru FX trading will be SPECIAL meaning to me.
And finally, in my journey towards the elite field of millionaire traders. I would love to bring along aspiring brothers and sisters who share the same dream and vision as me to fulfill this achievement. Cheers