I feel inclined to write articles like this because I feel that the number of successful forex traders who are willing to help are greatly outnumbered by traders or programmers who are just out to make a buck at the expense of others.
I feel inclined to write articles like this because I feel that the number of successful forex traders who are willing to help are greatly outnumbered by traders or programmers who are just out to make a buck at the expense of others. And as a human being with a conscience, this deeply disturbs me. So if a flashy website appears that guarantees an automatic system with HUGE returns, how can I sit back and do nothing?
So when you are looking for trading advice in the foreign currency markets, who should you turn to? There are plenty of people who categorize themselves as professional traders. But who should be REALLY be considered a professional trader? The way I see it, there are several categories of traders:
1. Institutional traders who work for a company and get paid to trade
2. Independent traders who don’t have another job
3. Independent traders who trade forex part time
And then there are the scum who slap up a cheap website, try to sell you a DVD or a trading system, and don’t have to worry any more because all they have to do is put up a ridiculously vague disclaimer. Well I’m here to tell you that there are much better ways to learn how to trade this market; and every single one of them is free. Every resource that I use and live and die by are detailed in the following posts:
How to Recover from a Bad Trade
Real traders never give a dime to anyone trying to sell a get rich quick scheme. And to put it bluntly, there are no get rich quick schemes that work in this game. Speaking from personal experience as a former college athlete, the forex market is just like playing a sport at a high level. The only way you’re going to succeed is if you work harder than the next man, and work SMARTER than them also.
My definition of a forex trader is a bit tarnished these days because of all of the scams. I would really love to hear some views from you the reader as to what your definition is. Do I consider myself a professional forex trader? No. I consider myself a student of a difficult trade, and I’m always willing to admit when I’m wrong and learn from my mistakes. So leave me a comment to let me know what your definition of a professional forex trader is.
