|
Who can make money when the market goes up? Traders. Who can make money when the market goes down? Traders. How bout you? What happens to your money when the market jockeys? Do you play the stock market? Do you know the stock market moves over $25 billion a day? Wow! Do you know Forex moves over $1.5 trillion a day? I bet you know more about the stock market than you do about Forex. Are you scratching your head?
I just read an article about Forex trading and why more people aren't participating. And, while we are on the subject let's throw futures in there too! The writer of the article states that there could be two possible reasons:1. Either people are unaware of the Forex market or 2. They are deterred from trading it. He stated that online Forex brokers and affiliates have done a darn great job of advertising on the internet. Every time I go online I see a pop up ad for Forex. Have you noticed them or do you tune the sun out too? So, #1 reason was out. As far as #2, the writer pulled some information from a Chicago market research company, Synovate, that conducted a survey among 1000 p eople asking the question, "What, in your opinion, is the greatest obstacle for consumers to begin trading foreign currency online?" One in four said they didn't understand how to read the charts and graphs and one in six said that it was "too boring". TOO BORING? This is when I got really fired up! It starts with our country and our work ethic. Truly. I am not going to get on my soap box, but I will say that we are programmed to work very hard for long hours regardless of how much we miss our families, opportunities to give back and our hobbies that make us happy. Hardly anyone is well balanced between work, families and giving back. We are programmed to work ev ery minute (and then come the big bucks, right?). Not necessarily. When you trade, you have to be patient. You don't work at it every minute. You wait for moments that appear to have the highest percentage of earnings based on a sound strategy. These opportunities don't show up every minute of the day, so you have time to do other things as the markets develop. It's like fine wine. As it ages it can become quite tasty! So, if you think this might be boring, then I guess you don't like the idea of working for only a couple of hours (vs 12 hours a day) and having the opportunity to make the same amount of money (or even more). But, I digress.
I want to address the statement about Forex being too complicated. Many of you have heard us rant about people making this trading thing so complicated. The market can ONLY go up, down or sit still. You can buy, sell or do nothing. Not too many choices. Who said it's so confusing? Also, reading charts is easy. Trust me. It looks a lot busier on the computer screen than it is. I guarantee you that I can teach a person to read a chart in an hour or two. There is not much too it, so why does it look so intense? Well, first of all if you don't know what the colors mean, that might be confusing. A lot of times I have eight different charts on my computer screen so it looks complicated to anyone who doesn't know what they are looking at, but if I brought up just one chart you might breathe easier! If you know how to read one, you can read eight. And, people don't understand where to buy and where to sell. That's where a strategy comes in. We created a simple strategy by employing 4 basic rules. That's it. So, for all of you who think this is really complicated, it just aint so!
Now some of you legitimately do not have time for this. You have day jobs, kids to drive around and not enough energy to learn one more thing. For those of you who are not so tied up, you might want to give this a try. Don't forget Forex is open 24/6. You do NOT have to quit your day job. And, one other thing....how much time do you spend with your broker? One hour a year? One hour per quarter? That seems like a great return when your portfolio makes money, but when you lose this doesn't make any sense at all. It is time to put some more effort into your nest egg if you care about it. Why don't you take t hat one hour or those four hours and put it to better use. Learn about the markets so you can, at least, communicate with your broker better!
I mentioned in the beginning of this article that I wanted to lump Futures in this argument, too. While Futures are somewhat more expensive to participate in, they surely aren't any more complicated than Forex (and if you understand Futures, Forex is a cake walk). Take it from me. My background is in Futures and when I was introduced to Forex I turned my nose up at it. Now after trading Forex successfully, I realize the "nose snub" was because it was new. I soon realized it didn't matter what I was trading. Trading is trading whether it's Gold, S&P's, EUR/USD or Corn. And , Futures used to be really expensive to participate in. It cost Mike $50,000 in a Treasury bill and $50,000 in an account to get started on the trading floor. Today it will cost you $2500 to start. A far cry from $100,000. So? What are you waiting for? Get involved. Learn about the global markets. Take your Power Back. Invest with confidence. Protect your assets.
Prosperity is at your fingertips. Go Grab It!!
For more RDS articles on trading, visit www.rdstrader.com.
|