Before you try different trading strategies and choose one of them, you have to have a proper living strategy. There are some facts that those who teach or sell the trading strategies, don’t tell you. Most of the trading strategies are good and work if you know how to use them and if you use them while you have the proper life conditions.
1) Your Financial Situation
Most people start learning to trade while they have financial problems. Indeed, they become familiar with trading when they lose their jobs or they get bankrupt and need to have a source of income to cover their expenses and survive. They google for an option and then get into the trading world through an ad that sells a trading strategy or a trading course.
After a few days of reading and watching the videos, they think they are at the beginning of becoming one of the richest people in the world, because making money through trading really looks easy at the beginning when you look at the price charts.
Many of them open a live account even before they make sure they have learned how to trade properly, and before trying the trading strategy they have learned on a demo account. Unfortunately, some of them open a big live account and then wipe it out within a short time. Many of those who open small accounts also wipe out their accounts and reload them several times.
The most important reason is that they are SO EAGER to make money because they desperately need to make money. They have lost their jobs or the money they make is not enough to survive. They have to pay rent and mortgage and… . So they push themselves to make money as soon as possible. Unfortunately, because they have no trading experience, they think they are losing because of the trading strategies they use. Therefore, they look for some other trading strategies, but they keep on losing. It is not the matter of the trading strategies.
2) You Have to Have a Good Source of Income
Keep in mind that you can’t make money through trading when you HAVE TO make money. I mean it is not possible to make money through trading when you don’t have any money and you have to pay your bills, rent, mortgage and…
The reason is that when you are in rush to make some money, you can’t analyze the markets properly and you can’t wait for the right and strong trade setups. You push yourself to enter the markets because you think it is better than doing nothing. Sometimes you do know that there is no trade setup and entering the market is a mistake, but you still do it, because doing nothing and sitting on the fence make you feel guilty, and you want to take action and do something to make some money as soon as possible.
Trading can be a great source of income to increase your wealth and improve your “income to expense ratio”, only when you are financially stable and you have a good source of income that makes money steadily. Trading is a supplement that can increase your wealth. It is really hard to make a living through trading as the only source of income. I don’t say it is impossible, but it is really hard.
You can enter the markets and make profit only when you have no financial problem. So, you pick the best trade setups and you enter the markets like a hero, not like a loser who is losing and has to enter the markets to run away from losing. Someone who has a good financial situation, chooses the best trade setups and takes the trading opportunities that his trading strategy shows, with peace of mind and power. He has enough time to think and decide. He is not in rush to enter the markets at any price. He uses his trading strategies in the best possible way and he enters the markets only when there is a strong and reliable trade setup which has the highest success probability.
If you like to become such a strong trader while you don’t already have a source of income that makes money consistently to cover your life expenses, then you have to create a source of income first. Or, if you have a job and source of income that makes money but it is not enough to give you the peace of mind that you need for trading, then the first thing you have to do is generating a perfect and strong source of income that not only covers your expenses but leaves a lot of extra money to enable you to invest in currency or stock markets or both to increase your wealth.
Almost all of those who sell trading strategies and courses, don’t share the above vital fact with you because either they don’t know it themselves or even if they know, they don’t care because they are after your money and want to make some cash from your losses. Many of them work for the market maker brokers and refer you to open a live account with them even when you are not a profitable demo trader yet.
However, at LuckScout Millionaires Club, first we help the members generate a great and strong source of income that makes a lot of money for them while we teach them how to trade and become a profitable trader.