Many people think that they would need a lot of money for trading. Bruce Kovner started trading in 1977. He had no money so he used his credit card to start trading with only $3,000. Now, he is one of the richest man in the world. He is worth around $11 Billion. Maybe everyone can’t trade forex or futures like him. But what this shows is that you don’t need a lot of money to trade. I know the story of a trader who did not even have $1,000. It took him six months to have $1,000 during this time, he only paper traded. Now he is a millionaire trader. What you need is the right method and the right approach. Trading is a risky business. Many people want to trade but when they find out that they have to sit in front of their computer monitors staring at the charts, they lose heart. Almost 90% give up. The problem is most start trading without setting any clear goals. They think that it would be easy. It is not. They find it hard. But then, how do the successful traders make more than 5 figures everymonth by trading less than 20 minutes everyday? What Holy Grail they have that most of the others don’t have. Their Holy Grail lies in the clariy they have in their minds. A successful trader knows the best time to trade. A successful trader knows when to trade and when to give up. He or she knows that trading more is not good.
So, if you want to learn trading than you need to start with some very clear goals. The first most important goal, you will not trade more than 20 minutes a day. Second most important goal, you will make 5 figures income with trading. Third most important goal, you will do that in three months. Can you do it? With the right training, you can do it. There are people who do just that. Bill Poulos is one such trader who started like everyone else. He would spend hours trading without showing good results. But then he decided to find those methods that can help him trade less than 20 minutes. He found them and now he teaches those very same methods to new traders. You see, you don’t need to sit in front of your computer monitor for hours. Only those do it that has no clue how the markets behave. But those who eventually learn how to decipher the mood of the market like Bill achieve their trading freedom. Trading becomes for them an exhilarating experience giving them joy and happiness.
What you need to know are the right methods and tricks that can give you an edge as a trader. Beating the markets is not easy. You cannot do it every time. But suppose if you are right most of the time, what would that mean? It would mean you will be growing your account consistently.
Learning those winning methods and tricks some of which maybe very simple on your own may take eons. You see, even Tiger Woods would never have made it as a Golf #1 without getting good coaching in the early part of his life or for that matter Roger Federer the Tennis #1 or 2. They learned from the best and overtime they themselves became the best. So learn trading from the best. Don’t think that it would be a waste of time. Whatever they teach you copy it. You will soon start picking the threads. Eventually you will also become like them. A master trader who know when to trade and does not need more than 20 minutes to make a successful trade each day!
I give you one example, there are two little retracement tricks that most trader flatly miss out. If you know how to use them, you can easily turn the tables on the market and turn around a losing trade into a winning trade. Similarly there is a little known trick that if applied correctly to a predominant trend can triple your profits safely. Now on your own, you will never be able to figure out these little known tricks. But, if you have the right mentor and he shows you these tricks, you can master them and use them over and over again to triple your profits safely in each trade. So, does it convince you that without a mentor, you won’t succeed at trading!
Source by Ahmad Hassam