Ordinary People Who Beat the Wall Street | Retirement

Ordinary People Who Beat the Wall Street

How many times, you must have heard this oft quoted statistic that more than 90% of new traders fail and give up trading in a few months. Only a few lucky ones survive in the long run.

by Hass67

How many times, you must have heard this oft quoted statistic that more than 90% of new traders fail and give up trading in a few months. Only a few lucky ones survive in the long run.

Yet, still millions of ordinary people around the globe wake up everyday in the morning, turn on their computers and try to make a living trading the financial markets electronically. Have you ever thought why?

The same statistic of failure exists in other businesses like restaurant business. New restaurants open on daily basis; some succeed, and most fail.

Still the possibility of hitting big never deters people from starting new businesses. The same applies to forex trading.

Kathy Lien is a professional forex trader. She is a great writer too and has written many books on forex trading. In one of her books, Millionaire Traders, she tells the story of 12 ordinary people who beat the Wall Street at its own games.

The rag to riches story of Hoosain Harneker is remarkable. He had lost almost all his saving in a failed business venture.

After that he had no money. He was heavily in debt and did not want to borrow more. His best friend told him to trade forex. His friend emailed him the forex trading system that he used to make pips daily. The forex trading system was based on simple moving averages. Hoosain did not have even a few hundred dollars at this stage and did not want to borrow from his friend.

He took six months to save $1000 to open an account and start trading live. During those six months, he practiced and practiced his forex strategies on the demo account.

His wife was not sure about his success. He promised his wife that he would never trade forex again if he blew up the $1000. All the 12 people in the Millionaire Traders had blown their accounts in the first few months of trading except Hoosain.

Hoosains only advice to beginning forex traders: Practice on your demo account and double your amount three times in a row. Dont take up live trading before that. Paper trading will make you confident to face the daily emotional turmoil of the forex trading.

Many new traders jump straight into live forex trading without practicing much on their demo accounts. After a few losses, they give up thinking that forex trading is difficult.

Forex trading requires a lot of discipline. Learn from these 12 ordinary but remarkable people who had the discipline and determination to make it big.

DISCLAIMER: This article is provided as information only and is not to be taken as financial advice.

Mr. Ahmad Hassam has done Masters from Harvard University. He is interested in day trading and swing trading stocks and currencies. Learn Forex Nitty Gritty. Read about Trend Forex System. Try Netpicks Forex Signal Service.