1. Follow rules of the game.
Forex Trading environment is a very cruel place. I will give you three rules to equip yourself in order to survive and enjoy this business. Feel free to add your own rules once you have mastered my mentorship program and have more experiences.
- Do not trust anybody as the Buddha said. Do not trust your teacher, your friend, and not even your family or relatives. I have witnessed the cruelty of this business. Because of unethical Fund Manager practices, my friend lost USD 5,000 in one week, another friend lost $USD 100,000 in 3 months, and some other scary stories. And guess who the fund managers are? Who can easily separate you from your hard earned money? Mostly not a stranger, but a person who is close to you. You will never know what their intention or motivation is.
- Always think and prepare for the worst case scenario and know the consequences.
- Whether it is a good or bad intention, you will not know what the intention of your teacher, friend, relative or family is. But you certainly know what and how much you are going to lose if something bad happen. Are you prepared to lose that amount of money? Can you afford it?
- Bad thing happens all the time. If there is a very slim probability that “X” will happen, even the odd is 1:1,000,000,000,000, then it will definitely happen; it is just a matter of time. You should always consider the worst part, and you should always be prepared and afford for the worst consequences.
- Do not enter this business without money you can afford to lose. Forex trading is a very risky business. A lot of variables involved, and most of them are out of your control. Once you enter this business, you are already risking 100% and can be even more of your investment ; your broker can go bankrupt, sudden change of regulation, computer glitch, software glitch, human error, and so many lists that something wrong could happen.