Traders normally lose money. Some say 95% of #traders lose.
Other say about 80% lose, 10% make and 10% are breakeven/marginally profitable.
Today I’d be sharing with you my journey and also my take on trading courses.
10years ago around 2010, I had a big position on Gold/USD.
It broke 1,000 and I recorded a huge gain.
However today, I do not believe in trading anymore.
The key reason is I blew a large part of the gains away in a subsequent trading position.
Today, I #invest for the long term.
When you have gains, you feel like you’ve figured the markets out already. But there can be bad periods of losses also.
If you have $20,000 invested and say made $10,000, cash that $10,000 out.
Stick to the $20,000 you originally invested.
With a bigger investment, you tend to get more emotional.
If you are rolling on profits and not capital, it makes it a lot easier too.
For a few years, limit your position size. Forgo compounding returns.
Over-trading is one of the biggest risk.
There are copy-trading and commission free trading these days.
You need years of experience. Rayner Teo a well know trader shared it took him 4 years to solidify his skills.
Trading full time is very stressful and very addictive.
I shorted on DJIA when it was around 12,000.
I held the position for more than a year and eventually cut losses.
If you keep betting big, a mistake and you’d be back to square one.
In the minds of trading, its always about gains. Rarely do traders think what if they lose. Don’t underestimate risk.
For trading courses and gurus, I believe they are successful traders themselves.
My major reservations are if the skills and systems are transferable to the mentees.
The one finance book I’d recommend you to become a better financially. (Affiliate amazon link)
Rich dad poor dad: Why?
One of the best books I read on asset and liabilities that shaped my financial understanding at age20. Get a hardcopy and read it multiple times.
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This is not a recommendation to buy or sell any securities mentioned. The information contained are ideas from Josh Tan and TheAstuteParent are strictly for education purposes. You are advised to perform independent research yourself or seek a qualified financial adviser. We will not be liable for any losses directly or indirectly from the material.
Josh holds a degree in Accounting.
In 2016, he co-founded the financial education website TheAstuteParent to provide detailed insurance plan analysis and financial planning tips to help you kickstart your journey towards financial freedom.
As a ChFC charterholder, Josh has agreed to be bound by the ChFC®/S Code of Ethics. This includes, among others, acting in a professional manner when it comes to conducting due diligence on primary and secondary sources of investment-related data, and articulating his investment opinions based on his research and beliefs. Based on his research and analysis, he highlighted his beliefs and opinions, and illustrated the concept of time value of money, as of the time of the video. No products were advertised.
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Video 3 SECRETS ON HOW YOU CAN BE PROFITABLE AT TRADING AND WHY MOST TRADERS FAIL!
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