Million Dollar Traders Part 1: What Forex Traders Can Learn
This is a show from London where a trader bets 1 million of his own money that he can turn 8 regular people into successful traders. He sets up a Hedge Fund that is going to be run by completely new traders.
Even though this is about stock trading, I think some of the lessons you can learn is important for any type of trader, like trading Forex. I highly suggest you watch this video, and parts 2 and part 3 as well.
Here are some quotes from the video…
@ 13:20 “This is not a game, this is real money, my money. And I’ve worked hard to earn it. You need to make sure that people appreciate the risk”.
@ 13:50 “I dare anyone to try this for a month… and see how much it affects your life”.
@ 22:40 “The life of a trader is all consuming”.
@ 25:58 “You know, I feel a little bit ill when I place one of these things”. “I don’t find it pleasurable. I get a real uncomfortable feeling”. “It makes me feel exactly like when I was a kid lying”.
@ 32:00 “Its very frustrating. It is an incredibly complex business. You’ve got to keep you emotions in check, you’ve got to do your analysis, you’ve got to do your homework. There’s so many balls to keep in the air”.
@ 33:50 “You know what? I don’t like trading”.
“They’ve got to be disciplined, because some of the stuff they are doing is nuts”.
@ 41:18 “I don’t know what to do. I hate this. I actually hate this”.
“She’s actually really scared about trading”.
@ 50:25 “He probably spends an entire weekend thinking about it, walks in and loses money. That’s just the life of a trader”.
@ 56:50 “You’ve got to learn from your mistakes. It’s risk management”
Ok, I think you get the picture. It is worth watching the whole thing. It gives you a sense of how difficult, emotional and stressful trading really is. This is the same regardless of whether you are trading commodities or currencies.
Most of you reading this will have a similar, stressful experience if you try to trade Forex by yourselves. The best thing a lot of you can do is use a signals service and let someone else trade for you. Here are some stats…
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