Million Dollar Traders Part 2: Forex Traders Take Note
Here is Part 2 of the Million Dollar Traders program from the BBC. This show documents a million dollar trader who starts a hedge fund with novice traders and lets them trade his money. While this is stock trading they are doing, any type of trader (Forex traders), can learn a lot by watching this.
(If you missed part 1: Million Dollar Traders Part 1).
These novice traders were given 1 million dollars, and two months to trade the stock market as they see fit. Will they succeed?
@ 1:30 “The last time I had trauma like this, I was getting a divorce”.
@ 4:57 “Some of you might have felt like you can’t do the job. Or that it is impossible. But, maybe nobody has been able to do the job, and maybe it has been impossible. A lot of trading has to do with being able to tolerate pain.
@ 14:57 “He’s seen the importance of building a strong portfolio”.
@ 15:30 “He has the will to succeed. But the question is, does he have the right ideas?”
@ 30:16 “The only way you are going to get out of this, is by building a portfolio. This is gun to the head time.”
@ 31:35 “In terms of emotions, he’s been through the washing machine in the past hours. Profit and loss is having an effect on his psyche. But that’s a problem in trading, He’s fighting with himself because he hasn’t done himself any favors. He hasn’t built himself a portfolio.”
@ 35:17 “I haven’t got the mental stamana for this.”
@ 35:53 “I just want ideas. I just really want a portfolio.”
@ 37:58 “With well managed portfolios, several of the traders have emerged unscathed.”
@ 42:21 “If one or two or three people walk out because they can’t take it… so be it.”
@ 57:34 “You know, trading just isn’t for some people.”
There are two major themes that keep popping up in this episode…
1. Trading is not for everyone
2. You should build a portfolio to protect yourself against the volatility of the markets.
OK, if you are not one fo the people that can handle trading Forex, don’t despair. According to FXCM, 85% to 95% of currency traders don’t make money. But you still can participate by using a Forex signals service. Basically, you don’t have to make the decisions, control your emotions or spend a lot of time in front of the computer… just copy trades from a trader already making money.
Secondly, you should consider building a portfolio. There is a reason I have more than one signals service. That is because I trade more than one trading strategy in the markets. I do this because depending on market conditions, one of the strategies might work better than the others. It is just a way of protecting yourselves.
Many people that join a signals service at Best Forex Trade Signals, join more than one. They don’t have to decide which signals service is best (which can change from on to the other over time). This is a very smart way to use signals… setting up a different account for each service you follow.
Best Forex Trade Signals helps you skip straight to profits. You don’t have to make the decisions or struggle against the markets. All the heavy lifting is done for you. So, if you want to participate in the currency markets without all the hassles, this is a great opportunity.
Here are the monthly percentage graphs for each of the signals services offered at Best Forex Trade Signals…
Click the graph to learn more about the signals and how you can copy them on autopilot for a monthly fee…
Dragonfly FX Signals
Butterfly FX Signals
Firefly FX Signals
I also run a service at Forex End Of Day Signals where you can follow the signals on a performance basis (you only pay for signals on profitable months – a percentage of the profit)…
FX Night Flyer Signals