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I dabbled in a bit of trading earlier this year and just made £100 without really knowing what I was doing. A trader put me on to some commodities and lost £200 for me. And she had 10 years experience. Go figure…
Thank you for reviewing this program for me. As I make money with my other endeavours, I plan to invest some into trading. I will read up about trading methods to understand more of what techniques I should apply. Also to learn the jargon involved.
Hi Stella – that’s the scary thing about trading. Scary in the sense that a lot of people jump right into it thinking it’s so easy. They think that all they have to do is click a few buttons and magically make money in a few minutes/hours/days. But eventually the market humbles them. The reality is that it’s really simple to trade stocks, but it’s extremely difficult to be a trader. Especially a self-sufficient, consistently-profitable one. Anything can happen on any single trade and nobody can predict the future with 100% certainty. Which is why understanding risk vs. reward and implementing a disciplined approach is so critical to success. It’s about playing probabilities (and taking losses when necessary) as opposed to needing to be “right” on every trade. Trading oftentimes goes against the very nature of humans, which is to act emotionally and impulsively in stressful situations, and it takes time to transform oneself into a stable, clear-minded trader who sticks to his/her plan no matter what. There are numerous factors involved in each individual’s trading success, but the most critical one (and most surprising to many), is Mindset.