The Secret to Forex

Can I Tell You A Secret?

Can I Tell You A Secret?

Is there a Secret to Forex?

I hear quite often that people have found a “Secret to Forex” or that they are able to be extremely profitable from this “One weird trick”.

I have heard it time and again, but no “trick” that I have ever tested has lived up to its claims (how about you?)

Now, I could talk for a while about why these tricks do not work, but that is another article for another day.

This article is to tell you that, ironically, I believe there IS a secret to Forex. I believe that THIS one weird trick does have the potential to make you rich… The trick is this: Not buying into the tricks.

There is already a large majority of traders trying to “exploit” these tricks in the market and losing money. When we jump on the bandwagon and fall into this idea that we can use a secret to get instantly rich, we just add ourselves to the group that is easy to take advantage of–the DUMB money. We become part of the bundle of people that are simply handing their money over to the few percent that are making money in this game.

By the way, if someone did find a trick to Forex that could make them this insane amount of money, do you think they would be selling it to you for a hundred dollars? I don’t think so.

That is not to say that people selling systems are all frauds, but if someone is telling you that you can double your account every month (or every day in some cases!) you need to RUN.

Staying away from crazy claims and black box systems will save you money by not buying the products AND not losing your money trading with them.

Again, having your accounts traded by automated systems is perfectly fine and can be very profitable for you; but you want them to be automated systems that are based on real, solid strategies and not tricks that try to take advantage of the market and not strategies trying to make 100% a month…

The secret to Forex trading is to stop trying to trick it–You can’t.

If we spent less time trying to find a loophole in the market, and more time studying the markets, doing thorough analysis, and perfecting our money management strategy, I believe we would be a LOT better off.

And I would actually like to take a moment here to ask you to share this article with Facebook, Twitter, LinkedIN or whatever you use (maybe even email) because I think it is really critical for all the struggling traders to understand what I am talking about in this article. So if you don’t mind taking a moment to do so, I would appreciate it! …. Back to the trick you need to know in Forex!

I don’t have a problem with getting rich from trading; I just have a problem when people say it is “easy and quick”. No one that I have ever met has earned enough money to be considered rich, and said it was easy or quick.

Nick from Forex4noobs talks about Getting Rich Slow in one of his articles. He makes some really good points and confirms some of the things I am talking about in this article. One great thing Nick says is that he finds it very silly when people give up on Forex because it takes time and effort, because any career you want to succeed in is going to take tons of time and effort.

My challenge to you is to look at Forex as a career from here on out. It may not be your only source of income, but it still requires you to put the time and effort in to slowly move up the ranks.

Here is the situation I want you to envision: Your Trading Account is your Business, and you, as the individual trader, are a new employee of your business.

Year #1: You make a lot of mistakes. You make a few bucks throughout the year, but overall, you cost the business money.

Year#2: You start working extra hours to really become good at what you are doing. Still mistakes, but less of them. Your wage increases somewhat, and you are basically a break-even asset to the business.

Year#3: Now you have a pretty good idea of what this takes. You spend more time planning and studying so that you can execute better. Of course, compared to the pros in your field, you are considered a rookie, but at least this year you helped your business get over the break-even point by a small margin.

Year#4: This year is going to be your year. You understand what it takes. You have streamlined your process, cut some unnecessary expenses (those would be some foolish/bad trades), and really know how to execute when the time comes. Not being used to succeeding quite this much, you tend to give up some potential gains for your business here and there, but you are definitely helping the business be profitable.

Year#5: You now consider yourself experienced. You been through a lot, and you know how to handle yourself. You are getting to the point where it actually takes you a lot less time than it used to, to make a lot more many than you used to. Of course, now that you have more responsibility, your mistakes will actually cost you more money, but that is okay because your day-to-day successes are making you much more as well.

Year#6 and beyond: You did it! You now are basically on cruise control. You still have a while before you can retire, but things are simple for you and making money is just a process.

If we could think like that ^^, we would be a lot more stable in our trading, don’t you think?

For me, and probably you too, it is hard to focus long term when it comes to Forex, but I understand that real wealth is made using time to its advantage.

For instance, if you are able to double your account every year–instead of every month–imagine the money you would have after a 60 year long career. To give you a hint, If you had a 10 thousand dollar account and doubled your account every year for 60 years, you would be the richest person on earth.

So, allow me to encourage you to focus on the long term. I understand that with finances, we want it right now, and we may even need it right now, but trying to make a living off a small account is a very, very dangerous thing to do.

A small account can grow and provide you with real income eventually, but it needs to be a long term process just like a career in any other field.

Please leave a comment with your thoughts and opinions! And Follow me on Twitter!

 

Thanks,

Nathan

 

 

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Winners Edge Trading was founded in 2009 and is working to create the most current and useful Forex information and training available on the internet.

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  • some people do it with 10,000

  • right on your right there are no tricks for sure.

  • thanks

  • great response I hope you were able to make it.

  • andre330

    Hello! I was wondering what is generally considered a small account to try and make a living off of?

  • Elijah

    there are no tricks really, just knowledge and experience, and there are many things that can give you a slight edge.

  • Leatte

    Excellent! There are so many scams out there…..it takes knowledge, practice and time to get this right, but I know it will be worth it. In year 2….a few to go!

  • Ray Roberts

    Hello Nuhan, I came accross one such automated system. TrendWhipFX Auto. Steady gradual growth over time with low drawdown. It is boring but steady but its automated so boring is not a problem.

  • Nick

    It could take some people longer than 6 years to be successful in the Forex and some people less than 6 years to be successful in the Forex. I am glad I read that article because I am one of those people that needs the profits(money) now. I now know to plan instead of jumping right in.

  • NathanTucci

    Yep, Randy.. People in trading tend to forget that because they are distracted by the shiny promise of wealth in weeks.

  • NathanTucci

    Thanks Bob! I appreciate the comment!!

  • Bob Spiers

    Sound Advice Nathan,

    If I may Post Your Quote:

    “The secret to Forex trading is to stop trying to trick it–You can’t.”

    “If we spent less time trying to find a loophole in the market, and
    more time studying the markets, doing thorough analysis, and perfecting
    our money management strategy, I believe we would be a LOT better off.” – NT

  • Conrad

    well describe

  • Randy Boggs

    Just down to earth hard work, just as any other good business

  • NathanTucci

    Thanks, glad you enjoyed the article and I really appreciate the support.

  • NathanTucci

    Thanks Andrew, yeah, it is definitely not easy; but I believe the people who stick with are that few percent who are quite profitable at the end!

  • ayodeji olokodana

    Splendid article.This serves as an admonition to anyone struggling with consistent results while honing
    one”s trading skills or while being mentored.Kudos Nathan.

  • Andrew Barry

    Your description of years 1 to 6 is like describing what I have gone through. Forex trading is not easy. But with continuous education and practice and more practice I am now just now staring to breakthrough to profitability. Great article. You certainly on point.

  • NathanTucci

    Hi Aryan, I do not think it is hopeless–certainly not. I do think that traders need to be realistic though and have some reasonable goals when it comes to trading. It might very well take several years before one is a profitable trader, but once achieved, the profit potential is amazing!

  • NathanTucci

    Thanks Magdi, I appreciate the comments!

  • NathanTucci

    Thanks!! I wish you luck in your trading!

  • NathanTucci

    Thanks Ketih, I appreciate your comments. Very True

  • NathanTucci

    Thanks Anthony, I greatly appreciate the truth of your comments, I hope that we at Winner’s Edge will be a great source for beginning traders to protect them from exactly what you are talking about!

  • NathanTucci

    Thanks Riy, I wish you the most success in your trading!!

  • riy

    thanks for d wonderful advice.i hope for success

  • anthony foster

    There should be a law exploiting new traders. One of the big exploiters promises about 85% winning trades and offers you an ad”vantage” for $5,000. You soon realize that that is only part of it since you have to buy the signals monthly and they are usually worthless. At that point in your career you cannot even follow them and realize that you can be right 85% of the time and still lose money. I think you will do a good job if you prevent the newbies from being exploited.
    I think people like these should be prosecuted.

  • Keith

    Speaking from experience this makes a whole lot of sense – do not waste your own valuable time and effort looking into all of the “next big ideas” as offered daily on the internet. Concentrate on your own trading and make the next big idea learning to trade successfully and confidently in the market. It does work.

  • Aryan

    Nathan, I do buy in to “Getting rich slow”. You seem to
    suggest in this article that one needs about 6 years to be a successful pro! Is
    this right? I spent 6 years at university to become an engineer and working as
    an engineer for about 35 years for the government. So do I have to give up a
    hope on the basis that I could not make the steep learning curve? Indeed, most
    of the aspiring traders are probably in their 30s or over and with an average
    life expectancy of 75 years, they are unlikely to have 60 years period to
    double their money!

  • Sayinlar

    I am at my 3rd year at forex trading and I think that whatever Nathan wrote in this article is really correct.
    I feel that that at my 4th year I will start to pick up some cash :-))…..  Although I newly discovered your website, I will be a good follower..  Thanks Nathan.

  • Nahid

    Thanks, you are right.

  • Anonymous

    Hey Jacob, thank you very much for reading and leaving the kind words! I really appreciate your support!

  • Anonymous

    Thank you very much for the support! It is greatly appreciated. I am very happy to hear that you find it useful!

  • JACOB

    This is a prophetic article for the people that can adhere.  I learnt a lot from.  Thank you, Nathan

  • Anonymous

    Hi Jeff, thank you very much for reading and sharing a great personal example; I cannot tell you how appreciated it is to hear from someone who has been there and done that. Greed and fear are certainly the enemy, and they need to be overcome by realistic expectations and the confidence of a good trading plan. Thanks again!

  • Anonymous

    Hi, thanks for the comment!

  • Anonymous

    Hey Abdul, thanks for reading and leaving such a great comment, I appreciate that. You are very right, experience, educating yourself, and especially persistence are so important in this game. Keep educating yourself and practicing and being persistent, Abdul, and good luck in your trading!

  • Anonymous

    Thanks very much for leaving your thoughts and reading! I appreciate it a lot. Practice and educating yourself are so critical to long term success.

  • Jackie W. Cox

    Thank you Casey for the outline you wrote for us to read. It will help me keep grounded in what to expect and will help keep us encouraged to not give up on our Forex Ideals. Thank you so much. Great article. 

  • Abdul Rahim

    There is nothing but the truth in this article. I am in the 3rd. year of trading now and I am now in exactly the same position as mentioned in the article.But the only good thing I did was that in my 1st.2 yrs. I traded only demo.Even that I still loss a few hundred bucks when I began to trade life, but that’s all right.I know now that the things that separates the successful traders and the non successful one are the experiance, persistance and keep on learning.Thank you Nathan.

  • Buster-48

    yes I think this is dead right it all takes time and practice and education

  • Anonymous

    Thanks for reading and leaving the great comment! You are right in everything you said! Getting rich slowly works for me! 🙂

  • Anonymous

    Hi Robert, thanks so much for reading and leaving such kind remarks. It is so awesome t hear all the kind things you and other traders say; it is very encouraging in our quest to help traders. I could not agree with every single thing you said about Patience and work. I am also so glad that you did not give up and are now a successful trader! That testimony is why we are here! Good luck and continue to grab those pips, Robert!

  • Anonymous

    Hey Antonio, thanks for reading and leaving some great advice for others! Slow and steady truly does win the race! Continue to be consistent and smart, Antonio!

  • Anonymous

    Hi Helen, thanks for reading and leaving the comment. Yes, I am glad to see that you have perseverance this far, and I want to encourage you to keep going! Discipline is a MUST! Let the trade that you want come to you and stick to strict management rules and that will go a long way. From there, it is all about practice.. Good luck, Helen, keep fighting!

  • Anonymous

    Hey Eric, thanks for reading and leaving kind remarks! That is funny that Casey said that, I had no idea. But I am glad he and I are on the same page!.. Thanks again for reading and good luck in your trading and patience!

  • Anonymous

    Hi Rick.. You are right about the excitement of trading, but remember to use a solid plan and management so that you can succeed. Remained disciplined and don’t give up!

  • Anonymous

    Hi Bert, thanks for reading. Very good wisdom as well. The profitable Forex traders are certainly outliers given the low percentage of profitable retail traders. I will look into the book for sure. Thanks!

  • Anonymous

    Hey, look who read one of my articles 😉

  • Anonymous

    Thanks Robert! Appreciate it!

  • Anonymous

    Hi Bryan, well, a dollar collapse would of course have massive implications for Forex since it is the most traded currency.. But the most obvious affect will be that all of us with US accounts will be trading to make money that isn’t worth anything when we close a trade.

  • Anonymous

    Thanks for reading and sharing your thoughts.. You are right, many people do come to gamble rather than to try to produce long term consistent profits. Having the wrong mindset will defeat you before you begin.

  • Anonymous

    Thank you very much for reading and sharing, I cannot tell you how much I appreciate that! And you couldn’t be more correct in your advise about spending time in patience and discipline!

  • Anonymous

    Thanks for reading and leaving a comment, Collin, I do appreciate it a lot. I am glad to hear that you are sticking with it throughout the years. Perseverance certainly is the key ingredient to long term success.

  • Anonymous

    Thank for the kind comments, Anthony. I appreciate you reading and leaving your thoughts. You are certainly right about trading being a process, especially mentally!

  • Ta_rkn

    Totally correct. For you newbies coming into this business with the erroneous belief of getting rich quickly it will save you a great deal of time and money if you learn early that you cannot trick the market. You can do it once or twice and double your account but you cannot do it consistently. The market will catch up with you and punish you severely. There is no shortcut outside of playing by the rules and getting rich slowly.
    Great article.

  • Anonymous

    True, David. Like in any career, if one works hard enough, he can accomplish far more than the average person in his field. Thanks for reading and leaving a comment!

  • Anonymous

    Thanks so much for reading and leaving such a great comment! I really appreciate the support and encouragement to other traders! Congratulations on your patience and success as well!

  • David11ahart

    A lot of good points here….but Year # 6 can become Year # 1 if a person has the right “mind set”.

  • Bmg25

    wonderfull article. Being i am in the third year, i can attest that every word here is true to the button. You newbies, Hang in there, dont let a few mistakes ruin your trading, just keep on perfecting, you will evntually reap the rewards of “patience”.
    Herman G.

  • Anonymous

    Thanks Fafran. Be encouraged! With time and work, you can succeed! 

  • Anonymous

    Thanks John! Appreciate the comment a lot!

  • Anonymous

    Thanks for reading and leaving a comment.. I hear what you are saying about the time-table and I believe it. Just like in any other career, some will take 5 years, but the people that work like crazy can accomplish profitability in much less time. Thanks again for your comment.

  • fafran

    I Wholeheartedly agree with you!
    A great work you have done here.
    I sincerely appreciate it.
    I am encouraged, it has been struggle wanting to make it in a short time.
    Thanks for your time.
    Fafran

  • john k

    THANK YOU FOR YOUR ARTICLES I REALLY ENJOY THEM. KEEP UP THE GOOD WORK!!!!!!!!!

  • Jspider

    Great article Nathan and something that beginners should pay close attention to. I agree with everything you say except the time table. Although it is true, it really only takes one year or less if you are willing to work at it, study, practice, pay attention to good traders like Michael Storm, Casey Stubbs, Tim Black and other good traders. But I will be glad to pass on the real secret or “HOLY GRAIL” as it is often called.
    If you want to be a successful trader and make pips, put this one word somewhere in your trading room where you can see it at all times. Start each day by saying it 3 times OUT LOUD!
     
    DISCIPLINE

  • Anonymous

    Very true. Consistency yields excellence. 

  • Anonymous

    Thanks for the comment. Yeah, I have heard some strategies along those lines. Please let me know how that works for you.

  • Anonymous

    Very true.. Golf is the only thing in my life I need more patience for than trading 😉

  • Anonymous

    Hey Stuart, thanks for reading and leaving a comment. I appreciate it very much! And you are right about simplicity for sure.

  • Guest

    Slow and steady …wins the race

  • Milostimir

    Good article.. a trick I’m testing is if you can enter the Euro am session- when the trend for the day is decided/ established then place your trade and leave it til the end of the US session you have potential for (50 to 120) pips a day without touching the trade again.. (only move to BE+1).

  • Cassidy_dan

    patience and discipline  required for success  be it trading, dieting, golf or most other endeavors. 

  • Simple and to the point. KISS fit with most all strategies

  • Anonymous

    Thanks Cesar, I appreciate your reading and leaving your thoughts! You are right that it is more important  than any indicator. Best of luck in your trading!

  • Anonymous

    Yes, Dick, I have certainly fallen into that as well. Patience is vital, best of luck to you in your trading!

  • Cesar Ruiz

    Excellent points. Thank you Nathan. This is more important than MACDs, EMAs, etc. I can tell you after 2 years.Golds and psicology are the great points

  • Dick

    Great article.  I for one have fallen in the habit of playing video games with FOREX, getting in, getting out,
    trying something else that too doesn’t work.   Wow, I guess we all have done this – no more though.  Play the
    waiting gane, let the market come to you.
    Thanks for your article.  

  • Anonymous

    Thanks, Tarek. I appreciate you reading and leaving a comment! 

  • Anonymous

    Thanks for reading and giving a supportive comment. It is much appreciated!

  • Tarek123

    You are absolutely right for every word you said.
    Thank you

  • L3RMiNi

    Brilliant article. Respect.