Wednesday, December 13

Why Only About 5% Of Traders Win In The Forex Or Similar Market

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WHAT THIS REPORT IS ABOUT

Over the past ten years, I’ve been wondering why, in any fields including the forex market, only a small number of people has ever achieved greatness while the majority do not. Today I pretty much have a solid answer for the above question that I like to share with you. From herein I refer to the forex market which also includes commodity instruments like gold, silver, copper, oil, wheat, corn, so on.

Some of you are reading this report agree with me that you might have spent thousands or even ten thousands of dollars for attending a forex training course or others but have not achieved what you hoped for. Have you been attracted by the idea of making quick bucks in the forex market? I did. Fortunately, I’m passionate about trading beyond the money-making in this market.

I spent about ten thousands of dollars attending wealth seminars that most of them gave me very little value. So this report is to help you discover if you are destined to succeed in the forex market. If not, you will still get tremendous benefits in discovering what success path is for you; whether it is running your own business or working for other people.

WHO YOU ARE DEFINES YOUR SUCCESS IN THE FOREX MARKET

Regardless of the human and technology advancements, most people are lured into advertised ‘secrets’, systems and schemes promising to make money quickly and surely. 
If you search the forex subject on the internet you will find that majority of them are related to sales of forex secrets, systems, strategies and schemes with promises of guaranteed and quick success. Well, nothing is wrong with these. However, there has been and is always a problem to most users of these regardless of human advancement in technologies, medicine, psychology, so on. Most people are lured into programs or schemes promising them to make money as fast as they can.

If you read or watch interviews of the top successful people in any fields, you will find that all of them state that their passions have kept them overcoming difficulties and challenges on their journeys. This consistent overcoming is called perseverance quality. Take a few typical examples, Richard Branson in many interviews stating that to be successful in business takes passion. So what the heck passion relating to forex trading?

We come to the point that I want to stress here. Majority of people fails in any field whether it is business, academics, relationship, so on, because most people really don’t know Who They Are. We hear the statistics again and again, 80% of businesses fail in the 5 years and 80% of those surviving fail in the following 5 years. In the forex market, only about 5% are winners regardless of time passed. Why is that?

Look at the picture below.

(Please go to my website at the end to download the full article with pictures in it)

In the above picture, Be-Do-Have is a process of taking any journey toward great success. 
‘Be’ is to know who we are before taking any endeavor. Every of us is different and born with certain passions, strengths and weaknesses. Most of us were taught at schools or in corporate world or in our societies to spend our precious times improving our weaknesses rather than focusing on our passions and strengths.

In the forex trading or any other fields, knowing who we are first is the best investment to make. Unfortunately most people don’t. Most people would focus on grabbing the nitty-gritty of ‘secrets’, trading systems, strategies, risk managements, so on, in the forex trading business. Most are looking for the ‘Do’ without finding out the ‘Be’ first. When they face, for sure, challenges such as several losses in a row, loss of the whole trading account capital, they are disappointed and quit; and move on to look for other ‘get-rich-quick opportunities’. The cycle goes on and on. I have seen my friends and people around me repeating this pattern over and over again.

Getting back to the forex market alone, most people are looking for ‘secrets’, systems and strategies that can make them money over night. The vendors are responding to just that. If you search on the internet, hundreds of systems and strategies are sold to these people. In fact, some systems and strategies work some don’t. Some work for specific people some don’t. Some work for specific market conditions some don’t. In fact, ‘Be’ or simply yourself is the biggest part and also the main factor of success of your trading system. Unless you know yourself well then other parts are just secondary.

(Please go to my website at the end to download the full article with pictures in it)
The top successful people in any fields also state that ‘hard work’ (this is the word from media) is a virtue. I’ve observed true successful people over years and found that the ‘hard work’ should be rephrased as ‘hard play’. The reason is that once a person is passionate about doing something he or she is literally playing, not working! Taking a typical example of great trader Jim Rogers, recalling his time at Wall Street: “Every day I woke up racing to get on the bus to go to work,…There was nothing that made me more excited and happier than the markets. That’s all I wanted to do. I adored it.” (source: http://www.squidoo.com/jimrogers).

The fact is that the majority of people are not passionate about what they’re doing. They do it every day for many reasons but passion such as money or looking ‘success on the outside’ to impress others, so on. My own stories are such living examples. I started my career as a software engineer because I naively thought it was a cool profession by that time. I heard that software engineers could rake in hundreds of thousands of dollars per year in Australia, U.K. or U.S. Over years, I was burnt out because of lack of passion. My only objective was to make as much as money as I could. Dragging to office to work everyday was a torture to me. Most people, including myself many years back, started careers based on the basis of stumbling on by chance or influences from family members and friends or media or purely chasing money or all of the above reasons.

At the moments of crisis in my engineering career, I didn’t know who I was and why I was doing. Since then I’d been looking for something that would make me happy and money as well. Then I stumbled on attending a stock options trading seminar in Singapore over 10 years ago. Over the years, my interest had grown with the financial markets and turned into passion. I don’t know why I’m passionate about them but they’ve always intrigued me. Eventually I’ve made money out of them. One day in 2007 I stumbled on a book named ‘Your Life Your Legacy’ by Roger James Hamilton. The book is actually a great work in explaining why every of us should pursue our own passion and natural talents since born. This also explains why the majority of population in both developed and developing countries has been suffering unnecessarily in their careers as well as wealth creation journeys.

Today there are several tools to help you discover who you are. However, I found that the most profound tool available now is from Roger James Hamilton. You may want to go to my website and click on the Wealth Dynamics Profile Test icon on the right as shown below.
(Please go to my website at the end to download the full article with pictures in it)

Roger has done a great job in putting bits and pieces of the wisdom in the East (5000 years old) and in the West (hundreds of years old) together and systematizing them into a profound tool called Wealth Dynamics Profile (WDP). The purpose of WDP is to discover who each of us is precisely so that you and I can make the right decision to pursue our own passions, hence our own least-resistance paths to wealth. With a fee of only 100 USD you and I save many years of self-discovering and making many mistakes along the road pursuing a career not for each of us by nature. A few succeed most are not. The worst are that many of us suffer endless financial struggles and unfulfilments on our wrong paths.

Below are a few examples of those who have ‘Be’ in tune with the trading career in the financial markets. George Soros, Jim Rogers, Paulson Simons, Richard Dennis, Greg Secker, and many other anonymous successful traders you’ve never heard of. You can find these ordinary folks with successful forex trading career in the book ‘Millionaire Traders: How Everyday People Are Beating Wall Street at Its Own Game’ by Kathy Lien or ‘New Market Wizards’ by Jack D. Schwager (under the books section at my website). If you read their biographies you will find that they all have commonalities which are passion and perseverance about what they are doing. Their passion about the financial markets and perseverance define who they are. They’ve followed through their passion despite of facing many challenges on the way.  

WHERE YOU ARE ON YOUR TRADING JOURNEY

Once you have known yourself clearly regarding your passions, strengths and weaknesses, you may have a plan for your wealth path. Such a plan is a map guiding you on the way to lasting wealth with enjoyments rather than stresses in the process.

If your wealth path is in the financial markets, I congratulate you on the same boat with me!
In early 2011, Roger Hamilton has released a new tool to help people like you and me to track where we are on our wealth creation journeys. There are 9 levels on every wealth path including the forex trading as shown below.
(Please go to my website at the end to download the full article with pictures in it)

This report focuses on the ‘Who You Are’ solution. For the ‘Where You Are’, I will detail it in another report.

For further information please go to my website and click on the Wealth Spectrum icon on the right.

WHAT YOU CAN DO NEXT

If you already found out trading is your passion and wealth creation path, congratulations! Now you have the clarity on your wealth path. Your focus now may be on learning the nitty-gritty of trading business including trading plan, systems, strategies, risk management, so on, as much as you can. It may take years to master these skills together toward profitability but the good news are that you’re certain about what you’re doing and enjoy every moment of it. You may like to move on the next step which is to know where you are on your trading career by taking a Wealth Spectrum Test at my website.

There are several successful and great traders still alive today for you to model. Modeling these successful traders also depends on what level you are at on your trading career as detailed in the Wealth Spectrum. If you just started out trading forex you cannot simply pick up Jim Rogers or George Soros as your model. In the next report, I will show you details of where to look for and who are your model traders at every stage on your journey.

For those of you who are uncertain or unclear about what you’re doing now, you may like to take a Wealth Dynamics Profile Test at my website. This action should be taken as earlier as possible to guide you which wealth path is for you to take. This would save you years of frustration, financial struggles and even emptiness after you got tons of money.

Experience luck everyday toward your fortune.

Your Success,

Timothy Truong

http://www.timothytruong.com

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