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In Part II of this series, I started talking about my forex trading journey. To recapitulate, the first thing I did was unlock my limiting belief that I am not able to trade forex. If others can do it, so can I. The next agenda, therefore, is to look for the best forex traders to teach me how to do this business. Here is the challenge, though. From my research, I note that there are tons of information (and they are all free) on forex trading. There are also free trading systems around the planet, some of which claim that they can generate awesome profits in a short period of time. So, I asked myself this question: Is it true that I can trade forex successfully by reading information from the Internet?

As I learnt my lesson in options trading, a person can learn how to carry on that business by reading books and doing Internet research. However, I prefer an alternative approach, i.e., by getting formal education to learn from someone who has been doing this business long enough and successfully. Obviously, there are pros and cons with my preferred approach, and I truly understand that. The first complaint from many folks is that if these people can trade well for themselves, they do not need to teach. However, this belief is obviously not correct because George, Tom and many instructors in Optionetics are both traders cum teachers. They teach because they share a common goal, which is that students can succeed in trading so they may go ahead to realize their dreams.

Another complaint is that these courses are not cheap.  Haven’t I told you guys before that Mr. Market''s course fee is a lot more expensive than these courses, and yet many folks settle with Mr. Market’s course by trading without being properly educated?

The third complaint is that some people think the strategies taught in the courses do not work. I have this counter-argument in my mind. Trading is not about strategy per se. It is my view that all trading strategies can make money and the only reason why a trader will lose money is because of his/her trading psychology. In my case, what I did was I stay focused on analyzing the mechanics of the various trading systems. Based on my risk profile (and I know it very well), I pick those trading systems with which I am comfortable and perhaps add on a few of my own parameters so that it will work for me most of the time. This is very similar to what I did on the BMIC System^TM.

One of my mentors even told me that he can easily give a trading system to 10 people and eventually he will get 10 different trading accounts. Why? It is because none of them behave in the same way. Some may be risk takers and some are not. Some are more disciplined than the others. In this regard, while all seminar participants learn the same trading systems from the same instructors, there is no guarantee that they will all make money. Unfortunately, most participants take the attitude of the general public. They blame the systems, the strategies, the instructors, the dogs and cats on the street and the Government, everyone in the galaxy … except for themselves.

It occurs frequently that not all trading systems can fit my personal profile. So, what do I do? I will simply move on to another trading system. I do not blame the system itself by saying that it does not work. In fact, looking for a trading system is similar to looking for a spouse. You must not give up. Keep looking around until you find something that works for you. Eventually, you will be surprised that you have actually settled down with one or few trading systems. You will then practice these systems day after day and with the experience you gain, you will eventually see the trading result.

I also said this before. Don’t ever listen to the people around you who consistently pass on negative remarks. Have you read the book titled The Secret? If you understand the law of the Universe, stay around with folks who share your vision and thoughts. If you think positive, you will become positive. If you think negative, you will become negative.

I hope that you have enjoyed my three-part Trading Journey series, as well as benefited from it!

To access previous articles written by Jack Wong, please click here.

Jack Wong 
Staff Writer and Instructor
Optionetics.com ~ Your Options Education Site
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Recent Articles by Jack Wong, Optionetics.com

• November 17, 2008
  Lessons from My Grandmother, Part III: Taking Charge of Your Life
• November 10, 2008
  Lessons from My Grandmother, Part II: Dealing With Loss
• November 5, 2008
  Lessons from My Grandmother, Part I: Never Give Up
• October 27, 2008
  Essential Elements in Trading Psychology, Part V
• October 20, 2008
  Essential Elements in Trading Psychology, Part IV