Your Questions About Successful Traders Make

Sharon asks…

Who is the best X Factor contestant ever?

I don’t mean in terms of who has been the most successful after the show, but who was your favourite to ever compete on the show?

I think Rhydian is the best person who’s ever been on it.

John answers:

Active Trader: You’re talking about Ruth. Yeah, she was a very good singer.
I always liked Leona, she’s brilliant, so Is Alexandra.
🙂

Steven asks…

do you need a special account to day trade?

If i have a regular account with $6000 in it will I be able to trade in the same day more than 3 times in 5 business days? If I can’t then that is not fair because I need to make money with day trading right now. What is the point of these random sec regulations. And will i need to get more money to open up a day trader’s account.

John answers:

Your statement: “I need to make money with day trading right now” is typical of someone that has no clue how hard day trading is. 95% of the people that try day trading lose. Many lose 50% or more of their accounts in a very short period of time. It just looks so easy. They assume everyone else is an idiot… Because they’ll make a living from this…. In the first month.

A good day trader usually only gets 40% – 55% of their trades as profitable. 40%- 55% is good.
If you don’t understand this basic concept….. You’re doomed to failure. Day Trading involves a good understanding (also) of technical analysis. If you don’t have a “set-up’ based on good technical analysis you might as well quit before you start.

In short… It took me three years to really be profitable in day trading. That’s after 35+ years of being successful as a position trader and a few years swing trading (it seems that swing trading would be a better place for you to start).

BTW: Very few successful day traders make more than 50% a year. So based on your account balance. If you do really well… You’ll make $3,000 this year. Is that enough to live on?

Maria asks…

How easy is it to be a day trader and how much money do I need to start?

Does forex really work? Could I do it on etrade or fidelity?

John answers:

Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words “Forex” and “lose” to see this is the consensus.

Forex is similar to what we call a “zero sum” game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. The net winnings of everyone combined equals zero. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the “bets” in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.

Actually Forex is not quite a zero sum game. It’s a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It’s a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.

There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.

Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: “Go to Forexcrap,com/q2347.” The “q2347” is a signal to the Forexcrap site that you are being referred to them by “q2347.” If they sell something to you, “q2347” gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you. Also there are a good number of trolls out there that like to pretend they are successful forex traders just for the fun of it.

I would recommend not trying to do Forex at all, unless you are a trained professional. It’s like playing poker with people better than you, with the house constantly taking a small percentage from the pot.

Read the warnings in the links below:

Chris asks…

How do you think the ancient world would have been different if the Phoenicians..History Q at bottom HELP!!!!!

How do you think the ancient world would have been different if the Phoenicians had not been such good sailors and traders? What if they had not started colonies around the Mediterranean? How do you think other civilizations have developed differently without their influence?

John answers:

The Phoenicians were not the only sailors and traders in the Mediterranean in ancient times. The Egyptians had contact (and conflict) with mysterious seafaring warriors they called “The Sea Peoples”, some of whom may have been the ancestors of the Phillistines, archaic Greeks and Cretans.
All of these people would have filled the vacancy if the Phoenicians had not been around. The Greeks were probably the most successful colonisers in the area, so again the absence of Phoenician colonies would have easily been replaced.

The Phoenicians helped to develop and distribute the idea of an alphabet, making new writing systems much easier. The ancient Egyptians certainly had the capability to use an alphabet but never did, because of their deep-rooted ideas of tradition and continuity in all things. The alphabet (and its spread to other civilisations) is probably the Phoenician’s biggest inpact in that part of the world.

Donald asks…

Do people actually make money from trading?

I’ve heard that investing >>> trading over time.
But WB’s ROI is only around 20%.. does that mean that traders aren’t actually worth the $$$ they’re paid?

John answers:

Being a successful trader is one of the hardest things you could ever try. The hours are…… Almost always. Learning, research and then learning some more.

Don’t be fooled & think it’s easy…….. Everyone would be doing it if it was “easy”………….

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