If you have been searching or reading up on Forex, you may come across so many lies from the so called forex gurus like “If you want to win the forex trading game- buy my course”, “The Forex strategy that made me a millionaire at 25”, “The only forex strategy you need” etc., but this so called forex gurus failed to share the dark truth about the forex market.
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In fact most of them made more money from selling their courses and robot to prospective/struggling forex traders than they make in forex market. I recently came across a Forex guru in South Africa who has been advertising a forex robot, according to most of his advert, the robot can turn $10 into $100,000 in a single trading day.
During my conversation with someone that purchased the robot in South Africa, i realized that all the result the guy was advertising online were from MT5 strategy tester, not from his real account, in fact it seems he never used the robot on his personal account, but he has sold over 4800 copies of the robot at $350 each, which is over $100,000. Is the robot working? absolutely not, at least, I have seen more than 4 traders who bought the robot but were still struggling in the market. How can you own a robot that allegedly turned $10 to $100,000 in a day, but you are struggling to make $1 from the market?
I met another trader who has been been paying $45 monthly since February 2023 as a subscription fee to join a mentorship program of one of the top forex guru in Nigeria, but he was still struggling in the market. How can you be under a top trader and you are still struggling?
Table of Contents
This is Why You will Never Win The Forex Trading Game
1. You are too Desperate
The reason most forex gurus take advantage of newbies or struggling forex traders is because of desperation. The gurus knows that newbies are desperate and they will feast on your desperation by packaging and selling courses/ forex robot to you.
Once you pay, they will send you a link to pre-recorded materials/pdfs and after that no further communication with them. By the time they take your money plus maybe other 2000 desperate traders, they will buy one Luxury car to inspire other struggling traders to join, and the circle continues. And that is how you will be jumping from one Forex guru to another buying courses out of desperation without any good results.
Are the Courses good? yes, some are, but you need more than just studying a course to be successful in the forex market.
A struggling trader shared a story of how he saved over 250,000 Naira to buy a forex mastery course from a top trader and when he didn’t get the result he wanted, he reached out to the top trader and the man responded and advice him to read the material over and over again until there was improvement in his trading journey.
2. You forget that the best forex courses are free
Last year April, I told one of my mentee to attend school of Pipsology on babypips.com from pre-school to graduation. After that, I shared some YouTube links/PDF on Price Action Trading and by August ending, he was able to make his first $2000 from the forex market without paying for any courses.
You know sometimes, it is funny that you will spend over $450 to pay for a course, but just fund your account with $50
Like I always say, before paying for a course, try the free resources first, there is no much difference between he courses package by the gurus and the one you will see online for free; the only difference maybe, if you meet a guru that has a trading floor and you stay close to his office, paying for the course will afford you the opportunity to learn at his trading floor, share ideas with him and grow.
3. You are a Chronic Strategy Chaser
I have met so many struggling trader who are struggling because they are always in the look-out for strategy. They keep jumping from one strategy to another. Let me say this, Just like Humans , no strategy is perfect, once you develop a strategy, don’t be in a haste, master it first on a demo before trading in your real account.
4. Run away from Account Management/Signal Groups
If you thinking of trading long term, please avoid anything account management or signal group – They won’t help you. Learn to analyze chart on your own, take trade on your own, win or lose on your own.
How to Win the Forex Trading Game in 2024
Here is how to win the forex trading game in 2024:
Get the right Knowledge:
Getting the right knowledge is your first foundation. I always advised newbies to try free resources online before considering paying for any Trading Course. You can get material on Price Action Trading online for free. However, if you want to pay for a course, it should because you want to join the trading community from the course or you want to became a part of the trading floor of the Course mentor so that you can learn from him/her one-on-one
Work on your Psychology
After getting the knowledge, you need the right mindset to succeed in the forex market. If you look at the list of forex guru flaunting luxury cars online you may be distracted. Don’t let anyone deceive you, forex is not a get rich quick scheme, you need dedication, smart-work and a community of like-minded traders to succeed.
Most of the so-called forex gurus cannot sustain their luxury life-style if they don’t sell forex courses to you.
Have a Good Equity
Don’t let anyone deceive you, forex is a game of equity. That is why the gurus will advise you to work on getting a Prop Firm account, but it doesn’t mean you cannot start small. Even if you start small, work on protecting and growing your equity for it will help you in your forex journey.
Believe in your Strategy
Your strategy matters, make sure you believe in your strategy to help you win in the market. If you don’t have a strategy that you believe in, you will continue to struggle in the market.
Join a Trading Community
Join a group of like-minded traders in your community, if there is none, form one and invite your friends who are traders to join. The aim of the group is to share ideas, inspire each other and sometimes, contribute money to buy a forex course to improve your knowledge.
Finally, don’t be in a haste, growth is a process, follow the process, be consistent and you will win the forex trading game this year. If you have any question, drop it below.