So, it is said that 95%
of traders fail.
So, is this true
and what can you do to
not be part of the 95% of
traders. Well,
that's why we're going to talk about today.
So, as you know, I'm doing a lot of videos
about trading
and sharing my experience
with trading, sharing what I do,
and encourage others to trade
because I do believe that
trading is a great way to
make some extra money.
Recently, I saw a comment
right underneath my video
where somebody says, "Well,
don't even bother because
95% of traders fail.
Leave it to the professionals.
Now, first of all,
you know me...
I wouldn't trust the professionals.
I mean, the professionals...
Well, what have they done to your account?
If you had an IRA
or 401K in the past few years,
how has it been doing?
Probably not too
well, but let's talk about it.
So, why is it that
so many traders are failing?
Well, first of all,
you need to understand that trading
is a business.
And I think that's important to understand,
and if you want to succeed
with trading, there's three things
that you need. First of all,
you do need money.
You need money to make money.
If you don't have money to trade,
trading is not for you.
The second thing that
you need is you need to have a solid,
a proven trading
strategy so that you know exactly
what to trade.
That you know exactly when to
enter. That you know exactly when
to exit. And also,
how you limit your losses.
And we've talked about this in other videos.
The third thing that you need is
a broker. Many people when they
approach trading,
they just think, "You know what?
Let's try this."
And I think this is the completely wrong mindset
of saying, "Well,
I'm just going to try it",
because trading is
a business and you should treat it as such.
The mistake that I see that many
newbie traders make is that they approach
the market without the strategy,
not having enough money,
and also not having the right
tools.
Think about this way.
You know, I'm German,
right? I grew up in Germany,
and one of the famous sports
in Germany besides soccer is
Formula One.
Race Cars.
Formula One is actually the most
expensive sport in the world.
Did you know this? Way more expensive
than any other sport.
So,
a Formula One race car cost
$15 million-dollars.
And see, that's also the other thing...
If you wanted to participate in a Formula One
race,
you couldn't. They wouldn't even let you.
But let's just say for the
fun of it, because when it comes to trading everybody
is allowed to trade, right?
Let's say that the Formula One
guys would say. "All right,
you know what? You can participate
in a race." Now here's what most
people would do if I compare it
to trading. They would say,
"You know what, I'll start
with my car.
And once I win some races,
then I'll start investing
in a Formula One car.
Well, what do you think your odds are if you
are starting in your own car competing
with $15 million-dollar cars
of ever winning a race?
Slim to none, right?
And the same in trading.
If you don't have the right trading
strategies. If you don't have
the right tools.
If you don't have
money to trade.
I mean the little money that you have will be gone
in no time. Is this making sense to
you? I mean is this analogy sinking
in? Because I thought about it this morning after
I read the comment I thought,
yeah...
I don't know if it is true,
by the way, if 95% of traders
are losing money. I have no statistics.
I mean, it could be,
could not be. Who knows,
but many people say 90% of traders
lose money. And again,
if you want to play the game
of games... If you want to
compete with other traders,
you need to be prepared.
Don't bring a knife to a gunfight.
And this is what most
aspiring newbie traders do.
And this is why they fail.
I mean, obviously, if you bring a knife to a gunfight,
what do you think? Who wins?
It's very important. Please,
treat your trading like
a business.
And in order to run the business,
you do need money.
You do need to have the right
tools because think about it,
you're not only competing
with me, you're competing
with the smartest minds in
the world.
So, you want to make sure that you have
the best tools for the job.
My point is be prepared
when you get ready to trade.
And most people,
this is what I see, most people are not
prepared enough.
And this is why they lose money.
If you want to compete in trading,
if you want to participate in the
in the game of games,
and make money
with trading, make sure that you
have money to trade,
that you have the very best
tools, and that you have
a proven strategy.
Hope this helps. If you find these videos helpful,
hit like send a comment
and say, "Hey! Yeah, this super cool",
because the more likes I get,
and the more comments,
the more I'm motivated to do these
videos. I want to make sure that you find
these videos helpful.
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