Why I failed to make a million dollars within 259 days?
To be very honest I tried 4 times. And to be more honest - Ifailed all of them.
The reason is very simple. And that very same reason keepsus away from our one million goal. Maybe not always, but at least 90 percent.
All four times I was starting with 500 USD. I was making anexcel tables in order to keep track of how successful I am and how much I haveleft in order to reach my ultimate goal. But everything is not as simple as itseems. Or is it…?
Main reason lies in human psychology, or in other words in humannature. When you start with 500 USD a daily profit of 1% (which is $5) seem really small amount ofmoney. Hence, instead of closing the trade for today, you think… “…why not makeanother five bucks…” which would take me one day closer to being a millionaire.And there is goes. You can not stop.
Let’s analyze a different scenario. Say you started the day with a 1% loss – lost fivebucks. Normally, if you’re a self disciplined man, you close down your FOREXwindow and let it go until tomorrow. But in 90% of the cases our ego steps inand what happens next is: “…it is just five dollars, I still can make one successfultrade and clean up the loss…” and there it goes again. You can not stop.
So the ultimate answer to an ultimate question “Why is it possible/imposibleto make one million dollars in 259 days trading on FOREX” – the answer is verysimple. Self discipline! 90% of people trying to trade FOREX loose everything –these 90% are the ones whose ego takes control of the mind. And only 10% (Ireally doubt that the number is that grate, I would say it is closer to 2%)make a happy living making enormous profits, and spreading success stories ofhow they actually managed to make their million trading currencies on FOREX.
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