Internet Online Money

How many times, you must have heard this oft quoted statistic that more than 90% of new traders fail and give up trading in a few months. Only a few lucky ones survive in the long run.

Yet, everyday millions of ordinary people around the world wake up, turn on their computers and try to make a living trading the financial markets electronically. Do you want to be like them?

The interesting fact is this that the same statistic of failure exists in other businesses like restaurant business. New restaurants open on daily basis; most fail. Only a few succeed.

But despite the high probability of failure, still the possibility of making it big never stops people from starting new business ventures. The same thing also applies to forex trading.

Kathy Lien is a professional forex trader who has written many books on forex trading. In her book, Millionaire Traders, she tells the story of 12 ordinary people who made it big.

The rag to riches story of Hoosain Harneker is remarkable. He had lost almost all his saving in a failed business venture.

One of his friends advised him to trade forex. He emailed him the forex system that he used to trade. It was based on simple moving averages. But he did not have even a few hundred dollars to open an account with a forex broker.

Hoosain took almost six months to save $1000 to open an account with a forex broker so that he could trade forex live. However, during those six months, he practiced and practiced the forex trading system his friend had emailed him on the demo account. If he had any query he would email his friend for clarification.

His wife was not sure about his success. He promised his wife that he would never trade forex again if he blew up the $1000. All the 12 people in the Millionaire Traders had blown their accounts in the first few months of trading except Hoosain.

Hoosains only advice to beginning forex traders: Practice on your demo account and double your amount three times in a row. Dont take up live trading before that. Paper trading will make you confident to face the daily emotional turmoil of the forex trading.

Now, most of the new traders jump straight into live trading without practicing much on their demo accounts. After a few consecutive losses, they give up, considering forex trading to be difficult.

Forex trading needs a lot of discipline and determination. Learn from the success stories of these 12 ordinary but remarkable people. They had the discipline and determination to make it big. All are millionaires now.