How fast can someone else burn your money? Competition Entry by Jeremy Sider. Reading Jeremy’s article brings back so many memories for me (mostly unpleasant)! Yes I have dreamed of forex charts, trades & pips. Yes I was a serial $97 purchaser of the latest winning systems, one a week at one time. Yes I have tested loads of different methods all at one. Net result, 3 years wasted. I read something the other day where it is claimed that pro traders success is only 30/40% based on their system/method, the rest? DISCIPLINE. Heres cautionary tale & a few gems of enlightenment:



Brief overview: Well considering I am relatively new to forex I am not sure I have too much “technical” advice to provide you guys with. I am still learning Marc’s way of trading, and I am so glad I decided to try Forex Mentor Pro out. I am finally seeing some light at the end of the forex tunnel; and am finally starting to see profit .

So, I decided to write two brief articles of what not to do! Two mistakes I made along my journey to hopefully become a successful forex trader. Hopefully, by people reading this, I can help steer you away from the wrong fork in the road.

Part 1: How Fast Can Someone Else BURN YOUR MONEY?

$200USD a month for 200 pips is how much money I fed my first signal provider. I figured for $200 dollars a month these “professional forex traders” must really know what they are doing. Plus by looking at their performance page, they had an amazing history, 1000’s of pips per month with NO losing months, ever!

So, I got out my calculator and figured out how large my lot size had to be to cover the fee plus be in profit for the month. I had just saved up and opened a $4500USD live account, and calculated that I needed to trade $3 dollars/pip, and if I made 200 pips as advertised I would come out at the end of the month $400USD in profit minus the fee.

Wow, I was so excited! I was ecstatic! I would be rolling in money in no time! (Don’t worry, I now realize how dreadful my money management skills were; they have dramatically improved since then Without demoing the service, I signed up and started following their signals to a T. To make a very long, stressful, depressing, anxious, nervous, story short, half my account was gone in less than 30 days!

They hit a losing streak, a real bad one! I would wake every morning to losing trade after losing trade. Well, at $3/pip with a 100 pip stop loss/trade I was risking 6.6% per trade, which grew with every losing trade! Ya, I know crazy! Anyways, I guess my moral to this story guys, is there may be profitable signal providers out there, but STOP looking; this is their way of making money in forex, by taking YOURS every month!

I will not mention their name, but they were a horrible service, and made my start to forex very tough. Don’t get me wrong, even the best traders will experience losing streaks, but they will also practice proper money management through tough times to protect their equity. Practicing proper money management WILL help you survive during these times. Learn Marc’s way of trading, make your own trading decisions, practice true money management, guard your equity with your life, and YOU will be successful! Don’t give up! Through my journey to find the perfect signal provider, all I did was loose half my account, actually someone else burnt it for me! It’s the worst feeling in the world. Don’t let it happen you J

Part 2: Caught In The Downward Spiral of FSO!

FSO you ask, ya I will admit I was stuck in this for a while but just recently have crawled out. I like to call it Forex System Overload. Recently, I was demoing 10 different forex trading systems all at once, all claiming to be the next Holy Grail. Some of them made small profits, others far from it. I was spending endless hours analyzing charts, up late at night, preoccupied at work, and not spending enough time with my family.

I wasted a year of my life doing this! Yes, I will admit, most of it was wasted time. I know, you guys must be saying “this guy is crazy”! I am going out on a limb here, but I bet it is quite normal, and there are many others out there doing the same thing. Anyways, prior to finding Forex Mentor Pro, I seriously suffered from FSO and truly believe I was overloaded and could not think straight at all. FSO was obstructing my thoughts of making a proper trade decision.

I saw and dreamed charts when I closed my eyes at night! Don’t let this happen to you! Well, pip dreaming is ok , but don’t get caught up in the highly lucrative forex sales pitches around every other corner. Obviously if you are reading this you are probably a member of Forex Mentor Pro which is great. Stop doing everything else, and give marc’s methods 110% of your mind and effort. You will find yourself successful, and have much more time for fun! Your equity will finally start to grow!

Thanks for listening everyone. Hopefully I helped someone avoid my mistakes!