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BOOK YOUR FREE STRATEGY SESSION NOW >>Hi guys, hi from Andrea Unger! Today, I would like to answer a very common question, which is "Is trading convenient?"
People ask me if trading is convenient quite often, and sometimes, when I give my answer, for instance on Facebook, they tell me that I am contradictory in what I say, because on the one hand I try to keep certain people away from trading, and on the other I sell educational material for trading, so they wonder how it is possible that I tell people to avoid trading and then try to sell my products.
Is this a contradiction? No, it is not. I consider trading as a very serious thing, so, if you would like to become a trader, I think you can have some benefit in getting some education from me, of course.
The materials I provide my students with are based on my personal experience, which gathers many years of successes, mistakes and all the things that derive from real life experience in this field.
However, if I talk with people who consider trading as a solution to something else, such as not having a job, or who want to make some extra money, I try to keep them away from trading, as it can be very dangerous for them.
If you want to go into the engineer profession, you go to university, study a lot, build a proper mindset and baggage of knowledge. So, you might become an engineer after many years of study.
The same applies if you want to become a medical doctor: you go to university, you study, you practice, and so on and so forth. When you complete this long process, you become a medical doctor, maybe the best in the world (I hope so for you, if that is what you want to become).
The point is that nobody would ever imagine becoming an engineer or a medical doctor with a one-week online course.
If someone said: "Subscribe to this course and you will become a medical doctor...", people would never believe them, so why do they believe to those who tell them things like "Do you want to become a trader? Purchase this one-week online course, one-to-one trading, and you will be the next ultimate successful trader"?
Nobody says this is crazy, at least nobody without a trading experience. However, somebody who is equally inexperienced in medicine, would certainly consider it impossible to become a medical doctor through a one-week course.
So, I believe that trading can be learned, if duly studied. This is the reason why I deliver my material only to those who really want to become traders, but not to those who would do it to pay their bills, to make some extra money or because they have nothing else to do.
Not finding a job is a serious problem, but becoming a trader overnight is not the solution. That approach is definitely wrong.
Motivation must be at the basis of your choices, and the desire to become a trader must come from within you, not just from a need for money. That's the wrong way to go, so I always discourage people when I get a feeling that their only aspiration is to make money. “Do something else”, I tell them, “because this is not for you!”
I try to be as honest as possible. This is not just about illusion. Yes, of course you get frustrated when things go in a way that is different from the one you expected, but this is something that happens with many other things in life.
The real problem is that, in this case, illusion is very expensive, because when you start, you test and lose your money, if you really believe you can make the cut, because you have been told so, you invest some extra money and then lose it again, until you lose almost everything.
So, in the end, this is obviously not only disappointing, but really expensive. That is the reason why it should be avoided.
Instead, if you want to invest in your education because you really want to be a trader, then things are different. You pay for education (I do not mean buying my material, but in general), you dedicate your time to trading, you employ and develop your skills and make all the necessary efforts to become a trader.
This is not something you can do in thirty days. Educational materials can be packed in thirty days, I do that too, but then you have to assimilate them, to digest them and then, after practicing and spending your time on those materials, you can slowly grow up and become a trader.
There are people who go to university and after two years quit, because they see that becoming, for example, an engineer is not what they thought it would be. The same applies to trading. If at some point you notice that it is not what you wanted to do, or you understand that it is not for you, then you should quit. By doing so, you will save a lot of money.
Quitting is not for losers. Instead, it is always a wise decision when you understand that trading is not for you.
I have been doing it for years and I can say it is convenient, but only if it is done properly.
Obviously, the investment is very huge, because you must invest both in terms of the time you devote to study and in terms of the money you need to trade.
You cannot trade for a living if you start with a thousand dollars. With a thousand dollars you can run tests, you can practice, you can learn, but not earn a living.
I think a 30% annual return for an automated trader is really a great achievement, so even if you are very good, the most you can make with one thousand dollars are three-hundred dollars. A very cheap life, if that's your annual income!
As I often say in my videos, there are events that can happen from time to time, worst case scenarios that might delete you as a trader, destroying your trading activity completely.
Somebody says those risks are a part of the trader profession, which can never be steady.
My opinion is “Yes and no”. I mean, I've been facing more than one of those scenarios during my career and I am still here.
The reason is that I have a very low-risk approach in trading – not in championships, of course, because that’s another thing, but in my day to day trading, which is really low risk.
I think it is thanks to this approach that I survive to events that would probably destroy other traders. (I hope that tomorrow I will not face that great event that kills me as a trader, I will tell you in case).
Anyway, risk is in everything. When you drive your car to go to work, you run risks. If you are a pilot, when you fly you run risks.
Risk is in every activity, trading included. Approaching trading with a reasonable overall risk management is like driving paying great attention to the road and avoiding alcohol and all those things that increase risk and danger.
The same applies to trading, so it is actually as risky as any other business.
However, it gets very dangerous when you have the wrong attitude. If you look at trading as an easy way to make money, then you have a serious problem with risk. This is one of those cases in which I would tell you to avoid trading, because it is something that is different from what you expected.
I hope this helps and clarifies some doubts, in case you have more questions about whether trading is convenient or not, write them in the comments and I will be more than happy to anwer.
Ciao from Andrea Unger!
We'll help you map out a plan to fix the problems in your trading and get you to the next level. Answer a few questions on our application and then choose a time that works for you.
BOOK YOUR FREE STRATEGY SESSION NOW >>Andrea Unger here and I help retail traders to improve their trading, scientifically. I went from being a cog in the machine in a multinational company to the only 4-Time World Trading Champion in a little more than 10 years.
I've been a professional trader since 2001 and in 2008 I became World Champion using just 4 automated trading systems.
In 2015 I founded Unger Academy, where I teach my method of developing effecting trading strategies: a scientific, replicable and universal method, based on numbers and statistics, not hunches, which led me and my students to become Champions again and again.
Now I'm here to help you learn how to develop your own strategies, autonomously. This channel will help you improve your trading, know the markets better, and apply the scientific method to financial markets.
Becoming a trader is harder than you think, but if you have passion, will, and sufficient capital, you'll learn how to code and develop effective strategies, manage risk, and diversify a portfolio of trading systems to greatly improve your chances of becoming successful.
