Transcription

Hi guys!

To study or not to study.

That is the question!

Actually, it's not the only question, the question is also when to study.

The problem is...let's take one step back.

Let's say that I come to you and I say: "Hey, I got a new car and I drove on the highway and I crashed into the first tree I met".

So how could that be possible?

"I don't know but I sincerely think I should go and take a driving license so that I can learn something more".

So you would say: "You are an idiot, you went out, it's even illegal and dangerous, with no driving license and you went with a new car on the highway!".

So here you would clearly identify me as an idiot, which I would be, but on the other side, personally I do this and I think many of you if not most of you do it too, if you buy a new mobile phone, for example, you normally start setting it up without reading the instructions that are there.

Today they are not even any longer in the box, you can download them online, there is only a short, a quick set-up guide and then if you want to know more you can go and download a PDF on the producer site, because they know that mostly nobody spends time reading the instructions to set up the mobile phone.

This of a mobile phone applies to many other tools that you could purchase and probably skip the reading the instructions step.

The problem is that, in this family of skipping the instructions, most often also trading finds its place.

I receive a lot of emails with requests like: "Where could I study? What could I do to learn this and that? and so on...".

But normally these requests come together with the story of why this guy or this girl wants to learn what they are asking for, and the reason is that they lost a lot of money.

They tried to trade and they lost money, normally a lot of money, in proportion to what their net worth is and these states how trading is often faced with no preparation at all.

So I recommend to you, to everybody, before clicking on the mouse button and placing an order with real money, think twice and study, study, study!

You should study and if you should choose somebody to study from, you should choose somebody who proved to be able to do what he is teaching, proved to be able to transmit what he is teaching and also understand if this is okay for you.

Of course, now you say: "Ah, here Andrea you are promoting yourself!", no, I'm not promoting myself, but I actually proved to be able to do it because I won the championships and I proved to be able to transmit it because some of my students also won the championship and some others got success in trading as well.

So this is obviously a good starting point, but I tell you don't study from Andrea Unger, go anywhere, but study, this is really really important.

You have to choose a mentor and to study hard!

Now the question is: "Yes, but how can I find out if the mentor is cheating or not and so on?"

As said, try to find somebody who proves what he's doing, but I can also tell you something more than even in case you choose a mentor who is not serious, you can learn something.

I remember a friend of mine, here in Italy, he told me about a course he attended to start his path in trading and when I heard the name of the mentor I said: "Oh God! How could you choose that guy, you know he's not a trader, he has never traded in his life! Everybody knows!" and he said: "Yes, I realized he's not able to trade because by studying I understood how he really was not a trader, but in spite of this, I'm grateful to this guy because he put some solid basis for my learning path. On that basis I built all the information that I'm using today, studying further, to trade".

So, in any case, that was successful because he got something, you can get something from anybody.

The only thing I can recommend as I did in some previous videos, don't trust those who promise easy gains, because nothing is easy in trading.

If it was, you are forgetting the first rule which should be put as a title in all the trading books: "Control your risk!!!" and controlling risk is again a chapter that could occupy a whole encyclopedia probably, because there is so much to tell about controlling risk that we could not close the argument in a couple of minutes video.

In any case, controlling risk does not cope with easy gains, so obviously who is promising easy and fantastic gains is tricky, don't trust those guys at least.

Go to somebody who at least seems to be serious and realistic about the expectations that you can have.

That said, choose somebody, you can also write to me in private, I can tell you if I know some courses that you mention, I can give you my open opinion.

I mean, I will try to help you if you want to know something.

Many of you, who wrote to me know that I normally try to keep you away from trading.

Who wrote to me in the past can witness that I've never tried to pull anybody inside the trading world.

I try to keep everybody away, because I know how hard it is and so that telling you all the good reasons to skip that, I know that only those who are really committed, will remain in the game and to be really committed is extremely important because I know if someone is committed will study hard to build his knowledge in trading.

So, guys, there is no easy way out there, you have to study, sorry about that, you have to study hard.

Study where you want, but study!

Don't put your money in danger, it's not like setting up your mobile phone, here it's your money, you're hardly deserved and gained money from your hard work.

Don't throw it out of the window with no instruction on trading, be careful about what you do.

This is it, Andrea here from Italy, ciao.

See you next time.

NEXT UP ON THE BLOG

World Cup Award Ceremony

Interviews

Read More...

---

Robbins-PFGBEST World Cup Trading Championship Awards Presentation at CME Group

Interviews

Read More...

---

On forex markets - Dukascopy

Interviews

Read More...

---