You must have heard so many times that almost something like 90% of new traders blow up their trading account in the first month of their trading. Trading is a serious business. Only a few become sucessful traders who make a living out of trading.

Yet, still daily millions of ordinary people around the globe wake up, turn on their computers and try to make a living trading the financial markets online. After knowing that more than 90% lose in their first few months, do you still want to try trading?

The same statistic of failure exists in other businesses like restaurant business. Starting a new business is not easy. Success requires determination and hard work.

Still the hypothesis of making it big never stops people from starting new business ventures. So if you are interested in trading forex, stocks or futures or whatever you want, you will have to show a degree of determination if you want to succeed. Watch this weird 30 minutes Stock Trading Video just now. If you want to learn forex trading, watch this forex story on video!

Kathy Lien is a master forex trader who has written many books on forex trading. In her book, “Millionaire Traders”, she interviews 12 ordinary but amazing people who were determined enough to succeed and make it big.

All these 12 stories are remarkable. The rag to riches story of Hoosain Harneker is especially worth mentioning. He lost almost all his saving in a failed business partnership.

He had no clue what to do. He asked one friend for advice who told him to learn forex trading. He emailed him the forex system that he used to trade. It was based on simple moving averages. Hoosain had one problem. After having lost all his money and savings in a lost business venture, he was not in a position to cough up even a few hundred dollars to open a forex trading account with a forex broker.

But Hoosain was determined. He worked hard for six months and eventaully saved $1000 to open a live trading account so that he could trade forex. During those six months, in the night, he would learn how to trade forex on his demo account. Never underestimate the importance of trading the Forex Demo Account.

He promised his wife that he would never trade forex again if he blew up that $1000 . Interestingly, all the 12 people who have been interviewed in this book blew up their account in the first month of their live trading but not Hoosain.

Hoosain’s only advice to beginning forex traders: You should first practice on your demo account for a few months. Don’t try to jump into live trading too soon. First try to double your demo account three times in a row only then think about trading live. Don’t take up live trading before that. Paper trading will make you confident to face the daily emotional exhilaration 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 losings, they give up, considering forex trading to be difficult.

Just like any other skill in life learning forex trading requires a lot of determination and discipline. However, what these 12 ordinary people have shown you is that anyone with determination can make it big and beat Wall Street at its own game. They had the discipline and determination to make it big. All are millionaires now.

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