Millionaire TradersQ: Do you think there’s a common characteristic amongst those
people whom you know just won’t be able to make it verses people
whom you think will succeed at FX trading?
A: Yes, I think that I’ve found certain characters who have a diffi-
cult time in this market. You can see immediately that they are very
gung ho, almost like gunslingers. I’ll warn them over and over and
over again, Forex is not a game, it’s not gambling like in a casino.
It’s a very serious business and it should be treated as such. It
requires a phenomenal amount of discipline. However, sometimes
these lessons need to be actively learned by these people. Once
they’ve knocked their heads a couple of times in the live environ-
ment, then they will tend to pick up that phone and tell me, “You
know what you said in the class? Now I realize what it was that you
were trying to say.” They cannot see it when we are merely talking
about it, but once they’ve experienced it two or three times, once
they’ve lost money, in other words, they become good traders.
Q: Do you think everyone can be trained? Or are bad habits just
too ingrained in some traders?
A: I think that most people can be taught the discipline. Unfor-
tunately, that’s going to involve that person probably losing some
money before he learns, but because it is his own money, it tends to
pull him right once he’s taken a couple of knocks. I’ve seen it with
my own guys who have funded an account, lost it, refund it again,
lose it again, refund it, lose it again, and then suddenly, by the fourth
time, they are up and running and finally trading well. Very few do
it right from the beginning. They will blow their account at least
once. But these are$200,$300 accounts, nothing too damaging.
Q: How much support do you give them after they’ve taken your
course? A month? Two months?
A: No, indefinitely. I’m available to them over the telephone
or over e-mail. We have regular forums in which past students