There’s a generally negative feeling surrounding the online trading world which pretty much casts the entire financial sector in a little bit of a bad light. CFD trading in particular is largely seen as a game in which there really is only one winner, which is whoever is offering the trading platform as a broker. Those traders who manage to make some good money are seen as some fortunate exceptions, but even those who manage to win at what is essentially a gambling operation are feeding off the scraps.
I perhaps don’t need to get into too much detail about the fate of the vast majority of traders who do nothing but lose money while feeding into the system that keeps drawing more and more people in. This applies to Forex trading as well, a focus of many people as an extension of CFD trading.
So if you don’t want to make up the statistics of all the losers of this racket, here’s a good strategy for you to use, which you can use beyond just trying to survive as a trader but also use to create wealth:
Step 1: Set Aside Some ‘Education’ Money and Learn the Industry
The biggest mistake traders make is that of approaching their trading adventure with a desire to start making money from the get go and keep “winning” with their trades. It will never be a perfect game you play if you’re a trader and there will be many losses.
So what you need to do is think long term and in so doing set aside some money you’re going to trade with as part of your education. This means that this is money you’re willing to lose – all of it!
Get busy trading, but be sure to document what you do as much as possible, learning the ins and outs of the industry, including all the jargon, strategies, etc.
Step 2: Select 3 Trading Strategies to Pursue
I’m not talking about official trading strategies like the likes of Technical Trading, Swing Trading, etc. What I’m referring to in selecting three trading strategies is that you’re going to implement some of the well known strategies touted by some of the trading game’s heavy-hitters, then you’re going to divide the next wave of the money you plan to spend trading equally between the three strategies.
Try to make these trading strategies as diverse as possible, ideally selecting three strategies which are completely opposite to each other and in a sense contradict each other.
Step 3: Become an Affiliate
One of these trading strategies is bound to bring you some success at which time you’re going to turn your focus to that one strategy that has worked out.
Round up all the numbers and don’t include anything that has to do with how the other two trading strategies resulted in losses.
Then finally, stop trading and start referring new traders to any broker (online trading platform) that operates an affiliate programme. If for example you have some video screenshots of your winning trades, that’s a strategy you can share for free and include your affiliate link to earn commissions through.