[KOL Analysis]3 Things You Need to Do Before You Start Trading Full Time-Karen Foo

Recently there has been a massive surge of aspiring traders and investors rushing to open a brokerage account.

Yes. With crisis comes opportunities, but if youre in a position where you have zero or very little experience in the financial markets, you are literally jumping out of the plane without a parachute.

I want to share with you 3 things you need to do before you take the leap of faith so that you dont get burnt by the financial markets.

1. Learn as much as you can about trading

This is the first and most important step that most get-rich-quick traders skip. They want to come out of this a millionaire.

This just shows that most people are just ignorant and delusional when it comes to making money in the financial markets.

Due to the fact that most people are not willing to put in the patience, they would blow their accounts really fast and get burnt.

I‘ve received so many emails from people telling me that they’ve blown their accounts because they never took the time to learn trading properly and because they rushed the whole process.

Most people think that they can just quit their jobs and go into full time trading within 1 month. There are even people who think that I encourage people to quit their jobs after watching 1 YouTube video on my channel, which just portrays their complete ignorance.

Some people would read about the overnight bitcoin millionaire or options millionaire and envision that they can achieve the same results.

The truth about trading is that you just cant watch 10 trading videos and go into trading a live account the next day. Neither can you attend a 2-day workshop and then go into full time trading within 1 month.

Just like any other profession, you need to give it some time. The average trader takes 3 years to become profitable, and youre thinking that you can get there within 3 months？!

I don‘t care if you attend workshops, watch videos or read books to learn trading, just make sure that you don’t skip this step.

I don‘t care who you learn from. Just make sure you learn from a proven mentor rather than someone who just shoves you the get-rich-quick lifestyle. And also, don’t learn from me if you dont like my content or videos. Simple as that.

2. Decide whether trading is for you

Being an entrepreneur is not for everyone. Some people are just born to be employees, and thats fine. Same thing with being a trader or investor. It is just not for everyone.

If you feel that trading is not for you, you are free to go pursue something else. There are lots of ways to make money nowadays from e-commerce, freelancing, drop-shipping or even starting your own café. Trading is just one of those ways to make money.

If you find yourself getting bored from looking at charts and reading trading books, then this might not be suitable for you.

If you find yourself being more interested in finding out how to make good coffee than how to trade the EUR/USD, then maybe trading isn‘t’ for you.

Can you imagine if Gordan Ramsay decided that he should pursue trading instead of cooking because trading is more profitable？ The thing is, if youre super good at what you do, you can make money from any industry that you pursue.

You need to have passion in the financial markets to help you withstand those day where you feel like quitting, because trust me, you will have those days.

Passion is the one thing that will get you up in the morning to check the markets even when you feel tired. Passion will keep you going when it gets hard.

3. Have a Proven Trading Plan & Strategy

Over the years of meeting so many traders, I realized that most traders go into trading without a proper plan. Basically, they gamble the markets without a proper strategy.

Without a proper and proven strategy, you are literally setting yourself up for failure. If you have a losing trade today, you wouldnt know exactly why did you lose money. That is a big problem.

If you don‘t know the reason why you lost money, you wouldn’t learn from it and hence you would be forever stuck and not progress.

Being a random trader will not get you anywhere. Neither is using a strategy that youre not comfortable with using.

A lot of traders follow strategies that are given to them by their mentor or after finding out about it in a forum without taking into account their trading personality.

And speaking of online forums, they are also where most losers gather. So if you want to be a loser as well, be my guest and join them!

Anyway, as I was saying. If you have a trading personality that is suitable for short term trading, then there is no point for you to go out there and buy a trend following trading system that would require you to hold your trades long term. It just doesnt make sense!

And yet so many traders are going around asking questions like “What strategy or indicator do you use？”. As if after getting the answer, they will miraculously turn into a millionaire trader, which is complete nonsense.

That is like asking Tiger Woods, “What golf set brand do you use？”. This is the kind of ignorant and delusional thinking that cause most traders to lose. They think that trading is all about having the best strategy ever.

Yes. Having a strategy and plan is needed but it is not the most important thing.

Author: Karen Foo

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Karen Foo is actively involved in speaking at various conferences, seminars, expos, workshops, toastmaster clubs and publicly-held events in Singapore and Malaysia

Having overcome numerous setbacks in her life, she has gone on to inspire thousands of youths working executives and leaders of various companies to REALIZE THEIR ABSOLUTE WILDEST DREAMS through her INTERACTIVE, INSPIRING AND ENGAGING TALKS. Being labeled as the “quietest student and underachiever” through out her life, she went on to win numerous awards in public speaking contest, scholarships and hosting large-scale events as an MC. She was then featured in various print media for her academic achievements. She has also been invited to speak at international conferences to leaders from Brunei, China, HongKong, Laos, Malaysia, Vietnam, Indonesia, Myanmar and Singapore.

Karen Foo has been ranked #1 in a Singapore nationwide Forex trading competition, competing with over 200 traders from NUS, NTU, SIM and SMU. She was also ranked top 10 in a contest organized by FX Street, competing with over 300 traders over 20 countries. She has shared the stage with top investment gurus and CEOs at an international expo held at Marina Bay Sands. She is also the contest judge for numerous public speaking contests held around Singapore, ranging from club level to the National level contests. Her wide range of experience has led her to co-author a book “Turning Ideas into Profit” with 10 other Asia‘s experts and professional speakers. Karen is also a contributing author of an investment book titled “Your Cash Moves”, foreword by Adam Khoo, Asia’s Top Success Coach

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