Trading and "The Lure Of Easy Money

Damm, I can't get this song out of my head!

Do you ever find yourself all of a sudden singing or humming in your head some song for no apparent reason? It gets stuck and keeps going round and round in an endless loop. Please say this happens to you too so I don't feel so crazy. :-)

Anyway, out of the blue I had this line pop into my head. "The lure of easy money is so hard to refuse". It is from a song called "Smugglers Blues" by Glen Fry. As some of you know, he was from the 70's super group, "The Eagles".

Anyway, his song was featured in one of the episodes of Miami Vice way back in the 80's. (seems like a second ago)

What's this got to do with trading? Trust me I am getting there!

"The lure of easy money" actually has everything to do with trading. Think about this… Would you still be interested in trading if you thought there was a salary cap of $20,000 a year? Would you still be interested if it took the same time to master as getting a doctor's degree?

The majority of traders are initially drawn into trading because they have heard of other people striking it rich and making extraordinary gains in a very short period of time. Once they hear about traders raking in thousands a day they are hooked.

I know I was initially drawn in hearing about a trader that turned a few thousand into a few hundred thousand trading things like corn, cocoa, coffee, sugar and soy beans. Heck, it sounded pretty easy to me since I used several of these products on my dining table almost daily.

Much to my dismay, I learned that making easy money trading wasn't so easy afterall. I finally realized that it was going to take a fair amount of time and some serious committment.

That brings me to the point of this article… I am amazed at how many traders I speak with that think that not only will they make "easy money", but that they can accomplish this is a matter of weeks. Its almost like they think they can just squeeze it in between their full time job, family commitments and a host of other things.

I wish it was so, but it isn't! Think about it? It takes 4 years to go to high school and another 4 to graduate college. Then if you want to become a doctor or lawyer it is another major chunk of time. The bottom-line is that we all know that things that are worthwhile take some time.

I don't think anyone would argue on the last statement, so why is it that some people think they will have this whole trading thing mastered in a few weeks or months? Here's why it takes some time…

Let me use a trading program of mine called Forex Profits. In my web-site I say that you can learn it in 60 minutes. Does that mean you will be the next George Soros or Warren Buffet after one hour?

No way! What I mean is that you will probably be able to understand all the principles of the system within that short space of time, but…

What takes time to master is learning how to apply the techniques in the real-time market place. And… There is no replacing spending a lot of "face-time" staring at your charts. This will allow you to see the ebb and flow of the market and help you get a feel for things.

Even though the trading patterns I teach are very straight forward, it still takes time to learn how to spot these trades quickly. You need to train your eyes and brain through repetition. By doing this, the trading setups will jump out at you and you will be able to pounce on any opportunity that comes along.

As motivational guru Anthony Robbins says… "There are no unrealistic goals, just unrealistic time frames." So if your goal is to make $100,000 a year, that's great and it is possible, but just don't expect to achieve this in an unrealistic time frame.

So what if it takes 1, 2 or 3 years to realize your goals? Most people don't expect to make this much their first day out of college, so why expect to make thousands after just a month of study in the markets?

If you are new to trading or starting out with a very small amount of capital, you need to be especially careful about your goals and expectations.

You can succeed, just give yourself time.

One last tip… The market will always be here, so don't be in a hurry!
Dr. Jeffrey Wilde, a trading veteran with 16 years of experience is a trading coach to over 3500 traders in 63 countries. His new blog http://www.askjeffwilde.com offers free trading articles, tips and advice. He also teaches a variety of courses found at http://www.win-at-trading.com and http://www.fastforexprofits.com

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