In this article we discuss the problems that lay in depending on “paid” advice for your investment decisions.
What are the possibilities of trustworthy financial advice?
In the world of investing and trading, there’s undoubtedly an abundance of avenues that offer financial advice of all types. The different ways this advice appears could either be very specific when it comes to the issue of what and when to buy or offer more guidance in a generic approach.
The general public tends to depend on “paid” advice for their investment decisions because they feel they lack the experience or time to commit to investing.
There are some actual problems associated with making trading and investing decisions in this manner. To depend on someone else’s research means you have to ensure the track record is proven, and it tallies with your risk disposition, which usually does not. Another issue attached to this is that when you find yourself dependent on someone or something, you have to detach yourself from the system when it’s no longer available. In other words, you have to rely more on yourself or find another source. This situation usually becomes a terrifying proposition for some people. Accountability is another case: when their personal decisions on trades don’t work out, it’s easier for them to shun taking responsibility for their actions.
Realistically speaking, no one else cares the most about your funds more than you do. This is the more reason it’s vital to begin thinking and managing your money by yourself. That’s of course only after learning a trading strategy from someone apt in trading and very skillful in such aspects. After that, you have to ensure you refine it to fit your personality and financial goals.
Independent thinking is considered one of the hallmarks of a consistently profitable trader, and it’s highly encouraged during our lifetime mentor programs. Kindly desist from mistaking independent thinking for isolation. Group learning is great, 1-to-1 mentoring and coaching even better, but sooner or later, every forex, futures, and stock trader will have to find their way or method, and after all, no two individuals are the same.
We, as an online trading academy, mentor people about trading and investing in the same manner kids are taught life’s lessons and responsibility. For those with kids, you’re well aware that children can be impressive at coaxing us to do things for them, which we usually wind up doing. In the long run, we know they will be better off if they keep up with learning to think and solve problems by themselves. As they course through life, this habit will shape them into leaders rather than followers.
In like fashion, new forex, futures, and stock traders have to learn by working under the observation of a consistently profitable trader. The secret to encouraging new traders and investors to think on their own is to give up the idea of the need to be “right” and place more emphasis on the process of putting on a low-risk, high-probability trade. After all, it’s much easier for the student to ask their mentor for the answer and have their mentor give it to them than it is for them to do critical thinking. Nevertheless, a student’s question can be countered with another question such as “What is your plan for this trade?” even if it is not the most satisfying answer for the student.
A new time forex, futures, and stock trader will be exposed to a world of opportunities by the time they learn to think through and resolve “real-world trading scenarios” on their own, which in turn will boost their confidence. It’s eventually up to the individual trader to make those decisions.
So, back to the initial question: what are the possibilities of trustworthy financial advice? The answer and decision lie within you. Remember that acquiring a skill that gives you power over your financial destiny, which also redefines your financial and personal freedom, is the best investment you or anyone, in general, can make.
If you want to learn more about professional trading and investing across multiple asset classes such as forex, futures, and stocks, please sign up HERE for free at our online trading academy www.onlinetradingcampus.com and get access to a free three-hour introductory course.
Author Bio: Bernd Skorupinski teaches the undiluted truth about trading and investing at Online Trading Campus and takes you through what it takes to be a consistently successful trader. His favorite moment as a trading mentor is the way peoples’ eyes light up with excitement and confidence when they understand how Supply and Demand trading strategy works and how it can help win in the trading arena. He believes in building core values and discipline that ensures his students do not succumb to the pressures and temptations of the market. He very much believes in following plans and strategy through. If you want to know more about the author Bernd Skorupinski please read HERE