I’ve been writing about Forex trading for the past 9 years, and I truly enjoy the responses I get from the people who’ve read, applied and benefited from the material I put out.
However, every now and then I’d get a (personally disturbing) email along the lines of:
“Chris, I’ve lost my job and need to learn to trade to make money ASAP. Can you help me?”
This post is dedicated to answering this question.
First Of All, I Understand Your Pain
Let’s be straight here –
Losing your job (when you don’t intend to), sucks.
Our modern lives are so filled with bills that we simply can’t operate without an income.
The insecurity and anxiety that follows being unemployed is no laughing matter.
And I want you to know that unemployment is not something I take lightly.
I get where you’re coming from. I understand that feeling all too well.
Which Is Why I’m Gonna Be Straight With You
You can bet your bottom dollar that there will always be someone out there who’d tell you, “Yes! I can teach you to make money right away – just buy my product.”
To be blunt, that’s just bullshit.
My opinion is that you’d be better off buying a lottery ticket.
With no disrespect, I’d suggest looking for a new job.
“But Can’t You Just Show Me How To Trade Like You?”
Trading isn’t like flipping burgers at MacDonalds. It’s not something you just “get” over the course of a few days or weeks. It requires months and years of practice and experience.
And – very importantly – you’ll need time to build up your trading capital to a level where you can get a significant-enough income from your trading. Making a 50% capital gain per month is pointless if you only have a $300 account – it still isn’t enough to pay the bills.
So unless you have both savings and time to spare, I’d actually recommend that you don’t look at trading for your income needs. In this business, it takes money to make money.
What many people look for in trading after they’ve lost their jobs is (unfortunately) a magic pill to solve their problems.
And it just isn’t going to happen.
It’s Too Little, Too Late. Sorry.
If you’re looking to make a significant income trading, don’t wait until you have no other option before you start.
It’s like eating unhealthily for decades with no exercise, then getting a stroke and looking for a miracle cure.
Statistically, the odds of a full recovery are very poor. It’s pretty straight-forward: You reap what you sow.
Maybe you had an opportunity to learn how to trade years ago, but didn’t take it. Or maybe you started, but gave up on it.
Whatever the case may be, trading isn’t my recommended course of action for you now – it’s a risk you shouldn’t be taking on at this stage in your life.
My suggestion is:
- Get a new job, work at it and save up. In the meantime, start a demo account and practice trading.
- Once you have some savings, and you’re comfortable with your demo account, begin live trading on a small account.
- Once you’re comfortable trading on a small live account, deposit a larger amount to grow your account further.
It’s not exciting advice, but it’s the most effective one I know.
Profitable trading operates in a similar way – it’s unexciting, but effective.
Don’t Wait Until A War Starts Before You Build A Bomb Shelter
These days, sudden unemployment has become commonplace.
I have a friend working in a well-known British bank (as an investment banker) who tells me that 70% of his department got fired in the past 8 months. He has no illusions about the precarious position he’s in, and is mentally (and emotionally) prepared to leave his job if and when his turn comes, because he has prepared financially for it.
Now that’s smart.
How prepared are you to lose your job when the world is in recession and no one is hiring?
When the shit hits the fan, have you built the skills and capital to be financially independent, or will you be looking for a magic pill to solve your financial liabilities?