To get to forex heaven, you must stop sending your money to forex hell. Traders never dispatch their precious assets to the flames deliberately. Quite the opposite, the journey is always a trek of optimistic expectation gone awry.
When Jordan Lindsey, founder of JCL Capital, preaches his doctrine of steady returns to success as a forex trader, he describes a journey to heaven on earth. With constant returns averaging out at around 7 percent a month anyone can double his or her account in a year. That is the magic of compounding.
Jordan Lindsey, an experienced trader, has been offering his wise advice for years. He continually returns to the theme of a patient plan, with appropriate money, and risk management methods. In other words, aiming for realistic returns over a realistic span of time.
Those newbie forex traders who rush into the market looking for 800% returns in a month are not only deluding themselves; they are putting their accounts at risk. Anyone who doubts that should consider that even the most successful hedge fund managers of all time would worship such an accomplishment.
I am thinking of men like George Soros, Paul Tudor Jones, and Bruce Kovner. Traders such as these, of such accomplished stature in the world of money management, understand the balance which traders must respect regarding opportunity and risk of ruin. When Jordan Lindsey insists that you target a return in the range of 7 percent he honors that concept.
Jordan Lindsey advises traders to have the mindset of an investor and a saver. He advocates that traders continuously reinvest their profits. Thus building their assets under management (AUM) through the compounding process. The other side of his wisdom tells traders to manage their money.
Money management in retail forex trading is critical because of leverage. When a trade works in your favor that is good. On the other hand, when the market goes against you it can wipe out your account if you do not maintain a deep enough margin balance. For that reason, the professionals seldom risk more than 1 to 3 percent of their AUM on a single trade.
As Jordan Lindsey has said, it is possible to make millions of Dollars by trading forex. Just bear in mind that the path to forex hell is broad, and the road to forex heaven is a narrow one. Let patience, sound money management, and perseverance be your guides.