Many people at one point or another in their lives discover the Forex markets and wonder if they themselves could make money trading the markets. For most, luckily, that is as far as they get, however a small percentage go on to register a demo account with a Forex company, download the trading software, and a smaller percentage of these will go on to fund a live account and start trading. Unfortunately, statistics show that over 95% of these new “retail traders” will lose money.
Most, if not all new traders do not understand correct risk management and almost every newish trader will “blow up” at least one live account and lose all their money, older, wiser traders view this almost as a “Rite of Passage” that until you get that far, people fail to take it seriously enough.
Only once a new trader has graduated to this point, will they usually think about getting some formal trading education, ie help from professionals. This should not exactly be a radical concept, as nobody in their right mind would go scuba diving without training first, or rock climbing, or participate in a mixed martial arts fight, so why people think they would have any chance against the best traders in the world the brokers, the Forex banks who drive markets with their huge orders, with little to no education about it at all is a bit of a mystery, but the statistics show that they do. New Traders need to develop the “correct” mindset, as demonstrated by people like Alessio Rastani, the best traders are not usually thinking the same as everybody else in any given situation.
So it obviously makes sense to get some insight into the world of professional traders, if you are serious about becoming one of the small percentage of long-term consistently successful traders.