Trading Strategies Don’t Work If You Don’t Choose the Right Living Strategy

I always see that Forex or stock traders look for the trading strategies that work better than the others. All traders know that in order to trade currencies or stocks, you have to have a trading strategy that tells you when to get in and out of the market, where to set the stop loss and target and things like that. They have to show you the best and most optimum time and point to enter the markets to make money.

You can always find good trading strategies over the Internet. You can learn how to analyze the charts and become a technical analysis guru after a while. You can learn how to read the candlesticks signals and patterns and locate the best and strongest trade setups. However, the question is why most traders still lose money?

I have in touch so many traders so far, directly or indirectly. Almost 99.99% of them were used to lose and as far as I know, most of them are still losing. One of the most important things that looks shocking is that many of them have been trading for so many years and they are so knowledgeable. They have read so many books and articles and they can name each and every one of the candlesticks that forms on the charts. But they still lose money. One of them that I know, have been trading stocks for years and when online trading was introduced to the public, he started trading currencies as well. He can talk about the technical analysis, candlesticks, news and… for several hours non-stop, and I think nobody knows more than him theoretically. Once, he bought a trading book that maybe it was over 5000 pages. He read the book entirely, and then suggested me to read it too, but I refused because I don’t spend my valuable time on something that is useless.

His trading experience was over 25 years that he lost almost 80-90% of his retirement savings in Germany’s stock market. His wife got mad at him and divorced because that money was her retirement savings also, and that big loss was not his first loss.

Was his problem in his trading strategy?

Definitely not, because he was a good trader technically and he knew all the trading strategies. His problem was in his life style that didn’t allow him to control his emotions.

Losing or making profit is not the matter of the trading strategies. It is the matter of the proper living strategy.

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Before You Look for a Trading Strategy

Before you try different trading strategies and choose one of them, you have to have a proper living strategy. There are some facts that those who teach or sell the trading strategies, don’t tell you. Most of the trading strategies are good and work if you know how to use them and if you use them while you have the proper life conditions.

1) Your Financial Situation

Most people start learning to trade while they have financial problems. Indeed, they become familiar with trading when they lose their jobs or they get bankrupt and need to have a source of income to cover their expenses and survive. They google for an option and then get into the trading world through an ad that sells a trading strategy or a trading course.

After a few days of reading and watching the videos, they think they are at the beginning of becoming one of the richest people in the world, because making money through trading really looks easy at the beginning when you look at the price charts.

Many of them open a live account even before they make sure they have learned how to trade properly, and before trying the trading strategy they have learned on a demo account. Unfortunately, some of them open a big live account and then wipe it out within a short time. Many of those who open small accounts also wipe out their accounts and reload them several times.

The most important reason is that they are SO EAGER to make money because they desperately need to make money. They have lost their jobs or the money they make is not enough to survive. They have to pay rent and mortgage and… . So they push themselves to make money as soon as possible. Unfortunately, because they have no trading experience, they think they are losing because of the trading strategies they use. Therefore, they look for some other trading strategies, but they keep on losing. It is not the matter of the trading strategies.

2) You Have to Have a Good Source of Income

Keep in mind that you can’t make money through trading when you HAVE TO make money. I mean it is not possible to make money through trading when you don’t have any money and you have to pay your bills, rent, mortgage and…

The reason is that when you are in rush to make some money, you can’t analyze the markets properly and you can’t wait for the right and strong trade setups. You push yourself to enter the markets because you think it is better than doing nothing. Sometimes you do know that there is no trade setup and entering the market is a mistake, but you still do it, because doing nothing and sitting on the fence make you feel guilty, and you want to take action and do something to make some money as soon as possible.

Trading can be a great source of income to increase your wealth and improve your “income to expense ratio”, only when you are financially stable and you have a good source of income that makes money steadily. Trading is a supplement that can increase your wealth. It is really hard to make a living through trading as the only source of income. I don’t say it is impossible, but it is really hard.

You can enter the markets and make profit only when you have no financial problem. So, you pick the best trade setups and you enter the markets like a hero, not like a loser who is losing and has to enter the markets to run away from losing. Someone who has a good financial situation, chooses the best trade setups and takes the trading opportunities that his trading strategy shows, with peace of mind and power. He has enough time to think and decide. He is not in rush to enter the markets at any price. He uses his trading strategies in the best possible way and he enters the markets only when there is a strong and reliable trade setup which has the highest success probability.

If you like to become such a strong trader while you don’t already have a source of income that makes money consistently to cover your life expenses, then you have to create a source of income first. Or, if you have a job and source of income that makes money but it is not enough to give you the peace of mind that you need for trading, then the first thing you have to do is generating a perfect and strong source of income that not only covers your expenses but leaves a lot of extra money to enable you to invest in currency or stock markets or both to increase your wealth.

Almost all of those who sell trading strategies and courses, don’t share the above vital fact with you because either they don’t know it themselves or even if they know, they don’t care because they are after your money and want to make some cash from your losses. Many of them work for the market maker brokers and refer you to open a live account with them even when you are not a profitable demo trader yet.

However, at LuckScout Millionaires Club, first we help the members generate a great and strong source of income that makes a lot of money for them while we teach them how to trade and become a profitable trader.

The Right Trading Strategy Combined with the Right Living Strategy

The Right Trading Strategy Combined with the Right Living Strategy

If you are learning to become a trader to choose the trading as the only source of income to make a living with it, you won’t succeed most probably. But if you have a good source of income already and you are stable financially, and you want to trade to increase your wealth and become rich and multi-millionaire, you have a much higher chance of becoming a good trader.

If you don’t have a good source of income already or your income is not enough, then don’t look for the trading strategies for now, because they don’t help. First, try to generate a good source of income that makes a good amount of money steadily. Then, while you are making money through the source of income you have created, you can start looking for the trading strategies and learning how to trade. Save some money for your trading business while you are learning how to trade, and then start trading with real money (live account) when you become a consistently profitable trader.

This is the right living strategy you have to have if you want to make money through the trading strategies you learn. None of those so called trading mentors who sell their trading strategies and courses, will tell you about this important secret which is the cause of most traders’ failures. Of course, it is not their fault because they are not professional traders and have never made any money through trading themselves, nor do they have been able to make any profit even with a demo account. They just sell some trading strategies, or a short mentorship course to take some money from you.

It is very easy to find the best trading strategies over the Internet for free. But something that is hard, is creating the right living conditions that enable you to learn the trading strategies with peace of mind and become a consistently profitable trader finally.

Becoming successful in something, is not always the matter of being at the right place right time. It is also the matter of getting supported by the right people.

Published by

Lucian Serna

I am an experienced entrepreneurs and marketer. I always liked to writing about what I know. LuckScout has given me the chance to write and share my knowledge and experience with people.


  1. Hi,

    Very important article. I am so sorry about your friend and his loss.

    About all this knowledge over the internet, do you think that too much knowledge killing existing knowledge and maybe push traders in overtrading ?

    Thank you

    1. Yes, as for my experience trading strategies is a problem but overtrading because so much greedy is causing much on Losing the profit and capital

  2. wow this is so true i have understood it well why not because of my strategy but my lifestyle. no wonder rich people get rich and poor get poorer

  3. Hi, it is true. Most strategies actually does work. But it doesn’t work 100% of the time. I have a business and that is my income at the moment. I have tried different strategies and came to the conclusion that if a strategy fails you ones, you feel like changing to another strategy. It is a pity that people with many years experience still think it is the strategy that is to blame for their failures. Never do they blame themselves. Fortunately I have been constantly profitable for a few months now but I still can’t use trading as my only income. Thanks for great advice.

  4. Hi. I hope you are keeping well. Thanks for this article.

    I apologize in advance if this is the wrong place to ask this question, but I was reviewing one of your old lessons (from Aug 21, 2014) entitled “How Is Our GBP/CAD Short Position Going?”. I wanted to pose a question in the comments section but it appears comments may be closed for that lesson. How do I go about asking you my question?

  5. I am guilty of this myself I have a head injury that forced me to never work in construction or hard laborer again however the ssi government program told me I was able to work with my mind which I was not used to doing so I had to look for ways to work with my mind and still do, its hard for me because it takes money to make money which I don’t have a lot of…so I’m focusing more on my blog before trading I think that what I am being taught here at luckscout at least for my personal situation. Im glad I learned the truth early on instead of borrowing money only to loose it in the markets…where there a will there’s a way for now I dreg forward by a thread, but I won’t give up I can’t give up it my only hope and option…

    1. I’m in total agreement Charles. This post really spoke to me as well so thank you and team.

      I stumbled across Luckscout because I was scouring the net for ways to make money and the like. It wasn’t easy to read that to win overall you must have patience, you won’t double or triple your money every month (if you’re trading correctly with the appropriate amount of risk etc.) and give things time and there was no quick fix, particularly when you need the money now, or needed it yesterday. But it’s the truth.

      Nevertheless, I also am trying hard to focus on blogging and developing discipline in the trading market so I have the aptitudes necessary when the trigger point comes.

  6. hi
    this article i think should be one of the most important subject in everybody life.i do not know about the others but i have to and need to know more about life style subject.what exactly life style are?what the bad and good life style are?what can i do to have and get a good lifestyle and what activities end to bad and non suitable life style if i take? you have written several article in this site about “life” but not exactly for life style. it would appreciate if you write an especial article or introduce some valid articles on the web.

  7. Mehdi,
    I totally agree. I made all the mistakes there is without realizing what was wrong, until lately. Trading is very different from other business indeed.

    The psychology part is really essential here. Sometimes I wish I could join a “trading room” with likeminded people to be a part of a healthy and prosperous business culture. But that’s somehow what we’re having here already and I’m thankful for that.

  8. Thank you, was just about to commit big in desperate need of a cash bailout. Patience, sturdy learning and consistency with alternative income is my plan B now.

  9. Very correct, well said sir.
    I’ve had to give up my social life and many bad habits along with it to become a profitable trader. I didnt realise through unprocessed, surpressed feelings I was going through self sabotage this reflected immediately in my trading until I dealt with it.

    If you are not mentally in a good place then trading is the last thing you should be doing.
    One has to be of calm body and calm mind to win in that arena totally and completely in control of ones emotions.
    Great article.

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