Making Dollar and withdrawing in Naira should seem to give more now right?

TheShootist:
Making Dollar and withdrawing in Naira should seem to give more now right?

Yah.

FOR THE NEWBIES:

As we navigate into the new year, take this time to take stock of your trading in the past year. I will try to enlighten you on some of the things you need to focus on in order to survive in this business for the coming year. Note that i said survive instead of "make it" or "be rich". For the relatively new traders, your venture into this business is all about survival. How do go through 2015 without blowing your account and calling your broker to fund it again? Here we go;

1. To make forex a sole source of income you need serious capital. Anything less than $100,000 and you are risking emotional turmoils which would lead you into failure. With $100,000 you can maybe rake out a constant and sustainable monthly income. Now, not everyone has that kind of money so you have to build it which takes time. This brings me to my next point.

2. Focus on another source of income. Since building a large account takes time, you need something else to cushion your financial needs and to take away the need to dip into your trading account or try to pressure yourself into making outrageous bets when trading. Relying solely on your trading with a small account is suicidal.

3. Focus less about systems and more on money management. The truth about trading is not about looking for a constant winning strategy, but about looking for the most efficient way to manage your money. I personally know traders who trade with systems that generate 3 wins out of ten and sometimes even 2 but these guys are multimillionaires. How does that happen? They don't care about systems they care more about risk exposure and eliminating that exposure as quickly as possible. A trading strategy simply means an edge, pattern, or a constant that occurs occasionally in the market or on your chart that can be exploited. A pattern happens on occasion, you don't know why when and how, but it happens. All you are doing as a trader is managing your capital to exploit this opportunity. Another way to think of it is statistics and probability.

4. Your primary focus as a trader is to eliminate risk as soon as possible on any trade. So, with a $1,000 account risking 3% will expose you to $30 as risk. There is no guarantee that your first ten trades will be successful so if you lose ten times you lose $300, think about that. Risking more shortens your lifespan as a trader. Might as well go to Vegas and gamble. The larger your account becomes the quicker you reduce your exposure. The sooner you bring it down to 1% the better.

5. Use a strategy you believe in and fits you as a person. Don't go using a winning strategy that Mr A uses if it doesn't fit you psychologically. A patient person cannot scalp. A impatient person cannot trend trade long term. A trader who has a 9 to 5 job should not use a strategy which requires him to check his charts constantly. Because it worked for Mr A does not mean it will work for you.

6. Compound your profits. Compound your profits. Compound your profits. Compound your profits. Compound your profits. Compound your profits. Compound your profits. Compound your profits. Compound your profits. Compound your profits. Compound your profits. Compound your profits. Compound your profits. Compound your profits. Compound your profits. Compound your profits. Compound your profits. 'nuff said.

7. Never ever borrow or sell anything to raise capital. Never trade with what you can't afford to lose. (from experience).

8. Never ever forecast the market or believe you know where price is going. It will shock you every time.

9. Have a vulcan mentality or be like Mr Spock. You win you win; and you lose you lose. No emotions. Winning 300 pips today without controlled emotions could mean losing 400 pips tomorrow.

10. Read this write-up again and again until you get bored.

^^^

Anything less than $100k? lol oga stop that kind of gospel. how many Nigerians do you think have seen $20k before not to talk of owning $100k?

honeric01:
^^^

Anything less than $100k? lol oga stop that kind of gospel. how many Nigerians do you think have seen $20k before not to talk of owning $100k?

Oga mi; cool down and read the whole thing na. Even i don't have 100k. Hopefully next year sha. The point is to be patient and build your account small small. You just pick one point out of context, haba. Are we trading to be withdrawing 100 dollars monthly or for financial freedom?

12ema:


Oga mi; cool down and read the whole thing na. Even i don't have 100k. Hopefully next year sha. The point is to be patient and build your account small small

Half truth is dangerous, i believe trading forex full time must not be until you've $100k as capital, talking from experience.

For a bachelor, depending on how you spend money on living, with $5k-$10k, you can trade full time.

For married ones, with $10k upward, you can trade forex full time.

But then, it also depends on your preparedness. all in all bro, it depends on the individual because with $100k, you can still end up broke if you cant manage $1k.

That's what i have to say concerning your post (Seems the writer is from the west), everything else is okay by me oga sir.

honeric01:


Half truth is dangerous, i believe trading forex full time must not be until you've $100k as capital, talking from experience.

For a bachelor, depending on how you spend money on living, with $5k-$10k, you can trade full time.

For married ones, with $10k upward, you can trade forex full time.

But then, it also depends on your preparedness. all in all bro, it depends on the individual because with $100k, you can still end up broke if you cant manage $1k.

That's what i have to say concerning your post (Seems the writer is from the west), everything else is okay by me oga sir.

Chairman, you and i know that what you believe and reality are two different things. If if were that easy then the 100k would be easy to achieve right? It is not easy, and the reason it is not easy is because people have funny beliefs about forex trading. I too had those beliefs but thankfully my eyes are open. With all modesty, i have a very bouyant trading account but i am not delusional enough to believe i am anywhere close to making it. I still have a 9 to 5 job i devote myself fully to. For me trading is for real financial freedom and not withdrawing 300 dollars monthly. You say 10k, are you not going to grow the 10k? and how do you grow the 10k if you keep dipping into it?

12ema:


Chairman, you and i know that what you believe and reality are two different things. If if were that easy then the 100k would be easy to achieve right? It is not easy, and the reason it is not easy is because people have funny beliefs about forex trading. I too had those beliefs but thankfully my eyes are open. With all modesty, i have a very bouyant trading account but i am not delusional enough to believe i am anywhere close to making it. I still have a 9 to 5 job i devote myself fully to. For me trading is for real financial freedom and not withdrawing 300 dollars monthly. You say 10k, are you not going to grow the 10k? and how do you grow the 10k if you keep dipping into it?

Bro, this is why i said it all depends on the individual and their state of mind. to you, trading with $10k is going to be very hard, $10k is about 1.9M naira, most businesses in Nigeria dont have 1.9M as their total stock, yet these traders/business owners live from these businesses... how manage? their mindset, they treat the business with all seriousness.

My point? you don't need $100k before you go into FX full time, all you need is your mindset to be right, treat any amount you have now as your business stock, see the money as your overall business worth, then take trade as products, winning trades as business profits and lost trades as bad/defective goods.

On how to handle $10k without digging into it? like i said, it depends on the individual, for a single man, 20% monthly profit on $10k is $2k which is #390k, you shouldn't spend more than $1k which is #195k in a month, what should a single be spending almost 200k on in a month? the other $1k should be re-invested into the business.

For a married man with 1 or no kid, he can also start with $10k and achieve the same goals, it is all about the individual, to some $2k per month is HUGE, to some $2k is small, so you work accordingly to your lifestyle.

honeric01:


Bro, this is why i said it all depends on the individual and their state of mind. to you, trading with $10k is going to be very hard, $10k is about 1.9M naira, most businesses in Nigeria dont have 1.9M as their total stock, yet these traders/business owners live from these businesses... how manage? their mindset, they treat the business with all seriousness.

My point? you don't need $100k before you go into FX full time, all you need is your mindset to be right, treat any amount you have now as your business stock, see the money as your overall business worth, then take trade as products, winning trades as business profits and lost trades as bad/defective goods.

On how to handle $10k without digging into it? like i said, it depends on the individual, for a single man, 20% monthly profit on $10k is $2k which is #390k, you shouldn't spend more than $1k which is #195k in a month, what should a single be spending almost 200k on in a month? the other $1k should be re-invested into the business.

For a married man with 1 or no kid, he can also start with $10k and achieve the same goals, it is all about the individual, to some $2k per month is HUGE, to some $2k is small, so you work accordingly to your lifestyle.

Monthly returns are never the same. And you can have 2-3 straight losing months, i know i have. What do you do then? My belief is the whole point of trading is to grow your capital base for serious financial freedom.

12ema:


Monthly returns are never the same. And you can have 2-3 straight losing months, i know i have. What do you do then? My belief is the whole point of trading is to grow your capital base for serious financial freedom.

Same with business, we end up not making profits sometimes in a month (i have a business and have witnessed this too), what happens when we don't make profit from the businesses some of us run?

For those working, what about some months you dont get paid? you're owed salaries, what do you do? it's still the same thing brother, treat forex as either your boss paying you salary or your business giving you daily/weekly or monthly profit.

honeric01:
^^^

Anything less than $100k? lol oga stop that kind of gospel. how many Nigerians do you think have seen $20k before not to talk of owning $100k?

d statement got me laughing in latin,2 b honest a $10k wud stil b enof for full time trading evn if d person makes as little as 20%or evn 10% of it per month,my reason is bcoz any1 in naija dat earns upto #150k-#300kper month ain't a poor man

willscolf:
d statement got me laughing in latin,2 b honest a $10k wud stil b enof for full time trading evn if d person makes as little as 20%or evn 10% of it per month,my reason is bcoz any1 in naija dat earns upto #150-#300per month ain't a poor man

plain and simple

honeric01:


Same with business, we end up not making profits sometimes in a month (i have a business and have witnessed this too), what happens when we don't make profit from the businesses some of us run?

For those working, what about some months you dont get paid? you're owed salaries, what do you do? it's still the same thing brother, treat forex as either your boss paying you salary or your business giving you daily/weekly or monthly profit.

Omo, that is why many are stuck in the same mentality that will never make them succeed in this business. I did not grow my account in months, it took three years to get to where it is today. It was not easy nor was it fun. But i did away with the old ways where emphasis is on strategies and not managing money. Where risk elimination is a strange word. That is why i said get another source of income to compensate. When you depend on 10k account for subsistence, you put unnecessary pressure on yourself and the account. You don't have to start with a large account. You can start with as little as 2k and in 4 years have over 100k. This takes patience, compounding and money management. 3 to 4 years is not long. Before you know it, it's already here. Well, all i can do is show the new trader's what worked for me and how to reach true financial liberation. Not monthly 300 dollar withdrawals. That is not true financial liberation.

Quick question; you believe in compounding your profits right? That is what all great traders do and say. And you must agree it takes a long time to feel the effects of compounding. So, how do you effectively compound profits when you keep withdrawing from it?


https://www.youtube.com/watch?v=Ib0rsJ6Rr98

12ema:


Omo, that is why many are stuck in the same mentality that will never make them succeed in this business. I did not grow my account in months, it took three years to get to where it is today. It was not easy nor was it fun. But i did away with the old ways where emphasis is on strategies and not managing money. Where risk elimination is a strange word. That is why i said get another source of income to compensate. When you depend on 10k account for subsistence, you put unnecessary pressure on yourself and the account. You don't have to start with a large account. You can start with as little as 2k and in 4 years have over 100k. This takes patience, compounding and money management. 3 to 4 years is not long. Before you know it, it's already here. Well, all i can do is show the new trader's what worked for me and how to reach true financial liberation. Not monthly 300 dollar withdrawals. That is not true financial liberation.

Quick question; you believe in compounding your profits right? That is what all great traders do and say. And you must agree it takes a long time to feel the effects of compounding. So, how do you effectively compound profits when you keep withdrawing from it?


https://www.youtube.com/watch?v=Ib0rsJ6Rr98

Like I said, a $10k is the $100k acct you're looking to for some people. what you intend achieving with an $100k acct is what some people want to achieve with a $10k. it depends on the individual and you can't fit every one into the same room.

I answered your question in my previous post but here is it again, any profit you make in a month, you withdraw 50% of it and add the other 50% to the capital, this takes care of the question.

honeric01:


Like I said, a $10k is the $100k acct you're looking to for some people. what you intend achieving with an $100k acct is what some people want to achieve with a $10k. it depends on the individual and you can't fit every one into the same room.

I answered your question in my previous post but here is it again, any profit you make in a month, you withdraw 50% of it and add the other 50% to the capital, this takes care of the question.

Let me get this straight; one intends to live on a 10k account and hoping that every month is profitable will withdraw 50 percent of that sum for subsistence. Haba bro's. That is hoping one makes at least 20 percent consistently at a minimum which is impossible. You may not realize this but i know for a fact that you and i have been trading for the same length of time. That's more than 10 years ago. Looking back, would you still say my opinion on patience and growing an account is wrong. Imagine knowing what we know now, trading the right way and compounding profits for 10 years; how much will that be today? Time flies like crazy in this business and it must not be wasted.

hi guys how una dey & compliment of d season to u all.

Just glad to announced dat my research to know whether FX trading is gambling or ethical as a Christian was finally subjected to a convincing conclusion.

Trading in future, stocks, forex etc is not gambling.

Things like football betting, baba ijebu, loto, casinos & d likes are gambling in d true sense of d Word

12ema:


Let me get this straight; one intends to live on a 10k account and hoping that every month is profitable will withdraw 50 percent of that sum for subsistence. Haba bro's. That is hoping one makes at least 20 percent consistently at a minimum which is impossible. You may not realize this but i know for a fact that you and i have been trading for the same length of time. That's more than 10 years ago. Looking back, would you still say my opinion on patience and growing an account is wrong. Imagine knowing what we know now, trading the right way and compounding profits for 10 years; how much will that be today? Time flies like crazy in this business and it must not be wasted.

I know you won't be profitable every month, same with business. when.I say trade forex full time with $10k (1.9m), that does not mean all my source of income would be just forex. I don't think there is anyone (sensible) in this present world that has just one source of income but you can trade forex full time with $10k if you're the type I discussed previously and still compound your capital. even with 100k, you won't still be profitable every month.

Lastly, $10k to alot of trader is huge just as $100k is huge to most. but to wait till you have $100K as capital before you trade forex full time is like waiting for Phcn give us 20 hrs power for 6 months.

we're talking Nigeria here, be realistic.. $100k is #16.9m. how many people can wait to have this?

But then if you can, then fine, but this shouldn't be used as yardstick for average traders in Nigeria.

Yes you are right sir. I read from Henry that the greatest tool in Forex is compound interest.. Lesson learnt

12ema:


Omo, that is why many are stuck in the same mentality that will never make them succeed in this business. I did not grow my account in months, it took three years to get to where it is today. It was not easy nor was it fun. But i did away with the old ways where emphasis is on strategies and not managing money. Where risk elimination is a strange word. That is why i said get another source of income to compensate. When you depend on 10k account for subsistence, you put unnecessary pressure on yourself and the account. You don't have to start with a large account. You can start with as little as 2k and in 4 years have over 100k. This takes patience, compounding and money management. 3 to 4 years is not long. Before you know it, it's already here. Well, all i can do is show the new trader's what worked for me and how to reach true financial liberation. Not monthly 300 dollar withdrawals. That is not true financial liberation.

Quick question; you believe in compounding your profits right? That is what all great traders do and say. And you must agree it takes a long time to feel the effects of compounding. So, how do you effectively compound profits when you keep withdrawing from it?


https://www.youtube.com/watch?v=Ib0rsJ6Rr98

honeric01:


I know you won't be profitable every month, same with business. when.I say trade forex full time with $10k (1.9m), that does not mean all my source of income would be just forex. I don't think there is anyone (sensible) in this present world that has just one source of income but you can trade forex full time with $10k if you're the type I discussed previously and still compound your capital. even with 100k, you won't still be profitable every month.

Lastly, $10k to alot of trader is huge just as $100k is huge to most. but to wait till you have $100K as capital before you trade forex full time is like waiting for Phcn give us 20 hrs power for 6 months.

we're talking Nigeria here, be realistic.. $100k is #16.9m. how many people can wait to have this?

But then if you can, then fine, but this shouldn't be used as yardstick for average traders in Nigeria.

Thanks for your input again. That is the price one may have to pay to be really successful. Patience!!! we are talking of a mere 3 to 4 years. I would ask myself "how bad do i want this?"

12ema:


Thanks for your input again. That is the price one may have to pay to be really successful. Patience!!! we are talking of a mere 3 to 4 years. I would ask myself "how bad do i want this?"

I have traded and knows alot of people that have traded and compounded for years with patience but I am yet to see anyone who built their acct as a part time trader to $100k in 3-4 years. Have you? do you know anyone Within Nigeria who achieved this as a PT trader?

12ema:


Monthly returns are never the same. And you can have 2-3 straight losing months, i know i have. What do you do then? My belief is the whole point of trading is to grow your capital base for serious financial freedom.

look in as much as I agree with some of ur points above (previous post) let me tell u dat we all have different goals towards dis trading business. Am not boasting bro, it is impossible for me to have losing month in trading let alone consecutive losing months If it was 5 years ago, dat would have be.
Any trader dat hit 5 losing trades consecutively should find another business to do.

Sir with $1000 account, I will live a comfortable lifestyle with quarterly compounding of just 50% gain monthly. First 3 months will give me $3375 please sir do d arithmetic if I keep withdrawing 50% quarterly. Dis business is simply money management & sound strategy & u are on ur way to hitting a million dollars in 4 or 5 years. We traders are d ones being impatient not market. 5 or 10 years is not hard to come as I speak

Please all dis rambling is base on my own strategy & personal education & experience. If u make 5000 naira from forex in Nigeria you are rich man when compounding. One of d greatest money management quote from d Bible speaks "HE THAT GATHERS LITTLE BY LITTLE SHALL BE RICH (compounding)

The irony I don't have $1000 to start

honeric01:


I have traded and knows alot of people that have traded and compounded for years with patience but I am yet to see anyone who built their acct as a part time trader to $100k in 3-4 years. Have you? do you know anyone Within Nigeria who achieved this as a PT trader?

That is easy to explain. When your foundation is wrong from the onset and you expect to realize profitable results what do you expect? my brother i am 50 trades away from that amount. I am certain you do not know anyone that has done it because you do not know anyone that trades profitably. I personally know three, excluding my mentor and myself. You remember our marketiva days? i would expect that by now your understanding and concept will have changed. But no!!! you are still stuck in the old ways. If at more than 10 years you have not learnt anything then i cannot help you. I have laid out the secret and it is left to the new ones to accept and implement; the old ones are stuck in their ways. Come December 2015, ask yourself "what if i had done what this guy said in December 2014 where would i be now?" There is a reason why only 5 percent succeed in forex.

Good luck.

12ema:


That is easy to explain. When your foundation is wrong from the onset and you expect to realize profitable results what do you expect? my brother i am 50 trades away from that amount. I am certain you do not know anyone that has done it because you do not know anyone that trades profitably. I personally know three, excluding my mentor and myself. You remember our marketiva days? i would expect that by now your understanding and concept will have changed. But no!!! you are still stuck in the old ways. If at more than 10 years you have not learnt anything then i cannot help you. I have laid out the secret and it is left to the new ones to accept and implement; the old ones are stuck in their ways. Come December 2015, ask yourself "what if i had done what this guy said in December 2014 where would i be now?" There is a reason why only 5 percent succeed in forex.

Good luck.

yes, you're among the 5% that has made millions in forex, congratulations sir. now back to the point of discussion, you do not need to wait till you have $100K as capital before you go full time, depending on your lifestyle and individual goals, you can start with the amount that is worth starting a biz with.

This I have mentioned numerous time, you can withdraw and still compound which I have also explained but you believe your way is the way or no way.

let me stop here before this degenerate to " my farm is bigger than your farm story".

@drpips, happy new year in advance. Just to remind u to start dusting d key to osher us to 2015 as u did dis year since d batton is still under ur custody, peace.

honeric01:


yes, you're among the 5% that has made millions in forex, congratulations sir. now back to the point of discussion, you do not need to wait till you have $100K as capital before you go full time, depending on your lifestyle and individual goals, you can start with the amount that is worth starting a biz with.

This I have mentioned numerous time, you can withdraw and still compound which I have also explained but you believe your way is the way or no way.

let me stop here before this degenerate to " my farm is bigger than your farm story".

now u'r fed up. i tot u really av d nak 4 discusn. i'v bn folowin up ur discusn with 12ema nd it's kinda interestin

12ema:


Thanks for your input again. That is the price one may have to pay to be really successful. Patience!!! we are talking of a mere 3 to 4 years. I would ask myself "how bad do i want this?"

sori, if i may ask, do u really use ema to trade nd which broker do u use?

Edd1e:

sori, if i may ask, do u really use ema to trade nd which broker do u use?

Yes. 12ema is the most useful indicator that i use to identify and measure volume and momentum in a breakout when trend trading. And, i use XM and Alpari.

tom29reloaded:


look in as much as I agree with some of ur points above (previous post) let me tell u dat we all have different goals towards dis trading business. Am not boasting bro, it is impossible for me to have losing month in trading let alone consecutive losing months If it was 5 years ago, dat would have be.
Any trader dat hit 5 losing trades consecutively should find another business to do.

Sir with $1000 account, I will live a comfortable lifestyle with quarterly compounding of just 50% gain monthly. First 3 months will give me $3375 please sir do d arithmetic if I keep withdrawing 50% quarterly. Dis business is simply money management & sound strategy & u are on ur way to hitting a million dollars in 4 or 5 years. We traders are d ones being impatient not market. 5 or 10 years is not hard to come as I speak

Please all dis rambling is base on my own strategy & personal education & experience. If u make 5000 naira from forex in Nigeria you are rich man when compounding. One of d greatest money management quote from d Bible speaks "HE THAT GATHERS LITTLE BY LITTLE SHALL BE RICH (compounding)

The irony I don't have $1000 to start

12ema:


Yes. 12ema is the most useful indicator that i use to identify and measure volume and momentum in a breakout when trend trading. And, i use XM and Alpari.

boom, just exactly d brokers i use too. thnks 4d response.

Edd1e:

boom, just exactly d brokers i use too. thnks 4d response.

Anytime!

Well well well.
A lot has been said but to each his own.
Let's be honest. Most of us here staarted with less than $500 but God has been faithful.
The experience has been an eye opener.
Money management,patience, experience and focus are key in this business.

Choose your instruments carefully and stick to them.

Let me give my trade tip.

GA and GN are most likely going to be bullish. As for GJ. Pls stay away from it. Kirinwa has spoken.

The volume is still low, you musnt trade this week but if you want to, refer to my hint.

Good luck.