Hello fellow forex traders, prospective forex traders and non-forex traders who are inclined to make it professionally.

I have compiled my trading philosophies which have really helped me to make consistent profits on monthly basis without stress.

I believe these philosophies can also help other forex traders and non-forex traders to enjoy forex trading business in a unique way.


My Forex Trading Philosophies:

1. Recognize the supernatural being( GOD )who intercedes on your behalf in the spiritual world; remember...

" spiritual controls the physical "

" by strength shall no man prevail "

2. Do not pray in the course of trading but pray before trading; as your trade(s) needs your full attention, analysis concentration and focus without any form of distraction.

3. Always set beforehand your personal aims, objectives and realistic reasons for choosing forex trading as a business.

4. Do not put a large capital into your trading account as your trading balance but send to your forex broker what you can bear to lose until you have gained enough confidence to increase your trading capital balance as this really helps in case the market goes otherwise.

5. Never trade with a single forex broker but have at least three( 3 )forex brokers from different continents:

United Kingdom forex broker

North American forex broker
( Canadian forex broker )

Asian forex broker

etc.

6. Upgrade yourself in sound and effective risk management; fixed risk amount is better with a risk to reward ratio not less than one to one( r:r = 1:1 ).

7. Develop a sound trading psychology as a forex trader by curbing the use of forex broker bonus and leverage until your confidence is boosted.

8. Do not develop a scalping trading attitude with the use of leverage.

9. Whenever you decide to be a forex SCALPING trader owing to your best suited trading method, then do not use a leverage more than 1:20.

NB. The truth is that as a SCALPER you will always have poor risk to reward ratio in the long run of your trading exercise. Therefore, your trading account with extremely LOW leverage will save your capital invested more often times.

10. The forex trading market is the biggest market in the world; there is more opportunities than others.

Nonetheless, always remember forex trading is FIRE trading in disguise, so extra care is needed to benefit from its ENERGY.

11. The best forex traders are medium term forex traders with price actions-swing trading concepts.

12. Always appreciate and value your trading capital even though it may be small; do not allow the market to take it from you without an exchange of trading knowledge values.

13. Do not base your profits outcome or return on the amount gained but explicitly on the percentage gained; remember a 1% consistent percentage in a month is better than an erratic influx of percentage, this separates and defines your trading vision as giant investor in prospective future trading course.

14. Always have a withdrawal culture towards your profits gained at the end of the month even if it is a bit of the profit gained; it boosts your trading psychology and shows evidence of your trading as a profitable business.

15. Learn from your trading mistakes and listen to professional advice.

16. Always note that OVER-trading is GREED which is a forex trading DISEASE; it is better to have fewer consistent profitable trades in a year than many trades with nothing to account for at the end of the trading year.

17. In the pyramid of success only few occupy the top level of success, same applies to forex trading as a low percentage of traders succeed therefore strict caution is needed.

Many more among others.

Let professional forex traders in the house also add their trading philosophies.

Thank you and God bless you more!

https://www.nairaland.com/2030622/making-cool-money-ur-money

You have actually elucidated the principles and practice of successful trading in the financial markets.

Thanks Mr femi and God bless you.
I will like to shed more light on the last point which I believe I've learnt a lot from. This has been a strength and a motivation to my renewal as a forex trader. "learn from your trading mistake and listen to professional advice".
But thank God I put myself together learning from professionals like femi and the likes that have thought me the act of money management and emotional discipline.
This has helped me improve in so many ways and I am now a better me.

Wisdomxy:
You have actually elucidated the principles and practice of successful trading in the financial markets.

Thank you boss and God bless you more.

All the philosophies are on point from number 1 to the end. I personally believe in that number one, the spiritual indeed controls the physical. And that number 14 is noted. Thanks boss

Tosineb:
Thanks Mr femi and God bless you.
I will like to shed more light on the last point which I believe I've learnt a lot from. This has been a strength and a motivation to my renewal as a forex trader. "learn from your trading mistake and listen to professional advice".
But thank God I put myself together learning from professionals like femi and the likes that have thought me the act of money management and emotional discipline.
This has helped me improve in so many ways and I am now a better me.

I am glad to hear a positive response from you boss. Endeavour to hold on to what you have learnt.

Nice philosophies... It takes many years of experience in this market to know this. It's an honour for those who started recently with forex to read this because you learn from the experiences of a great trader. Well done fembiz

sainty2k3:
All the philosophies are on point from number 1 to the end. I personally believe in that number one, the spiritual indeed controls the physical. And that number 14 is noted. Thanks boss

You are welcome boss.

You are so on poin,t boss. That number 2 is actually funny.

Unfortunately, to know all these, takes years of learning and making mistakes, thereby becoming very experienced in trading.

I would like to add that, every newbie coming into forex must adapt the mindset that forex is a normal but risky business, which requires that you gain the experience first, through learning and practicing, before becoming successful in the long term.

Also, the single most important aspect of trading that every trader should master, above any other, is Money/Risk Management.

Golden piecemeal, well said Mr Femi

Femibiz, you are on point. Thanks for sharing these philosophies to us. I really appreciate.

Smartlife:
Nice philosophies... It takes many years of experience in this market to know this. It's an honour for those who started recently with forex to read this because you learn from the experiences of a great trader. Well done fembiz

Thank you boss for your contribution and comment.

God bless you more.

too long worth reading..... busy now, i will comeback to read

The first profit i ever made on nairaland was from Fembizz,as matter of fact,from internet as a whole.the funniest thing is that i always bug him on watsapp(my bad).back to the topic,these are points to behold.kudos mehn

Great one there, point 15 is key, you learn from mistakes and not die in self pity. God bless you oga fembizz

JonTal:
You are so on poin,t boss. That number 2 is actually funny.

Unfortunately, to know all these, takes years of learning and making mistakes, thereby becoming very experienced in trading.

I would like to add that, every newbie coming into forex must adapt the mindset that forex is a normal but risky business, which requires that you gain the experience first, through learning and practicing, before becoming successful in the long term.

Also, the single most important aspect of trading that every trader should master, above any other, is Money/Risk Management.

Thank you boss.

mikkyray:
Golden piecemeal, well said Mr Femi

I hope you enjoyed this October Advanced Salary too like others...

Thank you boss.

.....! Nice write-up Boss !.... .

Please someone should put this philosophy to test and show us results.

Am a newbie am willing to learn from the boss fembiz and other bosses

The greatest trading philosophy is: "Buying when the market is low & selling when its high". %95 of unsuccessfully traders are found jumping into an already fast moving market with momentum. Thereby breaking the rule of buying low & selling high. This situation is just like trying to jump into a bullet train that moves with a speed 500km/h. You get crushed in the process no matter how hard you try. Its just a matter of time before u will get a margin call.
One of greatest challenges I had over the years was how to identity these low and high points on my chart.


Here Are Just Some Few Tips On How To Be A Successful Trader That Would Stand The Test Of Time

#1 Never trade against the big dogs. There is a saying that " if u can't beat them then, join them. How do u do this? That leads me to rule #2

#2 Always be in sync with the big boys by making the daily trend (daily chart)your friend. From my experience any chart less than 4hours, "You are on Your Own"(Oyo State).

#3 Quit using stop loss of 30pips , 40 pips. Every new level price reaches, it is meant to clear out closeby SL by moving 20, 30, 40 pips. Price does not move up or down in a straight manner . Every level must be tested.

#4 Quit scalping. Forex is not meant for scalpers. No matter how good you are it's just matter of time before the market takes you out totally.

#5 The less your indicators, the better you see clearly. At most 3 indicators. Anything more than that means over analysis. From my experience over the years " the more u look the less you see".

#6 The best points to buy & sell is at supports and resistants & SL is best placed on the opposite sides. I personally prefer SL loss of at least 70pips

#7 Management: Trade one currency pair at a time. For effective management of my position, I don't open more that one currency pair cos at the end of the day all currency pairs practically move to same direction. When u r in losses its very difficult controlling your emotions & you may end up taking poorer decisions by trying to take revenge.

#8 Ratio 1:1 can never make you rich. Ask anybody! Lol

To be continued....

Francgoz:
Femibiz, you are on point. Thanks for sharing these philosophies to us. I really appreciate.

Thank you too for the appreciation.

currentprice:
too long worth reading..... busy now, i will comeback to read

Ok

Majestee:
The first profit i ever made on nairaland was from Fembizz,as matter of fact,from internet as a whole.the funniest thing is that i always bug him on watsapp(my bad).back to the topic,these are points to behold.kudos mehn

I'm honestly happy for you too boss as you made your first salary with me like others.

Pls endeavour to keep to my advice.

tinsen:
Great one there, point 15 is key, you learn from mistakes and not die in self pity. God bless you oga fembizz

You are on course boss; there is no forex trader without a challenging past.

Caleb5:
.....! Nice write-up Boss !.... .

Thank you boss.

We buy PayPal dollars, if you have send me a pm

ThundrCork:
Please someone should put this philosophy to test and show us results.

In order to see the tested results of the philosophies as stated above, kindly visit the link below for the monthly trades performances.

www.nairaland.com/2030622/making-cool-money-ur-money

Thank you.

Xinoman:
Am a newbie am willing to learn from the boss fembiz and other bosses

You can contact me on whatsapp: +2347017797678.

Thank you.

fembizz:


Thank you boss.

.....! UWC BOSS!.... .

Hatizonal123 & Fembiz: Both of you are right with your philosophies. Although in the area of ratio 1: 1 trading, there are some trading systems that can only work with that ratio otherwise the trader will smell pepper. It also boils down to how you have masterfully mastered your Trading system. I can say this because my primary job is expert advisor developments, so you can see that we work with and have seen different types of trading systems at work.

Therefore, my candid advice to all forex traders is to take time studying ypur trading system once you discover that yoi are feeling at h;ome with it. Ypu can improve with lots of patience, self-discipline and determination. The time you spent in testing your trading system to master it with demo account is not wasted, after you have developed confidence that you can now make money with it, start real live trading but start small first until your confidence rises.

God bless all, we shall make it in Jesus name

harizonal123:
The greatest trading philosophy is: "Buying when the market is low & selling when its high". %95 of unsuccessfully traders are found jumping into an already fast moving market with momentum. Thereby breaking the rule of buying low & selling high. This situation is just like trying to jump into a bullet train that moves with a speed 500km/h. You get crushed in the process no matter how hard you try. Its just a matter of time before u will get a margin call.
One of greatest challenges I had over the years was how to identity these low and high points on my chart.


Here Are Just Some Few Tips On How To Be A Successful Trader That Would Stand The Test Of Time

#1 Never trade against the big dogs. There is a saying that " if u can't beat them then, join them. How do u do this? That leads me to rule #2

#2 Always be in sync with the big boys by making the daily trend (daily chart)your friend. From my experience any chart less than 4hours, "You are on Your Own"(Oyo State).

#3 Quit using stop loss of 30pips , 40 pips. Every new level price reaches, it is meant to clear out closeby SL by moving 20, 30, 40 pips. Price does not move up or down in a straight manner . Every level must be tested.

#4 Quit scalping. Forex is not meant for scalpers. No matter how good you are it's just matter of time before the market takes you out totally.

#5 The less your indicators, the better you see clearly. At most 3 indicators. Anything more than that means over analysis. From my experience over the years " the more u look the less you see".

#6 The best points to buy & sell is at supports and resistants & SL is best placed on the opposite sides. I personally prefer SL loss of at least 70pips

#7 Management: Trade one currency pair at a time. For effective management of my position, I don't open more that one currency pair cos at the end of the day all currency pairs practically move to same direction. When u r in losses its very difficult controlling your emotions & you may end up taking poorer decisions by trying to take revenge.

#8 Ratio 1:1 can never make you rich. Ask anybody! Lol

To be continued....

Thank you for your contribution, you're indeed right.
I appreciate boss.

Honestly, the Risk to Reward Ratio of 1 to1 has really blessed me abundantly and all thanks to God.

NB. The norm in forex that " a high risk to reward ratio is better " is mostly a marketing gimmick as the market ranges almost 75% all the time and that could simply means, you as a trader is ready to stomach consecutive losses when ranging market's sentiment occurs, so WHO CAN BEAR in trading reality?

Remember, the probability of your trade position hitting its take profit with R:R of 1:1 is above 0.5 while is less than 0.5 for a higher R:R.

Thank you once again.