It is so sad that a lot traders are trading to compete with fellow traders or to impress other people. For whatever reason, stop it now.
because you won’t grow if your sole motive is to compete or to impress anyone.

Be guided by strict principles, follow your trading rules judiciously and don’t compromise your plan for anything or for anybody. I remember a certain time ago, an organization approached me to manage their funds, it was a $20,000 capital for a start.

I gave them my conditions of engagement, signed an MOU and I started within the same time, another “Pro” trader was also given the same amount of funds to trade with for the same company and I was told that the best trader will get a bigger port folio with a good reward too. ( Well, I wasn’t moved by the promised offer).

So we started trading, two weeks into the deal, I was at $3000 + profit and the other fellow was already up by $11,000 plus. Then, the company called me to say I wasn’t doing much enough compared to the other trader. All I said was “i’m not trading to compete or to impress i’m just taking my time to do my thing, ”
Fast forward to a month’s time, I had done $8000 plus and the other guy was running a deficit of $2000 or so.(Can’t remember the exact figure now).

We were given another one month before the final decision was taken.Guess what? I did much less in the second month, maintaining a balance of $20,000, I did $6000 plus that month taking my total profit to $14,000 plus.

And the other guy had to stop mid month because he was not making any progress anymore and then I asked to see his trades, I saw a desperate trader who was all out to impress and to compete.

His inconsistent lot sizes, trading random assets, poor risk management was enough to know he was just about making huge profit to impress his employers.

Dear traders, don’t be like that, don’t do anything to go against your trading plan or principle because you want to show off. It won’t pay you.

I was retained even with my sluggish growth you’ll say but consistent little profit and minimal risk exposure made the difference.

Stick to your plan and don’t be intimated by the results of other traders.
Do your thing the way it makes sense.
Always have this at the back of your mind that what really matters are..

1- Capital preservation
2- Low risk exposure
3- Profit making.

If the profits are small but consistently coming under a minimal risk exposure while focusing on capital preservation, you are a king. Follow that path.

I hope this helps all the traders out there, and for those who are looking to start their journey in Forex trading, have a look at MEOTA‘s courses and enroll on the one that matches your level of expertise.

Visit us @ meota.com.ng