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Investment › Re: Why Most People Don't Make Money Trading by Piroty(op): 11:10am On Dec 25, 2023

rossoneri:
Many people are not willing to put in the time to learn to trade. People will see your life and ask what do you do, they hear trading and say please teach me thinking they can learn everything in 2 weeks!! Its like telling a doctor to teach you how to be a doctor, its ridiculous!

100% of traders want to become millionaires but no one wants to plan, follow rules, trade, win, lose every day for 5-7 years.

Traders fail because they don't finish getting the knowledge, they have no patience, they want to get rich quick, they can't control their emotions, they can't stick to one strategy, they can't ignore the noise, they are always following someone. Mediocrity is not for trading!

Low capital isn't really a problem for a patient trader, compounding has serious power!! If you can't think in probabilities and don't understand risk managment, it doesn't matter how much capital you have you will still lose it eventually. 80% of traders lose because they focus on going from 0 to 100. 20% win because they focus on going from 0 to 10, then 10 to 20, then 20 to 30 until they get to 100.

The get rich quick mindset is a serious problem and that's why online prop firms are making money from inexperienced and ignorant traders. No online prop firm ever funds anyone and they never will. Real prop firms don't look for traders online and you can't pay to join them or trade their capital. But traders want to be rich in 1-3 months so they waste all their funds on prop firm challenges. They never bother to think, if both the challenge and simulated funded account are demo, how can demo generate payouts? How can you earn real money from metatrader demo? There are enough movies and tv series on trading that give an idea of how actual prop firms operate in the real world. If you watch Billions for example on Showmax, it gives an idea of how traders get to trade funds for a company and its definitely not by paying to sign up or winning giveaway. Can you give a naija bank N500k in order to trade their N50m? Can you use a bicycle to collect N10m from a bank? Real prop firms hire traders many times fresh from school and train them then pay salaries. Anyways common sense will never be commonly available!

There are perhaps 4 trading stages if you learn right, each stage comes with emotional rollercoasters (it is not for the weak):
1) Analysing charts - this is where you find your edge and choose your pair.
2) Executing trades - this is where you learn patience and learn to follow your rules. This is where you understand trading psychology!
3) Compounding money - this is where you learn how to lose and how to think in probabilities. 1 trade is meaningless! 10 trades are meaningless! 100 trades is learning! 1000 trades thats becoming a trader! You understand RR.
4) Freedom - you have given 10,000 + hours and 10,000 trades. You know risk managment like your palm! You have only 1 pair, 1 edge and/or pattern, you trade only 1 session.
There is so much more though....

Any new trader that can't go through the entire Babypips curriculum is probably not ready for trading.

Trading is probably the most difficult thing a person can try to master but it is the best and most rewarding business in the world! If you can give it 5-7 years, your older self will thank you!

You are actually right for most of your write up except for the online prop firm thing. I actually would advice you read very well on how they operate and why it's actually difficult to pass their challenges and use that so called "500k to get 10m"

Travel › Re: 11 Reasons Why You Should Not Japa From Nigeria by Piroty: 10:52am On Dec 25, 2023

santaclaws:
Not a bad idea to have a contrary opinion on Japa, but your claim that Nigerians youths moving to other countries is an act of cowardice is definitely an unreasonable statement.

You didn't take into account that so many people have been struggling in this country even before the economic issues. A lot don't have jobs in Nigeria despite being graduates and most employed people are underpaid.

If the youths aren't cowards, they should stay over and allow visionless politicians, poverty and hyperinflation ruin their lives? Or betterstill, they should take up arms and challenge the government so that they can die for nothing... 😒

Being a graduate doesn't guarantee anyone a job,i think most Nigerian undergraduates should know this by now. Get a skill early enough

Investment › Re: Why Most People Don't Make Money Trading by Piroty(op): 10:47am On Dec 25, 2023

rossoneri:
Many people are not willing to put in the time to learn to trade. People will see your life and ask what do you do, they hear trading and say please teach me thinking they can learn everything in 2 weeks!! Its like telling a doctor to teach you how to be a doctor, its ridiculous!

100% of traders want to become millionaires but no one wants to plan, follow rules, trade, win, lose every day for 5-7 years.

Everything you have said is on point except for the online prop firm thing. Truth is they do make money from loosing traders,a lot of it cause no matter what, most traders will fail and it's never prop firms fault. Them giving traders live account will actually be impossible ,imagine giving traders $10k real money and them blowing most of it how is the prop firm suppose to make profit. They do give demo acct and if you pass the challenge,u receive payout in real money,simple as that.

Prop firms are for experienced trades,traders who are patient and those who have been profitable over a long period. Blame the traders not the firm. And the notion of using 500k to make 10m is not what you think it is. Most traders fail and those traders money are being collected by prop firms which leave the 1% successful ones who actually make profit from those prop firm accounts

Traders fail because they don't finish getting the knowledge, they have no patience, they want to get rich quick, they can't control their emotions, they can't stick to one strategy, they can't ignore the noise, they are always following someone. Mediocrity is not for trading!

Low capital isn't really a problem for a patient trader, compounding has serious power!! If you can't think in probabilities and don't understand risk managment, it doesn't matter how much capital you have you will still lose it eventually. 80% of traders lose because they focus on going from 0 to 100. 20% win because they focus on going from 0 to 10, then 10 to 20, then 20 to 30 until they get to 100.

The get rich quick mindset is a serious problem and that's why online prop firms are making money from inexperienced and ignorant traders. No online prop firm ever funds anyone and they never will. Real prop firms don't look for traders online and you can't pay to join them or trade their capital. But traders want to be rich in 1-3 months so they waste all their funds on prop firm challenges. They never bother to think, if both the challenge and simulated funded account are demo, how can demo generate payouts? How can you earn real money from metatrader demo? There are enough movies and tv series on trading that give an idea of how actual prop firms operate in the real world. If you watch Billions for example on Showmax, it gives an idea of how traders get to trade funds for a company and its definitely not by paying to sign up or winning giveaway. Can you give a naija bank N500k in order to trade their N50m? Can you use a bicycle to collect N10m from a bank? Real prop firms hire traders many times fresh from school and train them then pay salaries. Anyways common sense will never be commonly available!

There are perhaps 4 trading stages if you learn right, each stage comes with emotional rollercoasters (it is not for the weak):
1) Analysing charts - this is where you find your edge and choose your pair.
2) Executing trades - this is where you learn patience and learn to follow your rules. This is where you understand trading psychology!
3) Compounding money - this is where you learn how to lose and how to think in probabilities. 1 trade is meaningless! 10 trades are meaningless! 100 trades is learning! 1000 trades thats becoming a trader! You understand RR.
4) Freedom - you have given 10,000 + hours and 10,000 trades. You know risk managment like your palm! You have only 1 pair, 1 edge and/or pattern, you trade only 1 session.
There is so much more though....

Any new trader that can't go through the entire Babypips curriculum is probably not ready for trading.

Trading is probably the most difficult thing a person can try to master but it is the best and most rewarding business in the world! If you can give it 5-7 years, your older self will thank you!

Investment › Re: Benefits Of Trading by Piroty(op): 5:52am On Dec 25, 2023

Peking1:
Interested

Interested in?

Investment › Re: Benefits Of Trading by Piroty(op): 8:38pm On Dec 24, 2023

philest222:
Learning Forex trading is the best decisions I make this year

Give yourself enough time, don't rush things. A good 3 years is good to mk consistent profit

Investment › Benefits Of Trading by Piroty(op): 3:18pm On Dec 24, 2023

1. No fear of job loss
In an economy where most companies are downsizing cause of low returns, how confident are you that you won't be among those chosen to exit. How long are you going to live in that fear of job loss, that fear of sack letter from your boss cause you made a mistake and didn't do something very well. This is why i advise people to learn to trade and remove thos shackles of fear of loosing a job. Infact the fear of AI replacing you is even far more than that sack letter.

Traders never have that fear of job loss cause they are their own boss and dictate their pay,although that also comes with a cost especially in dedication and hardwork,patience too.

2. Freedom
Another benefit of trading is the freedom it gives to be able to do whatever you like when ever without thinking too much. Most employees can't even enjoy holidays cause they are constantly thinking of their jobs they will have to get to after the holiday,no freedom to do what you are really passionate about cause you have to get that next salary if not things might not be too good for you. It also gives the freedom to have quality time with family and friends without interruptions from your boss

3.No limit to income
This feature is the most important to me. The fact that i don't have to wait for years to get promoted to get that high salary. Infact prop firms have actually made it easier for traders to get funded with a lot of money to boost their income exponentially.

What other benefits of trading do you know?

Investment › How Has Trading Changed Your Finances by Piroty(op): 12:43pm On Dec 24, 2023

Started trading about 4 years ago and actually just recently got my big payouts and i would say it's really motivating. I actually encountered many challenges as to failed trades and all but didn't give up throughout all those times and im really happy how it turned my finances around

How's it changed yours

1 Like

Investment › Re: Why Most People Don't Make Money Trading by Piroty(op): 7:17am On Dec 24, 2023*

Parable007:
1. Trading with low capital... please say that one too.
2. FOMO: fear of missing out. Most people don't even know how to trade at best they still gamble
3. Impatience you want to make $10k with $100 in one month. How?

Yeah i will in my next parts,its a series i put together so this is not the only one, follow for more. Although i advice people to start with what they are able to loose that's why i didn't really want to include that in the series before people go and borrow to trade

Investment › Making Millions Trading by Piroty(op): 4:03pm On Dec 23, 2023

Forex trading has removed many from the trenches and has also put many in the trenches. So why is it the case, crypto trading is one of simplest ways to making millions but never the easiest and my case is no different. Most people want to make it trading but are never ready to put in the work that is required to make it in the trading space, never ready to put in the work to make their dreams come through.

Took me about three years before i started to make consistent profits and those 3 years were not easy,had to quit many times before i got to start winning consistently, at some point i even called trading a scam but no matter how i tried i continued to go back and also better myself. Decided to learn a lot about trading,backtested, frontested journaled and many other things involved in doing well in trading.

You won't make it immediately when you start trading but my advice is that you stay long enough to go through the losses and eventually start making consistent wins,it does take time but it's worth the wait

Investment › Why Most People Don't Make Money Trading by Piroty(op): 1:34pm On Dec 23, 2023

1. Lack of trading plan
The "he who fails to plan plans to faill" saying applies to trading more than any other industry. Apart from psychology issues which not having a plan also affects,it also affects your trade results.

Withouth a plan, you really don't know when to call it quit on a loosing trade or if you should exit at all, makes you fomo and take profits too early or wait too long for the wins to turn to losses. Trading is a business no business suceeds without a good plan

2.Holy grail syndrome
I know you will hate to hear this,but yeah most people don't like to hear the truth and to be consistently profitable in trading,being part of the most people should never be an issue cause most traders don't make money. There's no perfect strategy anywhere

The best strategy looses money at some point and the worst makes money at one point or another. Instead, look for how to make your own strategy work for you and also look for how to cut losses with your strategy,cutting losses is also part of a winning strategy.

3. Trading too many pairs
When i see some newbies with so much pairs on their screen i tend to shake my head cause there is actually no way to get acquainted with more than 2 pairs, the human focus has a limit and that also applies to trading so many pairs. Its unnecessary

Investment › Re: Apart From Money,what Other Benefit Does Trading Give? by Piroty(op): 9:22am On Dec 16, 2023

ucheheart:
It improves self esteem and gives a goal driven life style

How about your patience, has it improved too

1 Like

Investment › Apart From Money,what Other Benefit Does Trading Give? by Piroty(op): 9:09am On Dec 16, 2023

Apart from the benefit of making millions of naira from trading, it actually give many other benefits like freedom to do whatever you luke when ever without the pressure of a boss or anything like that. Also,ut actually gives other soft skills and helps us discover some weaknesses we never thought we had especially psychologically.

What other benefits have you had trading?

Investment › Re: How Did You Get To Know About Trading by Piroty(op): 4:49pm On Dec 15, 2023

Powerbando:
what is the test i need to pass, how easy is it to pass the test

You just need to get up to 10% profit, it's actually not easy, will advice you have a strategy and trade plan and also a terrific risk management to be able to suceed trading a prop firm acct

Investment › Re: How Did You Get To Know About Trading by Piroty(op): 2:57pm On Dec 15, 2023

Powerbando:
how do you trade with prop firm, i m interested

You get a prop firm account, let's say a $10k account for $100 and if you can hit the target at any given time cause you are most times given unlimited time, as far as you don't loose more than a certain amount. Once you pass, u are given $10k live account and any profit you get,you get 80% of profit while the company gets 20

Investment › Re: How Did You Get To Know About Trading by Piroty(op): 2:53pm On Dec 15, 2023

Bintabisiriyu2:
Na lie you are using style to advertise.

Ok ok u don catch me, oya share your own story

Investment › Re: How Did You Get To Know About Trading by Piroty(op): 2:31pm On Dec 15, 2023

Bintabisiriyu2:
So let us contact you now to learn about trading right?

Nope, i shared my story,share yours if you have one

Investment › How Did You Get To Know About Trading by Piroty(op): 1:19pm On Dec 15, 2023*

Fo me i actually was just tired of my job and how it was constantly annoying me,looked for a way out for a long time and finally bumped into trading on twitter,although i actually did continue to do my 9-5,i continued to learn in night and weekends until i got the hang of it. Had some losses in the beginning, quit and come back then quit again until i formed a good strategy and trade plan and started to gain consistently. Still stayed on the job for some time till i was able to save enough and go into trading full times especially with prop firms,they made the journey a lot easier

Would like to know how you got into trading too?

Investment › What Investment Have Given You The Most Profit by Piroty(op): 10:47am On Dec 14, 2023

There's actually very many investments anyone can be involved in. Some give terrible losses and some make very good gains. Crypto trading has given me the most profit on investment.

Would like to know yours so others can learn

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