Is There Instant Success In Forex Trading (For Beginners)

Is there instant success in forex trading for beginners

Imagine yourself in 10 years:

– Successful trader

– Trade where you want

– Trade when you want

– Financial freedom

But you want to give up now because you are not a millionaire after 2 months or 2 years?

You’re mad!!!

Throw that get rich quick ( Instagram traders) mentality and stick to the plan.

Enjoy the process

The journey is a marathon not a sprint

Nothing comes that easy

Intelligent people learn from their own mistakes ,wise people learn from other peoples mistakes.

Learn and read from the experience of others.

It should not take years to learn the game.

Investments are a necessity , making them early is important.

But what’s better is having a company that guarantees minimum risk of losing.

And then you have this platform that helps beginners

XM Capital

For forex trading at

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I’ve been getting a lot of questions since about STARTING SMALL…

Get a 100usd account.. risk 5usd per trade,U will need 20 trades to blow up ur account.

*If u have a 40% win rate with a reward of 1:3.

For every 5usd u get a reward of 15usd….

With a 40% win rate which means 40% × 3 ( 3 is the reward per trade) you get 120% return .. your 60% loss has been gained with 60% profit..

This means if you take a total of 10 trades and loose 6, u loose 6×5usd = 30usd and have 70usd as your current balance from your 100usd..

If you win 4 out of 10.

It is 4×5 = 20usd then ur 20usd times 3( your reward of 1:3 per trade)

*You have a total of 60usd*… Your initial 30usd loss + your 70usd , you get back your capital with a *30usd profit*

Note:- to trade like this , you must strictly know how to calculate your lotsize based on your setup.

Your risk per trade is constant (5usd) what changes may be the stoploss and this is what also gives changes to your lotsize…

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Lotsize are not constant, your LOTSIZE is determined by your *CONSTANT RISK*

.. THIS IS ONE OF THE HARDEST PARTS TO GASP BECAUSE IT INVOLVES A LOT OF MATHEMATICS.

*YOU MUST MAKE SURE THE LOTSIZE YOU SET PER TRADE IS EQUIVALENT TO 5USD LOSS ONCE PRICE HITS UR STOPLOSS*

*If you have 1000usd capital, you can decide to risk 20usd per trade… It will take upto 50 trades to blow up your account.*

*If you have a 500usd Capital, you can decide to risk 10usd per trade… It will take UpTo 50 trades to blow up your account*

The Possibilities in the market are endless *7% weekly with a 10usd risk is over 70usd*
*7% weekly with a 5usd risk is over 45usd*

All you need to do is have a working and proven strategy of 1:3 with a winrate of 40%.

*Filter out pairs and choose pairs that trend and gives you set-up 60% of the time.*

*When it comes to TRADING SETUP, not every asset class is your friend, most pairs are stingy with YOUR SETUP, IT IS LEFT FOR U TO DISCOVER THEM AND CHOOSE PAIRS THAT PRESENTS YOUR SET-UP CONSTANTLY WITH A LOW RISK HIGH REWARD…*

*I don’t trade *NZD PAIRS* cos of the spread.

I don’t trade *JPY pairs* because they hardly pull back or retrace…

*Usdcad and eurchf * because of the nature of the pair movements, generally chf also spreads.

So I have several factors and reasons why i don’t trade most pairs.

All this still falls in line to *PAIR SELECTION BASED ON YOUR TRADING SET-UP AND APPROACH*

You can try AI software to help you once you get a pair selection that you like.

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3. It automatically analyzes the market data.

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Forex Dilemma: A Psychological Problem That Plagues Many

This is a common problem in forex.

Let me know how you go about it, as an individual.

Be honest with yourself (Is what you say or think always different from your real action).

We always struggle with what you think you should do versus how you think you might act in the real world.

**ASSUMPTIONS**:

-Trading your own capital, capital of $2,000

-No trading rules (you can choose leverage, leverage, open many positions, trade news and holding trades as you wish)

-you saved this money for months and so it means a lot to you

**TRADING SCENARIO**:

-You opened a trade and by mistake you didn’t put a loss (some of you may say, “You should have placed a stop loss immediately you entered” etc, but let’s assume for some reasons you didn’t put it, for example, you realized that you’ve managed to predict the market direction correctly in the past but you’re always stopped out, so you think you’re not going to give them another chance to do this, this time)

-You did open a buy position with a large lot size at a strong support level once the market starts moving up.

But just immediately after entering, the market goes against you.

But you hope it’s coming back your way as you think it just went down to test the support level once more.

– You also assume the furthest the market can go against you is only 50 pips and in that case your loss will only be 5%, which gives you confidence.

You’ve checked with daily and weekly charts and considered this a very strong support level.

So, this is a very rare setup as it comes once in a while and you thought you should take full advantage of it (trying to write what you feel or have observed)

– You hold on to the trade.

But something happens and it drops to 60 pips but you think it’s not very far from your expected 50 pips drop (maybe you think it went down to take out some stop losses, something that you’ve avoided by not placing the sl- somehow you think you’re smart)

-The market comes back to the level you opened your position (your confidence grows) but then drops again to 50 pips and then unexpectedly 100 pips (10% loss and fear somehow kicks in).

You think you cannot take such a huge loss- you want the loss to reduce to 30 pips (3% or $60 loss) to exit, a loss that is okay with you.

The loss reduces to 40 pips and now you think your strategy of exiting the market with a small loss will work, but all of a sudden the price drops to a new loss of 80 pips and then 150 pips (15% or $300 loss).

But now you presume this is the end of that drop and keep holding on, because you’ve sworn to yourself not to take such a huge loss.

-At this level you’re in fear, denial, bitter and irrational.

You keep waiting.

– After 4 days of holding, your loss multiplies to 50% ($1,000).

After 8 trading days of holding, your loss now grows to $1,600.

You now start sensing a possibility of being wiped out.

You’re ready to act but not sure how.

If you take the loss, you think it would be hard to recover the lost $1,600 as your lot size will even reduce with the current $400 trading capital.

You also think the small $400 capital cannot feed you consistently as you had planned earlier; so you feel it might be useless to trade with capital unless you scalp, which is also risky.

Somehow you feel holding the loss can lead to a better level of exiting the market (at a much smaller loss- say, $1000- than the current one).

However, you’re also aware that continuing to hold this trade might lead to a total loss of the capital.

What will you do?

Be more honest with yourself when you trade; you might find someone who helps you overcome this complex problem in forex.

N/B. This is not my current situation but I have experienced such an incidences so many times in the past.

Intelligent people learn from their own mistakes ,wise people learn from other peoples mistakes.

Learn and read from the experience of others.

It should not take years to learn the game.

And when you do.

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While still on the charts*

*Be more opportunity focused*

*This comes first before risk management*

Its all about *WHERE WILL I MAKE THE MOST MONEY WITH THE LOWEST AMOUNT OF RISK*

No One Becomes A Successful Trader Without Making A Mistake.

Every FOREX trader has a problem of overthinking

Trading becomes better when you do it for the PROCESS and not the PRICE.

Fixing your eyes on the price will make you fall easily in to the many traps of trading.

E.g greed, fear, over excitement etc.

Doing it for the process means you follow through every facet with understanding and embodiment.

So there is no instant success in trading forex.

You have to pay your dues.

You have to learn.

You have to have patience.

You have to control your psychology.

This all takes time.