Hello subscribers and visitors, welcome to my blog and thank you for stopping by and reading this post. Today I want to address the issue of consistency in Forex trading. As usual, I am not about giving signals but rather practical tips on how to make our trading journey successful.
Most failures aren’t as a result of bad trading strategies, but as a result of lacking consistency. Before I start sharing, please remember that no one has ever gained great muscles from exercising just once. Keep that in mind.
Consistency comes by repeating and practicing what you’ve learned. Today I will share 3 steps on how to gain consistency in Forex trading. These are practical steps that have helped me and they continue to help my mentees. Maybe they can help you as well, just try. If you still can’t get it right on your own after reading, do contact me for coaching.
1. Fall in love with the process
In anything that we do, if we do it without love, we are likely to fail or give up. When it comes to Forex trading, most people are only in it for the money. Yes, the goal is to make money but it’s going to be a process. It becomes hard to make money if we are not in love with the process because we easily get discouraged when we are challenged.
If you decide to venture into Forex trading, consistency and success won’t happen overnight. There’s going to be a process and you’ll have to fall in love with it in order to be able to nurture it. So, do fall in love with it and it makes all the difference. I know it does, just try it.
2. Have a trading plan and stick to it
Creating a trading plan is easy, but sticking to it will require you to have some discipline. You must understand that having your own trading plan means you are not bothered by what other traders are doing out there and you are also not feeling like you are missing out on anything if your trading plan suggests that you are not trading on a particular day.
3. Learn one trading strategy and stick to it until you can’t get it wrong
There is power in practicing without ceasing, I always preach this to my mentees. There are a gazillion Forex trading strategies on the Internet but one cannot learn all of them. I’ve had my fair share of trying out every Forex trading strategy that I would find on the net and I know how overwhelming and confusing that can be. I can assure you that it was a very costly exercise.
There’s so much “noise” and when you rely on the information that you are trying to grab there and there from the internet, you become so confused and end up not knowing what to do. One site tells you how bad the other strategies are and the other site swears by the same strategies which may not even be suitable for your lifestyle and personality, it’s a lot. It also becomes too much when you don’t know what you don’t know.
If you feel exhausted already by all the information that you find online, do yourself a favour and find a mentor/coach who will help you to eliminate all the noise and teach you that one strategy that you can practice without ceasing until you can’t get it wrong. Also note that I have been trading the same way since 2012 after running around from 2009 trying to find what works for me.
Thank you for stopping by. If you find value in this post, kindly share with your peers and help more traders to gain consistency. Also subscribe for future publications by clicking “subscribe” on the sidebar, wait for a confirmation email (it could be on spam) and confirm your subscription. Thank you, happy trading.
Hello subscribers and readers. Today I want to talk about fear and how it can affect your outcome in your Forex trading. There are different types of fear that one can experience in Forex trading. But before we get into that, let’s have a look at what exactly is fear.
What is Fear?
Fear is an unpleasant feeling triggered by the perception of possible danger. It could be real or imaginary. We are likely to feel our hearts beating faster, shaking or even sweating when we experience fear. It’s not a great feeling at all. Imagine having all those feelings where money is involved, real bad right?.
There are different types of fear, but in this post I will only focus on 3 types that are the most common when it comes to Forex trading.
1.Fear of failure/ loosing money
This is the most common fear that Forex traders experience. It could be because most traders go through a lot of losses due to jumping into investing in the markets without proper education and being misinformed. And because of that, by the time they acquire knowledge, they are already numb and carrying the memories of their past losses and it’s hard to let go of the past. Let go of the past and focus on the current and the future.
When you approach the Forex markets with these kinds of emotions and thoughts, you are setting yourself up for failure. It is hard to believe in your Forex trading strategy or plan if you are a scared being.
There is no formula that I can give anyone who is feeling scared every time that they enter the markets besides telling them that they must face their fears (of course it is a different story if I am coaching you because we do coaching sessions until you manage to overcome the fear) . Fear is normal and it does subside with time. The more you are active in the markets, the more you get comfortable. You just have to do it consistently.
It is also difficult to face the unknown. The best way is to start by identifying what really scares you. If it is the past losses that are scaring you, start by finding out what caused the past losses and fix that. Once that is done, you can then work on avoiding those mistakes by doing things differently this time around. If you still find it difficult to identify the issue , you definitely need a mentor to help you clear your path and identify that. You can check out my mentorship program HERE.
2. Fear of missing out
This type of fear happens when you do not have a clear understanding of how do you trade and why do you even trade. Most people who are Forex traders are still finding it so hard to plan for their Forex trading sessions. Some people are even unaware that it can be done. Most people still need to unlearn that as a Forex trader,you are supposed to be glued to your screen and stay up all night babysitting trades and have zero life outside of the markets.
Then there are those Forex traders who understand that they can actually draft a Forex trading plan and follow it (which is great, I do that as well and that’s what I teach my mentees to do).
The challenge though is learning to be content. If you find yourself being too busy at work or in your business to sit down and trade according to your plan, you are likely to feel like you are missing out on some great trading opportunities and that could be very frustrating. When you feel frustrated, chances are, you’ll enter the markets too late and loose. Again, there is nothing that I can say besides that one needs to understand that a missed trade is never a loss. There is so much power in understanding that.
If for some reason you could not sit and trade during your planned session, there’s always going to be other opportunities. Also understanding that when you don’t do any activity in your Forex trading account, you will never come back and your money has disappeared. That can happen though if you are trading with unregulated brokers. It is so important to trade with regulated Forex brokers. It is for the safety of your funds.
3. Fear of success
This is the most confusing type of fear for most people and it took me so long to understand it as well. It is confusing because no one in their right mind would intentionally feel scared to be successful. We all want to be successful. The reason why you are even trading and reading on this blog is because you are looking for ways and tips to be successful in Forex trading. So,there’s definitely no way that you can trade and be fearful of success but it happens, and it happens a lot.
With my mentees or the traders that I coach, I have realized that most of them are sabotaging themselves by “running” away from excellent trading opportunities and they’ll make all kinds of excuses why they are always identifying great trading opportunities but they never act on them or they take on demo. As a result, they are mostly making money on demo and when they eventually do take the same trades on live account, they always take the wrong ones.
The fear of success is very difficult to identify because it does not happen consciously but it happens in our subconscious minds. I believe that Forex trading is more of a “work on me first before focusing more on strategies” kind of business.
On a day to day basis, I speak to different individuals who are struggling with Forex trading. I can tell you now that most of the failures are not about trading strategies but are about how the person thinks and how they handle their emotions and self control being the number one cause of failure. With some Forex traders, it is just a feeling of not being enough or thinking that making money is for certain people (more of these lessons on my mentorship program)
I hope you found this post valuable, please kindly share so it can reach more Forex traders. Please leave a comment and share if you can identify with any of the fears mentioned above. If you wish to receive my next publication direct to your email, you can subscribe and your confirmation email could be on spam if not on inbox. Thank you for stopping by.
OK, this is it. I am honestly tired of seeing posts on the net about amazing Forex trading robots or systems. After trading for so many years, I can tell you that there’s no magic pill that would make anyone successful in Forex trading. I’ve spent some years looking for it and I know there’s no such.
Forex trading is an activity that needs focused human beings and it requires those who participate in it to have a well checked mindset. If you are struggling with discipline, you might need a coach to help you overcome that challenge. You can check out my private coaching services HERE.
The 3 steps that I am going to share are not about any best Forex trading strategy or system. If you’ve read my blog posts before, you probably know that I don’t do write ups on Forex trading strategies. The 3 steps are about our mindsets. I am a strong believer of winning in the mind first.
Step 1 #Mind your personality and your lifestyle, know if this is for you
I always emphasize that in everything that we do, we should never overlook our personalities. Some people find it hard to grow in their careers or businesses simply because they ignored their personalities and as a result, they become so miserable and stuck.
Just like any other skill, Forex trading needs someone who can commit and understand that they have to do the work and it won’t take 2 days to master it. There’s no one way to trade the markets, but there’s absolutely that one way that can suit your personality and your lifestyle. Choose a method that will work for you. If you aren’t even sure about how to choose or know which one will suit you, WhatsApp +27 76 966 9392 for a quick chat/ free assessment. You may also like to know why do I trade the way that I do. It could be the method that can suit you.
Step 2 #Be available
Once you have decided that you want to invest your money in Forex, you must be available for the process, otherwise it’s not gonna happen or work for you. You must love the process because it is definitely going to be a process (everything in life is a process anyway).
If you don’t love the process, you are likely to give up. Those who are seeing great results are those who keep on doing and doing until they can’t get it wrong. It is impossible to keep on doing something that you are not enjoying or loving. So, by all means, fall in love with the process.
Step 3 #Have a plan and stick to it
Having a plan starts with knowing why you are even trading. Is it for an extra income or a long-term investment? Whatever you choose it to be, you still need to know how you are going to reach your goal. Drafting a plan is not so difficult, we can all just draft a nice plan.
Following and sticking to it can be a bit challenging. It shouldn’t be the case though. I have already shared the other 2 steps. Your task is to see how you can use the other 2 steps mentioned above to get to this last step where you are now sticking to your own plan and trade happily & profitably ever after. It is possible and you still find it difficult, you definitely need a coach, someone who will hold you by the hand and do this with you. Do contact me.
Thank you for stopping by. If by any chance you found this post valuable, kindly share with your peers using the share buttons on the side bar. Stay tuned for more practical tips and happy trading.
On a daily basis my WhatsApp, emails, social media inboxes are flooded with lots of Forex related questions. Some questions are simple but a bit tricky to respond too. Take for instance this question “What is Forex trading?”. That’s the simplest question but it is impossible for me to respond to it over one chat because there is no one straight line answer to it.
OK, back to the topic of today. Today I want to answer the public regarding this question. Over the past few weeks, this question has been very popular, it keeps coming up. People are asking me if Forex trading will ever end or disappear.
These are the people who are following me and have probably read online about Forex trading and they are a bit skeptical. I am not great at convincing people regarding Forex trading. I am however very giving in terms of information and that is what I do best. People can then decide if my information is useful or not.
Why Do People Even Ask This Question?
I will start by saying that whoever asks if Forex will ever end or disappear is clearly lacking information of what exactly Forex is all about. I also do understand why most people are confused. Most of the times when people see/ hear the word “Forex”, words like scam, easiest way of making a quick buck without putting any effort, pyramid schemes etc quickly come to mind. It is simply because of how it is misrepresented by those who are involved in it.
I have published a blog post and tried to simplify it and answered some of the questions that you may have regarding this subject. You can check out the blog post HERE before you continue reading here. Whatever that I am about to say will make more sense after reading the blog post mentioned above because you first need to understand what it is all about.
Will Forex end/ disappear then?
As long as there are different countries using different currencies, they’ll always be Forex. It will always exist because Forex is all about exchanging money. We all participate in Forex in some way. When you go to the UK from SA, you won’t be able to use your ZAR in UK. You’ll definitely need to exchange your ZAR to GBP. That is now you, participating in Forex because you just sold your ZAR and bought GBP.
Where Does Forex Takes Place?
Forex market has no physical location where it takes place, but the exchange of money is something that happens daily via banks. I always say there are no stupid questions in my books and I mean it. I am glad that people are asking me this question more often and now I finally got a chance to sit down and pen this blog post responding to it.
As long as there are still Central Banks and no universal currency, there’ll always be Forex. Maybe the question should be around regulation and about whether it is legal or not. Ending or disappearing? I really don’t think so. Is Forex trading even legal in South Africa? Find out Here
Why Is It so Important To Trade With A Regulated Broker?
Talking about regulations, please ensure that whatever broker you trade with is regulated. It can be an international Forex Broker, but it must also be regulated by the regulatory body in your country. I always prefer to use FSCAregulated brokers formerly known as FSB. This is for the safety of your funds and for your peace of mind.
Trading with unregulated Forex Brokers can be a cause for Forex trading to end or disappear for you when they disappear with your money, that’s what they usually do. Otherwise, feel free to explore how you can make money through Forex trading. Should you need to be coached on that subject, you can enroll for my Private Coaching. Thank you for stopping by and kindly share this post.
Welcome back. I have been getting a lot of questions regarding a trade war and why does it even happen. I have also received requests to publish a simplified version of what a trade war is. There’s been a lot happening lately between the United States and China.
I always try to simplify things for my readers and this post is another attempt to simplify the trade war concept, tariffs and so forth. Because of how I trade , I am very interested in understanding how the markets work and anything that might cause a market reaction. I also trade a lot of Geopolitics.
What exactly is a trade war?
A trade war is an economic conflict resulting from extreme protectionism in which states raise or impose tariffs or other trade hindrances against each other in response to trade barriers imposed by the other state.
What is a Protectionism?
Protectionism is an economic policy that restricts imports from other countries by imposing or raising tariffs on imported goods and import quotas.
What Is A Tariff?
A tariff is a custom tax paid on imports or exports between states and it is also used to regulate foreign trades.
What Are import quotas?
The import quota is a physical limitation of the quantities of different products (imports) from foreign countries that can be imported into the country within a specified time period.
Why Are Tariffs Used?
The main aim of using protective tariffs is to protect the country’s domestic industries and to make the goods that are imported from foreign countries to be less attractive and more expensive and basically to promote the use of local goods.
They are used when the country’s domestic industry feels threatened by foreign industries. It is also to put domestic products which are in the same market at an advantage by making the imports more expensive. The disadvantages are when the other party retaliate and raises their tariffs on their exports to protect their domestic products as well.
What Is US Trade War?
Since the 22nd of January 2018, United States and China have been engaged in a tradewar involving the mutual placement of tariffs. US President Donald Trump had declared in his campaign that he wants fix China’s longtime unfair trade practices.
Example Of A Trade War
A recent ban of Huawei in the US markets has “broken” the internet and the news have been circulating and they are on everyone’s tongue. China said that they will retaliate. It is also reported that sneaker giants Adidas and Nike have written a letter to Donald trump asking him to reconsider the tariffs imposed on Chinese imports.
I hope this post helps. If you find it valuable, kindly share with your peers. You can also subscribe to this blog for weekly publications. Should you need private coaching ,feel free to Contact me. Thank you for stopping by.
Forex trading has become so easily accessible through Online Forex Brokers with just as little as a $5 start up capital. Is it even possible to trade successfully with such a small amount?
Hello amazing readers, It’s been a while since I published a new blog post except for the weekly economic news. Do you guys see the new clean look of this blog though, I can’t get over it. I hope you love it and you’ll also find it easy to navigate through. I cannot thank the designer enough for this stunning website and mostly for the top of the range service that they offer, they are truly amazing. You can view their portfolio Here. Let me get back to the business of today.
A lot of times I get people asking me about the minimum capital to start a live Forex trading account. I always try to be as realistic and practical as possible through my answers.
How realistic is trading a very small account?
You can walk into a shop and see R9.99 Per Kilo on chicken, but walking inside the shop does not mean you’ll come out with a R9.99 full chicken (you may not come out with any chicken at all) this is simply because you don’t really want to buy 1 kilo and obviously you’ll end up paying way more than R9.99. This is just me trying to simplify my explanation and just to get my point across (I’d love a nicely grilled piece of chicken right now though)
The same goes with Forex Brokers, they have their set minimum amount which does not really mean it will make sense to you. It can be extremely challenging to trade a very small Forex account, It’s reality. A while ago I published a blog post just to give an idea of how much can one start a live account with. I did that to share a realistic approach towards Forex returns. You may view the post Here.
Your earning potential is highly linked to your Capital
Not everyone has a privilege to start a live Forex account with at least $1000 or more. I have always maintained that it is not only about your trading capital but it is mostly about you (which is why I focus more on trading psychology). It is also the truth that your earning potential is highly linked to your start up capital. We need to keep it real. You may like to read this post about Forex returns Here.
The way you can nurture and grow a small Forex account is the same as you can do with a bigger account. These two require the same discipline and money management.
Tips on how to grow a small Forex trading account
First of all, you need to accept the fact that you won’t make much from a smaller account. Secondly, you need to start viewing your Forex trading account as an investment. You can set aside a portion from your other income such as your salary or business. If you don’t have any other income, this is the reason why you need to have another income stream. Find a way to earn an income (there’s always a way if you look hard enough). By all means, find that other income so you can be able to invest more in your trading capital. Add this portion to your Forex trading account month after month just like you’d do with your savings account.
How much can you set aside per month to invest in your Forex trading account?
I don’t know, but let’s say you can manage to set aside R1000 (you can even take from the money that you use for entertainment if you have to). Deposit it into your Forex account. This will not only increase your trading capital, but it will definitely shift your mindset and help you to view your Forex trading account as a serious investment opportunity that it is. It will surely become one of your real investments and you won’t be easily moved by what social media feeds you regarding Forex trading.
Forget the hype and keep it real for your sake
Most traders still believe in all the hype that is sold to them on social media regarding Forex trading. When you get to this stage where you are no longer hyped up and easily influenced by a “get rich overnight” mentality, you start to see progress. Progress is what you need and unfortunately you won’t find it overnight.
Is it bad to start small?
Starting small is OK and it also has its advantages. That thing can teach you lots of patience which you’ll always need by the way. But you don’t have to stay small. Investing more money helps in creating a better trading environment where you don’t worry much about chasing a number of pips because you can take just a few pips which can give you tangible profits. You also want to see your efforts of logging in to your trading account being rewarded.
I am so sorry if you were expecting a Forex trading system which will supercharge your smaller account and turn it into a million bucks overnight. This was just me stopping by and giving you practical tips which I’ve personally used.
I hope this helps. If you find it valuable, please help me to reach out to as many people as possible by sharing this post using the share buttons. Thank you so much for stopping by and reading. Happy trading , don’t forget to keep it real and contact me for private coaching.
I must say, it felt so great to type this post, I guess it’s the environment (my stunning site, sorry to keep on mentioning it but I just can’t get over it, I promise to keep it to myself next time, today is my first day akere). Stay tuned for more practical Forex tips and also subscribe so you can receive my weekly blog posts straight to your email. To subscribe, just tick on ” Notify me of new posts by email” at the bottom of the post.
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