by Ntombi Malatsi | Mar 25, 2018 | FOREX FOR BEGINNERS, FOREX TRAINING
Why Demo Account Seems To Differ From Real Account
Welcome back to my blog. Today I will address one of the frequently asked questions about how demo account seems to differ from the real account for many traders. I have traded both accounts (obviously).We all start with a virtual account then move to the real account as soon as we feel ready. I think it makes more sense to share my own demo Vs real account trading experience and also of those that I have recently spoken to regarding this subject. It was a week ago when I spoke to one of my mentees who has been on demo account for a couple of months now, this is what he said
“Effects of being on demo for a long time are not good. It’s easy to ignore the rules and be not focused. That’s what I have realized. I need to be on live as soon as possible. Strategy part of trading can be mastered on demo, but the emotion part is not covered at all and it is the most important part of trading″
I fully agreed with him because that’s exactly what I noticed with my own demo trading experience. When I was still on demo account I thought I was just going to cruise on real account because of how I perfected the skill on demo account and the amount of time I spent trading on demo. To my surprise, that was not the case at all. As soon as I started with the real account, my confidence went out of the window. I started to worry and the fear started to cripple in. The outcomes from my trading suddenly changed drastically. Last week Friday, I was talking to my other mentee who has been trading live account for some time now but she still has some challenges there and there that she needs to overcome. She still does check in on her demo account sometimes (it happens when you are scared to just enter a trade on real account or maybe when you are not trusting your own analysis at the time). She actually inspired this post and I told her that I will write this blog post and feature her comments on the demo Vs real account matter. This is what she said just after we traded our 3rd Canada CPI and I was doing a follow up on how she did (I trade together with my mentees)
“I went to demo and made a lot of money. Sometimes I don’t understand why I make so much money on demo account using the same strategy”
My conversation with her went on and on and I was telling her why she needs to forget about demo trading now and focus on acquiring the experience needed for real trading account. The main reason why she makes more money on demo account using the very same strategy is that she is emotionally relaxed when using the virtual money that comes with demo account than when she is trading her own money. I know it was the case with me as well and so it is for many traders out there. There’s a thin line between being careful and being scared and scared money never makes money.
Benefits Of Demo Account
There’s a lot that a newbie needs to learn as far as Forex market is concerned. Brokers do provide a virtual account which comes with virtual money for practice/learning purposes. Demo/virtual account does give an idea of how the live trading account operates. A newbie will actually get a feel of how the buying and selling are done in the markets and that’s the benefit of learning from a virtual account without risking your own money. The reality though is that the experience/ success that you might achieve on demo account does not indicate the live/real account experience/ success. It is advisable to practice/ learn using a demo account with the understanding that how you perform on demo account has got nothing to do with how you’ll perform on real/live account.
How Long Must One Practice On Demo Before Real Account
There is no straight answer to that question. I suggest that as soon as you understand how the buying and selling works and the strategy that you’ll be using. Of course, there’s a lot more that goes into trading successfully than just a strategy. You’ll have to acquire a good money management skill as well. All of the above mentioned can be achieved using a demo account. You can practice on your demo account for 10 years, but your first day on real account will feel exactly like that first trade you placed on demo account 10 years ago. See, all that experience you got from demo trading will not matter at all. You will need a new set of skills and experience for your live account. I always advise my own mentees to spend some time on demo and get the real test as soon as possible. A trader needs 2 sets of experience, the one acquired from demo and the one from real account which is the one that you need the most. Trade on demo, but do not delay yourself by staying there for too long.
Opening A Real Account
I published a blog post some time ago about start up capital on real account. You can read it HERE. On the post, I mentioned how you can start small and add more funds as you get more experience. I also spoke about how trading a smaller account can be discouraging and frustrating as everything move slower. With the right kind of support/mentorship, you can start with an amount that can give you a better trading environment (less stressful). Whatever amount you decide to start with, be ready to learn all over again. The live account seems to be different from demo account because of the emotional attachment we tend to have when real money is involved. How we handle and respond to pressures that come with trading on demo account is totally different from how we deal with them on real account.
Use demo account to learn, but don’t delay yourself by trading it for years and years. There are other issues that may arise with real account that you did not really bother to pay attention to while you were on demo. Slippages, re quotes and sometimes just the slowness of your internet connection. We tend to ignore these on demo platforms and only realize them on live account because our money is involved and we become extra careful. Being careless while on demo is the order of the day, we can leave trades running unattended without fearing or thinking about the losses or swaps. One can blow a demo account and request more virtual money from the broker.
Do you think you are ready for your live account? Do talk to me for recommendations or you can check these FSB regulated brokers and sign up with one of them (for the safety of your funds, always trade with regulated brokers) I have personally worked with the recommended brokers and they can be trusted with your funds. For private lessons & mentorship, check out this page for more information. Thank you for stopping by. Kindly share this post should you find it valuable.
by Ntombi Malatsi | Feb 10, 2018 | FOREX FOR BEGINNERS, FOREX TRAINING
What Is a Forex Trading Journal And why Is It Wise To Keep One?
Welcome back. In the beginning of the year, I wrote my first blog post about the importance of planning. If you missed it, you can check it out HERE. To me , successful trading involves lots of planing among other things. In 2017, I published a post on how to keep track of your own progress, do check it out HERE. Trading is all about performance. Maybe I take my trading too serious. If you are like me by any chance, you could use some practical tips that I am about to share today.
I always talk about keeping a trading journal. I always get questions regarding what to really diarize on it. So today I decided to share some tips. There is no right or wrong way to write on your trading journal. Even with my own mentees we don’t write the same things. There is no right or wrong information to put there, anything goes. This is just like your normal diary where you diarize your feelings, your daily activities, the outcomes of your activities and so forth.
This blog is all about being practical. Every time I write a blog post I try to be as practical as possible. I usually share my own experiences and how I overcame some obstacles in my own trading journey. I believe my tips can be used by anyone irrespective of the method of trading. You do not really have to trade like me or even like how I trade for you to use my tips. I hope you’ll find today’s tips valuable.
Before you engage in any trading activity, you need to understand your state of mind. I think there are days where we should not engage in the markets simply because of how we feel. I wrote a post some time ago addressing this issue, do check that post HERE. If you can do that on a daily basis, you can actually avoid lots of mistakes in your trading. OK, back to today’s business which is about me sharing what I write on my own trading journal. You can alter it to suite your own trading style. This is more suitable for my own trading style. I like to keep things simple, I am a very simple girl.
My Own Forex Trading Journal, What’s In It?
My trading journey has been a very rocky one. Perseverance got me to where I am today. I got to a stage where I was so tired of making money and loosing it all back to the markets because of some news that would come as a “surprise” to me. I also got tired of spending sleepless nights and being grumpy in the house. I will never forget how my son said I control the mood in the house, that was not good at all (let’s not go there, this makes me laugh now). You can read all about my trading story HERE. Any ways, I do preplan for all my trades every Sunday (of course, my trading method allows me to do so). This means I know all the currencies that I will be focusing on or trading, why and when will I trade them. So my trading journal is based on that. There are many templates on the net, but I do not use any template. I only write what I feel at that given moment. No complicated stuff there, just real stuff that I personally note on my own Forex trading journal.
What I write on my own Forex trading Journal before the actual trading takes place:
- Currencies that I will trade
- Time at which I will trade
- Reasons why I will trade
What I write on the day before the actual trading takes place:
- Any breaking news that might affect my trading plan
- My mood, am I worried or stressing about something?
- Do I have enough time to sit for my trading session?
So basically, I do the whole “dear diary” thingy.
What I write after each trading session:
- Was it a good trade, did I choose perfect pairs?
- Any mistakes that I think I might have avoided? (yes I am human, I do make mistakes sometimes)
- What I think about my TP, was is too close or too far? If I happen to close my trade manually, why did I do it? Was it because I had stayed in a trade for a longer time than I thought I would? Was it because the markets did not respond well to that particular event and so forth or was it because I did not have an extra dose of patience to stay longer.
- What is it that I think I should have avoided?
- How far am I from my daily target if it is not yet reached, will I sit for my second trading session of the day (if I have more than 1 session).
- Some notes on how the markets reacted to this particular event, how long did it take to move, how many pips did it move by? Was it the same, better or worse than the previous one (I mention previous trades because of my trading method, I trade the same events repeatedly because they are recurring. I always compare notes from the previous trades to improve on my next one). It is also important to me to note how the markets perceived the event before and after the release.
- Was I happy with the overall outcome or is there any regret?
Like I said, there is no specific way to write in your Forex trading journal. Anything goes, if you feel that it is worth noting down, by all means do note it down. Never overlook your feelings though, note them down. Were you nervous or were you more relaxed, did you panic or you were less or more confident than the last time. It seems too much, but the more you do it, the more it comes naturally and you do not see it as a chore anymore. I always say, your trading should not end when you close that trade. It should begin right there when you do your post analysis exercise. These are the methods that I have used to eliminate all the randomness in my trading. I hope you’ve found something or at least an idea of how to write on your own journal. Thank you for stopping by. Kindly share this post with your peers. You can also check my private lessons & mentorship HERE.
by Ntombi Malatsi | Jan 2, 2018 | FOREX FOR BEGINNERS, FOREX TRAINING
Welcome back and happy new year. It’s a new year, new dreams, new goals and new mentality. Hopefully you have rested, I did. I am ready to roll and hit the markets again. I must add, I am feeling refreshed and ready now more than ever.
On this post, I am going to talk about 4 things that I think will assist in channeling you to the right direction. Below is my A list of the things that have helped me to grow from strength to strength over the past few years of trading the financial markets.
1. Planning
You know how I try to normalize this Forex thingy as exaggerated as it is. I always say if you keep it real, you are likely to treat it as an investment, and that on it’s own eliminates the gambling mentality. During this time of the year, everyone is out there trying to make some plans, be it preparing for the kids to go back to school, going back to work, going back to the gym and also going back to eating clean (yours truly has already started after indulging so much during the festive season) and some are working on new ideas to be implemented to their businesses and so forth. We are all busy preparing for the year ahead. As a trader, you should also be working on your plan for the year. Your planning should not leave out a trading plan which is basically about these key areas:
- What?
- Why?
- When?
- How?
I am very aware that not everyone trades the same way as I do. There are a gazillion methods of trading out there, but there are some core principles that can be implemented by anyone, irrespective of the method of trading used. See, you do not have to trade like me, but you can implement some of my tips in a way that suits your own method. For me, those 4 are a must in my trading plan.
2.Setting goals – short and long term
Trading without any goals is like driving around with a map without a destination. You are just driving around but you are not sure where you are going. Let’s talk about your intentions first. Why did you even open that live trading account? Please do not start with the “I am trading for fun story” because that would only mean that you have a very expensive taste when it comes to having fun. Setting your short and long term goals should not leave out your intentions and your intentions should revolve around the following:
- What are you planning to achieve?
- When do you want to achieve it?
- Is it a daily, weekly, monthly or a yearly income that you are trading for?
Whatever it is, make sure you are as realistic as possible to avoid disappointments which might lead to gambling (it happens when you are expecting too much from a smaller investment) You must also make sure that you do understand that your earning potential is highly linked to your start-up capital. You might like this old blog post that is directly addressing the issue of start-up capital . Please note that my blog posts are in no way about giving financial advice. These are my personal methods that have worked for me. I am also not guaranteeing you anything, I cannot even guarantee my own returns after so many years of trading the financial markets, no one can, because the trading opportunities in the markets aren’t the same every day. If you happen to like what I share, tailor make it to suit your own circumstances and also consider your needs, which might be different from mine. Once you get that out of the way, half the battle has been won and congratulations, you are on your way to achieving them. Your path is getting clearer and clearer, you must just get up and execute. Remember to write those goals down, always keep a trading journal with you, I always do.
2.Focus
This is my personal favorite, without focus nothing great can be achieved. I have seen how it can delay one’s progress/growth. Being focused simply means that we are eliminating all distractions. In our case (as traders) distractions could be all those Forex groups. I can testify to that one. I started to focus more and to see progress when I eliminated all Forex groups. That is the best decision I’ve ever made for my trading career, I will never regret it. You should try it, and see if it won’t bring about change. Find a mentor if one on one private mentorship and having someone who will hold you by hand is what you need, and you are willing to pay. Try not to follow many social media pages if self-teaching and learning for free from the internet is what you are looking for. Whatever you do should be in line with what you want, you must be sure of what you want. If you need a mentor, you can email me at ntombimalatsi@learnfxtrading.net for a quotation on my private lessons or Whatsapp me on +27 64 510 4132 or +27 76 966 9392. Focus also means we are saying NO to all the noise (there is so much noise in the net) and we are trying so hard to master what we have learned. There is no one way to trade, but there should be one way that you as an individual use to trade. I found mine, it goes very well with my lifestyle, my personality and my needs.
3. Consistency
This can only be possible when you have applied “focus”. Being consistent has got nothing to do with the amount of profits that you make daily. Try to track your weekly or monthly progress because a good trader is the one who can look back on what he/she has achieved month after month and be able to track their yearly progress. Consistency is also about being able to trade the same account, grow it while you are managing to protect your equity. If you are making weekly income for the whole year but you add funds to your account monthly only to donate it back to the markets, I am afraid you are not progressing, and you are not consistent. Being consistent is not about making the same percentage amount per month (remember what I said about guarantees), it is about being able to move/grow your account from point A to B, not necessarily from A to Z. If you manage to move by 10% this month and manage 5% the following month, and 30% the next month, you are doing great. You are maintaining some level of growth, and that is what your account needs.
Adding funds to your trading account is another great way of creating a better trading environment which will allow you to buy and sell in larger quantities. Trading in larger quantities is highly linked to higher profits, which will lead to less pips and more profits. If it means setting aside a certain amount monthly to boost your account, do that, but do not do that only to donate it back to the markets. You will need a certain level of discipline to get to the stage where you are able protect your equity (I cannot elaborate more in a blog post). Lastly, track your progress, get feedback from your mentor (if you have one). Do not shy away from facing the reality of your trading status. Track your progress and be honest to yourself or your mentor, this is a brilliant way of keeping consistency. Many traders think that tracking is about judging themselves and it makes them feel bad for making “stupid” mistakes. The truth is, you can only fix what has been diagnosed and the only way to get that diagnosis is through tracking your own progress. Don’t be too hard on yourself. Be courageous enough to draw those weekly statements and face them. Remember, no feedback is negative. Every feedback makes you to perform better next time. (I cannot wait to resume our weekly feedback sessions with my mentees)
I cannot believe that a well-planned post which was supposed to be only 300 words has gone this far. Keeping it short is something that does not exist with me. I am glad that I did not make any promises of keeping it short (my mentees know, I cannot keep it short). Thank you for for stopping by, sorry for such a long post. If you find it informative, kindly share it with your social media peers and let’s assist as many traders as we can. I am sure someone out there is looking for this practical information. I wish you all a productive and a pip filled 2018.
by Ntombi Malatsi | Oct 22, 2017 | FOREX FOR BEGINNERS, FOREX TRAINING
Hello readers, welcome back. If you just stumbled upon this post, Hi to you as well and you are all welcome, I hope you like it here. Today I might not be your favorite Forex blogger after reading this post because I am about to be brutally honest and I might just burst your bubble.
I know the truth hurts, I hope you find a band aid. I apologize in advance, my intentions are all good though. I hope by the time you finish reading this post, you will make the best decision. Most of my blog posts are from my own experiences or just from listening to my reader’s questions and responding to them via a blog post. I have listened again, hence this blog post. Today I am going to address the “I want to quit my job and trade Forex full time” question. Just hear my views, and you can decide if you still want to. A few questions to ask yourself.
How long have you been trading?
You need to ask yourself if you do have the required experience in the markets. If you have at least traded for 2 years consistently. I know you are probably thinking of that guy/lady you admire so much on IG and FB who just told you this past weekend over his seminar that you can actually make it big as a Forex trader.
I want you to know that that’s very true and possible, but maybe the guy/lady has some trading experience and he/she “forgot” to mention that to you, do not worry though, I got your back OK. You are also probably thinking that if you learn from that person, you will make it. Truth is, you cannot buy his/her experience. You will have to gain yours. So think about that and also be aware that the required experience may be costly.
How much are you willing to invest?
Ok, I get this one a lot, I always get this question about how much can one start with. I even wrote a blog post addressing it, see HERE . Like any other business, if you invest more money in your fruit & vegetable shop, you will be able to buy more stock which will then lead to making more money (if you manage to sell everything, also bear in mind that there might be natural disaster which may lead to unexpected losses, that is how business is).
You will actually make more money than the person who had a small amount of money to start with (I hope I make sense). In your trading account as well, your profits are highly linked to your account size. The more money you have, the more financial instruments you can buy or sell (in larger quantities) which will then lead to bigger profits. We can all trade exactly the same instruments, make the same number of pips, but the volume traded makes all the difference. Forex and fruit & veggies in one sentence? That’s how real I keep it.
Just to get the point across, let’s say you make a whooping 100% every month consistently (Ok, you guys know that I am not out here to double accounts and I do not really believe in that or even know how to double accounts consistently, but let’s just go with that 100%). You are a new trader, you just invested $300 and you can make that 100% (I am so uncomfortable to even write about this 100%). Are you really looking at making a living with only $300 per month? Have you seen the price of food my friend? (I won’t even go as far as talking about petrol and other day to day needs like school fees) so, think about all that, if your answer is no, please keep your day job and continue to trade. Work harder so you can invest more money in your account to make more.
How many hours are you planning to spend?
Ok, with this one, we have to go with my method of trading (my blog, my rules *smiles) which does not require me to stay glued to my laptop the whole day. My live trading sessions are pre-planned. Let’s assume you are all trading with me (please guys show some love and make me famous please, just for the purpose of this post, you guys are all trading with me just for today).
Let’s say we only have 2 trading sessions each day (Monday to Friday). What are you going to do the whole day? Are you just going to sit around waiting for the live trading session? Guys, you will be bored to death believe me. Think about what you will do when you are not trading. Even if you are not trading with me, no one trades every minute all day long. Think about that. Find purpose and be productive. We have a whole life ahead of us. Trading account should not stop us from growing in other areas of our lives.
What if it doesn’t work out?
I can “see” your eyes popping out as you read this. Yes, it can happen. It might not work out. You might give up along the way because you are lacking patience and you are too eager to make money. It might not work out for you because you are all over the place trying every method of trading that you see online. Or it might not work for your simply because you are worrying too much. It happens a lot when you are trading under so much pressure.
You are likely to stress and make so many mistakes when you are already thinking about your monthly bills. Who wants to have one income stream anyway? It is never a good idea to have one income, especially if your only income comes from the markets. We do not create our own trading opportunities in the markets, so what are you going to eat when the trading opportunities aren’t as plenty as they used to be? Think about that.
This post is not about instilling fear. This post is all about being realistic, about what could happen when you drop everything and just trade. For the records, I also try by all means to have as many income streams as possible. I find it weird to have people asking me the “I thought you were trading” question whenever I mention other business ventures that are not markets related.
Until you start that business and it is now paying you, please keep your day job. I know most people do not love their jobs. But think about it. I usually talk about these in detail with my mentees. If you wish to know more about how to be one of them, kindly check all details HERE. I hope you found some value in this post, kindly share to assist other traders out there.
Please help to keep this blog going with free content. If you need to open a live account kindly register with one of the recommended FSCA regulated brokers using the links provided HERE. For further assistance you can WhatsApp me on: +27 78 144 6851. Thank you for stopping by.
by Ntombi Malatsi | May 28, 2017 | FOREX FOR BEGINNERS
Old Blog Posts That You Might Have Missed
Hello readers. I have written so many blog posts in the past few years of this blog’s existence. Most of these posts were never read or shared as much as my posts are read and shared now. Today I decided to revisit some of these old posts that I think are still relevant even in 2017. Some of these posts were published way before I got followers or even one subscriber on this blog. These posts went unnoticed, they were never read. I get lot’s of questions on a daily basis and most of these questions are covered on the old posts. So in short, this post is all about referring you to my old posts that you might have missed. I really do not know what to call this post, maybe we must call it a reference post, I am not really sure, but anyways, be warned, there’s lot’s of reading ahead.
Back in 2015 I published a post about the stock markets and Forex markets HERE. You can also read about why do most Forex traders fail HERE. I also shared a lot about Forex scams HERE. Read more about day trading for beginners HERE and also over trading to make up for a loss HERE. Sometimes traders refuse to take responsibility for their own actions, I wrote about some of the excuses that Forex traders make HERE. To know about the importance of patience, read this post HERE. If you are struggling with your emotions, read this post HERE. You want to know the best time to trade, read HERE. The truth about Forex trading, read HERE. About copycat trading, read HERE. You are not sure if you should use a paid Forex signals, read this post HERE. Find out about your own trading personality HERE. You are going through a draw down, you are not sure what is a draw down, read HERE. There are also FAQ’s HERE. About how much trading capital you can start with, read HERE. To set up your own monthly, weekly and daily targets, you can try this table HERE. Read more about success rate in Forex trading HERE. Is it even possible to trade for a monthly income? Find out HERE. You want to make the learning easier for yourself, read HERE. Learn how to manage your Forex trading progress HERE. How does your ego affect your trading? Read this post HERE. Also read more about conditions that may affect your trading HERE. While we are still at it, learn how to trade U.S Non-Farm Payroll HERE since the next release is on the 2nd of June.
There is absolutely nothing new today. I just thought I should refer new subscribers and those who just stumbled upon this blog today to my old blog posts that they might have missed. Thank you for stopping by. Have a great trading week ahead.
by Ntombi Malatsi | May 7, 2017 | FOREX FOR BEGINNERS, FOREX TRAINING
Make Forex Trading to work for you, simplify everything
Hi, welcome back. If it is your first time here or you just stumbled upon this blog, you are welcome to subscribe for future posts (hopefully you’ll love this particular post). Today I want to talk about how you can make your Forex trading career less stressful (mine is less stressful because I simplify everything and I do not follow the crowd). Forex trading is all about performance. In any area of our lives, we tend to perform better when we operate from a clear and a sober mind.
You do not get fit just by joining Virgin Active and lazying around at the gym. For you to have that rock hard six pack and a killer flat tummy, you have to work very hard. Going to the same gym does not mean we will all come out with great bodies, only those who are committed to eating clean, drinking water and following all the necessary instructions to attain a great body. You do not jog for only once a month and go for the Comrades Marathon right away, it doesn’t work like that at all. You have to train and exercise for months before the Comrades. OK, before I lose track, let me stop talking about the gym and great bodies (I am already looking at my scale as I write this, I did drink 2 glasses of water on an empty stomach though, trying to follow instructions as well, let me focus).
Make your Forex trading learning process easy, simplify it
So you enrolled yourself for my private lessons (or any other institution) and you are learning how to trade. Now 4 weeks of learning is over ( with some institutions, it is only 2 days though, post for another day) and you are now required to practice what you have learned. I personally offer mentorship to help a learner to master the skill. That is one of the most challenging exercises ever, simply because most of the time, learners lose focus by not following the method of trading that I taught. Instead, they start to experiment a lot with other methods (which is not a bad thing at all) but it is bad to experiment with something new when you are still trying to figure out or master the current. The process should be easy: Enroll→ learn→practice→ and go live (start with small lot sizes only after practicing) →Continue to follow your mentor and be coachable (if you have one), learn until you become a master. But the unfortunate part is that most learners want to do things their own way and their process goes like: Enroll→learn→NO practice on what you have learned→listen to friends→exlpore other methods (before you even grasped or understood what you were taught)→disregard your mentor→go live (start with a huge lot size without any practice on demo or whatsoever).
The biggest mistake that newbies are likely to make is to not follow up on what they have already learned. There is so much information on the net regarding Forex trading, it is really overwhelming and not to mention the fact that everyone claims to have the best strategy than the other. If you do not believe me, go to Google and type Forex, you’ll get millions of sites popping up and they all have a different approach towards the markets. Imagine how confusing that can be to someone who is still trying to learn. There are things that I do not even mention in my class (simply because the method of trading that I use is fundamentally based and has a lot to do with the understanding the economy, central banks and politics and it does not require all those things). If you have never ever heard me talking about Elliot wave theory, RSI or Bollinger bands, Moving Averages, and many other popular methods, do not feel deprived at all. Maybe your mentor has never mentioned any of the things that I talk about the most on this blog, your mentor has never mentioned anything about Central Banks, FOMC, Yellen and all the other things that I mostly talk about (that does not mean he/she is depriving you of some information, we teach what we believe in and what works for us). The success rate will remain low as long as most people’s views of Forex trading are still influenced by what people see from social media which is far from reality mostly.
Is there any solution to the above mentioned?
I believe there is a solution. It worked for me and it works for others even to this date. Learning never stops and reading is good but at some point, reading, research, and learning must be paused and practicing must begin or take over. Did you know that there are people who have been paying one mentor after the other and all they have been doing for the past 5 years is to learn how to trade Forex without ever practicing what they were taught or paid for? If they do practice, they only do it for a week or two and switch to pay another mentor who has the “best strategy”. These people are now a jack of all trading methods but a master of none. Their learning journey is a sad one. Do not be like that. Learn, practice, practice even more and be a master of your craft (simplify things for yourself, it is your money after all).
Two years ago I was shocked to discover that one of my learners went on and unknowingly paid her fellow classmate for mentorship(by fellow classmate I mean the one offering mentorship at a price was not even done with his own training and the other one was not aware that she was learning from an amateur). My lessons are private and I do not train people in groups but as individuals (so yes, they do not know each other). It happens if your keep on learning without practicing, you will end up paying your fellow classmate and for what you already have). I asked one trader if she has made at least 20 trades using what I have taught her, the answer was NO, I only made about 6 trades in 3 weeks. But she has already decided that she is not good enough, what kind of learning is this? Learning is a process, not an event, learning is not about perfection but it is all about messing up and fixing the mess.
To wrap up this post, the saying might sound too old or insignificant or even boring, but it is the truth. Practice makes perfect. Never ever take it lightly. Before I started writing this post, I was too sure it was going to be very short. I am glad I did not even mention anything about keeping it short (I would have lied again) it seems like yours truly does not know how to keep it short. I hope you learned a few things or at least enjoyed reading this post. If you did, kindly share with your peers. If it is not too much to ask, please help to keep this blog going. If you need to open a live account kindly register with one of the recommended FSB regulated brokers using the links provided HERE. For further assistance you can WhatsApp me on: +27 76 966 9392 Or +27 64 510 4132. For paid private lessons (you have to be coachable though) fill in the form below. Your details won’t be seen by the public, they will go straight to my email, alternatively, you can view all details HERE.
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