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Posted on Jan 22, 2020 at 10:12 AM
The first time I saw the music video of “Audio Money” from P-square, I burst into laughter. Truth be told, audio money is not only on Instagram or Facebook. Even among Forex traders sometimes, the profit is also Audio o!
Let me share Mr. Samuel’s audio money story with you...
When he started trading Forex professionally, his plan was to build his account from $500 to $5000 within the first 3 weeks. It seemed too ambitious at first, but gradually he started to make progress.
After the second week, he had made some losses and a total of $750 profit and his total balance became $1250. It was slower than he planned, but it was remarkable progress.
So in the 3rd week, he resolved to take higher lot sizes and trade more frequently and as a result, the account grew to $1980 by the end of that week.
Having completed the 3-week window, he decided to review his trading history by comparing the losses he encountered versus the profit made and afterward, he decided that he would trade one more week and if he made it to $3000 in the last week, he would adjust his target to $3000.
The last week wasn’t so favorable for Mr. Samuel because that week he made only an addition of $200 and lost a total of $1600.
The account was back to $580!
Almost everything he acquired in 3 weeks wiped off in less than a week and he had to start again.
It took him another 2 weeks to grow the account to $1150 again, however, this time, he had learnt that the profit in your account is “Audio Money” until you withdraw it.
"Audio because people can only hear about it, you can't spend it!
It’s certainly not yours if it hasn’t hit your local bank account."
Have you been trading and it looks like the losses are swallowing your profit?
Do you still have that one bad trade that takes away all your hard-earned profit?
While it is good to build your account to a target, it is always advisable to take your profit periodically.
Mr. Samuel made a resolution after that loss to withdraw his profit in thresholds until it hits a total of his set target.
If your target is to make $500 from a $50 deposit in a month, you don’t have to wait till you hit $500 before you make that withdrawal.
Here’s a smart way to stack your profit and avoid audio profit/money:
Do you have an audio money story you would like to share with us? The comment section is all yours!
Do you know those traders that send their fake account balances asking to trade for you? I will share my audio money experience with them in the next Audio money series.
Until next time… stay profitable and withdraw that profit because you earned it!
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