+234 802 828 1192
+234 818 204 5184
+234 813 925 0268
Posted on Apr 21, 2021 at 05:43 PM
Do you often wonder how the life of other Forex traders goes? Here's the memoir of a fellow Nigerian Trader! Let's discuss the expectation versus reality! The struggles, success and everything in between in this series.
I live in Africa’s most populous nation, Nigeria, and I trade Forex as a secondary means of income for over 10 years now. That doesn’t make me a pro and I don’t have a Ferrari either, but I’m comfortable and improving every day.
Whether you’ve been around for some time or you just joined the league out of passion, I clearly understand your predicament. You are not alone and many of us have been there.
You see, I blew my accounts severally. I thought I had known forex and was confident about making fast money until the losses started pouring in like rain. Lol!
I can laugh now because I’ve grown past that level.
However, like every newbie, my reaction to a losing streak was REVENGE TRADING and that was where the market cornered me! I lost faith, switched over to luck and began to gamble with my money.
This continued until I told myself: "if there are successful traders out there, then surely they know or understand something I don't know." So, I decided to shut down everything I thought I knew and began to learn from successful traders. By successful traders, I mean, authorities in this field who were willing to talk the talk & walk the talk with me.
Surprisingly, it didn't take me too long before I realised that the reason most traders lose money is that they overcomplicate things when it comes to trading.
In fact, it was a rude shock to me when I realised that I could have some losing trades and still be profitable in the long run. That was when I understood the power of Money Management Principles and a clearly stated Trading Plan.
Much of what you need to be a successful trader is mostly a culture of consistency in keeping with specific daily trade routine, locked into a practice of patience and discipline.
I cannot over-emphasize this part.
If you are not ready to consistently do the exact same thing every day in the same way you did it yesterday, you likely won't be a successful trader and only have to change only when you are making consistent losses.
To be honest, trading is simple but not easy because the uneasy part of it has to do with your lack of discipline.
For example, how can you possibly manage billions of dollars and have no understanding of how stop losses work?
You see, there is the Technical part of a trading system and the psychological part of managing it.
Sadly, most people only get to learn the technical aspect & run with it to the moon. They fail to also develop their psychology to ensure the technical aspect is consistently put to work in a disciplined manner.
Forex Trading is not a get-rich-quick scheme. Until you can sync both the technical & psychological parts of a trading system, you may continue to struggle as I did in my early days.
In the next episode of this memoir series, I will share some key tips that will help you keep things really simple using "KISS". Can you guess what the "KISS" acronym stands for? Leave your guess in the comment session below!
Are you a newbie who is interested in learning about Forex Trading? Join our premium Forex Academy to learn the required technical and psychological knowledge that I didn't get to learn in my early days which resulted in several losses. Click here to sign up for free!
If you already trade Forex and would love to be part of an enriching community of Traders, leave a comment below to get a free invite to attend our April Traders Forum.