Because of the global pandemic that has bring struggles to many with more people lose their jobs, businesses closed, others are pushed to work from home.
It shocked many especially those who are not financially prepared.
Now, more and more people are struggling hard to find alternative ways how to earn and survive.
I was so fortunate and grateful that I was able to learn another skills that helps generate consistent income while I was still employed.
The skill I have developed in trading at the Forex Market.
With more and more people are venturing opportunities online, Trading Forex is one hot topic.
Maybe you find my FREE GUIDE that took your interest that is why you are here and you came across with the idea of why not also try?
While it offers a lucrative opportunities to really make a significant amount of money. It is not as easy as you might think. It is inherently risky, you really have to equipped a knowledge first, sacrifice time for studying it.
Nobody say it was easy, but it be worth it. Making money in trading is easy, but hard thing to do is the patience, discipline to keep it and grow it.
And if you happen to be so committed to learn it, follow below 6 steps if you want to really start make serious money in trading this 2021
This are some of the wisdom I wish I had new when I was starting.
STEP 1: DON’T SEEK APPROVAL FROM ANYONE
Don’t always seek approval from anyone specially from your family, relatives concerning your goal to succeed. Not everyone wants to see you succeed, just because they are not successful. Trust me, saka ka lang magkakaron ng value sa kanila if they already see some results. And you don’t need to prove to anyone.
You just have to decide, start now and focus on your own thing!
I remember this when I was so eager to tell my experience with my workmate and sharing him the potential and opportunities about trading. But it seems he is really not interested, the feeling of excitement to tell him and yet lalabas lang sa kabilang tenga everytime I will talk about it.
Fast forward to today, whenever I show my result and my accomplishment, the fruit of my hard labor, he blame me, bakit daw hindi ko ‘sya pinilit.
Nanghihinayang ‘sya because, dapat sabay kami.. and now he is struggling hard.
Even my wife, she don’t believe I was gonna make it in Forex. Hindi nya ako maintindihan especially with almost 3 years of trading tapos walang result..
Madalas meron kaming argument to the point that I also doubted it, I doubted myself.
But I was eager to really succeed, I know there is a way if I just keep on pushing and learning from the experience.
I know deep in my heart that I was going to make it, and I did it.
Decide. Act. Start It!
Don’t mind the naysayer, focus on yourself and your journey!
STEP 2 :DON’T SKIP THE BASIC
Never ever skip on learning the basic because the depth with which you master it influences how well you understand everything you will learn after that.
Don’t jumped to the next step until you have learn the basic which will be your foundation.
These always reminds me of my younger self who always wants a shortcut that ended up in failure.
In a world kung saan marami na ang instant, instant food, instant services, you can order anytime, anywhere and have it deliver in your home. I tend to believe and expect that there must be a shortcut, that there is a quick way. Yes! for some but not all, and the skills in forex is no exception.
I failed miserably and loose some money in the beginning, with a little bit of knowledge, I started trading live. I double my money in just 2 weeks but burn my account in just an hour.
For almost 2 years of struggling as a trader, I tried so many strategies, I read and follow some foreign blogs about trading pero sa “basic” lang pala ako babalik.
If you are committed in learning how to trade, learn the basic first.
Basic learning should be your priority if you are just starting, don’t think of skipping it. Turn down the idea that there is a shortcut, because it isn’t have one. You may shortcut your learning curve but without the basic understanding, your foundation are weak.
STEP 3: LEARN A PROVEN CONCEPT
There are a lot of proven methodology or model used to identify market opportunities to make profit. We don’t need to know them all. Pick one proven concept that really make sense on understanding the underlying market condition, its structure and framework. Keep It Simple!
There are 3 popular concept or style how to gauge or analyze the market in order to identify potential opportunities to make money. This are Fundamental Analysis, Technical Analysis and Sentiment Analysis.
I focus more on Technical aspect of the market and the price itself. I am aware of such related fundamental aspect that drives the price but my main concept is understanding the price and its structure.
For me, opportunities lies from the continuation of the underlying market structure and/or the break of the market structure.
I have known traders who purely used fundamentals and are profitable, others used them both.
It will still depend on a trader, I just focus on what really make sense to me.
Get used of it, master it and I match the style with my own personality.
Focus on simple technique and master it, build a simple system rules around it that includes your Winning Money Management, Winning Mindset and Winning Method.
One method that I can recommend which is I am most familiar with is “PRICE ACTION”. This is the core concept I used every since and what I teach inside the Part-time Forex Trading Community
STEP 4: LEARN RISK MANAGEMENT
You have to learn, accept and understand the underlying risk involve in trading. Never ever underestimate it. Risk management is one of the vital aspect of trading that you need to focus on first before risking your hard earned money. You have to appreciate percentage over dollar gain or loss. Learn to limit your trade frequency.
Most of the losing and struggling traders pretend they accept risk but actually they don’t.
There is a difference between knowing and doing it right.
I must admit, isa ako sa mga pasaway na trader who don’t respect risk. Ang alam ko lang is to trade and make money. I was hooked on the idea that the more I trade, the more chances of making money. I was trading like there is no other opportunities tomorrow. I was trading all the trade setup na makita ko fearing I will miss the opportunities to make more money.
I was reckless, impulsive that led me to burn 3 live accounts.
In trading, the risk of losing your money is high, the risk of losing more than the capital you have invested is high.
Be sure that before you start trading, you really have to understand and accept the risk.
Risk management is an important process used to mitigate and protect our trading capital from the danger of losing it. The market has never been so good to those traders who don’t respect the risk.
While No Risk, No Gain holds true, what matters is how you manage your risk.
And one of my risk management strategy is that I don’t risk more than 2% of my capital in a single trade. I just focus on 1-3 currency pairs. I don’t trade them ng sabay sabay. I limit my time checking my chart.
I understand that if I manage my risk well, I have an excellent opportunity of making money in the Forex market.
STEP 5: DELIBIRATE PRACTICE!
Knowledge will have no value until you put into practice. Practice creates confidence.
Practice make sense. Trading is a zero sum game, the gain you have is a loss from other.
The more you make error and mistakes on practice, the less you will in actual trading. Sabi nga, The more you sweat in practice, the less you bleed in the battle.
And there’s no better way of learning from our own experience.
Ika nga nila, Experience is the best teacher.
Even if the concept of trading is not really hard to learn, however, putting it into practice will really requires time.
I sacrifice my weekend from doing those na nakasanayan ko and instead I allocate it as the time for my study.
While my friends are enjoying their weekends, ako, nagsusunog ng kilay, maximizing my time to study, since I have a limited time during work days.
I must admit, nawalan din ako ng oras sa aking pamilya, pero tiniis ko yun.
I understand that if I don’t sacrifice now for what I want, what I want will be the sacrifice.
I have a deep reason why I am doing it.
And in my experience, the time you put on practice will resonate on how fast you will become profitable in trading.
STEP 6: FOCUS ON THE PROCESS AND KEEP IMPROVING
The money is just a result of what process you have followed.
Remember that everything that you have right now or everything that you see whether in nature, a living things or just a simple object, there’s a process behind that before it was form or created.
Trading is not just an ordinary thing that you can learn overnight, it take some process and practice to be good at it.
If you are a beginner or magsisimula pa lang, you have to focus first on the learning process, don’t think agad about the potential money that you can earn. It is a wrong thing to do. Accept the fact that you need time and experience.
Now, if you have started and still struggling to make profit, assess your trading process kung saan may problema.
Or baka wala kang process na sinusunod or maybe you have develop a wrong one.
It’s time to create and established it muna.
You can start with a simple process or system when it comes to your trading routine.
What process you need to follow before you enter trade, after you enter a trade, how you manage your trade, after you exit a trade. What are your process during weekend when the market is closed. How do you learn and improved?
I am trying to be honest as possible. I hope you learn something from it.
As always, it is now your turn how you will make it possible. Trust me, opportunities are limitless when you learn the proper way of trading in the Forex Market. Marami ng binago ang buhay dahil dito (for good syempre) at isa na ako doon. I could say that learning the skills in trading is the best thing that happens to me.
The result will really depends on the effort, experience and each traders ability. Each profitable traders has a unique advantage and ability to make money in trading. I am looking forward na mahanap mo rin ang sayo, just keep moving forward.
If you like this post, I appreciate if you could share it to those who will also benefit (just click the social media icon on your left side on where do you want to share it) . I also appreciate your comment or suggestion of topic that you want me to share in the next blog post.
Cheers!
Mike-san