- My First Experience Teaching People How to trade Forex with a slight edge.
- Reviews from our students who have learned how to trade forex.
- 5 stars for best performance
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- How to Trade Forex: Always Use Correct Position Sizes – Rule 1
- How to Trade Forex: Never Split The Difference – Rule 2
- How to Trade Forex; Choose a Good Broker – Rule 3
- How to Trade Forex; Become a Master First -Rule 4
- How Do I know, I am ready for a Live Forex Account
- The Slight Edge
Making money online is said to be in different ways, and doesn’t always involve the tedious tasks of customer acquisition and selling. One good way to make money online is Forex trading, and with a slight edge over other traders, you could be taking home hundreds if not millions of dollars each month, with nothing but a computer, and an internet connection.
If you are new to Forex trading, read on, as I show you how to trade Forex and avoid certain pitfalls along your journey as a Forex trader, if you are already trading Forex, are you profitable yet? my guess is you are not, and you are beginning to think that making money online through forex trading is next to impossible, here me out. as I share with you a few tips and tricks that could give you a slight edge over other traders and fine-tune your trading strategies.
We would not be sharing strategies in this article, but if you read on well enough, you would have enough information to develop a strategy to trade Forex that works for you or to modify your strategy to become a consistently profitable Forex trader. I encourage you to bookmark this page, and to refer to it anytime you are having challenges trading Forex.
Forex trading is the act of buying and selling currencies with an online Forex broker. This particular form of trading used to be available only to big players in the finance industry such as banks and wealthy individuals, but today thanks to the advent of computers and the internet, anyone with a computer and internet connection can make money online through Forex trading.
The Forex market is a highly liquid market, with a daily turn over that dwarfs the stocks market by huge margins. The Forex market is decentralized, with many players across the globe, hence there is far greater liquidity in the Forex market compared to other markets.
How does one trade Forex and become extremely rich? This is a question that many have asked in the past and with many other answers on the internet, many of whom I find extremely lacking in both thoughts and processes.
Many people introduce Forex to others as a get rich quick scheme, it is introduced as if your life changes the very moment you start trading. You know what? they are right, for the ambitious ones among us, the thoughts of making money online through Forex trading is too appealing to avoid, and yet the process of making the actual money as you have come to notice or would know in time requires extra efforts.
So many efforts that some have made the declaration that it is impossible to make money online trading the Forex market.
With decades of experience in the Forex trading industry, I tell you this; it is very possible to live a comfortable life trading Forex from the comfort of your home.
Many times when people struggle to make money trading Forex, they keep searching for the best Forex strategies to use, the best Forex indicators, the best Forex expert advisors, etc. You find one of these, and I can guarantee you would come back a month or two later searching for the same things again, having lost your money.
While I wish to inform you that these are the only things you need to become a successful Forex trader, the reality is far from that. If your goal is to learn to trade Forex and to be profitable doing it, then you need to look beyond these.
I have no particular apathy towards people who sell Forex indicators etc online, my only question to you is this, if they were making money trading Forex, why would they need you to buy their fancy indicators?
We have all been through that phase as Forex traders, I encourage you not to beat yourself so hard if you have fallen victim to one of these in the past. I mean, the industry is filled with so many people teaching other people to make money online, without they themselves actually trading Forex and making money from it.
My First Experience Teaching People How to trade Forex with a slight edge.
There is nothing like having a good dawn’s work, I enjoy working at dawn so much, thanks to my lovely parents who imbibed in me the habits of waking up very early.
For as long as I can recall, I have always woke up around 2 am or worse at 3 am each day to begin my work. This particular day was no different, as I walked towards one of the reading rooms of the university campus.
The aura of Forex trading was all around campus, as we were all introduced to Greg Secker’s magical aura of Forex. I mean, you can’t blame us, the man was literally flying helicopter and trading Forex, and driving some of the best cars in the world.
Needless to say, most of the students, or at least the ones I knew were all hooked up on this. The determination to make money online through Forex trading was high. We would trade Forex while lectures were in session. We would miss out on quizzes because, in our minds, we could not miss out trading the London section as this was where all the money was made or so we thought.
This particular dawn was different, inside the reading room, was this friend weeping. Apparently, he has lost his school fees to the market some months back, and funded his account again with student loans in an attempt to get the much-needed wins, and yet failed, again.
He said to me, “My Life is Over”, It wasn’t that I was any better off financially than him, but the thought of sitting behind computers excited me so much, I could hardly stop.
For many people who are trading the Forex market and yet do not know how to Trade Forex profitably, their lives may indeed be over, just as it was over, at least partially for my friend back in the university reading room.
Think about it for a moment, every major Forex broker out there is giving risk warnings. and the statistics show that over 85% of Forex traders have lost money, are losing money, or would lose money sometime in the past, and yet the top 5% of traders are making millions and millions of dollars each year.
There must be a method to this madness, some secrets, some sort of thing that works, that only a few people know about, and I was determined to find that secret.
I will share everything with you here, this very day, I will show you how to trade Forex with a slight edge that would ensure you never weep like my friend back in University.
It took a while to get my weeping friend comfortable enough, to work on something that could change his “My life is Over” statement to something far positive.
You see, unlike my friends looking for the best strategies after another online by googling? I used a totally different approach, I would spend hours watching the live markets, seeing how it played, the volatility’s, the gaps in the market, the range’s and trends, and I would begin to form a strategy.
It didn’t take me long to come up with something, but it wasn’t perfect, I still was losing money due to bad position sizing, emotions, and incompetence.
The truth is that the Forex market is extremely complicated, and yet our goal is to simplify it enough for a child to understand, and yet in this quest, we end up falling prey to the market.
It is important you come to this knowledge of the truth, accept that it is tough, the same as it would be tough to become a neurosurgeon without years of education. Like the surgeon without education, the Forex trader without education would end up broke and homeless.
That dawn, I introduced the powerful slight edge Forex trading approach to him, and the rest has been history.
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The Powerful Slight Edge is not just about teaching people how to trade Forex. The truth is that all Forex traders are in trading not just money, but also their dreams and ambitions, thus if your perspective in life is bad, you would again display it in the market.
That is why people who teach strategies alone in Forex get it wrong, to teach someone how to trade Forex, is to completely transform their lives.
Indeed if you can transform their lives first, you would not need to teach them how to trade Forex, as they would find out how to do it themselves.
The slight edge philosophy didn’t work for my friend, he was unable to unlearn the bad things he has already learned, needless to say, he quit school and vowed never to touch the Forex market again.
The true attribute of education is not only to learn but to unlearn and relearn. If you are new to Forex and finding this, you are in luck, for you the journey has become easier, if you are old to Forex, worry not, attempt to unlearn and relearn, you would get the slight edge.
Learn How to Trade Forex with the Slight Edge Philosophy
How to Trade Forex: Always Use Correct Position Sizes – Rule 1
Two students, two philosophies, riches or poverty, two powerful choices, to live or to die? to learn how to trade Forex or not, to quit Forex or not. These are the choices we face, if you think that is hard, consider the following.
Each day in the Forex market, you are faced with 2 choices, to buy or to sell, while each of these 2 choices may bring totally different outcomes, there is a third far sinister choice, the choice to sit out, even when you are sure of the outcome of the pending trade.
Hurriedly, you place your trade, market moves against you and you are down, and so is your friend, but unfortunately your position size was so huge that, not only have you lost your trade, but the entire trading account. Your friend though, did proper risk management and thus, had another opportunity to trade, he ends the day in profits.
I hear you saying no big deal, you would fund your account and restart trading, but the truth is, you had a simple choice before placing the trade, to make the right position size, but you did not, you chose to gamble all your money away.
It is very easy to get the right position size for your trade, and it is also very easy to forget all the cautions and place one huge bet. Ask yourself this; what do you think would happen if you continue with the wrong position sizing every day for the next decade, tell you what, you would be broke and homeless.
The man who made the right position size for the next decade, would most likely make a lot of money and retire rich, and this difference between the two, comes down to this; the simple easy decisions they took, compounded over time.
“A small leak can sink a great ship.”— Benjamin Franklin
How to Trade Forex: Never Split The Difference – Rule 2
Mark and Wilson, 2 very talented young people who took on the job of professional Forex traders.
These two traders were trading virtually the same strategies but had different results, I wondered why and probed further when they joined Dorla.
Mark had an attitude with the market, he says, Just like my wife, with Forex you are either right or wrong, and the market would not hesitate to let you know.
Wilson likens the Forex market to a nagging wife, always talking, sometimes complaining, but mostly talking. I am afraid Wilson is also right.
Over the following years, Mark would take his positions, and patiently weighing the pros and cons, and setting his take profits and stop losses. He patiently waits, for the market to take its decision.
Once he decides he lets the market do its thing. Marks trade’s either hit stop loss or take profits.
Wilson takes similar trades, only he cuts his trade’s short as soon as the market begins to consolidate the rally, Wilson would prematurely end his trade.
Both Mark and Wilson were profitable, but not James who had a little bit of Mark and Wilson’s philosophy, at time’s James would let the trade run, and at other time’s James would cut the trade short. Needless to say, he performed terribly and had to be terminated.
In Forex and in life, learn never to split the difference.
How to Trade Forex; Choose a Good Broker – Rule 3
For every trade, you pay spreads and (or) commissions. These costs can run into hundreds and thousands of dollars each year depending on your account size and how often you trade.
The best Forex Brokers usually provide low spread and low commissions. You should understand that a broker can be the difference between a winning trade and a losing trade.
Some bad brokers have the terrible habit of widening spreads, to essentially ensure that the trade’s do not hit your take profits. There are brokers who freeze their platforms during volatile and profitable market hours, preventing you from closing a position or taking a position, and yet miraculously the platform works again when you have made a loss or lost an awesome trading opportunity.
I encourage you to avoid these brokers at all costs. Our recommended broker remains;
We have worked with them for years, and we know how supportive they are. We recommend them to you.
How to Trade Forex; Become a Master First -Rule 4
Forex trading is a highly risky business, indeed in this market, the risk and rewards are near-instant, coupled with leverage, the market can deal a terrible blow to you in a very short time. This is why while learning how to trade the Forex market, it is important you actually master your art before you put in real money.
Learning how to trade Forex is not as simple as opening your meta-trader and buying and selling. Of course, anyone can do that, but would doing that make you money in the long term?
Find a Forex Trading Mentor and stick with him, or her, a mentor who actually knows what he or she is doing and is actually profitable over a long period.
The truth is that finding a mentor is stage 1, stage 2 is perfecting what your mentor is doing. The subtle things matter, notice what he or she is doing, and endeavor to perfect it.
How do you perfect it?
- Spend Not Less than 4 hours a day, watching the live market play; I can’t emphasize this enough, I do have a ritual, each dawn, after I open the market and analyze the market, I spent at least 60 minutes of my time syncing with the market movements on the 5 mins time frame. I do this, to sync with the market, My brain needs to figure out what the market is doing first, this way I can model it to make money, and also know when that model has changed to another model.
In my early days learning how to trade Forex, I had an opportunity to move $67 to $800 in a little over an hour scalping the 5 mins time frame. When the hour ended, I was happy and yet allowed greed to get the better hold of me. I had to move it across $1000, needless to say, I lost the entire money over the next hour.
Why? I got lucky, but I was not in sync with the market, thus I couldn’t tell when the market had changed direction. I failed that day because I was out of sync.
- Accept when you are wrong; The market really doesn’t care about your feelings anyway, when it tells you how wrong you are, respond with a salute, do not expand your stop loss, at worse be like Wilson.
How Do I know, I am ready for a Live Forex Account
- You have made money consistently on demo account over the last 3 months.
- You do not widen your stop loss when market goes against you.
- You do not get anxious and worried when the market is consolidating.
- You use the right position sizes.
- You have a clear vision of your daily targets, both for losses and profits.
- You have learnt to cut your losses and live to fight another day.
For most people, learning how to trade Forex profitably might be one of the most challenging things they ever do, and when you get it right, only a few things in this world beats the joy of knowing you could sit in your home and make all the money you want.
While the journey might be tough, always remember in this life, what is impossible is simply what takes longer, and if you desire something bad enough, giving up is not an option.
The Slight Edge
For each trade you have a choice,
- Proper Market Analysis or Not
- Confidence or Knowledge-based Trade
- Proper Risk Management or Not
- Little things matter
- Do enough of the good things each day
- Play the long game, do not lose focus
- Avoid the bad things