How To Slowly Climb The Ladder Of Success In Trading Forex, Futures and Crypto.

Photo by Art Rachen on Unsplash

It is exactly eight year today when i dived into this market. The market of which there is trade of commodity to derive some rather passive income from forex, future and cryptocurrency. It started, when i got drained with one source of income that i had….. i felt sack up due to the fact, it was not even enough for that small family of mine. We were tired of living from paycheck, month in month out.

During that transition, i was an avid reader of motivational literatures such as: Rich Dad Poor Dad and many more. Such kind, motivated me a lot. I become determined to find a way of improving on my income. Therefore, i began to do a lot of googling from the internet of such ways of, “ How to make passive income online”, “Ways to make passive income online” and many other ways with possibilities. I had to balance various ways that suits me. That is when i come into forex or currency trading.

As i had said earlier, eight years down the line have traded in forex, futures and commodities.

In this, have used more than four brokers to accomplish my mission which is really yet to be over. Have seen ups and downs of swimming in such a huge market. I read in a certain articles, that forex trades in volume of trillion dollars daily….. and that is the turn over. An doubtfully that is a huge amount.

Don’t raise your eyebrows, when i tell you that, since i started to trade in this market, have lost approximately $5000 despite the truth that my losers trade outweighed the winnings. I know now without a blink of an eye, you are terming this as a very bad kind of investment with low (R.O.I) rate of return. Also you may wonder why all this years have kept on trading on this platform.

Well, my dear who aspire to be an investor, just take this home with clean mind “ trading forex and other products i mentioned is not a walk in the park.” Don’t just dive in, if it is not your passion. And also you may note that, before you decide to take a plunge, you are humbly requested to read a disclaimer- “ Trading currency is very risky, Do not trade with money you cannot afford to lose” please read the “disclaimer” that is the white truth or if you wish you can call term it, “black lie.

” All but well outline should not make you develop cold feet. They are written for you, to ensure the policies are adhered to the latter.

Despite all that cold shivering warnings, some forex traders are making clean good money, just trading forex. Am not talking on behalf of corporate investors; because am not one, but retail traders. If other individuals are towards achieving success in this, why not you, us. Every decision begins with you. You can always make it, if you begin. “ A journey of a thousands miles begins…………… i know you have the answer already because that is a common phrase. If am still on it, “Trading: currency, future and commodity on my: MT4, MT5 and web platform”, you can as well do it! There are many good brokers out there; in the internet. Do search.

Am very sure by now you are asking yourself, “ How do i start?” Very simple! Go over the internet; google and research for the brokers, look for their validity and be on alert as some are scum. Be careful not to signup with a scum broker. Also you have to get to read the terms and condition to be well a versed to whomever you are going to work with. There are many other detail you will have to read through which have not included here. Take caution.

  1. On the trading platform, you should first open demo-account. This one, you will use for practising trading, before you begin to use your real account or money. Two to three weeks on demo is okay, but you can stay on it as long as you deem necessary.
  2. Master the terms used in this platform such as: go long, go short, “SL”- stop loss, swap, leverage and many more.
  3. Get educated on webinar which are provided by most or some of the brokers. Invest in your education and success in trading here will be a milestone.
  4. Have a trading plan. This is to curb over and emotional trading which 99% of the time leads to financial loses. Avoid revenge trading; where you lose trades then, open more trades trying to recover the money lost on the previous trades.
  5. Do not use more than 2% of your of trade deposit when opening a trade.
  6. You will learn that, opening a lot of trading indicators on trading platform, just brings a lot of confusion and bad trades. It is better to use two or at most three indicators. Let the platform be clean.
  7. Aim at growing your account. Do not panic withdraw your trading deposit.
  8. Hardwork and persist, you will be a winner in this arena. If have done it, you can do it.

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Hillary Ogana

Hillary Ogana, a blogger and freelancer. A junior teacher by profession and an investor in cryptocurrency and forex trader.