A personal note from me to you… I’ve been there guys, all you struggling traders out there, you see I am no different from you except for the fact that I persevered long enough to figure out the intricacies of trading and what works and what doesn’t.
I’ve done all the trial and error, lost thousands along the way, but I’ve come out the other end a better overall person and trader. Trading can be brutal if you do not approach it from the right perspective and totally believe that you can make money using a very simple method like price action. Since becoming a full-time trader I have dedicated my life to helping other people succeed, simply because I know the frustration and I know the passion, I know how it all feels.
My belief is that people who are really enthusiastic about trading contain certain personality traits that other people just does not have. Anyone that I have met that is really passionate about trading the market is always the type of person that is looking for more out of life than the usual 9 to 5 rat race where you work your life away making your boss rich while you just maintain a meager existence. This common desire for freedom and to fully experience life is what has brought us together and is why you have a copy of this book.
Aspiring traders often ask me whether or not it’s really possible to make a living trading the Forex market. The short answer is yes. The longer answer is, yes you can make a living trading the Forex market but you have to consistently do a lot of things right. Most traders simply do not yet possess the necessary trading skill, discipline, patience, or realistic attitude to succeed long-term in the markets. However, this does not mean that it is impossible.
You simply have to learn what you need to do to become a consistently profitable trader, and then do it. Easier said than done, I know. But, I am living proof that you can make a living trading the Forex market, and I personally know other people who make consistent money in the markets. So, it can be done. My story has ultimately led me down the path of helping other traders, so let me give you some valuable insight into what it takes to be able to trade Forex for a living…
One of the biggest mistakes that many Forex traders make is that they don’t treat their Forex trading like it’s a business. Instead, they treat it like a trip to the casino or labadi beach, and many of them end up behaving like drunk gambling addicts instead of calm and calculating traders. If you want to succeed as a Forex trader, you have to think of it as a serious business, because it is.
There are costs to being a Forex trader, just like any other business. Your goal as a trader is to try and bring in more money through revenue (winning trades) than you have going out through your costs. If you can do this, you will make a profit. However, if you let your costs (mainly losing trades) get out of control, you will lose money and your Forex business will go under (you’ll blow out your trading account).
The cost of doing business in the Forex market
Just as you have costs in any other business, you have costs as a Forex trader. Your costs as a trader are the losing trades you have, the commissions and spreads you pay, computer and other office equipment, etc. No matter how hard you try to avoid losing trades, you are always going to have them, and they are the biggest cost that you have as a Forex trader. Sadly, many traders don’t think about trading like this, instead they think of trading either is a trip to the casino or labadi beach or they view it as something they can become “perfect” at and never have any losing trades.
The reality of being a trader is that you will always have losing trades, no matter how hard you try to avoid them, you will have them. So, that’s your number 1 cost of doing business in the Forex market. What you’ve got to do is what every other business does; make sure that your revenue offsets your costs enough for you to make a profit.
So, to clarify this situation, let’s list some of the main costs of having a Forex trading business:
* Losing trades
* Broker spreads or commissions
* Computer (hardware)
* Software (Platform)
* Other office equipment
These are going to be the primary costs of running your Forex trading business, now there might be others, but these are the biggest ones for most traders. Your goal is to make sure that you make enough money from your winning trades (revenue) to cover all your costs and then some, so that you make a profit.
How trading differs from other businesses
In other businesses you find a market, you learn a skill or develop a product, and then develop that skill or product until it is better than other people in the same business or niche. Trading is the same – it is a business – and if you want to be one of the financially secure you will have to work at it, in the exact same manner as an astute business person. In conventional business you have to be patient, focused, disciplined, very committed, hardworking, forceful, and in complete control of yourself and in control of your plans.
To be successful in your forex trading business you can’t be forceful or control the market, all you can do is identify what is happening and determine if your trading edge is present or not. That’s not to say that you can’t be confident with your trading, but you need to realize early in your career that you are not bigger than the market, and although you run a trading business within this large market, you are never truly in control of what’s happening in the day to day forex market movements and events.
You can never be reliant on tips or one lucky trade to secure your future, nor can you build a trading business using a mechanical autopilot kind of system. You have to continuously work at it until you have developed a trading strategy, and even when you have developed that strategy, it will require ongoing effort and monitoring.
Learning to trade from a successful trader can help you achieve your goals faster…
Just like any other profession or skill in life is easier to learn from a mentor, learning to trade Forex from a skilled trading mentor is arguable the most efficient and effective way to achieve your trading goals. ( Note, this is not some marketing pitch, I am serious, you need to educate yourself and be around others with the same goals, that is the entire reasons I started my trading activities in the first place, i.e.; to share ideas, to be around other traders who have similar goals and to continue my own learning journey).
Get ready for a great financial investment adventure, because trading is not for the emotionally but the strong and courageous. That’s right, if losing 5 trades in a row makes you cry like a baby, then forget about becoming a trader. Don’t trade if you don’t have the money to lose, it’s really that simple. You can lose money in trading, many beginners seem to forget or ignore this fact. So, you should not be trading with money that causes you to treat every trade like it’s life or death, you really should almost not care at all if you lose on one trade, because ONE trade DOES NOT define you as a trader.
Your success as a trader is the result of many months of trading results, not just one or two. Don’t get all excited if you win a trade either, or a series of trades. Instead, stay neutral and act like a strong minded professional with skill, rather than a little school boy who just won $100. You need to be strong to be a successful forex trader; you need to focus and believe in yourself, and it’s OK to bet a little harder on a trade if you are confident, but keep in mind this is only advisable if you are 100% sure you have mastered your trading strategy already. This book will be your coach and guide you through all required experiences in this most lucrative home based business FOREX TRADING.
ABOUT THE AUTHOR
Gabriel Ofori Yeboah is a Banking and Financial Analyst, Investor, Broker, and Underwriter, Fund Manager, Forex (FX) Trader with over seven (7) years of experience with FXCM NY, Columnist (B&FT), and Investment Consultant. He is currently a student member of Institute of Chartered Accountants (Ghana) – (ICAG), holds a certified degree certificate in BSc. Banking and Finance from University of Professional Studies, Accra (UPSA). Gabriel also holds a certified certificate in level IV term 2- Banking and Finance program from Peregrine Academic Services, 1001 S Douglas Hwy #160, Gillette, WY 82716, United States.
Gabriel is currently an Associate-Data Management and Reporting for Dun & Bradstreet Credit Bureau Ltd, a reputable global credit bureau and he is responsible for Bank of Ghana monthly reports, data management, data loading and monthly, quarterly, yearly statistical organizational reporting covering the areas of business, operations and technology. He also holds an affiliate position with a reputable trading FX.
Gabriel is the CEO and Founder of GOY Financial Solutions, providing investments and financial solutions to consumers and commercial entities. Gabriel was a panelist on the discussion: The IMF economic bailout and how Ghana could have tapped into the benefits and ensure maximized returns in the end. Date of discussion: Friday, 17 April, 2015 on Radio Universe.
Gabriel is a good writer and researcher with over thirty (30) banking, investment and financial articles published in the Business and Financial Times Newspaper (B&FT) and Ghana Talks Business Website which includes the following:
• New Strategies To Maximize Profitability In Banks.
• Credit Bureaus (Ready For Tomorrow’s Loan).
• Build Yourself A Better Future.
• How to Invest Small Amounts of Money Today For A Better Future.
• Guidelines To A Promising Better Financial Future.
• Should You Focus on Debt Reduction, Saving or Investment.
• Addressing Office Conflict For Effective Productivity.
• Build Up your marriage by Setting Finances in order.
• Money cannot be Everything but it can be a substance.
• Act of Giving: Investment or Expense? It’s All About Perspective.