Is trading real and can one make money through trading crypto and forex? Am sure you must have been asking this question either online or from your thoughts without any reasonable answers.
Trading, be it crypto or forex has been in existence for decades and till date it’s one of the most reliable business any investor can ever think of.
Unfortunately, there’s more to this than what you actually heard or read online.
Few years ago i had a friend who ventured into crypto space with the common reason “I’ve gained so much knowledge” but in reality you won’t know how much knowledge you’ve gained until real money is involved.
To cut the story short, his anticipation to build his dream future through crypto trading was ruthless and within few weeks he lost his hard earned 15Million naira which is can be more than 25M in todays value.
How did his trading journey end?
He later made enough money, bought cars, houses, get married and even cared for his kids and entire family. Sorry to disappoint you, but am still wondering which more bad news you wanted to hear order than loosing 15M.
After loosing this money he had to go for rehabilitation (might be a wrong language but it actually mean to gain more knowledge about trading in this concept).
Though he took him more time than he expected with more effort, concentration, and focus but eventually he started getting it right. Am only telling you this story so you will understand there’s more to trading than whatever enticing words you’ve read online.
Apart from this story, you can check online for failed stories of traders you will understand that more people have failed and their testimony will shock you.
As a trader I’ve realized there’s no way you can trade without recording lose. But you will only be profitable when your lose is smaller than your profit. These are many things you will learn during your mentorship.
Before starting forex or crypto!
There are few steps to consider before venturing into forex or crypto currency trading.
- Learn trading: There are many ways to learn trading either online or offline but i will always advise you get a mentor offline and learn it like it supposed to be rather than going digital.
I understand you’ve been learning many things online even from YouTube over the years but trust me these things are nothing like trading. Trading involves loosing your money so you won’t take such risk learning the wrong way.
I’ve been trading for decades but here, we don’t mentor people on trading as it’s not in our agenda here. Get a mentor who will be ready and willing to teach you everything you need to make money.
Things might not be cheap but trust me it’s worth any cost so long it’s a quality service. Legitimate services are never cheap. Don’t ask me for any recommendations because i have non. Go and sort that yourself but while doing that, you should also know there are so many scam online parading themselves as forex traders when they barely understand what and how it works.
That’s why you should avoid online mentorship even though they might appear cheaper.
- Practice More:After learning from the right source, the next thing you should consider is intensive practice. Because you won’t understand it by just receiving lectures. You need to dedicate time and effort in practicing using some trading tools such as tradingview.
One of the reason why many beginner traders fail is the fact that they are too lazy to learn instead they just want to make money with the little knowledge received via mentorship. You may have been doing this successfully on other fields but trust me it’s rarely applicable in trading forex or crypto. That’s why tools like demo accounts and tradingview is applicable.
With tradingview you can easily understand how forex chats works, analyze the market to know when to buy or sell and then from your demo account, you can trade with fake money until you are confident enough to trade life using real money.
The only difference between live and demo trading is real and fake money. There’s no doubt if you can make progress on your demo account, you can use same strategy to succeed on live account. - Test Your strategy: After practicing, you can pick on one particular strategy you will be using on all your trading journey because the purpose of the practice is to know which strategy works best for you and perfecting the strategy.
After backtesting your strategy with recording to know your success rate if it’s considerable or not, you can now decide to trade live or learn more.
You can start trading with as little as 50$ converted to your local currency or even $10 depending on the brokers.
Trading isn’t about the money it’s about knowing how to trade because just the same way there’s no limit to how much you can make in trading, there’s also no limit to how much you can loose. Should we be scared because of trading risk?
There’s risk management in trading
One good thing about trading is the aspect of risk management. Am not here to teach you trading but this will be inclusive anywhere you intend to learn trading.
With this risk management you will know how much you can loose per trade and with this, you can manage how much you will loose and also know how much you stand to gain even before you place your trade.
This feature will save you from blowing your capital probably in just one trade. So there’s nothing to worry about. Just get determined and kick off. There’s 100% chances of success even with little capital if you get the right mentorship.
Conclusion: Crypto and forex trading is legitimate but at same time there are many scam around this space. You need a good mentor offline to teach you properly before you can make profit after enough practice.
Don’t expect to get rich overnight trading forex. Your greed will only make your broke as you won’t stop loosing money consistently. Goodluck!
