The Professional Gold Trader: Replace Your Income from Trading GOLD! The Market God Explains Forex

Embark on a voyage to financial liberation with us as we share the gripping tale of a trader's ascent from Forex novice to the self-made 'Market God.' Our guest strips back the veneer, revealing how close he was to throwing in the towel after a string of losses and the emotional depths he plumbed before achieving trading triumph. From selling his treasured camera to grappling with self-doubt, his relentless pursuit of mastery in the volatile currency exchange realm is a story of true grit and unwavering determination.

Our conversation with this currency virtuoso goes beyond the typical success story, probing into the psychological warfare waged within the Forex markets. He imparts the wisdom of his mentor, Kojo Forex, and his strategic pivot to trading gold, which earned him the moniker 'gold god'. This episode is a masterclass in the nuanced art of risk-reward ratios and the psychology needed to maintain a disciplined trading regimen. Newcomers and seasoned traders alike will gain invaluable insights into making informed decisions and achieving financial autonomy through calculated, informed trading.

Closing the chapter on this transformative journey, the episode wraps up with a powerful reminder of the importance of emotional intelligence and strategic planning in Forex. This is not just about numbers; it's about personal growth, confronting myths, and building a community within the trading world. Listeners will walk away with a rich understanding of how to navigate the rapids of Forex trading, fortified with the knowledge and inspiration to chase their own version of financial freedom. Join us, as we illuminate the path to mastering the markets and embracing the discipline that lies at the heart of successful trading.

Transcript

Speaker 1: 0:00

financial freedom, you being able to work from anywhere in the world. If you really want to know how to make money off forex trading, you first of all must be willing to go through the process.

Speaker 2: 0:12

So I'm a new trader. I don't know anything about trading. I want you to tell me the steps that I can take to be able to take my first trade.

Speaker 1: 0:25

Why MarketGuard straight? Why market god? All right. So basically when I started, you know, I got into the space of forex. I was basically like got to introduced by my school dad. Back then, you know like when you say school dad in school, someone who's been with you in senior high, you know like your senior and all yeah, so fast forward, he was done with school. I was in the university and then he was basically like told me he's found something new and it's called forex. And I realized that like he was doing so well, he was paying his little sister school fees, he was settling his mom's bills, he opened businesses and I was, you know, so intrigued by that. I was like you know, can you teach me this? And you know he started, but like he wasn't so consistent with me. But I found so much interest in that and I began to do my own research.

Speaker 1: 1:12

Um, I was losing so much money. I was learning, but it was futile, like I was doing everything. So I remember I lost a lot of money. Now my mom even like, when I finished school, my mom's like you're always by the computer, nothing seems to be working right for you, like what exactly do you want to do. I was like you know, forex just like forex doesn't seem that things like you put in money today is gone. She's like, okay, I'm gonna give you money, I'm gonna give my last money. I can see you really want to do youtube. So my mom bought me an a6300 that's a sony a6300 and then, I think about three weeks later, I sold. I sold it to put into the forex market oh my four hundred dollars.

Speaker 1: 1:52

Yeah, I'm never gonna forget and not every story is rosy. I lost that money in a day. So I remember, in 2020, yes, into 2021, that was 31st night and, mind you, I was very diligent, studying so hard, but I wasn't seeing results Like I knew I was good, I was practicing, I didn't have the money. I knew I was good. I was almost at a verge of giving up and then, in church 31st night, my pastor was like you see that this year, millionaires are going to be made through forex, and I screamed like amen, and I think.

Speaker 1: 2:28

And in that year, I was pacing in my room, just like you know, praying and just asking god, like is this? What exactly do I really have to do? Because I don't want to continue. It's been like one year of grinding, like you know, because I was a photographer working at a club. I was earning, earning like 200 CDs a month. I don't want to mention his name, but one big person. I was earning like 200 CDs and all. But I was like, nah. So while I was pacing in my room praying, I just heard you are a market god.

Speaker 1: 2:57

I was like what, wait, that can't be my mind. So I was first scared about it because I was like, uh, if you say your god, it means you're blaspheming and all. So I I was scared about. I was like I just heard you are a market god. And the voice never came back again as confirmation you are a market god. And because I really wanted to have della traits or della effects, just like everyone else. But even after the time I got that I was like so broke. So I was like how do I come out with that name when you have nothing? Yeah, there are people there like big people in the industry. But I took that name upon myself. And then with time I found more confirmations in the Bible. The Bible says that ye are gods but you do not know, and it says that you shall die like me. Amen, because you don't know. So the lack of knowledge of that God side of you. So God wants us to be God in our careers.

Speaker 1: 3:46

So, I thought about it and I was like no, I think this is it. I'm really a market God. So I knew that first. It's not just something I'm doing, but it's a calling. So I am the market God.

Speaker 2: 3:56

Yeah, Market God indeed man. To goodness. You know, a young man comes out of school, sees trading, because you know, a lot of the time when you hear trading you're thinking of the money-making potential only. But and then you know mom buys you a camera. Right, you sell the camera. Meanwhile you've lost a lot of money already, yeah, and then you go back to the market. You lose that money again. Those processes you failed several times, uncountable Plenty of times. But what was the learning in between those failures?

Speaker 1: 4:42

Wow, okay. So in my period of losing money, I realized one thing Forex is something or a business that, as you are reading it, it also reads you. Forex exposes who you truly are. If you are someone who is greedy, forex will really expose you. If you are someone who lacks patience, forex will expose you. If you are someone who is greedy, forex will really expose you. If you are someone who lacks patience, forex will expose you. If you are someone who doesn't have long suffering, forex will expose you. So I realized that hidden within me were certain qualities that Forex were exposing.

Speaker 1: 5:16

I never knew I was greedy with money. I never knew that I was impatient when it comes to money. I really wanted to double money quickly, so I realized that it was needful that I become patient when it comes to money. Like, I really wanted to double money quickly. So I realized that it was needful that I become patient when it comes to money. When it comes to trading, I realized that I needed to remove emotions. When it comes to trading, I realized that I was not disciplined because I had a $50 account and I was entering big lots. Obviously, you're going to lose the money, and it kept happening and happening and there are times where I would be losing money and be praying God. By the time I open my eyes, the money is gone and God said I'm the market God. So you can imagine I'm like God. What you said? So there are certain things.

Speaker 1: 5:54

So what I learned from it in that learning process is you want to take out emotions. You, you can't 100% take out emotions in trading, but you want to minimize emotions right. And then you want to work on discipline right, it's very important. You want to work on risk management. You want to work on long suffering, understanding that the fact that you've entered a trade now doesn't mean you're going to make the money now. You need to be patient. Allow the market to do what it has to do. You've done your work by analyzing. Allow it to do right. You've done your work by analyzing. Allow it to do Right. So those are some of the you know bits and things I learned from that process of learning. It was very like. It was a very difficult, one difficult journey for me to accept and even notice them, to write them down in my trading journal yeah, wow.

Speaker 2: 6:39

Discipline. It was actually a question I was going to ask you in the end, but now I'm not going to ask you anymore because I think you know, most of the good traders that I've met right or you know, forget that.

Speaker 2: 6:51

Or even the people who work in the financial sector managing people's finances, hedge funds and stuff. They are very disciplined in their decision-making. So no doubt you say it as one of the things that an individual needs to build. So no doubt you say it as one of the things that an individual needs to build.

Speaker 1: 7:11

Now, was your mom not thinking that you were trying to scam people? Okay, so thank God for my mom, because she has an open mind, I had to sit her down and explain to her what exactly Forex is. She never thought I was doing anything fraudulent, because I won't in the first place, like I won't. I come from a very moral background. My parents not, in fact, not even my parents like I. It just won't happen like I won't be in that position to just like scam anyone or anything. So my mom knew first off, like no, it can't be a scam. But she knew I was this thing. It's not something that can stay long for me to make money I can live enough.

Speaker 2: 7:44

Yeah, she didn't have the belief, as you didn't have the belief yeah, because you know some of our parents. They've grown up knowing that when you finish school and you want to get a job, you go out there, look for a job, leave home at maybe half past nine, get to work at night, come home at five. That's what they're used to, true? Um? So when you're always sitting by the pc they're like what's this guy doing? They wonder. So it's nice that you know your mom came.

Speaker 2: 8:12

You guys had a chat yeah because to some people I mean sometimes in the beginning, when I was learning how to create websites, I'm always by the pc right learning code and stuff. My dad would be like, are you not gonna? Learn, you know but he didn't know that that was learning for me yeah you know.

Speaker 2: 8:29

So, yeah, now a lot of people think that you know forex, especially, is a scam now, particularly because of the lifestyle that a lot of forex traders portray. Back in the uk, um, there was a guy called elijah, I think, yeah, I think that was his name, elijah. He was a nigerian guy. He made so much money from forex apparently, um, he bought a bentley gold bentley, you know fronting it everywhere.

Speaker 2: 9:03

Um, he had a company called, I think, dct or whatever. But fast forward down the line, it was proven that he was a scammer and I don't know how he was doing it, but I was just following the story because everybody wanted to be around him because of how much he portrayed that he has. What's that misconception? And how can we differentiate, you know, quality forex traders to people who are just, you know, trying to scam?

Speaker 1: 9:35

Okay, so the thing is like first off, especially in Africa, or sub-Saharan Africa, Ghana to be precise you'd realize that a lot of people tend to think Bitcoin is Forex trading and it's two different things. Like, we have the crypto market, we have the Forex market and we even have the stock market right. We even have the futures market right. So there are a lot of markets. But when it comes to Forex trading, basically like, you are basically not like someone who say like, for example, some of these scammers are like, what are you into? Oh, I'm into Bitcoin. Like, what do you do there? Bitcoin is basically you just like buying cryptos, holding it for a while, Even if you are trading actively. That has to do with Forex. That makes more sense, you understand. So if you are trying to identify between someone who is like a professional forex trader and someone who is, you know, um, a scammer, you're basically looking at the value the person has to give okay, understand not the end results, because if you're looking at the end results, people like to cover up things.

Speaker 1: 10:36

Right, someone could be a scammer and say I'm a forex trader and it's not necessarily making his money from the forex market.

Speaker 1: 10:42

Someone could actually be a forex trader and not necessarily be making money from the forex market. Someone could actually be a forex trader and not necessarily be making money from the first market, but from core sales and then other things, but not from the market. So you want to be looking at the kind of value that they produce. It's very important. If they say they're into forex, are they really teaching something on their socials or they're just flaunting? If it's just flaunting and nothing proves like, even even if they don't show redraws of they taking treats, they don't even show treats, they can't even analyze a simple trade, they don't pass out information and they are flaunting. It was the essence of flaunting. If you're not going to be impacting, you understand, yes. So I think the only difference is the value, what they have to show, what they have to prove you understand, yeah market, god, is it possible for any individual to make a living through trade?

Speaker 2: 11:36

look at me I'm a full-time trader, like okay, it's very possible.

Speaker 1: 11:42

It looked far-fetched when I started. It looked like a mirage, but it's very possible, honestly speaking, and it's something that it takes a lot of process and you must be willing to go through that process. I always tell people that, just like any game, right? We first of all learn the rules, and Forex is no different. If you really want to know how to make money off forex trading, you first of all must be willing to go through the process. But one thing we find a lot of people doing is that they are not willing to go through the process, but they are willing to taste of the end result of it, which they end up losing money.

Speaker 2: 12:23

You understand it's true, but then what percentage must you win to be able to make it a living? Because sometimes when people hear professional trade in somebody that's making a living out of trading, they don't think they make any losses okay.

Speaker 1: 12:41

So when you say what percentage must you? And to make a living, everyone is there. Okay, sure must you win in the sense living.

Speaker 2: 12:45

Everyone is there. Okay, sure Must you win, In the sense that let's say you take 10 trades on gold. How many of those trades must go right?

Speaker 1: 12:57

Okay, this question also, like it kind of boils down to first of all the person's lifestyle and the person's account, because there's someone here who can easily live on $2,000 a month. There's someone here who can easily live on two thousand dollars a month. There's someone who can live on a thousand cities a month you understand.

Speaker 1: 13:12

So it depends on, first of all, the account size. If you say a professional trader, it does not automatically mean that person is trading a hundred thousand dollars or ten thousand dollars. The whole goal of forex trading or trading, to my, is financial freedom you being able to work from anywhere in the world. You being able to have time for what exactly you love whilst making money by having access to your computer anywhere in the world. So personally for me let's say I live on a thousand CDs a month. Cds a month, definitely if I have a trading account of 10,000 CDs, that means it is going to take me 10% for me to actually earn my expenses, which is what 1,000 Ghana CDs. So therefore it boils down to risk management. How am I going to actually make so-and-so amount of money out of that particular account? You understand? So it's all boiled down to risk management your cost of living, your expenses and then your account size.

Speaker 2: 14:08

So I'm a new trader. I don't know anything about trading. I want you to tell me the steps that I can take to be able to take my first trade.

Speaker 1: 14:16

All right. So the very first thing that you need to do is you need to educate yourself, right? You can never ignore education. A man without education is a damned man. If you don't have education in this, you are going to be losing. In fact, the people that call for excess scam are the people who lack the knowledge about it. It's not a rumor out there. They're actually people saying it because they've come. Their money got missing in the market and they are wondering where did it go? These people took my money. No one took your money. You made a loss. You pressed market and they are wondering where did they go? These people took my? No one took your money. You made a loss. You press that button and you lost that money, you understand.

Speaker 1: 14:55

So the first thing is you need to find good education and you need to get a good mentor. You need to do your own research. You need to take your time, find someone who you think is good at a craft. Learn from that person. Once you are done, the second step that you need to do is you need to get yourself a reliable broker. A broker is basically an intermediary between the retail trader and the financial markets, right, so they operate based on a model of leverage. They're actually giving you access into the financial market, because back then you cannot, as a normal person, trade on the financial market. You need a minimum of $250 million. But thank God, for brokers and leverage, we have access to the financial market. Then the third thing you need to do is to practice, practice, practice. You need to practice whatever that you've learned from that person Practice, practice, practice.

Speaker 1: 15:42

And one thing I advise people is that let's say you've learned you've gone through the steps You've learned from. Let's say you've learned you've gone through the steps you've learned from. Let's say you've learned from aram della you got yourself a reliable broker, which you know you're not going to run away. You want to make sure they're regulated. Then the next step is you want to practice whatever aram has taught you.

Speaker 1: 15:56

Now let's say you want to actually make this a full-time job. You first of all need to know how much money you are willing sorry, how much money you are you kind of spend in a month. So let's say derrick spends two thousand dollars a month right now. If derrick spends two thousand dollars a month, how much can derrick be investing into the market? No return can give you like you can't just be making a hundred percent on your return, just like that, right. You can actually make that from Forex, right, but that's risky If you want to go on a more subtle base you want a significant amount of money and be making at least 10 to 20% a month.

Speaker 1: 16:38

that is reasonable. If you have 20 grand in your bank, in your trading account, right? And you are making $2,000 a month, trust me, life can be very easy as a Forex trader. So, and you are making $2,000 a month, trust me, life can be very easy as a forex trader. So you want to ask yourself that if this is the amount of money you can afford, then in your practice stages, you want to deposit a demo account of, let's say, $20,000. And you are going to be practicing as though that is your initial amount of money and your target is $2,000, which is your expenses. You are going to do that over a period of three to six months and you're going to go through a series of turbulence, series of wins, series of losses, and you learn from that experience to know that when your real money gets in, this is how exactly you're supposed to be trading you get it.

Speaker 2: 17:21

So that is basically a very short procedure I have an understanding that it is not possible to experience emotions on a trading account, on a demo account. Yes, Because sometimes, as you know, you have a demo account and because it's not your money you take the trades, but you don't feel the emotions. But then you also know that it is the emotions that allows you to make the decisions, either good or bad, yeah, so how do we address?

Speaker 1: 18:03

that, okay, that's a very good question. So, personally for me, one thing I advise my mentees is that always and always start with a small live account instead of a demo account. The reason I say this is because before you even start trading on the live account, you first of all have knowledge. Right? So don't jump the step by getting the live account when you don't have knowledge. You have the knowledge now. Now you want to be practicing with a small live account because you are building what you call emotional stability in the market, emotional intelligence.

Speaker 1: 18:37

Listen, it is not normal for you to have a $200 account, take a trade and be seeing a loss of $7. And in the next minute, you are seeing a profit of fourteen dollars. You come back and then you are seeing negative two dollars. It's a whole roller coaster. But what you don't know is that that process, what is building your emotions to be able to be stable in the market and know that, regardless, my discipline is saying that my system is telling me that this market is going to go from point a to point b. So I need to be patient, hold up, wait and allow the market to do what it has to do, as you are doing that several, several, several is building what you call emotional intelligence and stability in you and giving you the opportunity to be able to master your emotions and take better decisions in the market.

Speaker 2: 19:18

My goodness, what has been your worst time in the market?

Speaker 1: 19:22

Well, when I lost $35,000 in a single day.

Speaker 2: 19:25

In a day? Yeah, on which pair Gold.

Speaker 1: 19:30

Daddy, my pillow was here. I slept this way. I'll never forget I was shaking, shaking, shaking $35,000?

Speaker 2: 19:41

Yeah, and.

Speaker 1: 19:42

I grew it from $2,000 to $35,000. Right, and then you lost it, yeah, even as a professional trader. So it's not all rosy, yeah, but I can show you that, because I'm not here to show you my losses, I'm here to motivate you, I'm here to impact you, to tell you that it's possible. That's it Right.

Speaker 2: 20:01

Yeah, that's it.

Speaker 1: 20:11

And it's all part of it. Yeah, it's all part of the game. Um, you know the famous saying you beat a man down, you get up?

Speaker 2: 20:13

yeah, you know, get up twice as tall, you know, yeah. So, um my goodness, I mean, you asked, I asked that question your your worst time in the market.

Speaker 1: 20:21

Yeah, even when I lost that money, I just kept asking myself I could have bought myself a car, like you know. You know I was eyeing a Camaro then.

Speaker 1: 20:28

The funny thing is so with me. I have this attitude of when I lose money on the market, I buy something more expensive to prove to the market that, my friend, you can't just take my money off like that. So the next day I bought myself a Camaro. Yes, and I sold it off again because I realized that I love, I love sports cars. Okay, and looking at them from afar, like I was like wow, I never started one, so I I bought one right after that loss, I think.

Speaker 1: 20:56

Two days later I bought one and after using it for a while I realized and all this vanity, yeah so I had to sell it and obviously the person I bought it from didn't give it to me back at that price. I ended up losing more money.

Speaker 2: 21:09

You lost money on that market again on that same market again.

Speaker 2: 21:13

Yeah, wow so, yeah, it was such a very sad moment for me to be able to you know, for anyone who has lost any amount of money to be able to sit back in, to sit here and take further trades. I told you, when I first went on the market 2017, I lost five thousand pounds flat and I left, I went, I go, stood in the market. That's because I was not prepared to get back studying. You know, work on my emotions. I was not prepared because I was doing other things. I was not prepared to make it a living. I was not prepared to do it as you are. But for you to be able to go down that much and come back up then the next question I'm going to ask is what's been the best time so far?

Speaker 1: 22:06

Okay, so the best time is not just the moment, but it was a season, all right, I can say the peak of it was when I made about $7,300. And I think in that time the rates amounted to 100,000 cities in a day. But I made more than that in a day. So I made more than that in like a week or in a span or in a season. Right, that was when, like, I had a serious winning streak in gold and I think that's where, like, my name blew up and a lot of people knew me as like the gold god market, god, that kind of thing. Right, it was a season where, like literally every trade that I would take, I never had like a loss in a single day. And you know, like I give out signals.

Speaker 1: 22:46

I actually give people signals and they could testify like back to back. It was wins and I thank God for that moment that I was actually trading like a live account, so I was literally making back money like every single time on the market. So there's this thing that I always say that I'm forever stuck in profit, like even if I take a loss today. I always say that I'm forever stuck in profit, like, even if I take a loss today, like 10K, I'm forever stuck in profit.

Speaker 2: 23:09

Yeah.

Speaker 1: 23:10

Wow.

Speaker 2: 23:11

No, no, no. You've done great. Thank you, you've certainly done great. So I guess you know, because you are known for gold and you do a lot of gold. This may be a silly question, but I'll ask anyway. What are your top three pairs Is?

Speaker 1: 23:30

it safe to say gold, gold and gold.

Speaker 2: 23:34

You can even add another gold to it. You can make it five gold.

Speaker 1: 23:37

Okay, so obviously my top pair number one is gold. Number two, I'm going to say Euro JPY. Number two, I'm going to say Euro-JPY. The reason I'll say Euro-JPY is because it has a very beautiful structure and aligns so well with the market. And the third pair I'm going to say is Euro-NZD. It's actually a very beautiful pair. It gives a significant amount of pips, but their spread level is quite huge. That is a very beautiful pair. So gold, Euro-JPY and Euro-N and euro nzd.

Speaker 2: 24:08

In fact, I was trading euro nzd before gold yeah, if we, if we take this back to derrick the new trader. And then I asked you what is a lot size? How do you explain it so that it makes it very easy for me to understand?

Speaker 1: 24:27

Okay. So, basically, a lot size is like what allows you to make either a significant amount of money on the market or a lesser amount of money. It is the determining factor to be making a significant amount of money or taking a significant amount of risk on the market. Yeah, that in layman's them like yes, yeah. So the more lot size, the more risk.

Speaker 2: 24:52

The less loss size, the less risk and then you also mentioned as well leverage from the brokers yeah, now um what?

Speaker 1: 24:59

is that okay? So leverage is basically um, like the, the brokers giving you access to more money than you have. As I said earlier on, back then you don't have access to actually trade the market, right? So these uh brokers actually give us what we call leverage. So they're actually giving us, um, let's say, more money than we have deposited to be able to access it. So they are more like virtual funds. So leverage allows us to actually either make more money or lose significantly. So if you're actually trading on a high leverage, you can make more money. That means you can enter more trades, you understand? So when you look at some brokers, they give up to a leverage of 1 is to 100, which is a lower leverage. 1 is to 400, which is a higher leverage. That means whatever you deposit times 400. Right?

Speaker 2: 25:46

You understand. Yeah, yeah.

Speaker 1: 25:48

And like that, like that. So the more leverage, the more amount of risk you are open to on the market.

Speaker 2: 25:54

Just because you said you love gold so much and you've dropped every pair to just focus on gold. Yeah, beautiful, that's such a niche, you know. Um, but then I begged them to ask this question what is it about gold you found that makes you say this, is it this? Is it?

Speaker 1: 26:15

the same person who called me market's gold is the same person who said the gold and the silver is mine yeah, but that was just, uh, yeah, but um, I realized that after trading all other pairs in fact, I was trading every single pair, in fact my favorite pair was Euro NZD and GBP NZD. I used to trade with a doctor friend of mine. She's called the girl who trades yeah, she's currently a mom, yeah, and we're trading that pair crazy. But I realized that I was doing so well on gold, and even my mentor, kodjo Forex, actually told me you're doing so well on gold, so you need to focus more.

Speaker 1: 26:51

And there's something about the market which is called edge, and it's something that happens in everyday life. Right, you realize that if you put players on the pack, you realize that, as good as Kudu or Messi is, if you put him at defense, he can't play so well. Right, but if you put him at defense, he can't play so well, right, but if you put him at this particular position, he's going to play so well. Why? Because he has an edge in that particular area. So one thing I realized is that why not focus on that particular edge and build it more? And one of the books that really helped me with that is called the One Thing. I don't remember who wrote it, but if you search for it you'll find it.

Speaker 2: 27:25

Yeah, so and um, for somebody who listens to you, um, watches you one of your mentees probably thinking home, thinking to themselves okay, when you look at a gold chart, how do you make a decision, you yourself, when you're sitting in that seat?

Speaker 1: 27:42

technically okay. So I have a very simple system. First off, I go to the daily time frame because I want to identify the trend of the market. Then I look out for significant zones in the market where price has reacted, which a lot of people would call support and resistance areas. Then, if the market is in a particular trend, say a downtrend, and the market has broken, let's say, a support level, I'll be looking for price to push back into that support level. Then I'll be looking for what you call candlestick confirmations, which signify, you know, strong indications that the market is about to move in a particular way. I enter the market and I make money. It's as simple as that, but it's more technical to that.

Speaker 2: 28:20

Of course it's a lot more technical than that. Of course there's a lot more technical than that. But then, and in the market, there's something called stop loss yeah. And then there's something called take profit yeah. In a good scenario where you've looked at a chart on gold, then you're making your decision. What would be a good number of stop loss for you?

Speaker 1: 28:45

Okay, personally, for me I've always been like so, because I really know how to trade gold well, my maximum stop-loss on gold is 40 pips and my usual take profit on gold is 100 pips. Like facts.

Speaker 2: 28:58

That's a huge risk-reward ratio.

Speaker 1: 29:00

Yeah, that's because I'm a day trader, not a scalper.

Speaker 2: 29:03

Right, Right yeah.

Speaker 1: 29:04

So I've been backtesting for some time. I realized that certain times where I find a setup that gives me 20 pips stop loss, there's certain times I find certain opportunities that give me 30 pips stop loss. So it varies between 20 to 40 pips, you understand.

Speaker 2: 29:19

So, yeah, somebody may be thinking that, for a person who has taken trading as a day job, you're on the market every day. Is that true? Do you go to the market every day?

Speaker 1: 29:32

Okay, so I don't go to the market. So what I do is, every morning, when I wake up, the first thing I look at is the charts. I say thank you God. In fact, while I was looking on the charts, I'm playing some gospel You're thanking.

Speaker 1: 29:41

God, thanking God, I'm playing some gospel, thanking God, thanking God. So whilst I'm looking up on the charts, I am basically looking out to see whether today is going to be a good day. So we are basically looking into the future of the markets, what's going to happen, and as I'm analyzing, I'm spotting. Now if I make a significant amount, I actually have targets. But because I have a community, I need to feed them right, because my targets can be someone's starting point right Personally for me. So I actually look out for opportunities on the market. Let's say, monday I make a win, tuesday I make a win. Wednesday I make a win, I'm okay, I make my withdrawal, I'm done for the week. But because of my community, where I need to help more people to make money, when I look out for opportunities and I see one, I call it out.

Speaker 1: 30:28

But I do not take the trade because I am disciplined enough to know that I have hit my target. You get it. So I do not trade every day. There are certain times in the market where Monday you'll not find an opportunity. I don't force it. Tuesday I don't force it. Wednesday, I don't force it. Thursday, I don't force it. And I don't force it Wednesday, I don't force it Thursday I don't force it and Friday will be a big one. There are times where I'll have only a loss, two losses in the whole week and there's no win.

Speaker 2: 30:53

Okay.

Speaker 1: 30:54

Yeah, and that discipline to be patient and say that I'm going to come back again the next week, that's what makes a trader, that's what makes a pro trader. So, yes, yes, I don't come to the market every. I don't trade every day. Yeah, people know me for that.

Speaker 2: 31:11

if you come to my group, don't force me, allow me to. Don't force me, yeah, don't force me. Um, in trading, as you also know that, there's something called fear of missing out. Yeah, as you're saying, you don't come to the market every day and then you see an opportunity on a wednesday, but then you've hit your target already Monday, tuesday and you don't see the need to take that trade. Don't you feel like you're missing out?

Speaker 1: 31:36

honestly, it's a lot of that has to do with a lot of psychology, right, if you ask me. Because what if it also goes out? Nothing is 100 in the market. Nothing, nothing is 100 in the market. So you want to actually have that in mind and know that in as much as you think you can be missing out, no matter how good the setup is, it can also go against you because, number one, you are going against your trading rules. So to me personally, it's one of the things that I can say I have a strong hold on in terms of the fear of missing out. I don't, for that one is I don't, I don't allow it to get to me. Yeah, now.

Speaker 2: 32:13

How do you then advise your mentees to build their formal?

Speaker 1: 32:22

okay. So, personally, in building your fear of missing out in the market, I feel like you need to establish a set of rules for yourself, right? You need to tell yourself that hey, um, you need to set targets right and you need to set even amounts of money you want to be losing in a day. So let's say you have 10 000 cities, 2 000 cities a day. You don't want to be losing more than 600 Ghana CDs, right? I'm just giving an example.

Speaker 1: 32:50

Let's say you hit that 600 Ghana CDs and you spot another opportunity on the market. Right At that moment you feel like, ah, I lost 600 CDs and this could be the opportunity where I'm going to be making my money back. But what you don't know is that you're also breaking another rule, which is called revenge trading, because now your system says that don't trade when you've lost 600 cities because your mental capacity over time cannot withstand. So, whatever decision you are making, it could look all beautiful, but it could be a lie and I call something the seven deadly sins right. Number one fear, greed and the rest We'll talk about that later. The seven deadly sins right number one fear, greed.

Speaker 2: 33:26

And the rest we'll talk about later.

Speaker 1: 33:27

Yeah, the seven deadly sins of trading right, and one of them is revenge trading. One of them is impatience. So allowing that, hey, no, I know that I have taken this trade. Let me allow the market to do. Tomorrow is going to be another day. We'll wake up and there will be another move on the market. So you just need to establish a set of rules that can help you to stay disciplined.

Speaker 2: 33:47

So you've really got to be patient when you take a trade. And be patient when the setup is not ready?

Speaker 1: 33:52

Yes, and even be patient when you take a loss. Well, because otherwise you'll revenge, because you need to wait for another opportunity.

Speaker 2: 34:01

I guess this ties into trading without fear. Yeah, because once you build all of these things, then it'll be a lot easier to take trades, because sometimes certain traders can stay on demo accounts for a long time. They have an account ready, but they are still demoing.

Speaker 1: 34:21

And that's also another sickness, if you ask me, it's also another sickness. If you ask me, it's also another sickness because you can't just keep doing demo when you know you're good. You need to take a risk. Like the whole essence of trading is taking risk. You understand there's a saying that wealth favors the bold right. Anybody you see today that has made it took a risk.

Speaker 1: 34:47

Personally. For me, when I finished university, my dad asked me to manage his company like young boy ceo of his company auctioneering company, something else. I was like no, I want to follow my dream. He said then I'm not going to give you money anymore. I resorted to doing small working in a club and in that 200 cities. I used to be a drone pilot. I used to do a lot of things like just to make money. That was a risk I was taking when I didn't even know that would. This forex didn't even work for me, right. So taking a risk is super important, like you need to be able to take risks in the market, knowing that by taking calculated risk is what's going to help you and stay, and that's what's going to help you to stay long in the market.

Speaker 2: 35:32

Calculated risk. Yes, now let's use that to then bring in risk reward ratio. Okay, how? What does that mean?

Speaker 1: 35:41

Okay. So risk reward ratio, in layman's term, is basically how much you are willing to risk for how much you are willing to gain, right? So, for example, let's say that, as a businessman, you want to invest in a business, and this is why I love Forex. Let me ask you let's say you are into gadget sales. You bought your iPad for 10,000 Ghana CDs and you want to sell it to me as a businessman. How much are you going to sell it to me?

Speaker 2: 36:06

Just give me an example, I'll probably add about 30% to it 30%.

Speaker 1: 36:11

So that means you are not even making. One is to one. That means whatever you have bought, you are not even going to make 100% profit. But when it comes to forex trading, the minimum risk to reward is at least one is to one.

Speaker 2: 36:27

I see.

Speaker 1: 36:28

And even that one is considered gambling, because why would you risk $20 to make $20? You get it so with risk to reward. Personally, for me, when I started, my risk to reward was a minimum of one is to two. That means if I'm risking $20, I want to be making $40. If I'm risking $1,000 dollars, I want to be making forty dollars. If I'm risking a thousand dollars, I want to be making two thousand dollars. If I'm risking twenty dollars, I want to make 40, 10, 20, 30, 60, like that. So that is basically the scenario of risk to reward. So how risk to reward helps you is that it allows you to save a lot of money on the market. Now let's say that your risk to reward is one is to three, and let's say you're risking $20, right. So let's say, your first trade, you win $60, which is a risk to reward of one is to three, because $20 times three gives you $60. Now let's say your next two trades, you lose. So you've lost two trades. Which is what?

Speaker 1: 37:25

$40, and you've lost two trades, which is worth $40, and you've won only one trade, but you're still profitable. You have $20 left. That's the essence of risk to reward.

Speaker 2: 37:33

But then you've got to be patient when it's going up.

Speaker 1: 37:37

Exactly.

Speaker 2: 37:37

Or when it's going down, it's actually a very difficult concept, that's very difficult.

Speaker 1: 37:42

Yeah, so to start, just do 1 is to 2. Personally for me, even till now, I still do 1 is to 2.5, 1 is to 3.

Speaker 2: 37:50

Because sometimes the problem is that, yeah, especially on gold, that trade is going, it's going, oh, it reverses. Maybe you are in 50% 1, 1. Yeah, Then it reverses. Then your stop loss has been hit. Yeah, and then you're thinking well, I should have taken 1-1.

Speaker 1: 38:07

At least, or sometimes you can just like break even, prevent the market from hitting your stop loss. That's true, yeah, that's true?

Speaker 2: 38:14

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