Hello readers & subscribers. If you recently subscribed to this blog, you’ve probably noticed that you haven’t received any new weekly publications (2020 has been hectic & overwhelming). If you just stumbled upon this blog, welcome, please do subscribe. The year 2020 has been rough for most of us. I know that in the beginning of each year, most of us have our plans drafted and how we would like to start a new year, we have our goals and we are usually looking forward to a new year. 2020 was no different, we had plans and goals. Some of the goals were reached and some weren’t. Some of the plans had to be halted or adjusted. A lot of people lost their lives, their job, businesses and livelihoods. There’s still a lot to be grateful for though. Having an opportunity to read this post, calls for gratitude just for being alive.
Desperation Left So Many People Vulnerable
There’s been a lot of financial uncertainties due to the struggling economies. A lot of people started to look for alternative ways to make money. Forex trading became one of those alternative ways. Most people started to hunt for online investment opportunities. Scammers have been having a “feast” with more people getting vulnerable for the fear of losing their businesses or jobs. It is unfortunate that even those who lost their jobs had to lose all their life savings from joining all these Forex “investments” scam companies that promised them higher returns with zero efforts. I must say that the FSCA has been doing a great job in investigating and shutting these companies down. Unfortunately, the losses may never be recovered. I also published a blogpost warning potential investors about Forex scams being on the rise since the Covid-19 pandemic. You may also like to learn how to verify any financial service provider, if they are authorized to offer investments packages to the public, check that information HERE, for the safety of of your funds.
Thank You, Thank You, Thank You
From the bottom of my heart, I thank you for reading my posts, I thank you for subscribing, I thank you for sharing my work, I thank you for downloading my App, I thank you for listening and following my Podcast and I thank you for enrolling for my private lessons, mentorship & coaching. (WhatsApp +27 78 144 6851 for available special offers on private lessons, learning how to trade for yourself is the best option). The plan was to publish at least 50 articles in 2020, I only managed to publish 31 articles. I am grateful for being able to do that under these circumstances.
Please take care of yourselves, stay safe and wear your mask. I wish you a happy and a prosperous new year, not forgetting good health. May all your 2021 plans and dreams come to fruition. Let’s cross over safely and continue to dream and dream big. Remember, you are BLESSED & UNSTOPABLE. Cheers, till we meet again in 2021.
Today’s article was triggered by a study that I recently conducted among my followers, but mostly my mentees. I know that the study was not done among thousands of traders. This is not a conclusion or a fact, but rather what I have observed as an individual.
Why is there a few of us (female trader
As the years progressed, I have seen an increase in numbers of women who are interested in learning more about the financial markets. It excites me, this has been a zone filled with men for such a long time and a very lonely one for us (women). As a female trader myself, I still come across people who think I cannot excel in this simply because I am a woman. Some people will even go as far as saying things like “We thought you were just blogging and there’s a man behind all this great work that you do”. In short, I still get undermined by men in this field and also by fellow women. This post is not about putting men or women in a certain box on how they should behave or how they act. It is also not about who does it better between men and women in trading. This is just my observation (I just got tempted to use my favorite word “Nje”). This is just my own observations.
What I have noticed about male traders
My mentees are so gonna kill me. I might as well just hide after this post. But again, they know how much I love them and how I am always straight forward with them.
Most of them were a bit skeptical in the beginning just before they enrolled for my private lessons. The fact that I am a woman is still an issue for some (not all of them though)
When they finally enroll for my private lessons & mentorship, there’s something that they mostly struggle with. They hate to admit when they are wrong and therefore take longer to realize that they are actually in a bad trade and they need to do something about it. They love being right or correct all the time.
They are likely to ignore my teachings and just do their own thing. This is simply because men are not like us. We like to hide stuff from our friends for the fear of being talked about. We love to keep to ourselves and never share everything with our friends. Most men are likely to share with their homeboys and play around with different strategies and take tips from friends (which usually ends in huge losses). They can hardly focus on one strategy.
They mostly have that urge to want to trade even when there aren’t really any trading opportunities
Just like most guys love speedy cars, most of them do love speedy profits as well. Higher lot sizes that cannot be handled by their accounts are their biggest challenge. They are mostly chasing quick results and sometimes I may appear too conservative for their liking. They have a general lack of patience (not all of them)
They struggle to communicate effectively with their mentor (me) and they are mostly too shy to cry out for help.
They prefer to sit in their corner and drown in losses instead of asking for help. Mostly, I only find out when the mess is too big that they actually messed up. That is one thing that delays their progress. Slowly, but surely, they are coming to the “party” and as a mentor I think I am winning.
Their bravery can sometimes be their demise.
What I have observed about us (female traders)
There’s something about us and patience. We can be extremely patient and understand that things may take longer to materialize. When women enroll for my private lessons, they mostly speak the same language. They talk about how they are willing to nurture their accounts and grow them from strength to strength. They also do love the fact that I won’t teach them to trade the whole day and night. They love the fact that they’ll still be able to take care of their families, go to work and pursue their other interests while trading the financial markets. You know what I love the most about women traders? We are not interested in letting all our friends know what we are up to. That is one thing that we do best. Some of us learned the hard way and decided never to announce our plans to our friends. Here are some of the things that I have observed about most female traders.
They usually do not believe that they can actually be the best
They question and undermine their own intelligence a lot
They are too careful and it makes them to doubt their decisions for the fear of losing money. They cannot separate being careful and being too scared.
They are likely to move slower than they should. They feel more than they do. But they are likely to be more sustainable than male traders.
They are likely to stick to my teachings because no one in their circle really knows that they are also trading, therefore they hardly join trading groups or take tips from outside sources. They do not have that kind of pressure that men are mostly exposed to. That on its own has contributed to their success rate and how they manage to keep it real.
They do not have that urge to trade every hour (well, most of them)
They are likely to keep the profits because it is in our nature to care and nurture anything
They are not about doubling accounts every second day, they are more about growth month after month.
I almost forgot to tell you about these women under my mentorship, I have found sisters in them. We share more than what actually brought us together. It is also the case with the guys, we have that brotherly/sisterly relationship and great friendships. OK, back to my wishes now.
If I could cut and paste
My wish is for male traders to think like men, be more patient and trade like women. My wish for female traders is for them to have a little dose of bravery (not all of it, just a little) have more confidence and trade like women. Did I just say female traders are better traders than male traders? YOH! I don’t know. What do you think? Remember these were just my own observations from my group of traders. What’s your thought? I would like to hear, kindly leave a comment. I thought I should just pop in and have a long chat with you, nothing serious but just a chat on what I have observed. This post is not for education purposes, it was just a chat. Also note that not all men or women are as described. Maybe, just maybe learning from a women will make a difference. Thank you for stopping by.
I recently started a podcast not only because I love talking (Of course I love talking, I really do) but because I thought it will also be another great and awesome way to share my message and also to put the voice behind all this writing that I’ve been doing here. As a teacher/mentor & coach, I have learned through my mentees that some people get the message better through listening than reading. Check it out HERE. You can also download the App where I post weekly tips on trading psychology and also to have this blog right at your fingertips.
FSCA : Financial Sector Conduct Authority formerly known as Financial Services Board (FSB) is the regulatory body of financial institutions that provide financial services and offer financial products. These institutions include banks, insurers, market infrastructures and retirement funds/administrators. They are all licenced in terms of the financial sector law.
What Is The Main Responsibility of FSCA?
The FSCA supervises and regulates the conduct of financial institutions. They also help to protect the financial customers by ensuring that they get fair treatment from financial institutions. Their mandate is to enhance, maintain and support the efficiency and integrity of the financial markets. The FSCA also provides financial education and issues warning statements about financial institutions that are under investigations or have their licence withdrawn etc. You can read all about their media release on their website HERE, who knows, you might just see your current financial institution on the news. Those financial services who are treating customers unfairly and breaking the law, are severely dealt with.
Why This Blog Post?
Sometime last week, a story broke out about how the Minister of Finance said Forex trading is illegal in South Africa (which was clearly incorrect information/fake news). From the comments that I was reading online regarding the story, I realised that most people are not aware that they have rights and access to call and verify any financial markets related news with the regulatory body. I obviously did that and spoke to them and they confirmed that if there’s any news like that, it would have been on their website since they are the one who regulate the industry.
It also didn’t make any sense to have a whole minister of finance talking to a newspaper publication about illegalizing Forex trading before speaking to the regulators. I also get a lot of emails, WhatsApp texts and other social media inboxes from people who are scammed by companies simply because they had no information on how to check if those companies are authorized to offer Forex and other types of investments. I then decided to post this information here to educate more people about FSCA because sharing information is my calling. I am hoping that you’ll be kind enough to help me spread this information to as many people as possible because it might save lives. Below are the instructions on how to check if your Forex broker or any other financial institution is authorised to offer the services that they currently offer. Go to the official FSCA website by clicking HERE and follow the steps below.
For the safety of your funds, never trade with an unauthorized broker or give your money to any unauthorised institution or individual, even if they show you their FSP number, always confirm and verify with FSCA if they are authorised to handle public funds. Most Forex Brokers or companies are offering services that they are not authorised to offer. On the last step (step 9) click on “here“ and you’ll find more information on the products. To get to “here” you can click on “key individuals”. If anything confuses you about the products, you can call FSCA or email them.
The broker that I used for demonstration, is one of the brokers that I trade with. I also wrote a review on them. You can check out the review post HERE and if you wish to open an account with them, you’ll find a link on that post and feel free to WhatsApp me for assistance should you get stuck (WhatsApp details at the bottom of this post). Some brokers are trading under a different name. If that is the case, the information should be on the broker’s website and you can still get the FSP number from the website and verify it, the name that they trade under, will definitely show up when you check their FSP number.
I wrote another review on one of the biggest brokers who are also trading under a different name. You can view the post HERE and if you wish to open an account with them, there’s a link on the post to register. I personally trade with both brokers. I hope you found some value in this post. Kindly help me to reach out to as many people as possible by sharing it. Thank you for stopping by and please stay safe. Don’t forget to download the App on Google Playstore to have this content at your fingertips
Hello, welcome back. I hope you are still keeping well and safe during these times, I am also just trying my best to stay alive. In S.A we just moved to alert level 1 of lockdown and our economy is slowly reopening, we are only praying and hoping for the best. OK, I have been answering this question about whether Forex trading is something worth trying or not.
Why Did I Start This Blog?
The aim of this blog is to provide practical and realistic tips and content that can be used by anyone. I am not here to give any form of financial or investment advise. I am basically just listening to the public’s frequently asked questions and answer through these articles. A few weeks ago, I published a blog post addressing the issue of untrustworthy Forex investments and that was after my email and social media were flooded with people asking me a lot regarding these investments. Most people were actually crying.
Why This Topic?
Since lockdown started, most people found themselves working from home and some people actually lost their jobs. There’s been a lot of uncertainty since Covid-19. Most people are constantly looking for alternative ways of making an income. Because of the current situation with Covid-19, the online world has really become an obvious option. Let me try to answer this question in a practical and a realistic manner like I always try to do.
You’ve been thinking about venturing into Forex trading lately. You hear your friends or your colleagues talking about trading and telling you how you can make a lot of money working from home, there’s a lot being said about the unemployment rate and folks on social media are also out there telling you how you can fire your boss in six months etc. You read about it on social media, you see it everywhere, you join every group of Forex traders on Facebook, and you even get those overwhelming inboxes from people who stay overseas (you know those people who are inboxing you daily and they want to turn you into a millionaire, they inbox me too because they never bother to check the profiles, all they want is to get to their next victim’s pockets) You are now thinking that you can actually be a millionaire by next year if you can start as soon as possible, WAIT!!! Let me give you a lesson or two on this subject and then you can decide.
Can Someone Really Make A Million Trading Forex?
Yes, definitely, there’s no lie there, but it won’t just happen though. There’s a process, some learning and investing money that should happen before you get there. Your earning potential is also highly linked to your start up capital. You can ask me all about it via WhatsApp (see the WhatsApp feature at the bottom of this post and chat with me)
Who Can Trade Forex?
Whether you have a full-time job, you’re a business owner, a student, a stay at home mom with no degree, whether you are male or female, you can. The flexibility of financial markets will meet your needs allowing you to trade at the set time that suits you as an individual since the markets are open for 24 hours/5 days a week. The age has caught up with the markets and trading has now shifted from the floor to the computer network which makes it easier for anyone to participate. It is a skill that anyone can learn with absolutely no need for any financial or economics background.
Who Should Stay Away From The Markets?
We all know that nothing is ever suitable for everyone, that’s not how the world works. A person who is looking for a quick buck without putting in any effort should deal with that first before venturing into Forex trading. A person who refuses to work on themselves and is always looking for things or people to blame whenever things don’t go right. A person who has a serious gambling problem. All the above mentioned are the things that can be changed though with the help of a good mentor & coach (that’s what I deal with sometimes) As long as you are willing to unlearn these habits and be coachable, you can get through such issues and start your trading career. I have helped a lot to overcome such issues.
Is There Any Risk Involved?
Of course, a big YES, there is a risk in trading just like risk is everywhere, but as with every other business, risk should always be calculated, and definitely it can be. That is why one needs to invest in education and acquire proper knowledge before investing some money. With proper money management skills, risk can be calculated. I recently published a blog post on this subject, you can check it out HERE. We cannot control the markets, but we can definitely control ourselves. The past few years of being in the markets have taught me that failure is mostly as a result of lack of self control and greed. For that reason, my coaching focuses more on trading psychology. I believe that if we can manage ourselves, we can manage our money.
Yes, Forex trading is worth trying as long as you can get education, mentorship & coaching. I hope this helps. Thank you for stopping by. Please kindly share this post with anyone that you think might need this content. For private lessons, mentorship & coaching, you can check HERE and grab your 20% OFF special for my last training sessions of 2020. Please stay safe and know that we are supported and there’s life after Covid. Keep the faith. You can also download our mobile App on Google Playstore so that you don’t miss out on weekly tips on trading psychology.
Forex trading psychology refers to a trader’s emotions and their mental state. It is one of the most important deciding factors of whether a trader will make it or not . It is also about a trader’s character which plays a big role in influencing their trading decisions. Most failures in Forex trading are more about how traders manage themselves.
Manage Yourself, Manage Your Money
I always say that if you can manage yourself, you can definitely manage your money. Most traders think that the most important thing for successful trading, is finding amazing tools and trading strategies. I also understand that we cannot control what happens in the markets, but we can always control ourselves. Now that we know what Forex trading psychology refers to, let’s look at the few specific behaviours and emotions that can be associated with it.
In whatever that we do, we mostly need a certain level of discipline, without it, chances of being successful are limited. I will make an example with trying to keep fit and getting healthier, we need a lot of self discipline/control in terms of what we eat and also making sure that we get moving and exercise. If we lack self control, we will feel tempted to eat junk food and justify it by saying that everyone around us was eating junk. I love using these as examples because I know how difficult it is for most people to discipline themselves in terms of what they should eat and not eat. Healthy eating is one of the important things that I am passionate about because health is wealth. Let me go back to the business of today before I go on and on about food and health.
How Important Is Self Discipline?
When it comes to Forex trading, discipline should be your strongest weapon. If you cannot discipline yourself in the markets, the markets will sure discipline you through a margin calland that is not a nice thing to experience as a trader. Disciplining yourself involves you saying NO to that urge to trade all the time/over trading, using a bigger lot size when your account is small and risking more that what your account could handle.
What Happens When You Lack Discipline?
When you lack discipline, Forex trading feels like a very bad addiction. When you lack discipline, you are unable to stick to your own plan. The good thing is that discipline is something that can be learned, as long as there’s a will to learn and enough support from a Forex trading mentor/coach. I have learned that it is easier to win when you have a support system to help you up when you stumble (that’s basically what I do with my mentees). A mentor/coach clears a way ahead for you. I never do anything without a mentor/coach until I can stand on my own. Normalise doing the same, it really helps.
When fear strikes, you are likely to miss out on great trading opportunities for the fear of making mistakes and losing money (especially if you’ve made some mistakes that lead to you losing money). The fear of missing out is also another form of fear that is associated with Forex trading psychology. When this type of fear strikes, a trader feels like if a day goes by without placing any trades, they are definitely missing out. But the truth is, a missed trade is never a loss. There’s another type of fear that I won’t indulge in that much on this post, and that is the fear of success. You can read all about it in the post that I published a year ago, HERE.
According to its definition, greed is a selfish want for something beyond one’s need. A greedy trader is a trader who is never satisfied no matter how great their trading session can be, it always ends very bad. No matter how much they make in a day, it always ends in great losses at the end of the day. A greedy trader never takes money home, it only goes as far as trading history. The good thing again is that, this is something that can be unlearned, as long as you’ve identified and acknowledged it, you can learn NOT to be greedy. Unlearning forms a big part of learning, read more about that HERE. A while ago, I published a post about overcoming GREED, you may want to check it out.
Forex trading psychology is also that one area that I focus the most on. I recently started posting weekly tips on the App that are mainly focusing on Forex trading psychology. The main aim is to help you shape your mindset and gear it up for better trading experiences. The weekly tips are only posted on the app. You can download the app on Google Playstore and make sure that your device allows push notifications to be notified whenever a new weekly tip on Forex trading psychology to improve your trading is posted. Thank you so much for stopping by.
I really hope that this post added some value in your trading journey. To help me reach out to more people who may be in need of this content, kindly share this post and subscribe for future publications. Keep well, wear that mask, wash your hands, practice social distancing, sanitise and stay safe.
Margin call: When your trading account does not have enough funds to sustain open losing trades. The broker will then close all your positions automatically one by one until the account shuts down completely. You could have an account with a $5 000 balance but still end up with an account with zero balance in an instant. It happened to me, you can read all about it Here.
Forex trading can deceptively appear as the easiest thing ever whereby one only needs a cellphone and technical indicators to confirm some lines and that’s it. Because of that notion, most people are venturing into Forex with high expectations to profit from it but not enough information of what is really needed from them. One has to be a realist and know their abilities and limitations when it comes to Forex. Fortunately though, it is a skill that anyone can learn, as long as there’s willingness.
One of the most painful things a trader can experience is margin call. Majority of Forex traders have had this unpleasant experience, yours truly included. That experience does not only leave you shocked but extremely ashamed and embarrassed. Below are the 3 ways to avoid margin call.
1. Mind Your Margins
Having a live trading account with no clue of what a margin is, was my biggest downfall. Knowing all the other details on my platform, like the balance (which is really not that important now that I am well-informed) neglecting what I now think is the most important part, your margin, free margin & margin level. You don’t want to deplete your free margin because that’s what gets your account to margin call. Know what gets allocated to each trade. That is golden information that you need to understand the most.
2. Avoid Bigger Lot Size
There is absolutely nothing wrong with trading a bigger lot size as long as your account can handle it. In fact, in Forex trading, size does matter. A bigger lot size allows you to make bigger profits (and bigger everything else such as losses, which is something that can be controlled with the right coaching and mindset)
Knowing whether your account can handle it or not, lies in the margin for each lot size that you trade. This is the part that I emphasise the most in my private coaching, as I believe it forms a bigger part of money management. I also try by all means to simplify this in a way that makes it easier for my mentees to understand it like a business cost without bombarding them with lot size calculators and a whole lot of complicated systems. I am a simple girl who believes in simplicity.
3. Avoid multiple trades
Because most people do not have a clue of what really causes margin call ( I think I have tried to explain that and I hope you now have a slight idea) they usually just open as many trades as possible hoping to maximise the chances of making more profits. Opening more trades simply means that you’ll use more margin and increase the chances of depleting your free margin which will eventually lead to margin call, should those trades go to bigger losses.
No matter how good your trading strategy is, if your money is not well managed, you are playing a losing game. The last point that I want to get across is that the internet is your main tool in Forex trading. You cannot really do much without good connection. The markets do not care if your internet is slow. If you have live trades, be sure you have good internet connection especially if you are a day trader. Thank you for stopping by. I hope you find this post valuable. If you do, kindly share with your peers so it can reach as many people as possible who are looking for practical Forex tips.