by Ntombi Malatsi | Aug 24, 2024 | FOREX TRAINING
Hey everyone, thanks for stopping by again. In this blog post, I’ll be sharing 3 ways to align with your trading goals.
Define Your Goal
When you start trading, it’s important to define your trading goals. Knowing what you want to achieve is the first step. The second step is to lay out a plan on how to reach your goal. The third step is to align with it. Aligning with your goals means starting to do the things that will get you closer to achieving them. If following too many Forex pages is confusing, unfollow those that don’t add much value to your trading life and clean up your email subscriptions by unsubscribing from sites that are not in line with your trading approach.
Create a Trading Plan
Creating a trading plan involves establishing a set of rules that you will follow every time you sit down for a trading session. Creating a trading plan is easy, but sticking to it is what challenges most traders because it requires a high level of discipline. The Forex with Ntombi Trading Journal is designed to help you stick to your plan and develop discipline and consistency. You can get a copy instantly HERE.
After creating your plan, eliminate anything that distracts you. This may mean not discussing your trading with fellow traders or leaving certain groups to make trading a more personal affair, thereby increasing your focus.
Mind Your Personality and Lifestyle
Choosing a trading method that suits your personality and lifestyle is crucial. If you want to trade while managing a 9-5 job, business, or school, you cannot choose a method that requires hours of studying charts, as you won’t have enough time to focus. This will make you feel overwhelmed and frustrated. I’ve published a podcast episode on this topic, which you can listen to HERE.
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by Ntombi Malatsi | Jun 15, 2024 | FOREX FOR BEGINNERS, FOREX TRAINING
Hello subscribers and readers, if you just stumbled upon this blog, greetings to you too. Feel free to subscribe for future blog post notifications. In this post, I share 5 things that traders need to understand.
You Will Get Scared
Being scared is normal for a beginner trader because trading can initially be scary. The biggest challenge though is when you allow it to turn into fear. Allowing it to turn into fear means you let it affect you long after you’ve experienced it. Fear can also be crippling.
Most traders deal not only with their fears but also the fears of others. They carry other people’s stories as their own. They could read stories on the internet about how others have lost money and been scammed through Forex schemes (there are plenty of those). Acknowledge that you are scared but don’t make other people’s stories yours, create your own story. I have published a mindset booklet ” titled “Shift your Mind Shift your Money” to help you fix this because winning starts in the mind.
Being scared is not a permanent state. Scared money never grows. Being too scared to take a trade will result in you parking your money in a trading account and never utilising your trading skills on a real level. The only way to get over the fear is to place trades whenever opportunities arise.
You Will Panic
If there’s one thing that a beginner trader can’t escape is panicking. We all start trading on the demo account before trading the live/real account. Whatever emotions we work on while trading on the demo will need to be worked on again after starting a live account. This is simply because you can’t assess your emotions while trading fake money, everything you feel is on a demo level. For that reason, it is in your best interest to not trade on the demo account for too long because it’s not a real thing and it doesn’t challenge you on a real level. I have published a podcast episode on this topic, you can listen HERE.
To remedy this, the best thing to do is to detach from the money and focus on getting it right while trading a small volume/lot size. Panicking a lot will make you miss great opportunities or even close your trades prematurely. When you panic, you are also likely to want to place a trade on the demo first before placing it on the live account, which delays your progress. You become a better driver by driving on the real roads not on a sport field where you don’t encounter real traffic and driving among other cars and drivers. Detach from the results and focus on the process of getting your desired results.
You Will Have A Crappy Trade
I know you don’t want to hear this one but you won’t always be 100% correct. There will be times when you won’t get the results you want, make bad decisions, and get into a bad trade. What separates winners from losers is the actions they take when that happens. You should have an exit strategy that doesn’t harm your account or lead to a margin call.
You Will Need Emotional Control
Like most beginner traders, you are likely to battle with that small voice that keeps telling you you will lose money. You have probably lost some money before and you know maybe a few people who have lost money in trading. Detach from other people’s stories as mentioned in the above paragraph and focus on creating yours. To overcome that nagging voice you need to understand that there is risk involved in trading just like there’s risk involved in any investment or business and risk can be managed.
You Will Feel Like Giving Up.
Yes, you will feel like giving up especially if you are desperate to see the results. One thing that can help you is to view your trading account as a business and understand that a business needs you to be patient and for you to nurture it to grow. I have published an episode on my podcast about what to do when you feel like giving up.
Risk can be managed, but you will need to manage yourself as well, take calculated risks, and learn how to manage your trading capital. Keep a Trading Journal to help you track your progress and do not dwell much on what you can achieve daily, rather do a weekly or monthly progress. I have published a trading journal to help you do just that.
Thank you for taking the time to read this post. Please help me reach as many traders as possible by sharing it. For all your practical and realistic trading psychology needs, you can follow and indulge in my podcast.
by Ntombi Malatsi | Dec 10, 2023 | FOREX TRAINING
Trading works much better when your start-up capital is not too small. Trading a smaller account can be frustrating and discouraging. It is OK to start small but you don’t have to remain small. I have published an episode on my podcast titled “How to grow a smaller trading account” Listen to it and apply those tips to grow your account.
Today’s post is about the benefits of trading a bigger account. If you are trading a smaller account, don’t be discouraged, read on and prepare yourself for when you have a bigger account, unless you plan to remain small.
Trading a bigger account is amazing and less stressful. This is provided you have worked on yourself and can manage your funds well. If you cannot manage a smaller account, you cannot manage a bigger one. Both accounts require the same trading psychology, discipline, money management, and self-control. Below I share 3 benefits of trading a bigger account.
More Money Gives You More Options.
Generally speaking, when you have more money, you have more options for what to eat, what to wear, where to live, where to go for holidays, what to drive, etc. Trading is the same. If you have more trading capital, you have more options for what you can trade. Other financial instruments are not suitable for smaller accounts.
You Can Get Away With A Few Number Of Pips
When you have learned how to trade, work on getting more trading funds to create a better trading environment where you don’t care much about chasing pips. Even if you can take 10 pips, you still make good money because you can trade a bigger volume which has a bigger pip value. Also, understand that making 100 pips does not mean you are making more money than someone who makes 10 pips, it is all in the pip value.
Percentage Gain Equals To More Money
Let’s say you make 20% from $100, that would be $20, but if you make 10% from $2000, that would be $200 for obvious reasons. Trading a bigger account allows you to get away with small percentage growth which is easier to sustain in the markets.
It takes effort to sit down, analyze the markets, and place a trade. When you have invested more, you also feel that your efforts are rewarded. Thank you for reading. If you found value in this post, kindly share it with your peers. Happy trading, for practical and realistic trading psychology tips, you can follow my podcast HERE.
by Ntombi Malatsi | Dec 6, 2023 | FOREX TRAINING
ANXIETY: A feeling of worry, nervousness, or unease about something with an uncertain outcome. Source: Oxford Dictionary. In this post, I share 10 practical ways to manage anxiety in your trading.
1. Identify Why You Are Anxious.
In your trading, you need to know why you get so anxious. Is it because you’ve lost money before and you are scared it will happen again? Is it because you’ve read so many stories on the internet about how people lost money in trading? If it is because you’ve lost money before, you need to deal with that and find out why it happened and rectify it. If it is because you are absorbing other people’s sad stories about trading, you need to focus on creating your own story and affirm it. I have published an E-Booklet with affirmations that can help you shift your thinking and align with your trading goals.
2. Prepare Yourself For Your Trading Sessions
Make sure that you set aside your trading time. For me, this is easier because of how I trade. My personal trading method is based on following the 3 W’s which are:
What do I trade?
When do I trade?
Why do I trade?
If I know that I will have visitors or any meeting that will clash with my trading session, I don’t plan for one. As a trader, you need to have uninterrupted time during your trading
3. Understand That You Cannot Control The Markets
You cannot control what happens in the markets, but you can always control yourself. This is the main reason why personal development is crucial in trading.
4. Ditch The Perfectionist Mentality
Wanting to be a perfectionist denies you an opportunity to learn. If you expect yourself to just get it, you’ll be discouraged if you don’t get it right away. Give yourself time and stop being too hard on yourself. Nobody started as amazing, all the experts started as beginners and worked their way up.
5. Believe It Can Be Done
If you don’t believe in what you are doing, your chances of succeeding are slim. I have published an episode on this topic. You can listen HERE.
6. Do Not Focus More On Daily Target
Setting up monthly, weekly and daily targets is good and it gives you a structure. This is like when you are driving around with a map and have a destination of where you are going. Setting targets is not limiting yourself but it is about creating a roadmap for yourself and it teaches you to be content and know when to stop. It teaches you discipline.
Do not dwell much on the daily targets because should it happen that you don’t reach it, you get discouraged. Also, note that not reaching your daily target does not mean you won’t reach your weekly or even monthly target. Some days you’ll hit your target, some days you won’t and some days you’ll exceed.
7. Pressure Of Wanting To Make Money Everyday
It is OK if you don’t make money every day. We do not create our trading opportunities in the markets. Sometimes there are more opportunities, sometimes there are less and sometimes there are none on a particular day. If you don’t want such pressure, do not share your daily trading activities with your friends who will always ask if you’ve made any money. Do not treat your trading as a community project.
8. Do Not Focus On Making Money Fast
Trying to make money fast may lead to gambling. Rather focus on making money consistently. Speed kills in the markets.
9. Do Not Put Deadlines On Your Account.
One of the things that will make a trader put a deadline on their account, is trading with borrowed money. Trading with borrowed money adds unnecessary pressure. You are likely to gamble and mess up if you are already thinking about the loan repayments that need to come out of your account. Do not send a letter of lobola negotiations and put a deadline on your trading account because the money needs to come from there. Don’t do it, it causes anxiety.
10. Stop Following Fx Lifestyle Gurus
Stop following traders on the internet who are focusing more on showing off their cars and lifestyles. This is likely to make you feel like you are missing out and it can also cause you to blow your small account because those people will share their screenshots of profits and nothing else.
Thank you for stopping by. Please subscribe and share this post with your peers.
by Ntombi Malatsi | Nov 8, 2023 | FOREX FOR BEGINNERS, FOREX TRAINING
The past 14 years that I have been trading the markets have taught me valuable lessons that I have been sharing with my trading community via my social media platforms, this blog, App and Podcast for free. My focus has been on trading psychology which is one of the reasons why there are so many failures in the markets. I also started a podcast focusing on trading psychology.
Why So Much Failures In The Markets?
A lot of times, traders put more effort on working on strategies while neglecting themselves. I also
fell into the same trap of spending more time working on strategies. I kept on switching from one strategy to another. It was until I realized that I was the problem and I needed to fix me. I have published a podcast episode on this topic, you can listen HERE.
It took me wasting 3 very costly years of my trading career to finally understand that. I am often asked how did I gain such level of discipline and consistency in the market that is constantly devouring traders. My answer to that is very simple, I stopped focusing on strategies and started to focus more on developing myself.
What Did I Do To Change The Situation?
One of the things that helped me stay focused, disciplined and consistent, was keeping a Trading Journal. I think it was around 2013/4 when I started using one. I would just take a normal notebook and note down all my trading activities and it helped me greatly in terms of keeping track of my progress. It also helped me shift my mindset and start to view my trading account as a serious business and an investment instead of looking at it as some cash cow.
I have now decided to publish a fillable, reusable, undated and printable Forex Trading Journal because your girl also wants to move with times. It has been months since Forex With Ntombi Trading Journal has been published and on sale. I have been receiving lots of questions regarding who it is suitable for. I decided to pick the most frequently asked questions and answer them on this post. Below are the most asked questions and their answers.
Is Forex With Ntombi Trading Journal Suitable For Beginners?
Definitely, as I have mentioned above, it really helped me shape up and managed to keep track of my trading activities and to actually stick to my trading plan. I actually wish I started earlier. Journaling helps you form habits and stick to your program. I am a very big fan of journaling, I also keep a gratitude journal and a self love journal.
Just like any other journal, this Trading Journal is your personal space. I also used a journal to keep track of my eating habits and it made it possible for me to stick to my diet and I was able to reach my body goals faster. I have records of how I did it, the foods that are not good for my health and weight. I know this because I journaled everything.
Is The Trading Journal Suitable For Demo Trading?
Yes, I would say that one must start using a Trading Journal as soon as they start trading on a demo account. The main aim of trading on a demo before using your real money is to practice and get a hang of it before you start investing. So if you start implementing all the good behaviors right from demo level, it will be easier for you to teleport those good behaviors and principles into your real account. A Trading Journal does not only help you with planning, it also helps you to stick to your plan. So using it while on a demo is definitely recommended.
Is The Trading Journal Suitable For Any Trading Strategy/Method?
As I mentioned in the beginning that journaling helps you stick to your plan (whatever the plan is). I used journaling to help me stick to my eating plan. So, a Trading Journal is there to help you plan and stick to your trading plan. It also helps you identify areas that need improvement. This is applicable to any trading method or strategy. A Trading Journal is for you to note down all your trading activities as well as track your progress. So the answer to this question is definitely a big YES.
Is Forex With Ntombi Trading Journal a Hardcopy?
NO, it is a soft copy that is INSTANTLY available for download after purchase. You can purchase HERE (see WhatsApp “Chat with me” tab, should you have any questions.
Do I have To Purchase a New Journal Every Year?
NO, Forex With Ntombi Trading Journal is undated and re-usable. You only purchase it once and use every year. You can also JOIN MY AFFILIATE PROGRAM and EARN 20% commission for every copy sold. This will also help me spread the word and help more traders get organized, track their progress, stick to their trading plan and gain consistency.
Thank you for stopping by. Kindly subscribe and share this post with as many traders as possible.
by Ntombi Malatsi | Oct 22, 2023 | FOREX FOR BEGINNERS, FOREX TRAINING
Hello readers. It’s been a while since I published a blog post here. I must admit, It’s been a very hectic year. Whenever I do get some time to publish some content, podcasting comes to mind because there, I just talk and it doesn’t take much time. Anyway, things have settled a bit this side and I will try my best to update this platform like I used to do. Today I want to address the issues that cause traders to quit trading within a year or even less. Below are the top 5 reasons why this happens. There’s definitely more, but I will only mention 5.
Impatience
Most traders are so impatient with themselves and they expect to get straight to the part where they are amazing without giving themselves enough time to practice and gain the necessary experience. If you get a new job, you still need to gain experience of how to do the job no matter how qualified you are.
You are also likely to make more mistakes as compared to an experienced employee. This is the main reason why employers would prefer to hire someone who not only has the necessary qualification but the experience as well.
It saves the company a lot of money if they hire an experienced employee. As a trader, you also need to think about that and give yourself time to gain the necessary experience. As you gain it, you will also make a few mistakes and eventually master your craft. Be patient with yourself and stop wanting to be a perfectionist. Remember that all the people you read about would not have made it if they were not patient.
Wanting to make money right away and very fast
Think about starting a business. When you start a business, you need to understand that you may not live off of it right away. You need to understand that you may even be required to support it financially before it can support you.
A business needs you to take care of it before it can take care of you. You may even go for a whole year without earning a salary from your business. You do not quit just because you are not yet earning a salary from it, you do whatever it takes to learn as much as you can about your business and eventually, your business takes care of you. It is the same with trading, you may not make money right away. Also just do away with the “making money fast” mentality. Now everything that I mentioned will only make sense to you if you can start treating your trading account as a business.
Funding with a small amount but expecting miracles
Now, the internet and social media have sold Forex trading as the quickest way to make money with zero effort and a minimal investment, this is not true. Your earning potential is highly linked to your start up capital. Money gives us options. When you have more money, you also have more financial instruments to choose from.
Let’s say you start trading with $100, even if you can make 100% (which is mostly unsustainable, story for another day) this will mean you now have $200 and I doubt you can make a living with that amount. If you have small capital to start trading with, you can start with what you have and grow your account. I have published an episode on this topic and it is the most listened to episode on my podcast. LISTEN HERE.
Viewing trading as some game
Most traders think trading is some kind of a game that is not related to anything that is happening in the global markets. The change in the Interest rates/Monetary policy, GDP, CPI and many other economic factors, have a direct impact on the economy and they affect the currencies and stocks that we all trade. If one is looking for a hobby or a game, they must look elsewhere because trading can be a very expensive hobby if treated as one.
Wanting the process to fall in love with you.
Most of us would really love to see the process falling in love with us sometimes. Unfortunately, life does not work like that. Trading is the journey of self discovery. If you will have to develop confidence, patience and consistency. If you don’t fall in love with the whole process, you will definitely give up even when you are just about to make it. One of the best tools that I have been using is keeping a Trading Journal. It helps with keeping consistency, tracking my progress, identifying areas that need attention and sticking to my trading plan.
I hope you have identified your own struggles that made you quit or maybe you were about to quit. Start working on them and see if you can get back to trading and this time around, approach it with a renewed mindset.
Thank you for stopping by. If you love what you read and found value here, kindly share with your peers and stay tuned for more posts. Happy trading.
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