HOW TO KEEP YOUR FOREX PROFITS
Forex profits- One of the best ways that can enable you to keep your Forex profits and actually take money home is trading small lot sizes, it does not only help you keep your Forex profits but it also help to never loose your account completely. I have passed the stage where i feel like i have”arrived”, you know the stage where i look down upon any trader who makes small profits at least that’s how i used to think, anyone who couldn’t double their account balance in couple of days was just not good enough for me, i referred to them as losers, that’s where i was wrong, i was the biggest loser, as i never really kept my Forex profits, i used to think the faster i make it the faster I’ll become rich, that was my biggest mistake, the faster i made it, the faster i lost all, i am glad i am over that stage, i can now come here and write about it without feeling ashamed or embarrassed, i am now looking back and laughing at myself as i write this post. Since i decided to treat my trading account as i would do any business, my trading career is more exciting now. Trading large volumes was the order of the day during my early trading days.It was the most exciting thing to just sit and watch my account balance “growing” only to give it all back to the markets again. Because trading larger volumes can really increase your trading account balance at a very high speed but can also decrease your balance at a speed 2x faster, ooh well, it cannot only decrease it, but can wipe your trading account out right in front of your eyes leaving you shocked with disbelief.
I am writing this post after realizing that it become very hard to control my traders, or those i teach when it comes to the issue of keeping their forex profits and taking money home. Once they learn what Forex trading is, they simply get too excited and get attracted to how most traders trade. They start to feel that i am”too slow”, i just laugh it off when i am told how slow i am, because i know soon the same traders who think i am too slow for “preaching” small lot size/volumes usually come back to me crying after losing it all. When i talk about my bad choices or my ”mishaps”, i am not doing it for me, i have been there done that remember? i am trying to help those who are just starting out or even those who have been trading for some time. There are millions of traders out there, but most of them are just there to feed the market while they get nothing out of it, making huge profits which never reach their bank account.
Traders who are addicted to trading large volumes or lot sizes do make a lot of money but unfortunately it never get to their bank account, they make a lot and they become so ”generous”and give it back to the market. It is very hard to help or convince a trader who is in that stage, they feel you are too slow for them, they never listen, i do not blame them though, let us remember the success rate is very low, so that simply means that newbies learn mostly from those who trade in that manner, hence they tend to follow the trend of trying to score big or make quick cash, which they do much faster than me and other well informed traders do, but they also pump more cash to the market more that we ever do, you know why? because we are aware of the fact that we are on the business of making money not giving it away. wake up!! you are not an NPO ( Non Profit Organization) if you want to run one, please start one of just find out from your community which one you can support.
There are some traders who really trade large volumes and actually”take money home” but taking money home only to take it back to their trading account and funding again in few days after cashing out. That is not really keeping Forex profits or taking money home, if you know what i mean, you are still running a non profit organisation. It is very simple to change this kind of behavior, just stick to your trading plan, ooh well if you have one because again it is hard to stick to something that you do not have, so the first step would be to have one. No matter how excited or confident i feel about a trade, i make sure i never go against my own rules or trading plan, i stick to it no matter what. I have seen traders who start with a minimum of $500 doubling their account balance in just few days, i used to do that as well, i would just double it up in 2-3 days, and the feeling of excitement seeing my forex profits made me to trade even more only to lose it all and feel embarrassed to even look at my own account, that is a very difficult situation to overcome. I would keep quiet about it (like many traders do), no one would know i lost it all, not even my family or closest friends, all i would do was to fund my account again and go back to the market with anger and ready for”revenge”, wrong move, market deals with those who are angry accordingly, by the way anger attracts more losses. If you have been going through all that i have mentioned, it is called trading psychology, welcome to it.
Trade it and Bank it:
Unless you pause and think, you will continue taking out of your bank account to your trading account and never from your trading account to your bank. keeping forex profits is easy, being sustainable on trading is easy if you adopt the slowly but surely mentality, making over 50% per month is still ok, that is what i call building a Forex business trying to make over 100% is what makes more traders to have a short life span in the market. Set attainable goals, forget what everybody else say or how they treat their account. Accept the fact that you will not always be right, know when you are wrong and get out of that bad trade, every trader does have a losing trade from time to time, but what matters is the percentage you gain against the percentage you lose, trading with hope is bad habit, being consistent should be your ultimate goal, let the gamblers gamble and be thrown in and out of the market while you remain and keep all your Forex profits.
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