Just like leprechauns and Big Foot, Stop-Loss hunting is the stuff of fairy tales and conspiracy theories with as many people believing it exists while many others think it is a pile of bull. Is your forex broker deliberately putting your account into losses? Are you being swindled? Are big investors tampering with the market to ensure small traders never make a dime trading forex? Let’s find out.
- You will grow sore boils on your buttocks and your eyes will burst into flames. Don’t joke with sitting down to watch charts the whole day. Don’t underestimate the patience required to wait for one candlestick to form over a 4 hour period. The tenacity of a forex trader is only comparable to that of a Pupa, or whatever that maggot waiting to become a butterfly is called. If you hear a friend of yours say, “That is so boring, it is like watching grass grow,” lean in and tell them, “Compare to what I do for a living, grass grows very fast. I kid you not!”
- Little children will think that you are a vampire. I don’t care whether you trade the Tokyo session nor that it opens at 1am Kenyan time. Immediately your neighbours start spotting a light in your bedroom that comes on every midnight rumours will start to germinate. Add to that the fact that you don’t come out of your house often because you are busy trading and your incontrollable yelling (again, in the middle of the night) when you score a 50 pip profit in 10 minutes, and boss, you are just throwing more grist into the rumour mill and very soon you will wake up to summons from your local assistant chief wanting to know why you bite peoples necks. Then yell. Uncontrollably. Weirdo.
In just 2 years (614 days) with only 10 pips a day!
I recently wrote an article titled, “How to grow your 100USD Forex Account to 1000USD in a Year”. You can read that article HERE. Immediately after that, one of my readers contacted me and told me that, in actual sense, it is very easy to grow a 100USD account to 1,000,000USD with as little as 10pips a day. As you can imagine, I immediately wrote back to him and told him that it is both a mathematical and logical impossibility.
WARNING: This is a relatively lengthy article. But if it is an article aimed at helping you save your hard earned money, then it is definitely worth the read.
On an average month, I interact with hundreds, if not thousands, of Kenyan Forex Traders both physically and through my numerous social channels and most will complain of having lost money at one point or another while trading forex. I have discussed this extensively with my students and the following are the Top 9 reasons why Million shilling forex accounts go bust in the blink of an eye.
Please read this article all the way to the end. You risk losing a lot of money if you don’t!
The article is divided into 5 parts for easier reading. Terms have been linked to their respective definitions to aid comprehension. Without further ado, let’s jump straight into the meat of the article.
Forex Trading is Dangerously Addictive. You only need to read “Reminiscence of a Stock Operator” by Edwin LeFevre to see how powerful this addiction is. Once you find your footing and learn how to make money by simply looking at charts, you get completely taken over by the markets and you consistently and incessantly – day and night – think about pips and charts. You sleep forex, you eat forex and you wake up in the middle of the night determined to make ‘just a couple of dollars’ before going back to bed.
World over, Forex traders are known to be disheveled, sleep deprived, shaggy and unkempt fellows. They drive expensive cars and own huge mansions, but at a personal level they seem to never have time for anything else apart from trading. They would much rather have a laptop next to their deathbeds than be surrounded by their loving family – assuming they ever made time to have one. Is this the life you want to live? Is this your dream-come-true? I don’t think so.
“Dear @theforexguyKE, Thank you for all the help and assistance you are offering to Kenyan Forex Traders like myself. We appreciate. I have a small problem. Actually it is very big because I have just lost almost Twenty Thousand Shillings today trading. I have been trading on my Demo account for 6 months now and my results were stellar to say the least and I made maximum profits on almost every trade. When I started trading real money, however, I have made loss after loss after loss and I do not understand what is happening. Has my broker rigged my account? Is the data on the Demo account the same as the data in the Real accounts? And how comes I cannot make any profits on my Real account? Please reply. PS: I LOVE the Alpha and Omega Trading System. Keep it up!”
“Dear distraught Newbie, there is no need to get your pips in a knot! Here is the solution to all your problems 🙂
You have clicked HERE and opened a free Brokers account with a Forex Trading Demo. You have clicked HERE and Downloaded the Alpha and Omega Forex Trading System and installed it on your MT4. You are now all set to start practicing on your Demo account and honing your newly found money making skills although you are now confounded with the all important question if WHAT IS THE BEST TIME TO TRADE FOREX in Kenya?
Over time, I have developed my own program and preferences and you can either copy my time-table or develop your own best trading times based on your own particular Daily Schedule and Commitments. Here is my 3 best times to trade;
Funny things have been known to happen when you link your Main Bank account to your Forex Brokers account or fund your Forex Brokers account with your REAL credit card that is attached to your Personal Bank account. In fact, funny things have been known to happen anytime you make an online purchase using your real credit card that is linked to your real bank account.
Stay safe! Over time (and many mistakes later) I have developed a long wounded but probably secure means of both funding my Forex broker accounts and withdrawing my profits from the same. To follow my method you need to;
In a different article, I write on why you should not trade with 100USD (Click HERE to read the article) In essence, the gist of the article is that the profits you make trading with 100USD are just too little to warrant sitting down for a whole day for such pay. But assuming you are THAT determined and that patient – not to mention disciplined – here is how to grow your 100USD account to 1,000USD in just one year.