It’s okay to struggle to make ends meet but it’s not okay to be stuck in one place for a long time. If you are looking for how to make money from trading in 2024, then this article is for you, I am going to take you on a short journey on how I turn $200 into $5000 in one Month. Don’t let anyone deceive you, trading and making money is not easy. Before I was able to achieve that feat, I lost over $1600 in a week and I was about quitting trading before I discovered an age long secret.
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Let me Share a little story.
When I started trading about 5 years ago, I read many books on how to make money from trading, I was even cajoled into subscribing to two different courses by two popular self acclaimed Forex Millionaires on YouTube, after about three months of consistent losing and gaining, I joined a signal group that shared about 2 signals daily. The signal group was kind of fun, not that their signals was great, but because I was able to engage with many struggling traders like me, who were ready and willing to join the 2 percent of winning traders.
This is how my story changed.
One day, one of the struggling traders in our signal group shared about three books on Price Action trading on the group, one of them was “The Candle stick Bible”. It took me about three week of reading and understanding those books to start understanding that candle sticks are always communicating with us. One week later, I started making a consistent profit of at least $25 daily. It wasn’t much but it was enough to take care of my family need and I spend most time studying the chart and understanding market structure.
In November, 2019, I was introduced into Boom and Crash, I fell in love with it immediately because it very easy to trade and I was able to trade even on weekends.
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Table of Contents
This is how to make money from trading in 2023
1. Understand Price Action
If you want to make money from trading in 2021, understand price action first. I don’t know how to tell you this. Read “The Candle Stick Bible” Memorize everything you can from it. Spend time to study market history and structure before taking any trade. It’s very wrong to rush in and buy or sell an indices on M1 without understanding the overall trend of the market from the higher timeframe.
2. Risk Management is key
This is the golden rule of trading. If you know how to manage risk effectively you will enjoy the market. Risk management involves knowing when to stay in the market when you are in blue or red, knowing what lot size to use based on your trading capital and perhaps understanding the margin level of your account. It makes no sense for your account to have a margin call when you can actually avoid it through proper risk management
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3. Patience is a Virtue
I recently sold B500 at 5131, I wanted to take just just 60 pips with 1 lot, so I shared my entry point and stop loss with the signal group (not mine, I don’t have any and I don’t intend to have one soon), few people took it. Immediately they took it, (if you understand Boom and Crash very well, they can spike anytime) So it spikes, many people close in red after the spike, but i held on and added one more positions because I understand the trend of the market. The Market sold for over 40 pips and when I shared the results on the group, they were shocked, I asked them to jump in and sold that we still have more 40 pips to go, some of them did and at the end of the day, we were all happy.
Trading need patience, if you are a trader and you don’t have patience then you have no business in the market. I normally tell newbies trader, have a TP and SL, and stick to it. Especially, if you have analyze the market properly.
4. Run away from greed
Greed is one of the challenge facing struggling trader, be happy with your profit no matter how small. Making $20 daily consistently is better than making $200 today, then loosing $300 tomorrow.
5. Have a trading plan
Don’t just rush into trading, because you hear that people are making money from it. Develop a plan, have a limit of what you can lose in a day. I have bad days too, but I can’t lose more than $50 in a day, which is below my daily profit target of $100.
If you need any materials, or have any questions to ask, drop a comment below this post. I will try and respond as soon as I can.
Disclaimer
Deriv offers complex derivatives, such as options and contracts for difference (“CFDs”). These products may not be suitable for all clients, and trading them puts you at risk. Please make sure that you understand the following risks before trading Deriv products: a) you may lose some or all of the money you invest in the trade, b) if your trade involves currency conversion, exchange rates will affect your profit and loss. You should never trade with borrowed money or with money that you cannot afford to lose.
Can you be my mentor?
I have loose too much money in the market. I dont even know what to do
Thank you Pee, I don’t have time, I am busy making money in the market that is while, you won’t see any signal group in my name, I will send you some materials via email and I will respond to your questions after you’ve completed all the materials, they are all free. I have making so much money, so I don’t charge for anything
Thank you for this very interesting piece, please drop your email address, or send me the materials, I want to be a successful trader
Please help me with materials that can help me understand the market, i have lost a lot to the market.