2 Hours, 1 Million: How To Make Easy Money Through Forex Trading

[Music] welcome back to enterpreneurship Tuesday my name is Michele I share on why the morning make sure you follow us across all our social media platform that is at y - 5 for channel and one thing about enterpreneurship Tuesday we ensure that we inform you entertain you and most definitely give you tips on how to make extra cash and that's why today we are talking about forex trading all right so forex trading is one of the biggest market that accounts for more than 5 trillion of daily trading more than 5 trillion on a daily trading so in studio we have Daniel was song a man of many titles most definitely he is a preacher entreprenuer a mentor and a Forex trader successful one while that so thank you very much for creating time to be with us today all right so before even get into the the money-making tips when it comes to forex trading I'll have to find out your relation with money from way back let's say when you received your first paycheck yes well you move a person who was looking for extra cash or are you a spender I love to spend but I can withhold my desire for instant gratification to to look for more money because the money that I have in my hand the first thing I think is how can it empower me to make more money before I get to the aspect of spending so it's like I want to live off the profit of the money that have that have bed yeah okay when it comes to for exchange yes I like it too correct me if I'm wrong yes most Kenyans shy away because there's a lot of stories behind scam and also the whole probability of just seeing it as an illusion yeah so how did you go about it how did you get into forex trading wherever where this is coming means is the reality behind this a walk in mechanism behind it so somebody who comes to somebody who is a novice they come with an idea to because no you don't know that the dynamics so they might blindfold you and promise you maybe in get-rich-quick kind of philosophy they fronted to you I've also been scammed before in terms of already at all like somebody says that we have this kind of a portal that you plug in then in six hours you get three times your money I'm like wow that is that will be good because you see um but I go to London eventually began to learn the disciplines of it started trading by myself I remember the eyes whenever you're signing up actually in forex trading they tell you is a high-risk market so you you stand like a chance to lose all your capital so you have to understand exactly what are you doing when to get in want to get out when not at read and which amounts to risk for you to always be served for you to be successful because if you don't have the understanding the market can really Square you out all right we'll go much into details or own risk and how to go about just getting an account forex market but I'll not find out right so this is actually an investment yes it's an investment this is not like I can tell you probably 90% of wealthy people they trade for it they may not tell you that but they're in forex banks read forex alright so what type of backroom does one require to be part of or just engage in forex trading I don't wanna say you have to have the passion and your forex not for the faint-hearted it's not for the faint-hearted so background sometimes we used to say that you need to have a background in finance I don't have any background in finance and isn't and most of the we went somebody who's having a bugger in finance when I look at them they're if they have not studied forex I see them as someone who does not really understand what forex is they cannot get into it and that's that because you've come from University then you ever you cannot say tell me I've come from school then you're ready to trade forex there's no even if it's the forex school you have to to first of all get into the dynamics of it then you to mature into it you have to be seasoned for you to be really free to say that now you're profitable in forex okay so back in compass yes I had had friends and most of the time like when I pass like maybe a trading area like who seen they're very busy on their laptops no all I could see was just a black screen and just graphs so our look is can someone or an individual just get self-taught through so through YouTube all about forex trading or there's one need to have like professionals like go to school have professional skills I know one say nobody's self-taught because even if it's YouTube it's somebody's making the materials did somebody is um somebody's at least training and us is also good if you can't be able to find a mentor but there's quite some material sometimes everybody not everything that works well not everything something that works for somebody's may not necessarily work for you so it's good that were tough on ulong you get eventually to practice it yourself then try to make changes because even the strategies have also learned from people of what I operate with right now is something that eventually add to to study it and then change things to suit my my study of the market now eventually we're going to build up robots so as I normally if you ratified me not letting so because I live into the robots to tread then I just check my phone wherever I am then know if they when the robot has picked that red if it's viable or I should like closet and size so it's a after watching anything may or may be a thought you have to work it out yourself and see does it suit you or it was that person's version of of trading useful robots yes so who what what is what is this robot when it comes to for xjd you you you put the same the same dynamics that are using in trading or the algorithm that using trading you feed them in a robot so that the robot can execute a trend bears of the same decisions you make manually by your own analysis so if it's out these are the conditions that if when to buy and when to sell so you put those algorithms in the in there in the robot and the robot to be able to execute for you successfully all right yes okay so can can forex trading to place ones full-time job it's possible it's possible to replace ones full-time via but you need at least to have is know some that you a day in one month and they say oh I think I'm successful getting to quit everything and get into forex you have to be at least even if you're working now you can do it maybe for I and see you have a successful yeah consistently then you can make a decision based on that because in life the olive trees and but even if you're assured that you are not advice to stay on the computer like from morning to evening trading you need to have a very shallow rightful dump I don't said for more than two hours I cannot stand my computer doors so you find me doing other things moving around but I remember that if I able to achieve what I want to do in 30 minutes I'll I'll quit and because I've made my I met my target so I'll move on to do other things so you find me doing other things and they're rarely very few people know that I trade Forex even the to that mark winters and such because they will see me moving from around one place to another from meeting to meeting we are working on other things and yet I just hide myself I know this moment give me 30 minutes I would get my computer finish what I'm doing them to get back and yeah so it's not something that you need to be sitting on a computer dawn to dusk right yeah okay so we have said it's a it's flexible it's repeating so let's look at for someone who wants to start on forex trading what is forex trading how can you explain it in the easiest um just break it down for for us and then how can they access the forex market to gain to get forex trading in simple terms is like you're observing the movement of asset and you expect or you expect to buy low and sell high isn't it it's just the same way in business very make profit is like when something is you can buy at this point expecting that your projection they this is going to up then you sell high so that's basically what forex trading in this instrument is commodities there are definitely their currency instrument is commodities there are indices and all those kind of assets on the forex market then the other question was the next question are you oh you want to explain it and actually tell us how one can actually get an account yes so the brokers would give you this what we call the signals or those charts that you'll seen your friends yeah and so you you have an account you have to find a broker that is regulated by cysec Rockefeller in later phases there the dynamics to check for the efficiency in terms of withdrawals and deposits and withdrawals you have to check for the efficient in terms we have to check for two call spreads there spreads that the spread needs to be favorable to you and such so you when you find your favorable broke and then you but now to have access so you deposit your capital and better make up to able to now use your capital to tread because as you saved in the forex market actually is like six trillion dollars per day yes moving in the forex market so even if you make one billion dollars you won't check the market even if you make one billion dollars in a day okay so you have to lower viewers to to get access of a broker yes how do we get access over over three broker yes yes I trade a broker they are online it's because trading we do what will you trade online what individual trading is called retail there are retail traders but there are institutional trading also so they're brokers all of actually there are many some of them even don't know the names but they're few that I use and just signing up online you able to provide your details there you able to sign up on account isn't it provided it is then you're able to deposit then you're good to go instead just like any other business you need a studying capital young what is the minimal amount of capital that one can study or forex trading it's based on what you're able to to say I will willing to risk these and getting the market the the broadcast their brokers who provide asthma asthma as a minimum even as a minimum of $10 $10 to deposit and you can have as like most retail brokerage give you a maximum of $1,000,000 deposit one day you see so best on what you're able to get you but also you need to understand what exactly what is your trading like I used to have my own arguments my argument is to be like when I did if I want to become profitable because I want something that at the end of the month I said I it's rewarding to myself because if I start with 10,000 and in good business here in or or in forex don't I use like when you need to 12 real figures when you're targeting don't say like as I said when I began there's a time the first week I traded I said this is a good place this huge money is moving in the market I'm gonna make the market so I put it under thousand a butte under thousand to 600,000 so this is your profit highlights torino you so is like a built our under $1,000 to $6,000 from monday to thursday then wiped it all out on Friday so the thing is you need to understand you know in the amount that you have make reasonable plan like don't target that you're going to make more than ten percent per month it's reasonable now to you if you're saying about minimum if you're having a hundred dollars that is ten thousand Kenyan shillings will you say that if 10 percent is 1000 are you comfortable making 1000 per month you see that's where the dynamics of what governs your decisions ought to come from yeah okay I it is not as easy as we thought so for the people back at home and who have grandal Grendel she has kind of men said rather pinky like I can just get into forex trading in two weeks or a couple of months down the line I'll be boiling you know my account will be will be fly yes so what would be your advice for someone who is having this unrealistic and realistic learning curves when it comes to forex trading look for somebody wasn't students to tell you to really shape your person the perspective is not bad it is it's possible it's it's doable but the question is the risk that is involved also at the same time you may not be there you may not be there in the long run in forex III utilize both for traders of different opinions on different forex trading mechanisms there's what is called binary options then what is called the phoric that affects the forex way you buy in terms of it closes in positions binary closes in time so do you can do as little as a trade that last one minute and say my projection is the next one may this this asset will go up so yeah the dynamic that can inform you that you do probabilities no probability there's 100% probability so you can have you can take high probability then take a position on that binary options give you in per minute in terms of what you're putting it gives in Perl in firms of percentage so normally when I'm trading binary options I trade when the market is at least 80% return on investment so that I if I plus one or ten dollars in the next one minute I'm supposed to have if it goes in my favour I'm supposed to have eighteen dollars back isn't it so that's binary and then this Forex now where you you're closing on positions you suppose you're buying you're doing a position then it's gonna last up is no you're not going to close a particular time it's going to close on when it touches that position so you put what is called stop-loss then tap profit with binary options is if you're plus ten dollars if it goes against may have lost the back ten dollars if it goes for me and if it's eighty percent return on investment means I'm having eight dollars after one minute so you see the dynamics are quite different yes and so they're high-risk when it comes to binary solution because there are cases or people are complaining that they actually losing way more money yes in binary yes yes binary has higher risks and that is the one that now people also expect to make a lot that's where I worked my account several times because there are some moments when something's happening in the market and if you are not if you're not so if it catches you off side you can easily wipe out without knowing isn't it so that's what binary's high risk is high risk high return there's a possibility of doubling your account in a day yeah all right when it comes to currencies currencies are sold sold in pairs right so the most commonly traded currency pairs the major currency yes what you call euro is DDP be USD euro euro CHF euro JPY is DJ Qi those major currencies from the big countries oh yeah but mostly now euro use these so we can track major we can't take a pair like probably I've never seen the Kenyan I've ever said to see the Kenyan shillings Judy not the Forex one not seen it maybe on the Nairobi Stock feluccas come some stories and and that's why I was talking I didn't only study this conversation and I was mentioning like there's some section of Kenyans who shy away from forex trading they look at it as an illusion because there's so many stories of scum they're actually there so how does come happen in forex trading mm-hmm the interfaces I really for Xterra with any realities and most of times and for here bought for a didn't want the reality part they want the scam must story a scammer will tell you that there's no risk involved you I guarantee they tell you a guarantee 100% sure you get this money you'll double your account I read for extra you tell them some figures they tell you no I can't help you there you are you're you're dreaming and you see you'll be telling this for us so that I somebody has told me that if I invested them I will get this amount of money and that's where many problems come because when it comes to money it has a way of activating us because we will always want more but you need to understand that disciplines involved we eventually get more but we need to grow slowly we need to make decisions based on realities that will make us will help us to have a consistence in growing all right so I like to find out because we have long term traders and we of the short term traders usually they are the day traders so or long term traders such as the position traders they got more returns compared to to the short-term trailer such as the swing traders and day traders not really it's based on your trading you see when everything short-term is the same kind the the long-term it means the long term traders means they're more likely whichever way even if the market goes against them they know eventually return the day traders you're your own type positions because you see it's dependent on what happens in that day so it has to it has to go for you in that day for a long time today even if it goes against you today or even for a week you're waiting for it adventure to return back to eventually win in the long run so it's the issue of what exactly what are the semantics in terms that govern your balancing yeah so that if what are you risking and what are you gaining what ratios are using like some people use one to one so somebody is like gaining is targeting 20 pips and risking 20 pips another person is targeting and rips risking hundred pips other person start getting other people's risking 50 pips so you have to understand that if I'm losing on 50 pips and I'm targeting hundred pips there's no problem losing so next time I get down there people have recovered their the 50 pips that I lost in the previous chapter so so you and then you need to have a specialize in the specific asset that you want to turn because not every asset bear the same I thought that basic dynamics of the market everything behaves almost the same way but you have to understand the specific currents that they used in because you have you have to familiarize yourself with their movements yeah okay so I like find out how can one use leverage to get good returns when it comes to trade you yeah the leverage is the brokers giving leverage the leverage helps you to open higher positions but you know now also this when somebody's is saying that I'm having a leverage of 1 to 100 it means for every dollar you're having the broker is giving a conclusion like you have like a hundred times there but that only gives you like power in terms of the lot that you'll be able to open but you need is there limited you need leverage yeah yes this they there's some depending on the broker there's not giving up to like in the USA right now they're trying to limit them to leverage of one to fifty you see and then the brokers that you have one two one one two eight eight eight isn't it one to one thousand one to five hundred as maximum and such so depending on the broker they'll give you their they live right that is yeah so the higher the leverage is you need to pick up because if it moves if you would take out a huge lot size means the just a slight movement agonist you can wipe out your account so you need to really be sure of what you're doing when you're utilizing the leverage okay think about profits yes let's talk about profit are there strategies that one can can acquire to ensure that you have consistent gains yes no matter the numbers no matter the random outcomes or numbers of kids hmm is there strategy to ensure this yes yes yes strategies and well Forex is not gambling Forex is a science there's a science what what everything you're seeing in the market has information on what has already passed in the market that position that already passed the market bell begins to give you supper now resistant so you won most of times you see that that different trading semantics that traders who are called reverse trend traders then the strata that follow the trend I've done both and eventually I came to like I normally have this saying that don't try to fight it and the trend is your friend so follow the trend way find that trend way is moving then join the trend then there's eventually be able to know when the trend is dying is the time when this trend is strong then when the trend is dying and regardless of what you do is an issue of probability so when you're doing that to say this high probability dynamics so when you're doing sorting eventually only run ten trades at least have seven three that I've gone in your favor that would be a good so you see net in the net trade eventually you're making net profit in terms of in terms of numbers so don't risk mattresses sometimes when I starting to trade most of times when it's gone in my favor I'm seeing some little cash I close it let me just take it let me not wait for you to take profit but eventually one wanted goes against me means it wiped out RIA this theory of them so I learnt right you need to maintain the discipline of the position do your technical analysis understand what informs your tech profit position stop-loss position and allow yourself to to live by the rules that you're trading with and sometimes it's good in trading is something good that you can do is like if it has gone right deep into the money aspect you can move the applause into a positive from the negative side to the positive side so with that you can go to sleep so I know that even if it turns up partly to eventually it stop loss but in the money yeah so mr. Danny what you're trying to say is that it is a probability and it's a fact that you can have people who actually treated like a pro yes I tread like a pro okay so let's look at some of the risk because you have talked about the fact that you might lose your money in this just like any other business right hmm so what are some of the risks that comes with forex cheating yeah the risks that come with forex trading is it is it is human risk sir that thing that inform them you need to do your technical is to understand to be informed you are you doing are informed trading or are you just coming so you're doing an informed trading able to understand the risk what is called money management don't risk more than one percent of your account or you see every person has what what you want to risk determines what when you want higher is you want high again high risk high rod so at least by if if the week has gone bad against you don't lose 10% of you you'll always come back and to make the money but if you risk 100 percent it means if I put in 100 percent risk means if it goes against me I'm gonna wipe my account if I put one percent risk doesn't matter whether we have lost 1% of my account I'm still in there in the business you see and I'm knowing that I will eventually make it when I'm able to catch to catch there so those are the dynamic that involved you have to have our trading strategy you have to have money management strategy then of course your emotions how people lose money in forex is you making assumptions for example that you put say my stop-loss is this or somebody says I don't want to lose much so if they put that tight stop-loss so technically what they met their prediction how the market supposed to go is the right direction but they put us keep stop-loss so it has to be an informed stop-loss so eventually goes touches the stop-loss but eventually goes in their favor you see so all those things need to be in place so that you you need to have an informed decision put a reasonable stop-loss so that some time the market can go again is to but eventually it Peaks and goes and takes profit then don't risk all the amount at a time even if you are sure that this trade is this high probability trade by the rules and you'll be able to make money in the long run but you're the one who is selling me like the higher the risk you take yes he does but but you see anytime you saying they have a risk it means I can also lose everything okay I've lost I've ever made I've ever made two hundred and forty thousand two hundred and seventy thousand in one minute and I've ever lost two million in ten minutes okay so during the stems of coronavirus the pandemic so many people have lost money in the stock market so many business had to close and employees had to be laid off because of employers couldn't sustain operation its forex market recession-proof activity it's quite recession-proof actually forex traders made a lot of money during this at the beginning of I think the first month of this Korona issue and they're going the study to have lock downs in countries and side retail forex traders actually made a volumes of around fifty billion dollars in that month alone fifty billion dollars you see so because a forex trade actually trade does we take advantage of negative news with we when when the economy is shaking traders are smiling because that time now the directions are quite defined when you say well lost money in stocks on sides you see that's the direction that is there's some asset I've never traded before like I've never tried a Bitcoin but I remember this one time at 2:00 a.m. I checked my phone and I see the direction bitter I said and as I knew that surely this one I will I know for sure what direction are we looking at right now yeah because you have seed like this certain direction that you look at and you look like this is the time to actually invest yes directions are asset-based iike so it's like when you say euro USD for example right now most assets AG that i guinness to use that gaining quite they're quite stronger because of the things happening they use so this is the euro use these more on a bite and this use desires are is the South African run is it's been going down so I was checking this money so it consolidating is about to turn aside so it's Varys is asset best in terms of what is happening with these verses this yeah so we keep on mentioning like for exchanging is like any other business and things can go wrong yes reminder so losses are there so how can a trader manage temporary drawdowns mmm-hmm temporary yes you gone you've gone through a loss how do you manage that when you're talking about now money management and then the money imagine management trading strategies for instance consider this person has like as lost yes yes if you have a study because you need to have a study that is when you're saying high probability means that storage is the science by itself it's some that it's in from for instance your trading euro USD I think by this dynamics euro USD is supposed to go by isn't it then you buy let's say now you you lose that red most likely it won't repeat the same structure three times I'll example say by then eventually it consolidates it turns but then you know there's another downtrend is you join the trend you see eventually able to recover the losses in the next in the next trend so once the drugs that I involved is that's what you saying you don't risk your attack on because if you I pout your account it means when they another time the market is in your favor might be able to recoup what your draw downs but if you're using small risk means you still have money in the reserve that next time you're able to come back and you able to cover your lungs yeah very interesting their education so let's finalize by looking at the psychology of winning for shaders so how does the winning shader think we need shader yes yes how does the winning chat I think I wouldn't read that knows that I'm able to make money but at the same time I can lose money so uh and when I lose it's nothing strange to me losing is not something that is trained to me so why not losing our trade does not throw me off balance emotionally you don't find mistress than saying that you see the trade is going against me or I'm checking my phone and it's in the negative we call it is in the Reds you say but the account is bleeding is name so the winning trade is the stability of your emotions is supposed to be like mice I know I'm a trader and I know my my act of trading and even if things are looking this way no eventually I'll get into the money so it is we understand that this decides am antics of the forex market so even if it's going on the negative eventually I stand back to the positive so I'm stabilized in my motion because anytime you're not stabilized in your emotions you begin to falter the rules that's supposed to govern your trading and that's why many people get bitten if you destroy that you using works and you keep by the rules eventually by the end of the day you win but if you want to if the the market triggers your emotions so that you need to put emotions aside and say you are not redeemed by the emotions I'm trading by the rules and eventually back money in it so let's consider in a situation when when a kid goes wrong yes okay so how does one manage and overcome negative emotions because it'll be devastating if you had invested a couple of thousand maybe five hundred thousand then another another investment comes through and you just lost everything how do you deal with negative emotions how to deal with negative emotions utilize them and say this is a learning lessons I say sometimes when you tell when a trade has lost money we say that is Koufos that is what you spent to learn something did yeah that's what you spent to learn something so tongue your emotions to be I'm positive in a way that because as I as a studying I said trading is not for the faint-hearted so you the emotion that you use because you can get out of like somebody cuz I tried this thing it fail you see and but other people are succeeding in it but every person tallada success they have a story and while they became successful so Tanya emotions to become lessons to you and know that your emotions teach you that next time you see like how you're bitten when you're bitten by something that is an emotion there's an emotional impact say that this is a lesson that I took by the beating that I received in that particular kind of a situation so I'm able this time around to maintain the discipline so that I may get back into what I had before all right let's look look look at a situation whereby someone back at home has has been with us in this particular composition and has decided to actually take I take up this profession face yes yes and pursue it how can this person program their mind yes certainly program their mind that they actually in peace yes they're here to win yeah yes first of all is what is what is a motivation to trade Forex is because you had that there's a lot of money moving in the forex market or is it something that you're motivated to do because you feel you have a passion in those kind of direction that those dynamics work so if you are motivated just because of you here there's money the forest model I mean you may be coming in gambling but you need to come because of the the same way you have a passion met somebody can say I've a passion in hotel industry so I'm watching this so you need to have a personal passion in the Forex so when you go in of course they'll be learning there'll be a learning curve that you need to check put yourself in the discipline to learn of course every broker the provider is called the demo accounts you can be able to test or test yourself to the demo account they eventually able to put in the money you're told most times in front of train and they tell you try your strategies on the demo account of a period of time and see the success in your demo account and try to replicate the same into the real cash all right so the demo account it's a it's a platform money yeah okay Daniel what's under there yes Forex trader by profession good thank you thank you very much for creating time for wise and just educating us on matters appertaining forex trading I like it use this opportunity and just let people catch up with you guys who are actually looking forward to get into these like full time profession or even part-time right so how can people reach out to you in social media assuming you can get us on our Facebook page called this is a Facebook page called Metron Forex and you can be able to get us there been able to direct it to us so I it's called a telegram chatter then there's a website called natural capital dot orgy able to get us there alright one thing that I'm so sure of I'll be looking for you thank you very much so guys bucket so make sure you follow up with Daniel Songer there Forex trader so I would like you to head on to our social media account that is at y - 5 for channel that is on our Facebook we have a question for you and the question is of course good morning how would you turn laundry services into a successful business how would you turn laundry services into a successful business the hashset eels is the hashtag entrepreneurship Tuesday and hashtag why in the morning you can find me at Michele Ashera so right now be taking a musical break and we'll be right back with more of matters pertaining business

Channel: Y254 Channel

Views: 62,254

Keywords: Y254, TV, Youth, Kenya, Channel, Entertainment, Celebrities, Musicians

Id: X7tEtidVX-g

Length: 34min 45sec (2085 seconds)

Published: Tue Jun 09 2020