Home » Columns » Becoming a professional trader (part 2)

Becoming a professional trader (part 2)

Publishing Date : 18 June, 2019

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After all the vigorous work, blowing practice account and learning  that patience, discipline and money management is the line between Profitable Trader and Non Profitable Trader. It is time to get real, where emotions can be the ultimate destroyer. Let’s rewind back to the end of your 6 months Training and Mentorship.


DEMO TRADING

This is the critical stage after Training and Mentorship, you don’t want to jump this stage, I AM GOING TO SAY IT LOUD AND CLEAR “DEMO TRADING IS THE CRITICAL STAGE AFTER TRAINING AND MENTORSHIP.” A demo account is a trading account with virtual money, it is there for practice purpose only.


It is the human mindset that if it is not real why be serious with it. Well this time you will need to treat this virtual money like it is your money and the last money you have in the world or your life depend on it. What you learnt in your Training and Mentorship it is time to put it into practice, to build confidence on the strategy and have a feeling of how the market operates.


Demo trading will help you build strong emotional strength and perfect the strategy. It is important when opening a demo account that you use a broker who offers  virtual account balance equivalent to what you will deposit into a real account. When trading a demo account it is important to follow your trading plan and also keeping the journal. When you have been consistently profitable, it is time to find the broker you will trade with.


FINDING THE BROKER

This is one of the tedious process which requires scrutiny but more often than not it is an overlooked step. You need a broker that is regulated, reputable and has been in the business for at list 10 years. You need a broker that provides better charting platforms and tools better than a Metatrader (trading platform), also with variety of instruments that you need for technical analysis and fundamental analysis. The broker should also provide you with an online chatting option other than email.


Finally when looking for a broker, it should be associated with other reputable company, for example, Avatrader, it sponsors Manchester City, it is in my believe that Manchester City (a company) will not associate itself with a broker that will tarnish its name. An ideal broker should not charge you the deposits or withdrawals or the charges should not be hefty.


To activate your account, the broker will require Proof of Identity (National Identity Card or Passport), Proof of Residence, Proof of Credit or Debit Card (they should all bear you names). Brokers do not allow third party deposits or withdrawals, that is the money going into or out of your trading account should go to an account you own, as for business it should go to a business account.


TRYING THE BROKER

I want to make this thing clear, conditions in a demo account and real account are not the same, and I will say 98% similar, that’s why most strategies fail over time. It is important to also familiarize yourself with real account conditions, it is advisable to deposit at list US$100 to test market  conditions like spread, chart manipulation, withdrawal processes before going all in. Any form of bad service you encounter with small accounts get worse with large accounts, it is best to be avoided from infancy.

INVESTING WITH THE BROKER

Rule number one, don’t invest the money you can’t afford to lose. Bear in mind that the broker wants your money and you also want the broker’s money, no advice or webinars the broker provide will build you or benefit you. Have a principal target and percentage monthly growth target. Some brokers offer deposits bonus, stay away from deposit bonus it is a trap, the conditions of depositing profits from a bonus are stressful. The money is your money when it has been credited to your local bank, don’t keep your profits with the broker.


Some of the lessons we train people on is growing small accounts and making withdrawals like a professional. Matthew 9:37-38, “The harvest is plentiful but laborers are few therefore pray earnestly to the Lord of the harvest to send out laborers into his harvest’’. I am inviting you to the world of Financial Markets Trading, come lets harvest our financial freedom. Love from, Your Forex Guy.

Kgomotso Mmoko
Founder: BotsFx Institute
Call/App: 74339669
Email:  HYPERLINK "mailto:kmmoko89@gmail.com" kmmoko89@gmail.com
Facebook: Kgomotso Marven Pac Mmoko

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