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So why did Ben kill his account?
Ben forgot about the risks involved with trading. All he thought about was doubling his portfolio over and over.
And with the Forex market being a $5.3 trillion a day industry, the market eventually did not go the way Ben wanted it to.
If you placed R40,000 into just one trade, this means you’re now risking at least 100% of your portfolio.
I say at least, because with gearing it means you’re exposed to a lot more money than what you put in.
So if the gearing is 100 times, this means you can risk 100 times more than what you deposited.
So if you put in R100, you could lose R10,000, if the currency crashed to the bottom.
If you put in R40,000, you are now exposing yourself to a R4,000,000 potential loss.
When the market goes against you, you can lose that R40,000 very quickly.
And this is what destroyed Ben and many traders’ account out there...
So what do you do to avoid these enormous losses?
Step #1: Make sure you have a tried and tested proven trading strategy
You can’t just deposit money based on instinct and emotions. You need to make sure you have a proven trading strategy that you’ll follow day in and day out.
This will have the criteria of:
~ Where to get in
~ Where to place your take profit
~ The reason for getting into the trade
~ How much money you need to deposit to only risk a percentage of your portfolio.
Step #2: Start off with a demo account
Next you need to open a demo account, where you can paper trade your portfolio.
Make sure you back-test around 20 trades to see how your portfolio would have performed with this strategy.
If you can’t make money using a paper account, forget about making money with a real account.
Step #3: Monitor your emotions and keep them in tact
Now that you’ve tested your demo account, you need to check on your emotions.
With every trade you took in your demo account, did you feel any jubilation, anger, joy or sadness?
If you said yes, it means you’ll be far too emotional when you trade with a real account.
To lower your emotions, I have a very simple method.
Lower the amount of money you placed in your portfolio per trade. The less you risk, the less emotions you’ll feel when you trade.
It’s easier to give away R10 in a R1,000 account than give away R800 in a R1,000 account.
Once you’ve done these three steps and succeeded with a positive demo portfolio, then you’re ready to start trading live.
Follow your trading strategy as it’s written.
It might take time to go through those 20 trades, but you’ll learn more about yourself and how trading works in real-life.
I’ve spent over R100,000 in trading books, strategies, programmes and newsletters, and for the last 7 years my trading strategy hasn’t changed.