This week's results. 30th November - 4th December 2020
So, if you don’t read this whole post then just read the next sentence and let it spend some time in your head, relaxing!
“This first year of automated forex trading WAS very worth it. For those looking long term, it pays to broaden your horizons and investigate more ways to build your financial freedom. This tool is worth your time to explore! Ask your me or your IX Global connection about it!’
You may be thinking, it’s not the end of the year quite yet but I know that minimal trading will take place during December partly because of Christmas but also partly because of trading volatility. IX Global is managing our risk! So, I thought I share my top 6 learnings from my first year of trading and I hope through these learnings you can take them on board and apply them when you decide to join the automation.
Any first year of anything new has its ups and downs but overall, I have thoroughly enjoyed learning more about forex trading. I’ve not only gained more insight into understanding it more, but I’ve also made a number of great new friends, my mindset has a healthier relationship with money, I’ve watched other IX Global journeys explode this year and many of them are on their way to a new kind of financial freedom they thought they would never see. I hope to get some of them on my video show ‘My forex stories’ in 2021. To hear their stories. Maybe you could be a future guest??
1. Become emotionally detached from the screen
I think this is more about 80% mindset and 20% automated trading. In the beginning, I was an emotional trader. I looked at the trades all the time. When I would look at my MT4 and see a drawdown of 10% or more, I’d start to think that I was about to lose my money. I was in a weaker position because I didn’t know what I was looking at and having faith in something you had not done before was hard. But I learned quickly I had to ‘let go’ of what I was looking at. Become emotionally detached from the screen and just see the screen as ‘a game in play’ and I just had to watch and let the small wins come in. All the longer-term IX customers now have a very cool relationship with the trading and just let it happen. We encourage new customers to just relax and let it go but we also know that this takes time and patience to get into that mindset. Long term it will serve you better to detach from the trading and only look at your MT4 maybe occasionally or at the end of the month to see your monthly growth!
2. Learn the basics for what you are looking at on the screen
Do take the time to understand what you are looking at on the MT4 screen. Learn the basics of forex trading and understand the strategies used by Ix Global. It just helps your mind, how you share with others, and understand what is happening. You don’t need to do a lot of research just know some key details. Understand what drawdown is, understand compound interest, get clear in your head why you are doing this and refer to it often. Use the IX Academy platform for this. They have created a learnings section for you so you can understand what you are looking at.
3. Trust the system and the trader
Some of the key reasons for using automated forex trading services is so that we can grow our money without changing our lifestyles. Another is we don’t need to spend the time analyzing charts or reading macro-economic news. We have busy lives to get on with but we want to build a better financial pot. We all pay a monthly fee for the experience of the trader and their professional direction. We’ve also seen the historical information about how the automation services have been doing. So, in doing this we have to have some trust that the trader is always doing their best and the algorithm is a very good one. Ix Global is striving to be a great platform.
4. You can learn and earn
I guess this is repeating some of the key learnings above, but I love to tell people you can ‘learn and earn’. Evidence and research on new forex traders are that most lose all their capital very quickly and then walk away thinking that it doesn’t work and it just a waste of money. This is where automated forex trading has a niche because you can ‘learn and earn’ this way. You can utilize your capital investment better and see your money grow consistently and at the same time expand your knowledge of forex trading in a more relaxed way.
5. Know your risk tolerance and your risk averseness
Automated forex trading is risky. We say often that historical results don’t guarantee future returns and understanding this is key to all of this. You must know your own ‘risk level’. How much are you prepared to risk and understand how you feel about all of this. It goes back to my other learning about ‘emotional detachment’ and risk is always a part of this. I started with a 2K account because I’m quite risk-averse but the learnings from this year, trust, and emotional detachment means that come 2021 I will start to raise my capital.
6. This long term, not short term
It’s important to think long term when you are using the automated trading service. Consider your percentage growth over the long term from a bigger picture perspective. On a daily and weekly basis, trading can be up and down but when you look at it from the ‘bigger picture’ perspective you see a different outcome and see how your consistent efforts have over the long term been positive. One month isn’t a great barometer of your trading. Commit to it for at least 6 months to give yourself the better chance at succeeding at this. It's probably the safest way to trade too because you can ignore the daily/ weekly changes and just focus on the monthly and yearly outcomes. When you can do that you are well placed to be doing this for the long term!
There are so many learnings this year it was hard to really decide which ones would be most relevant, but I think the ones above reflect the early day thoughts and feelings we have when we start automated trading. Know, like, and trust ring true through these learnings too! Ask questions, do your research, and speak to your Ix global friend and learn from their experiences too. You really do need to make room for new knowledge if you want to change, grow, and want different results.
I’m so excited for 2021 and what it will bring. I hope you will consider joining us and being part of this opportunity. Bring with you lots of positivity, an open-minded attitude and a real desire for change, and lots of curiosity and you are already 50% of the way there.
I’ll see you in the IX global family.
These are my own results. Returns are not guaranteed and any capital is at your own risk.
You may look at the screenshot below and worry but these are my live and active trades at present. They need to happen to make profit. They are in play and haven't met their Take Profit targets yet!
I serve people who want their money to work harder for them instead of it sitting in the bank.