I always wanted to share this but never had the time to do it. As a student I trade and make a little bit more than a good passive income. Assuming you can afford to dedicate 1 hour of your time a day, it’s possible to make 50 bucks and more.
The reason most people don’t trade is because they don’t have the resources (knowledge, information, desire to succeed, energy to making an effort).
I am creating a group teaching people for free how to learn trading and make money. You can join it here [https://app.involve.me/decho-lecho/ftrading](https://app.involve.me/decho-lecho/ftrading)
I can’t write everything in this post but you will learn how to analyze the market, what brokers to avoid, how to use trading as a secondary source of income before making it your active source of wealth.
P.S The group is not yet active. It will activate when we reach 500 subscribers.
This is what it takes to trade and how your day may look like when you start. It’s a lifestyle but it’s worth it.
Let’s say you got up at 7. You look at graphs on 1hour time frame and 1day time frame and see that GOLD (XAU/USD) looks bullish. It has passed a strong resistance that has been validated in the past. No major news released. ***Donald Trump did not diss gold this morning on Twitter calling it a scam used by the Democrats to hack his presidential campaign.*** **Bonus points if Melania Trump, Kylie Jenner or other celebrities post selfies wearing their new gold accessory.**
Depending on your balance, you don’t want to trade more than 5%. You must take in consideration leverage used, where you will place stop loss, etc.
After you follow your risk management strategy you open a gold position. You set up the stop loss and leave the position open, checking it once in a while. Set up a take profit that matches your expectations for the trade. (What I mean by that is you shouldn’t set up a $1432832198billion take profit, but match the take profit to something appropriate depending on how big the initial position is).
**Check and Close**
If the position has moved well beyond the opening rate, set your stop loss on open. If after a while you feel that the position won’t hit your Take Profit, close it in profit. You’ll learn more about this.
Losses happen all the time no matter how many years of experience you have. That’s why it’s important to risk only 5% of your account. Sometimes you will risk 10% when you are confident but it’s very rarely. Losses are normal. There are people who lose millions in a day while others gain. You can lose 8 in a row and recover with 2 wins. Don’t let them affect you emotionally.
I am open to talk with experienced traders. This is a big project and the more we collaborate, the better.