Projecting Your Earnings
Now in this video we’re going to talk about projecting earnings and achieving them with losses.
Now this kind of video goes hand in hand with money management.
So let me just give you maybe a little bit more insight on basically controlling your emotions.
If you feel panicky and you feel that your heart is running tens to the dozen, please do not open the trade.
Please ask someone about your reading. That’s advice number one.
That’s an advice that you should not really skim past on.
If you need help, ask for it and try and get some feedback based on the signal that you see and then see if you can try and calm yourself down so you get to the point where you’re becoming more confident in your decision making. But get it from experienced traders only.
Now for projecting your earnings, there are different ways that you can do it.
The Forex market is a great vehicle to make money from.
But if you break into it in any way that isn’t really the normal recommended method of trading, over the long period you will lose.
So you need to have a plan and you need to be in the mindset of earning X amount per week or X amount per day.
Don’t overstep your goals to the point where you know that you can’t achieve them.
Stick with something that’s kind of feasible, tangible to touch, to reach.
I would say I gave my students a week to make a thousand bucks. Guess what? They all passed.
And then most of them didn’t have any forex knowledge whatsoever.
So when you’re working with like trying to achieve a projected set of earnings for the end of the month or for the end of the year, you have to really tie the losses with the gains and vice versa.
And not to push yourself too much to the point greed sets in.
Just get an approximate figure.
And the way we get that approximate figure was to basically if you’re using a hundred to one leverage account and you were trading on the EURO versus the USD you can just essentially put an extra zero on the end or you can just look at those figures if it says like the EURO dollar is at 125.932 or something you can then say to yourself “okay, a hundred to one leverage account is going to cost me $1,229.” So you can work it out like that and decide how many pips you can choose. 2.7, 2.8, 2.5 or whatever.
Now if you do this for 40 trading weeks and you got every single trade correct, that would be some consistent income you can build on.
Your account balance at the end of the year after forty trading weeks compounded with 5% of the previous balance from the new trade, you will reach $158,500.
Now even if you got 40% of those wrong and only left with 60% of them correct, you will still walk away from a $1,000 starting balance, you’ll still walk away with about $87,000.
And that’s for $1,000. And that’s one trade a day. And trust me it’s very achievable if you follow the steps laid out in this course.
So the purpose of this video is to really say don’t push it, don’t go over your boundaries.
I know it can get very very exciting to see that you’ve made one trade after the next after the next after the next all profitable trades.
But be prepared for losing trades.
Try not to go “oh bugger I’ve just spent a whole week trying to do this and this one trade just knocked out like three of my perfect trades.”
It happens and you will need to embrace losing trades as part of the game.
But you go look at it from the long term point of view.
Even if you only made one trade, one good trade a week for 40 trading weeks and you did it with 20 pips, $10 per pip, you had made $200.
$200 times 40 trading weeks. Still is an excellent return for a starting $1000.
That’s a 800% return on investment.
You cannot really find this kind of return in any market for 40 weeks.
So it’s all about patience, perseverance, making sure you don’t go over your boundaries, make sure you listen to your instincts and if you’re feeling nervous then don’t do it.
That is the key to success in Forex.
Patience and greed control…
I hope this little video has helped you out in regards to making sure that you can project your earnings and also still achieve them with losses as well.
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