INTRODUCTION
Hey there! If you’re reading this, chances are you’re curious about how I – Ghanaian 🇬🇭 trader made my first $1,000, 2,000 and all the way to my first $10,000 trading forex. It’s a story of GROWTH & “NOT A GET RICH SCHEME” As at the time this post is being released, $10,000 is Ghs126,583, N.15,780,600.00, AED36,730(Ghana 🇬🇭 , Nigeria 🇳🇬 & Dubai 🇦🇪 ). Well, let me share with you, it wasn’t an overnight success story. By reaching this mark, in countries like Nigeria 🇳🇬, Tanzania 🇹🇿 , Kenya 🇰🇪 , and some other African countries, I would be considered a MILLIONAIRE and I am in those countries. 😆 hahaha anyways enough of that. It took time, effort, and a lot of learning along the way. But if I can do it, so can anyone meant to be in this Finance industry! In this blog, I’ll walk you through my journey and share some steps that helped me along the way.
Understanding the Basics:
Before diving into the forex market, I made sure to educate myself about the basics. If there’s one thing I learnt, don’t delve into something that you are not well vested In knowledge of. Forex stands for foreign exchange, where currencies are traded against each other. It’s the largest financial market in the world, with trillions of dollars traded every day. Understanding concepts like currency pairs, pip values, lot sizes and leverage, Breakeven, stop loss and take profits etc was crucial before placing my first trade. During this period I was clear on my intentions to succeed, had to get access to a laptop and good internet which gave me a good background on how to trade the forex market. Had some money saved up from my digital painting, arts and graphic design, as well as photography business, which I invested as funds in my earlier trading accounts. This aspect clearly tells you if you are a complete beginner, you need an income source that can help fund your trading accounts – if you are serious about trading the forex market, and you have nothing doing now, I would encourage you to get a good paying job or learn an income generating skill. Unlike most stories I hear, I didn’t blow my first trading account and still haven’t yet blown an entire trading account, instead I made calculated losses with the risk management I learnt and recovered back those losses with time.
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Setting Clear Goals:
One of the most important steps I took was setting clear and realistic goals. I didn’t expect to make money overnight. Instead, I set smaller, achievable targets along the way. My initial goal was simply to make my first $100 in profit. Once I achieved that, I kept repeating that goal over for some time. I aimed for $500, then $1,000, and so on. With market and it’s unpredictability there were definitely losses made. This approach helped me stay focused and motivated. I leveraged on the potentials forex trading gave me by being consistent with my goal setting. I would make goals like when I wanted to buy my first IPHONE – I had to do my research; spend time on the markets, looked for opportunities and was able to purchase an IPHONE 11 Pro(my first iPhone). My first ever MacBook laptop was bought with profits from trading the forex market. If I would want to go shopping and spend some money on shopping for food stuffs, house needs; I would make a budget- trade my way to getting some cash and then go buy these things. If I would want to go on a trip, I would get travel details – how much I would need and get to trading and make the money and go. It sounds easy from the way I am narrating the above but it didn’t come easy; a lot of work goes into this.
Developing a Trading Strategy:
Let’s continue form where we left of. Making your first $1,000 all the way up to $10,000 trading isn’t an easy task as many would agree. But it gets simpler with a lot of work put into it. When you have been able to get your hands on all the Lessons you need to start; Having a solid trading strategy is key to success in the forex market. I experimented with different approaches earlier on the market, on what I would do to make money. Many of the earlier approaches were not helpful until I found few that worked for me. I focused on technical analysis, that’s Pure Action. Understanding market structure was key to my success. With Pure Action, I developed a strategy that had a high winning potential making me consistent wins on the market. Fundamental trading also played a key factor in my trading as understanding Economic data, dates of release of news helped me. And now combining Price Action and Fundamental changed the game for me. I also practiced risk management, never risking more than I could lose on any account sizes on any single trade. Risk management became a strong suit for my success. There’s no perfection to risk management as some times, over-confidence can get the better of us. Making use of Forex trading calculator was also highly helpful for anyone trading dollar accounts. I have a developed strategy model that I now call “THE CHESSMAN TRADING CONCEPT” which has a list of strategies that I use now to generate profits from the forex market, with a high percentage in wins. And now I teach my students/mentees. We have this MODEL done and has been put together in a course. So if you are interested in getting access to that. CLICK here to speak to us DIRECTLY
Staying Disciplined:
If there’s one part of trading that can help anyone to succeed is working on once emotions. Emotional discipline is so important in this business of Finance. A high percentage of trading is human factors and decisions which comes with emotions. No matter how well your strategy may seem, your emotions play a key role to your success or failure. Emotions can run high when trading forex, especially during periods of volatility. But I quickly learned the importance of staying disciplined and sticking to my trading plan. I suffered from FOMO which earlier cost me money but now later learned and I avoided chasing trades out of FOMO (fear of missing out) and kept my emotions in check, even when trades didn’t go my way. This mindset shift was crucial in my journey to profitability. All this took some time to master and even as of today despite my good results; I can never be completely fit because I continually fight to stay disciplined and so should every trader of all levels.
Continuous Learning:
You can’t make your first $10,000 if you are not learning. Never did(do)I stop learning. As the forex market is active 5days every week; the market conditions change every day. As such the forex market is constantly evolving, so it’s essential to keep learning and adapting. I regularly read books, watched educational videos, and followed market analysis from reputable sources. Then I review my past trades and refine them the best way I can for that period. I would backtest my strategies continuously to confirm if it’s good for the times and seasons I am in. There were days I would stay clear of the market because there were no opportunities to capture trades based on my model and this was part of the discipline process as many traders in their beginner days find themselves always on the market every single day thinking that making money from forex is everyday venture. Unfortunately if you find yourself in that situation this tells you why you are not succeeding and why you are not making that much progress in the industry.
I would document my journey in trading and see my progress as part of my learning till date. An example is below as seen from is my past screenshot in trade setups and my current screenshot of images in trade setups. A great improvements.
BEFORE
TODAY
Celebrating Milestones:
As I hit each milestone on my journey, I made sure to celebrate my achievements. Whether it was reaching a profit target or successfully executing a new trading strategy, acknowledging my progress kept me motivated and fueled my determination to continue improving. It could be a nice dinner, a weekend getaway, or buying something I’ve been wanting for a while. One of the ways I would celebrate is to purchase a watch as I am a lover of watches and now have a whole collection of watches. This is to reward myself in the journey. I would also Stay Grateful; Take a moment to appreciate how far I’ve come. I would celebrate the journey itself, not just the destination. Gratitude can help cultivate a positive mindset which keeps me motivated during both the highs and lows of trading. Reasons being that sometimes when in a losing streak(made a lot of losses), I would reflect on what I’ve accomplished so far, review my trading journal and analyze what worked well and what didn’t. I would then use this opportunity to learn from my experiences and improve my trading strategy going forward.
Click here to see MY BRAND. instagram here; @traderjoshjoey (Click here)
I treat myself something special when I hit a milestone, once again whether it’s reaching a profit target or achieving a certain number of successful trades. One of such celebrations was setting up a new trading office where I trade from. Every item present in my office were purchased with profits made from the forex market. One of such celebrations was setting up a new trading office where I trade from. I have had to upgrade trading setups from time to time every step of the way and below is my current trading office where I do most of my trading for myself and my private investors in my Forex fund management service. If interested in your FUNDS being managed and grown, CLICK to READ more on FOREX FUND MANAGEMENT.
But remember trading can be done anywhere as long as you have a smart phone, a laptop and good internet access.
In Conclusion
Making my first $1,000 and gradually journeying to my first $10,000 trading forex was undoubtedly challenging but rewarding experience. By understanding the basics, setting clear goals, developing a solid trading strategy, staying disciplined, continuously learning, and celebrating milestones, I was able to achieve my financial goals.
Remember, success in the forex market is attainable with dedication, perseverance, and a willingness to learn from both successes and failures. So, if you’re thinking about diving into forex trading, go for it! With the right mindset and approach, you too can achieve your financial dreams. If you love this ARTICLE; then you will love the below, on “STARTING OUT? WHO IS TRADERJOSHJOEY” and also “trading $300 to $8,000 in a month” below;
Click here to access MY BRAND. Instagram here; @traderjoshjoey (Click here)
Who is Traderjoshjoey ? and how did I start… click to READ.
Read how a Ghanaian trader made $8,000 (GHS 99,200) from a $300 (GHS 3,720) deposit.
Read story; Click here
For more SUCCESS STORIES, scroll below
INVESTOR BOUGHT LAND WITH FUNDS FROM FOREX TRADING –
Investor’s Land Grab
Click to READ
Read how a Ghanaian Investor(Client) made GHS165,888.00 with only GHS5,000.00 (about $450) invested.
READ story; CLICK HERE
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