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Have you ever thought about getting into trading but you feel anxious about risking your own money?
What if I told you there is a way to enter the trading game using other people’s money(OPM)?
Would that interest you?
But before we get into that, if you’re a newbie, you’re going to need
to learn the basics of HOW to trade.
For starters, you are going to need a laptop or a desktop computer.
Yes, you can trade on your smartphone, but it is much more difficult.
Having a computer with a good size screen will make things much easier.
The charting platform that we are going to be using is called MetaTrader,
and you may choose between two versions, MT4, or MT5.
One is neither better nor worse than the other, it’s just up to your own preference.
I like to use MT5, so that’s what we’ll cover here.
Watch the video below to learn the basics of MT5.
After you’ve watched the above video, go here (click or tap) https://thefundedtraderprogram.com
and choose which level of challenge you would like to complete.
The Funded Trader is where you will be getting your funded
trader account from, once you pass one of their trader challenges.
After you’ve downloaded and learned the basics of MT5,
you will want to decide on which asset(s) you would like to trade.
I like to trade the Dow Jones Index, and you will find this in your MetaTrader
platform under the symbol US30. You will want to begin trading
with the smallest lot size available, which for US30 is 0.01 lot, or one micro lot.
This will earn you a $.10 per point profit if your trade works out.
That’s not much, but hey we’re just getting started. Once you gain some experience,
you can feel comfortable placing larger lot size trades.
These aren’t exact numbers, but let’s just say that the Dow Jones Index
moves on average 200 points per day, so when you get good at managing
your risk and you are confident in your entry and exit strategy,
placing a 0.1 lot trade, if you are right and the Index goes 200 points
in your favor, that will be a $200 profit to you.
Keep in mind also, that you can make money whether the price
goes up, or down. The type of instruments we are trading
are called CFD’s, or “Cash for Difference.” A “buy” trade is called
“going long,” or also, a call option. When you “sell,” you are technically
BUYING a put option, or taking a “short” position, aka “going short.”
Your profit on each trade is calculated by the DIFFERENCE
of how much price has moved from your entry point,
thus the terminology of “cash for difference.”
Here’s an example of my trading on Tuesday, 1/24/2023. Started at 8:30CST and
this screenshot was taken at 12:50CST. I could go ahead and exit, but
I have a take-profit target preset, and I am waiting for price to hit my target.
Not bad for a few hours just sitting around listening to your favorite metal bands, or Nicki Minaj or
whatever you like to listen to. I like to listen to Iron Maiden, Metallica, or
Slayer while I’m working out and waiting for my trade to play out.
One VERY IMPORTANT point to take notice of…you will do well to avoid
having any trades open 2 minutes before or 2 minutes after a high-impact news release.
To stay abreast of news releases effecting the financial markets, CLICK HERE.
Make sure to update the time zone once there. High-impact news releases
are designated by a RED BOX next to the news event.
The reason for staying out of the markets during these news releases
is that the market can react violently and unpredictably,
and you run the risk of losing much or ALL of your account balance.
RISK MANAGEMENT is the most important skill that you can learn!
Remember this. Proper risk management coupled with
a mature command over one’s own mind and emotions
is an UNSTOPPABLE combination!
Now, I am going to give you the ultimate CHEAT CODE
to winning in the markets. This is, as I mentioned in the title,
how you can make money trading even if you have a full time job.
The first indicator mentioned in the video is the best trading
indicator that I have found, so far, and I have tried a LOT of them.
I like use this next indicator in combination with the Pivot Order Blocks
indicator to give me extra confirmation on the probable future direction of the market.
Personally, I prefer to use these indicators on the 5-minute timeframe.
The guy in the video recommends the 15-minute timeframe for this, but just ignore that.
Also, ignore his recommendations of changing the indicator’s settings.
Just leave it on its default settings. You also won’t need the other indicators
that he recommends, so ignore that part as well. All you need to do is wait for
a buy or sell signal, then see whether price is near either a point of interest
or order block on your Pivot Order Block indicator. DO NOT TAKE EVERY
BUY OR SELL SIGNAL!!! Follow the following rules, and you will
maximize your chances of winning more trades than losing. You are NOT going to
win every single trade you take, so just forget about that. The name of the
game here is only taking HIGH PROBABILITY trades. If you get a sell signal,
and price has recently risen upwards and near a point-of-interest or red/bearish
order block, then that is a high probability sell setup. You can enter a SELL trade
straight away, or I prefer to wait for a pullback to enter. I see my sell signal,
confirm if it’s near the appropriate zone as per above, wait for price to drop
and then pullback/rise to around halfway, then enter. That helps me to
get a better entry than just entering right away. If you can be patient enough
to wait for those pullbacks, then you can maximize your profits.
Opposite rules apply for entering a buy position. Also, contrary to the
video thumbnail, it IS possible to lose with this strategy, but it is
more PROBABLE that you will win IF you follow the rules.
Next, you will want to learn about using TradingView if you aren’t already familiar with that.
TradingView is a separate charting platform from MetaTrader, and I find
that using Tradingview alongside my MetaTrader app helps me to
get a better view on what’s happening in the markets. I like to have my browser
open to TradingView and do my analysis from there before taking trades on MetaTrader.
This isn’t absolutely necessary, but I find it makes my life easier.
Another alternative you may wish to consider is linking your trading account
to already-successful traders’ accounts to automatically copy their winning trades.
Just be sure to read the terms of your preferred prop trading firm carefully
to be sure whether they allow copy trading or not.
If you do not have the capital required to start with that program,
also search on their channel for cent accounts.
With a cent account, each penny counts as one dollar,
so if for example you deposit $100 you can trade that
as if it were $10,000.
If you’ve made it this far, congratulations! People who “don’t have time” to read a “long” article like this
most likely aren’t ready to do what it takes to get good at trading.
This ain’t no get-rich-quick scheme, PLAYA!
Now, here is the MOST important piece of the trading puzzle…
Thanks for reading, and I hope that you find this information useful.
To Your Success!