Trading is a very exciting profession so no doubt it has the ability to attract a lot of people to its world.
If you are you to trading and you plan to make this a career like me or just want to do it part-time to get some extra cash, then read this post to learn the MMM of trading.
So, some time back in Nigeria and other parts of the world there was this Ponzi scheme called MMM that promised 30% on your investments monthly.
It was pretty popular but as Ponzi schemes do, it did not end well. A lot of people see FX trading like that but it’s not true.
Although, trading has its own MMM which can help you manage your trading well in the long run.
They are as follow;
To make it in this business you need the right mindset. This is not a cliche if you bring the wrong mindset to trading and start seeing it like a Ponzi scheme you most won’t last in this business.
There is a mindset wish winning traders have and largely of that is that they can lose money if they lose their mind.
Personally, do not let my emotions get into my trading and investing. I have a system and I stick to it.
In trading, you need a good entry and exit methods. Without a trading method, you can’t win in the long run.
If you want to do well in this business you need a method, it’s either you get one already discovered by someone and run with it or if you think you are really smart to find your own way.
3- Money management:
If you know me well you’ll know this to me carry the highest weight when it comes to trading in the long run.
You want to have a good system that helps you cut your losses fast and allow your winners to run. Money or risk management is a big factor when separating the pros from the amateurs. If you want to be a pro trader you MUST have a great risk management system.
So now you have a good idea of the MMM of trading. If you want to trade for the long term and do this as a career please take this very seriously.
Much love from me to you.
ABOUT THE WRITER
My name is Joshua Eriaborosan OFOMAJA (JEO), I solve investment and marketing/business problems for individuals and businesses.
All the content of this post is for educational purposes only and it’s not in any way giving any investment advice. Trading and Investing carry the risk of financial loss.