Embark on a voyage to financial liberation with us as we share the gripping tale of a trader's ascent from Forex novice to the self-made 'Market God.' Our guest strips back the veneer, revealing how close he was to throwing in the towel after a string of losses and the emotional depths he plumbed before achieving trading triumph. From selling his treasured camera to grappling with self-doubt, his relentless pursuit of mastery in the volatile currency exchange realm is a story of true grit and unwavering determination.
Our conversation with this currency virtuoso goes beyond the typical success story, probing into the psychological warfare waged within the Forex markets. He imparts the wisdom of his mentor, Kojo Forex, and his strategic pivot to trading gold, which earned him the moniker 'gold god'. This episode is a masterclass in the nuanced art of risk-reward ratios and the psychology needed to maintain a disciplined trading regimen. Newcomers and seasoned traders alike will gain invaluable insights into making informed decisions and achieving financial autonomy through calculated, informed trading.
Closing the chapter on this transformative journey, the episode wraps up with a powerful reminder of the importance of emotional intelligence and strategic planning in Forex. This is not just about numbers; it's about personal growth, confronting myths, and building a community within the trading world. Listeners will walk away with a rich understanding of how to navigate the rapids of Forex trading, fortified with the knowledge and inspiration to chase their own version of financial freedom. Join us, as we illuminate the path to mastering the markets and embracing the discipline that lies at the heart of successful trading.
Watch the video episode of this on YouTube - https://linktr.ee/konnectedminds
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Episode Transcript
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Speaker 1 (00:00):
financial freedom, you being able to work from
anywhere in the world.
If you really want to know howto make money off forex trading,
you first of all must bewilling to go through the
process.
Speaker 2 (00:12):
So I'm a new trader.
I don't know anything abouttrading.
I want you to tell me the stepsthat I can take to be able to
take my first trade.
Speaker 1 (00:25):
Why MarketGuard straight?
Why market god?
All right.
So basically when I started,you know, I got into the space
of forex.
I was basically like got tointroduced by my school dad.
Back then, you know like whenyou say school dad in school,
someone who's been with you insenior high, you know like your
senior and all yeah, so fastforward, he was done with school
(00:45):
.
I was in the university andthen he was basically like told
me he's found something new andit's called forex.
And I realized that like he wasdoing so well, he was paying
his little sister school fees,he was settling his mom's bills,
he opened businesses and I was,you know, so intrigued by that.
I was like you know, can youteach me this?
And you know he started, butlike he wasn't so consistent
(01:08):
with me.
But I found so much interest inthat and I began to do my own
research.
Um, I was losing so much money.
I was learning, but it wasfutile, like I was doing
everything.
So I remember I lost a lot ofmoney.
Now my mom even like, when Ifinished school, my mom's like
you're always by the computer,nothing seems to be working
right for you, like what exactlydo you want to do.
(01:28):
I was like you know, forex justlike forex doesn't seem that
things like you put in moneytoday is gone.
She's like, okay, I'm gonnagive you money, I'm gonna give
my last money.
I can see you really want to doyoutube.
So my mom bought me an a6300that's a sony a6300 and then, I
think about three weeks later, Isold.
I sold it to put into the forexmarket oh my four hundred
(01:51):
dollars.
Yeah, I'm never gonna forget andnot every story is rosy.
I lost that money in a day.
So I remember, in 2020, yes,into 2021, that was 31st night
and, mind you, I was verydiligent, studying so hard, but
I wasn't seeing results Like Iknew I was good, I was
(02:13):
practicing, I didn't have themoney.
I knew I was good.
I was almost at a verge ofgiving up and then, in church
31st night, my pastor was likeyou see that this year,
millionaires are going to bemade through forex, and I
screamed like amen, and I think.
And in that year, I was pacingin my room, just like you know,
praying and just asking god,like is this?
(02:34):
What exactly do I really haveto do?
Because I don't want tocontinue.
It's been like one year ofgrinding, like you know, because
I was a photographer working ata club.
I was earning, earning like 200CDs a month.
I don't want to mention hisname, but one big person.
I was earning like 200 CDs andall.
But I was like, nah.
So while I was pacing in myroom praying, I just heard you
(02:55):
are a market god.
I was like what, wait, thatcan't be my mind.
So I was first scared about itbecause I was like, uh, if you
say your god, it means you'reblaspheming and all.
So I I was scared about.
I was like I just heard you area market god.
And the voice never came backagain as confirmation you are a
market god.
And because I really wanted tohave della traits or della
(03:18):
effects, just like everyone else.
But even after the time I gotthat I was like so broke.
So I was like how do I come outwith that name when you have
nothing?
Yeah, there are people therelike big people in the industry.
But I took that name uponmyself.
And then with time I found moreconfirmations in the Bible.
The Bible says that ye are godsbut you do not know, and it
says that you shall die like me.
(03:39):
Amen, because you don't know.
So the lack of knowledge ofthat God side of you.
So God wants us to be God inour careers.
So, I thought about it and I waslike no, I think this is it.
I'm really a market God.
So I knew that first.
It's not just something I'mdoing, but it's a calling.
So I am the market God.
Speaker 2 (03:56):
Yeah, Market God indeed man.
To goodness.
You know, a young man comes outof school, sees trading,
because you know, a lot of thetime when you hear trading
you're thinking of themoney-making potential only.
But and then you know mom buysyou a camera.
(04:19):
Right, you sell the camera.
Meanwhile you've lost a lot ofmoney already, yeah, and then
you go back to the market.
You lose that money again.
Those processes you failedseveral times, uncountable
Plenty of times.
But what was the learning inbetween those failures?
Speaker 1 (04:42):
Wow, okay.
So in my period of losing money, I realized one thing Forex is
something or a business that, asyou are reading it, it also
reads you.
Forex exposes who you truly are.
If you are someone who isgreedy, forex will really expose
(05:03):
you.
If you are someone who lackspatience, forex will expose you.
If you are someone who isgreedy, forex will really expose
you.
If you are someone who lackspatience, forex will expose you.
If you are someone who doesn'thave long suffering, forex will
expose you.
So I realized that hiddenwithin me were certain qualities
that Forex were exposing.
I never knew I was greedy withmoney.
I never knew that I wasimpatient when it comes to money
.
I really wanted to double moneyquickly, so I realized that it
was needful that I becomepatient when it comes to money.
(05:24):
Like, I really wanted to doublemoney quickly.
So I realized that it wasneedful that I become patient
when it comes to money.
When it comes to trading, Irealized that I needed to remove
emotions.
When it comes to trading, Irealized that I was not
disciplined because I had a $50account and I was entering big
lots.
Obviously, you're going to losethe money, and it kept
happening and happening andthere are times where I would be
(05:45):
losing money and be praying God.
By the time I open my eyes, themoney is gone and God said I'm
the market God.
So you can imagine I'm like God.
What you said?
So there are certain things.
So what I learned from it inthat learning process is you
want to take out emotions.
You, you can't 100% take outemotions in trading, but you
want to minimize emotions right.
And then you want to work ondiscipline right, it's very
(06:08):
important.
You want to work on riskmanagement.
You want to work on longsuffering, understanding that
the fact that you've entered atrade now doesn't mean you're
going to make the money now.
You need to be patient.
Allow the market to do what ithas to do.
You've done your work byanalyzing.
Allow it to do right.
You've done your work byanalyzing.
Allow it to do Right.
So those are some of the youknow bits and things I learned
(06:30):
from that process of learning.
It was very like.
It was a very difficult, onedifficult journey for me to
accept and even notice them, towrite them down in my trading
journal yeah, wow.
Speaker 2 (06:39):
Discipline.
It was actually a question Iwas going to ask you in the end,
but now I'm not going to askyou anymore because I think you
know, most of the good tradersthat I've met right or you know,
forget that.
Or even the people who work inthe financial sector managing
people's finances, hedge fundsand stuff.
They are very disciplined intheir decision-making.
(07:00):
So no doubt you say it as oneof the things that an individual
needs to build.
So no doubt you say it as oneof the things that an individual
needs to build.
Speaker 1 (07:11):
Now, was your mom not thinking that you were trying
to scam people?
Okay, so thank God for my mom,because she has an open mind, I
had to sit her down and explainto her what exactly Forex is.
She never thought I was doinganything fraudulent, because I
won't in the first place, like Iwon't.
I come from a very moralbackground.
(07:31):
My parents not, in fact, noteven my parents like I.
It just won't happen like Iwon't be in that position to
just like scam anyone oranything.
So my mom knew first off, likeno, it can't be a scam.
But she knew I was this thing.
It's not something that canstay long for me to make money I
can live enough.
Speaker 2 (07:44):
Yeah, she didn't have the belief, as you didn't have
the belief yeah, because youknow some of our parents.
They've grown up knowing thatwhen you finish school and you
want to get a job, you go outthere, look for a job, leave
home at maybe half past nine,get to work at night, come home
at five.
That's what they're used to,true?
Um?
So when you're always sittingby the pc they're like what's
(08:08):
this guy doing?
They wonder.
So it's nice that you know yourmom came.
You guys had a chat yeah becauseto some people I mean sometimes
in the beginning, when I waslearning how to create websites,
I'm always by the pc rightlearning code and stuff.
My dad would be like, are younot gonna?
Learn, you know but he didn'tknow that that was learning for
(08:28):
me yeah you know.
So, yeah, now a lot of peoplethink that you know forex,
especially, is a scam now,particularly because of the
lifestyle that a lot of forextraders portray.
Back in the uk, um, there was aguy called elijah, I think,
(08:52):
yeah, I think that was his name,elijah.
He was a nigerian guy.
He made so much money fromforex apparently, um, he bought
a bentley gold bentley, you knowfronting it everywhere.
Um, he had a company called, Ithink, dct or whatever.
But fast forward down the line,it was proven that he was a
scammer and I don't know how hewas doing it, but I was just
(09:16):
following the story becauseeverybody wanted to be around
him because of how much heportrayed that he has.
What's that misconception?
And how can we differentiate,you know, quality forex traders
to people who are just, you know, trying to scam?
Speaker 1 (09:35):
Okay, so the thing is like first off, especially in
Africa, or sub-Saharan Africa,Ghana to be precise you'd
realize that a lot of peopletend to think Bitcoin is Forex
trading and it's two differentthings.
Like, we have the crypto market, we have the Forex market and
we even have the stock marketright.
We even have the futures marketright.
(09:55):
So there are a lot of markets.
But when it comes to Forextrading, basically like, you are
basically not like someone whosay like, for example, some of
these scammers are like, whatare you into?
Oh, I'm into Bitcoin.
Like, what do you do there?
Bitcoin is basically you justlike buying cryptos, holding it
for a while, Even if you aretrading actively.
(10:15):
That has to do with Forex.
That makes more sense, youunderstand.
So if you are trying toidentify between someone who is
like a professional forex traderand someone who is, you know,
um, a scammer, you're basicallylooking at the value the person
has to give okay, understand notthe end results, because if
you're looking at the endresults, people like to cover up
(10:35):
things.
Right, someone could be ascammer and say I'm a forex
trader and it's not necessarilymaking his money from the forex
market.
Someone could actually be aforex trader and not necessarily
be making money from the forexmarket.
Someone could actually be aforex trader and not necessarily
be making money from the firstmarket, but from core sales and
then other things, but not fromthe market.
So you want to be looking atthe kind of value that they
produce.
It's very important.
If they say they're into forex,are they really teaching
(10:57):
something on their socials orthey're just flaunting?
If it's just flaunting andnothing proves like, even even
if they don't show redraws ofthey taking treats, they don't
even show treats, they can'teven analyze a simple trade,
they don't pass out informationand they are flaunting.
It was the essence of flaunting.
If you're not going to beimpacting, you understand, yes.
So I think the only differenceis the value, what they have to
(11:19):
show, what they have to proveyou understand, yeah market, god
, is it possible for anyindividual to make a living
through trade?
Speaker 2 (11:36):
look at me I'm a full-time trader, like okay,
it's very possible.
Speaker 1 (11:42):
It looked far-fetched when I started.
It looked like a mirage, butit's very possible, honestly
speaking, and it's somethingthat it takes a lot of process
and you must be willing to gothrough that process.
I always tell people that, justlike any game, right?
We first of all learn the rules, and Forex is no different.
(12:02):
If you really want to know howto make money off forex trading,
you first of all must bewilling to go through the
process.
But one thing we find a lot ofpeople doing is that they are
not willing to go through theprocess, but they are willing to
taste of the end result of it,which they end up losing money.
Speaker 2 (12:23):
You understand it's true, but then what percentage
must you win to be able to makeit a living?
Because sometimes when peoplehear professional trade in
somebody that's making a livingout of trading, they don't think
they make any losses okay.
Speaker 1 (12:41):
So when you say what percentage must you?
And to make a living, everyoneis there.
Okay, sure must you win in thesense living.
Speaker 2 (12:45):
Everyone is there.
Okay, sure Must you win, In thesense that let's say you take
10 trades on gold.
How many of those trades mustgo right?
Speaker 1 (12:57):
Okay, this question also, like it kind of boils down
to first of all the person'slifestyle and the person's
account, because there's someonehere who can easily live on
$2,000 a month.
There's someone here who caneasily live on two thousand
dollars a month.
There's someone who can live ona thousand cities a month you
understand.
So it depends on, first of all,the account size.
If you say a professionaltrader, it does not
(13:17):
automatically mean that personis trading a hundred thousand
dollars or ten thousand dollars.
The whole goal of forex tradingor trading, to my, is financial
freedom you being able to workfrom anywhere in the world.
You being able to have time forwhat exactly you love whilst
making money by having access toyour computer anywhere in the
(13:38):
world.
So personally for me let's sayI live on a thousand CDs a month
.
Cds a month, definitely if Ihave a trading account of 10,000
CDs, that means it is going totake me 10% for me to actually
earn my expenses, which is what1,000 Ghana CDs.
So therefore it boils down torisk management.
How am I going to actually makeso-and-so amount of money out
(14:01):
of that particular account?
You understand?
So it's all boiled down to riskmanagement your cost of living,
your expenses and then youraccount size.
Speaker 2 (14:08):
So I'm a new trader.
I don't know anything abouttrading.
I want you to tell me the stepsthat I can take to be able to
take my first trade.
Speaker 1 (14:16):
All right.
So the very first thing thatyou need to do is you need to
educate yourself, right?
You can never ignore education.
A man without education is adamned man.
If you don't have education inthis, you are going to be losing
.
In fact, the people that callfor excess scam are the people
who lack the knowledge about it.
It's not a rumor out there.
(14:38):
They're actually people sayingit because they've come.
Their money got missing in themarket and they are wondering
where did it go?
These people took my money.
No one took your money.
You made a loss.
You pressed market and they arewondering where did they go?
These people took my?
No one took your money.
You made a loss.
You press that button and youlost that money, you understand.
So the first thing is you needto find good education and you
need to get a good mentor.
You need to do your ownresearch.
You need to take your time,find someone who you think is
(15:01):
good at a craft.
Learn from that person.
Once you are done, the secondstep that you need to do is you
need to get yourself a reliablebroker.
A broker is basically anintermediary between the retail
trader and the financial markets, right, so they operate based
on a model of leverage.
They're actually giving youaccess into the financial market
(15:21):
, because back then you cannot,as a normal person, trade on the
financial market.
You need a minimum of $250million.
But thank God, for brokers andleverage, we have access to the
financial market.
Then the third thing you needto do is to practice, practice,
practice.
You need to practice whateverthat you've learned from that
person Practice, practice,practice.
(15:42):
And one thing I advise people isthat let's say you've learned
you've gone through the stepsYou've learned from.
Let's say you've learned you'vegone through the steps you've
learned from.
Let's say you've learned fromaram della you got yourself a
reliable broker, which you knowyou're not going to run away.
You want to make sure they'reregulated.
Then the next step is you wantto practice whatever aram has
taught you.
Now let's say you want toactually make this a full-time
job.
You first of all need to knowhow much money you are willing
(16:06):
sorry, how much money you areyou kind of spend in a month.
So let's say derrick spends twothousand dollars a month right
now.
If derrick spends two thousanddollars a month, how much can
derrick be investing into themarket?
No return can give you like youcan't just be making a hundred
percent on your return, justlike that, right.
You can actually make that fromForex, right, but that's risky
(16:29):
If you want to go on a moresubtle base you want a
significant amount of money andbe making at least 10 to 20% a
month.
that is reasonable.
If you have 20 grand in yourbank, in your trading account,
right?
And you are making $2,000 amonth, trust me, life can be
very easy as a Forex trader.
So, and you are making $2,000 amonth, trust me, life can be
very easy as a forex trader.
(16:50):
So you want to ask yourselfthat if this is the amount of
money you can afford, then inyour practice stages, you want
to deposit a demo account of,let's say, $20,000.
And you are going to bepracticing as though that is
your initial amount of money andyour target is $2,000, which is
your expenses.
You are going to do that over aperiod of three to six months
(17:10):
and you're going to go through aseries of turbulence, series of
wins, series of losses, and youlearn from that experience to
know that when your real moneygets in, this is how exactly
you're supposed to be tradingyou get it.
Speaker 2 (17:21):
So that is basically a very short procedure I have an
understanding that it is notpossible to experience emotions
on a trading account, on a demoaccount.
Yes, Because sometimes, as youknow, you have a demo account
(17:43):
and because it's not your moneyyou take the trades, but you
don't feel the emotions.
But then you also know that itis the emotions that allows you
to make the decisions, eithergood or bad, yeah, so how do we
address?
Speaker 1 (18:03):
that, okay, that's a very good question.
So, personally for me, onething I advise my mentees is
that always and always startwith a small live account
instead of a demo account.
The reason I say this isbecause before you even start
trading on the live account, youfirst of all have knowledge.
Right?
(18:23):
So don't jump the step bygetting the live account when
you don't have knowledge.
You have the knowledge now.
Now you want to be practicingwith a small live account
because you are building whatyou call emotional stability in
the market, emotionalintelligence.
Listen, it is not normal for youto have a $200 account, take a
trade and be seeing a loss of $7.
(18:44):
And in the next minute, you areseeing a profit of fourteen
dollars.
You come back and then you areseeing negative two dollars.
It's a whole roller coaster.
But what you don't know is thatthat process, what is building
your emotions to be able to bestable in the market and know
that, regardless, my disciplineis saying that my system is
telling me that this market isgoing to go from point a to
point b.
So I need to be patient, holdup, wait and allow the market to
(19:05):
do what it has to do, as youare doing that several, several,
several is building what youcall emotional intelligence and
stability in you and giving youthe opportunity to be able to
master your emotions and takebetter decisions in the market.
Speaker 2 (19:18):
My goodness, what has been your worst time in the
market?
Speaker 1 (19:22):
Well, when I lost $35,000 in a single day.
Speaker 2 (19:25):
In a day?
Yeah, on which pair Gold.
Speaker 1 (19:30):
Daddy, my pillow was here.
I slept this way.
I'll never forget I was shaking, shaking, shaking $35,000?
Speaker 2 (19:41):
Yeah, and.
Speaker 1 (19:42):
I grew it from $2,000 to $35,000.
Right, and then you lost it,yeah, even as a professional
trader.
So it's not all rosy, yeah, butI can show you that, because
I'm not here to show you mylosses, I'm here to motivate you
, I'm here to impact you, totell you that it's possible.
That's it Right.
Speaker 2 (20:01):
Yeah, that's it.
Speaker 1 (20:11):
And it's all part of it.
Yeah, it's all part of the game.
Um, you know the famous sayingyou beat a man down, you get up?
Speaker 2 (20:13):
yeah, you know, get up twice as tall, you know, yeah
.
So, um my goodness, I mean, youasked, I asked that question
your your worst time in themarket.
Speaker 1 (20:21):
Yeah, even when I lost that money, I just kept
asking myself I could havebought myself a car, like you
know.
You know I was eyeing a Camarothen.
The funny thing is so with me.
I have this attitude of when Ilose money on the market, I buy
something more expensive toprove to the market that, my
friend, you can't just take mymoney off like that.
So the next day I bought myselfa Camaro.
(20:42):
Yes, and I sold it off againbecause I realized that I love,
I love sports cars.
Okay, and looking at them fromafar, like I was like wow, I
never started one, so I I boughtone right after that loss, I
think.
Two days later I bought one andafter using it for a while I
realized and all this vanity,yeah so I had to sell it and
(21:05):
obviously the person I bought itfrom didn't give it to me back
at that price.
I ended up losing more money.
Speaker 2 (21:09):
You lost money on that market again on that same
market again.
Yeah, wow so, yeah, it was sucha very sad moment for me to be
able to you know, for anyone whohas lost any amount of money to
be able to sit back in, to sithere and take further trades.
(21:30):
I told you, when I first wenton the market 2017, I lost five
thousand pounds flat and I left,I went, I go, stood in the
market.
That's because I was notprepared to get back studying.
You know, work on my emotions.
I was not prepared because Iwas doing other things.
(21:50):
I was not prepared to make it aliving.
I was not prepared to do it asyou are.
But for you to be able to godown that much and come back up
then the next question I'm goingto ask is what's been the best
time so far?
Speaker 1 (22:06):
Okay, so the best time is not just the moment, but
it was a season, all right, Ican say the peak of it was when
I made about $7,300.
And I think in that time therates amounted to 100,000 cities
in a day.
But I made more than that in aday.
So I made more than that inlike a week or in a span or in a
(22:28):
season.
Right, that was when, like, Ihad a serious winning streak in
gold and I think that's where,like, my name blew up and a lot
of people knew me as like thegold god market, god, that kind
of thing.
Right, it was a season where,like literally every trade that
I would take, I never had like aloss in a single day.
And you know, like I give outsignals.
I actually give people signalsand they could testify like back
(22:51):
to back.
It was wins and I thank God forthat moment that I was actually
trading like a live account, soI was literally making back
money like every single time onthe market.
So there's this thing that Ialways say that I'm forever
stuck in profit, like even if Itake a loss today.
I always say that I'm foreverstuck in profit, like, even if I
take a loss today, like 10K,I'm forever stuck in profit.
Speaker 2 (23:09):
Yeah.
Speaker 1 (23:10):
Wow.
Speaker 2 (23:11):
No, no, no.
You've done great.
Thank you, you've certainlydone great.
So I guess you know, becauseyou are known for gold and you
do a lot of gold.
This may be a silly question,but I'll ask anyway.
What are your top three pairsIs?
Speaker 1 (23:30):
it safe to say gold, gold and gold.
Speaker 2 (23:34):
You can even add another gold to it.
You can make it five gold.
Speaker 1 (23:37):
Okay, so obviously my top pair number one is gold.
Number two, I'm going to sayEuro JPY.
Number two, I'm going to sayEuro-JPY.
The reason I'll say Euro-JPY isbecause it has a very beautiful
structure and aligns so wellwith the market.
And the third pair I'm going tosay is Euro-NZD.
(23:57):
It's actually a very beautifulpair.
It gives a significant amountof pips, but their spread level
is quite huge.
That is a very beautiful pair.
So gold, Euro-JPY and Euro-Nand euro nzd.
Speaker 2 (24:08):
In fact, I was trading euro nzd before gold
yeah, if we, if we take thisback to derrick the new trader.
And then I asked you what is alot size?
How do you explain it so thatit makes it very easy for me to
understand?
Speaker 1 (24:27):
Okay.
So, basically, a lot size islike what allows you to make
either a significant amount ofmoney on the market or a lesser
amount of money.
It is the determining factor tobe making a significant amount
of money or taking a significantamount of risk on the market.
Yeah, that in layman's themlike yes, yeah.
(24:49):
So the more lot size, the morerisk.
Speaker 2 (24:52):
The less loss size, the less risk and then you also
mentioned as well leverage fromthe brokers yeah, now um what?
Speaker 1 (24:59):
is that okay?
So leverage is basically um,like the, the brokers giving you
access to more money than youhave.
As I said earlier on, back thenyou don't have access to
actually trade the market, right?
So these uh brokers actuallygive us what we call leverage.
So they're actually giving us,um, let's say, more money than
(25:21):
we have deposited to be able toaccess it.
So they are more like virtualfunds.
So leverage allows us toactually either make more money
or lose significantly.
So if you're actually tradingon a high leverage, you can make
more money.
That means you can enter moretrades, you understand?
So when you look at somebrokers, they give up to a
leverage of 1 is to 100, whichis a lower leverage.
(25:42):
1 is to 400, which is a higherleverage.
That means whatever you deposittimes 400.
Right?
Speaker 2 (25:46):
You understand.
Yeah, yeah.
Speaker 1 (25:48):
And like that, like that.
So the more leverage, the moreamount of risk you are open to
on the market.
Speaker 2 (25:54):
Just because you said you love gold so much and
you've dropped every pair tojust focus on gold.
Yeah, beautiful, that's such aniche, you know.
Um, but then I begged them toask this question what is it
about gold you found that makesyou say this, is it this?
Is it?
Speaker 1 (26:15):
the same person who called me market's gold is the
same person who said the goldand the silver is mine yeah, but
that was just, uh, yeah, but um, I realized that after trading
all other pairs in fact, I wastrading every single pair, in
fact my favorite pair was EuroNZD and GBP NZD.
I used to trade with a doctorfriend of mine.
She's called the girl whotrades yeah, she's currently a
(26:37):
mom, yeah, and we're tradingthat pair crazy.
But I realized that I was doingso well on gold, and even my
mentor, kodjo Forex, actuallytold me you're doing so well on
gold, so you need to focus more.
And there's something about themarket which is called edge, and
it's something that happens ineveryday life.
Right, you realize that if youput players on the pack, you
(27:00):
realize that, as good as Kudu orMessi is, if you put him at
defense, he can't play so well.
Right, but if you put him atdefense, he can't play so well,
right, but if you put him atthis particular position, he's
going to play so well.
Why?
Because he has an edge in thatparticular area.
So one thing I realized is thatwhy not focus on that
particular edge and build itmore?
And one of the books thatreally helped me with that is
(27:22):
called the One Thing.
I don't remember who wrote it,but if you search for it you'll
find it.
Speaker 2 (27:25):
Yeah, so and um, for somebody who listens to you, um,
watches you one of your menteesprobably thinking home,
thinking to themselves okay,when you look at a gold chart,
how do you make a decision, youyourself, when you're sitting in
that seat?
Speaker 1 (27:42):
technically okay.
So I have a very simple system.
First off, I go to the dailytime frame because I want to
identify the trend of the market.
Then I look out for significantzones in the market where price
has reacted, which a lot ofpeople would call support and
resistance areas.
Then, if the market is in aparticular trend, say a
downtrend, and the market hasbroken, let's say, a support
(28:04):
level, I'll be looking for priceto push back into that support
level.
Then I'll be looking for whatyou call candlestick
confirmations, which signify,you know, strong indications
that the market is about to movein a particular way.
I enter the market and I makemoney.
It's as simple as that, butit's more technical to that.
Speaker 2 (28:20):
Of course it's a lot more technical than that.
Of course there's a lot moretechnical than that.
But then, and in the market,there's something called stop
loss yeah.
And then there's somethingcalled take profit yeah.
In a good scenario where you'velooked at a chart on gold, then
(28:41):
you're making your decision.
What would be a good number ofstop loss for you?
Speaker 1 (28:45):
Okay, personally, for me I've always been like so,
because I really know how totrade gold well, my maximum
stop-loss on gold is 40 pips andmy usual take profit on gold is
100 pips.
Like facts.
Speaker 2 (28:58):
That's a huge risk-reward ratio.
Speaker 1 (29:00):
Yeah, that's because I'm a day trader, not a scalper.
Speaker 2 (29:03):
Right, Right yeah.
Speaker 1 (29:04):
So I've been backtesting for some time.
I realized that certain timeswhere I find a setup that gives
me 20 pips stop loss, there'scertain times I find certain
opportunities that give me 30pips stop loss.
So it varies between 20 to 40pips, you understand.
Speaker 2 (29:19):
So, yeah, somebody may be thinking that, for a
person who has taken trading asa day job, you're on the market
every day.
Is that true?
Do you go to the market everyday?
Speaker 1 (29:32):
Okay, so I don't go to the market.
So what I do is, every morning,when I wake up, the first thing
I look at is the charts.
I say thank you God.
In fact, while I was looking onthe charts, I'm playing some
gospel You're thanking.
God, thanking God, I'm playingsome gospel, thanking God,
thanking God.
So whilst I'm looking up on thecharts, I am basically looking
out to see whether today isgoing to be a good day.
(29:52):
So we are basically lookinginto the future of the markets,
what's going to happen, and asI'm analyzing, I'm spotting.
Now if I make a significantamount, I actually have targets.
But because I have a community,I need to feed them right,
because my targets can besomeone's starting point right
Personally for me.
So I actually look out foropportunities on the market.
(30:14):
Let's say, monday I make a win,tuesday I make a win.
Wednesday I make a win, I'mokay, I make my withdrawal, I'm
done for the week.
But because of my community,where I need to help more people
to make money, when I look outfor opportunities and I see one,
I call it out.
But I do not take the tradebecause I am disciplined enough
to know that I have hit mytarget.
You get it.
(30:35):
So I do not trade every day.
There are certain times in themarket where Monday you'll not
find an opportunity.
I don't force it.
Tuesday I don't force it.
Wednesday, I don't force it.
Thursday, I don't force it.
And I don't force it Wednesday,I don't force it Thursday I
don't force it and Friday willbe a big one.
There are times where I'll haveonly a loss, two losses in the
whole week and there's no win.
Speaker 2 (30:53):
Okay.
Speaker 1 (30:54):
Yeah, and that discipline to be patient and say
that I'm going to come backagain the next week, that's what
makes a trader, that's whatmakes a pro trader.
So, yes, yes, I don't come tothe market every.
I don't trade every day.
Yeah, people know me for that.
Speaker 2 (31:11):
if you come to my group, don't force me, allow me
to.
Don't force me, yeah, don'tforce me.
Um, in trading, as you alsoknow that, there's something
called fear of missing out.
Yeah, as you're saying, youdon't come to the market every
day and then you see anopportunity on a wednesday, but
then you've hit your targetalready Monday, tuesday and you
don't see the need to take thattrade.
Don't you feel like you'remissing out?
Speaker 1 (31:36):
honestly, it's a lot of that has to do with a lot of
psychology, right, if you ask me.
Because what if it also goesout?
Nothing is 100 in the market.
Nothing, nothing is 100 in themarket.
So you want to actually havethat in mind and know that in as
much as you think you can bemissing out, no matter how good
the setup is, it can also goagainst you because, number one,
(31:59):
you are going against yourtrading rules.
So to me personally, it's oneof the things that I can say I
have a strong hold on in termsof the fear of missing out.
I don't, for that one is Idon't, I don't allow it to get
to me.
Yeah, now.
Speaker 2 (32:13):
How do you then advise your mentees to build
their formal?
Speaker 1 (32:22):
okay.
So, personally, in buildingyour fear of missing out in the
market, I feel like you need toestablish a set of rules for
yourself, right?
You need to tell yourself thathey, um, you need to set targets
right and you need to set evenamounts of money you want to be
losing in a day.
So let's say you have 10 000cities, 2 000 cities a day.
(32:45):
You don't want to be losingmore than 600 Ghana CDs, right?
I'm just giving an example.
Let's say you hit that 600 GhanaCDs and you spot another
opportunity on the market.
Right At that moment you feellike, ah, I lost 600 CDs and
this could be the opportunitywhere I'm going to be making my
money back.
But what you don't know is thatyou're also breaking another
(33:05):
rule, which is called revengetrading, because now your system
says that don't trade whenyou've lost 600 cities because
your mental capacity over timecannot withstand.
So, whatever decision you aremaking, it could look all
beautiful, but it could be a lieand I call something the seven
deadly sins right.
Number one fear, greed and therest We'll talk about that later
.
The seven deadly sins rightnumber one fear, greed.
Speaker 2 (33:26):
And the rest we'll talk about later.
Speaker 1 (33:27):
Yeah, the seven deadly sins of trading right,
and one of them is revengetrading.
One of them is impatience.
So allowing that, hey, no, Iknow that I have taken this
trade.
Let me allow the market to do.
Tomorrow is going to be anotherday.
We'll wake up and there will beanother move on the market.
So you just need to establish aset of rules that can help you
to stay disciplined.
Speaker 2 (33:47):
So you've really got to be patient when you take a
trade.
And be patient when the setupis not ready?
Speaker 1 (33:52):
Yes, and even be patient when you take a loss.
Well, because otherwise you'llrevenge, because you need to
wait for another opportunity.
Speaker 2 (34:01):
I guess this ties into trading without fear.
Yeah, because once you buildall of these things, then it'll
be a lot easier to take trades,because sometimes certain
traders can stay on demoaccounts for a long time.
They have an account ready, butthey are still demoing.
Speaker 1 (34:21):
And that's also another sickness, if you ask me,
it's also another sickness.
If you ask me, it's alsoanother sickness because you
can't just keep doing demo whenyou know you're good.
You need to take a risk.
Like the whole essence oftrading is taking risk.
You understand there's a sayingthat wealth favors the bold
right.
(34:42):
Anybody you see today that hasmade it took a risk.
Personally.
For me, when I finisheduniversity, my dad asked me to
manage his company like youngboy ceo of his company
auctioneering company, somethingelse.
I was like no, I want to followmy dream.
He said then I'm not going togive you money anymore.
(35:03):
I resorted to doing smallworking in a club and in that
200 cities.
I used to be a drone pilot.
I used to do a lot of thingslike just to make money.
That was a risk I was takingwhen I didn't even know that
would.
This forex didn't even work forme, right.
So taking a risk is superimportant, like you need to be
able to take risks in the market, knowing that by taking
(35:25):
calculated risk is what's goingto help you and stay, and that's
what's going to help you tostay long in the market.
Speaker 2 (35:32):
Calculated risk.
Yes, now let's use that to thenbring in risk reward ratio.
Okay, how?
What does that mean?
Speaker 1 (35:41):
Okay.
So risk reward ratio, inlayman's term, is basically how
much you are willing to risk forhow much you are willing to
gain, right?
So, for example, let's say that, as a businessman, you want to
invest in a business, and thisis why I love Forex.
Let me ask you let's say youare into gadget sales.
You bought your iPad for 10,000Ghana CDs and you want to sell
(36:03):
it to me as a businessman.
How much are you going to sellit to me?
Speaker 2 (36:06):
Just give me an example, I'll probably add about
30% to it 30%.
Speaker 1 (36:11):
So that means you are not even making.
One is to one.
That means whatever you havebought, you are not even going
to make 100% profit.
But when it comes to forextrading, the minimum risk to
reward is at least one is to one.
Speaker 2 (36:27):
I see.
Speaker 1 (36:28):
And even that one is considered gambling, because why
would you risk $20 to make $20?
You get it so with risk toreward.
Personally, for me, when Istarted, my risk to reward was a
minimum of one is to two.
That means if I'm risking $20,I want to be making $40.
If I'm risking $1,000 dollars,I want to be making forty
(36:52):
dollars.
If I'm risking a thousanddollars, I want to be making two
thousand dollars.
If I'm risking twenty dollars,I want to make 40, 10, 20, 30,
60, like that.
So that is basically thescenario of risk to reward.
So how risk to reward helps youis that it allows you to save a
lot of money on the market.
Now let's say that your risk toreward is one is to three, and
let's say you're risking $20,right.
(37:13):
So let's say, your first trade,you win $60, which is a risk to
reward of one is to three,because $20 times three gives
you $60.
Now let's say your next twotrades, you lose.
So you've lost two trades.
Which is what?
$40, and you've lost two trades,which is worth $40, and you've
won only one trade, but you'restill profitable.
You have $20 left.
That's the essence of risk toreward.
Speaker 2 (37:33):
But then you've got to be patient when it's going up
.
Speaker 1 (37:37):
Exactly.
Speaker 2 (37:37):
Or when it's going down, it's actually a very
difficult concept, that's verydifficult.
Speaker 1 (37:42):
Yeah, so to start, just do 1 is to 2.
Personally for me, even tillnow, I still do 1 is to 2.5, 1
is to 3.
Speaker 2 (37:50):
Because sometimes the problem is that, yeah,
especially on gold, that tradeis going, it's going, oh, it
reverses.
Maybe you are in 50% 1, 1.
Yeah, Then it reverses.
Then your stop loss has beenhit.
Yeah, and then you're thinkingwell, I should have taken 1-1.
Speaker 1 (38:07):
At least, or sometimes you can just like
break even, prevent the marketfrom hitting your stop loss.
That's true, yeah, that's true?
Speaker 2 (38:14):
Thank you so much, guys, for listening, and if you
haven't shared any of ourcontent, please do and leave a
comment.
Let us know what you thinkabout this, because we are doing
this, because we want to givevalue and make people understand
(38:37):
that we are all connected.
financial freedom, you being able to work from
anywhere in the world.
If you really want to know howto make money off forex trading,
you first of all must bewilling to go through the
process.
Speaker 2 (00:12):
So I'm a new trader.
I don't know anything abouttrading.
I want you to tell me the stepsthat I can take to be able to
take my first trade.
Speaker 1 (00:25):
Why MarketGuard straight?
Why market god?
All right.
So basically when I started,you know, I got into the space
of forex.
I was basically like got tointroduced by my school dad.
Back then, you know like whenyou say school dad in school,
someone who's been with you insenior high, you know like your
senior and all yeah, so fastforward, he was done with school
(00:45):
.
I was in the university andthen he was basically like told
me he's found something new andit's called forex.
And I realized that like he wasdoing so well, he was paying
his little sister school fees,he was settling his mom's bills,
he opened businesses and I was,you know, so intrigued by that.
I was like you know, can youteach me this?
And you know he started, butlike he wasn't so consistent
(01:08):
with me.
But I found so much interest inthat and I began to do my own
research.
Um, I was losing so much money.
I was learning, but it wasfutile, like I was doing
everything.
So I remember I lost a lot ofmoney.
Now my mom even like, when Ifinished school, my mom's like
you're always by the computer,nothing seems to be working
right for you, like what exactlydo you want to do.
(01:28):
I was like you know, forex justlike forex doesn't seem that
things like you put in moneytoday is gone.
She's like, okay, I'm gonnagive you money, I'm gonna give
my last money.
I can see you really want to doyoutube.
So my mom bought me an a6300that's a sony a6300 and then, I
think about three weeks later, Isold.
I sold it to put into the forexmarket oh my four hundred
(01:51):
dollars.
Yeah, I'm never gonna forget andnot every story is rosy.
I lost that money in a day.
So I remember, in 2020, yes,into 2021, that was 31st night
and, mind you, I was verydiligent, studying so hard, but
I wasn't seeing results Like Iknew I was good, I was
(02:13):
practicing, I didn't have themoney.
I knew I was good.
I was almost at a verge ofgiving up and then, in church
31st night, my pastor was likeyou see that this year,
millionaires are going to bemade through forex, and I
screamed like amen, and I think.
And in that year, I was pacingin my room, just like you know,
praying and just asking god,like is this?
(02:34):
What exactly do I really haveto do?
Because I don't want tocontinue.
It's been like one year ofgrinding, like you know, because
I was a photographer working ata club.
I was earning, earning like 200CDs a month.
I don't want to mention hisname, but one big person.
I was earning like 200 CDs andall.
But I was like, nah.
So while I was pacing in myroom praying, I just heard you
(02:55):
are a market god.
I was like what, wait, thatcan't be my mind.
So I was first scared about itbecause I was like, uh, if you
say your god, it means you'reblaspheming and all.
So I I was scared about.
I was like I just heard you area market god.
And the voice never came backagain as confirmation you are a
market god.
And because I really wanted tohave della traits or della
(03:18):
effects, just like everyone else.
But even after the time I gotthat I was like so broke.
So I was like how do I come outwith that name when you have
nothing?
Yeah, there are people therelike big people in the industry.
But I took that name uponmyself.
And then with time I found moreconfirmations in the Bible.
The Bible says that ye are godsbut you do not know, and it
says that you shall die like me.
(03:39):
Amen, because you don't know.
So the lack of knowledge ofthat God side of you.
So God wants us to be God inour careers.
So, I thought about it and I waslike no, I think this is it.
I'm really a market God.
So I knew that first.
It's not just something I'mdoing, but it's a calling.
So I am the market God.
Speaker 2 (03:56):
Yeah, Market God indeed man.
To goodness.
You know, a young man comes outof school, sees trading,
because you know, a lot of thetime when you hear trading
you're thinking of themoney-making potential only.
But and then you know mom buysyou a camera.
(04:19):
Right, you sell the camera.
Meanwhile you've lost a lot ofmoney already, yeah, and then
you go back to the market.
You lose that money again.
Those processes you failedseveral times, uncountable
Plenty of times.
But what was the learning inbetween those failures?
Speaker 1 (04:42):
Wow, okay.
So in my period of losing money, I realized one thing Forex is
something or a business that, asyou are reading it, it also
reads you.
Forex exposes who you truly are.
If you are someone who isgreedy, forex will really expose
(05:03):
you.
If you are someone who lackspatience, forex will expose you.
If you are someone who isgreedy, forex will really expose
you.
If you are someone who lackspatience, forex will expose you.
If you are someone who doesn'thave long suffering, forex will
expose you.
So I realized that hiddenwithin me were certain qualities
that Forex were exposing.
I never knew I was greedy withmoney.
I never knew that I wasimpatient when it comes to money
.
I really wanted to double moneyquickly, so I realized that it
was needful that I becomepatient when it comes to money.
(05:24):
Like, I really wanted to doublemoney quickly.
So I realized that it wasneedful that I become patient
when it comes to money.
When it comes to trading, Irealized that I needed to remove
emotions.
When it comes to trading, Irealized that I was not
disciplined because I had a $50account and I was entering big
lots.
Obviously, you're going to losethe money, and it kept
happening and happening andthere are times where I would be
(05:45):
losing money and be praying God.
By the time I open my eyes, themoney is gone and God said I'm
the market God.
So you can imagine I'm like God.
What you said?
So there are certain things.
So what I learned from it inthat learning process is you
want to take out emotions.
You, you can't 100% take outemotions in trading, but you
want to minimize emotions right.
And then you want to work ondiscipline right, it's very
(06:08):
important.
You want to work on riskmanagement.
You want to work on longsuffering, understanding that
the fact that you've entered atrade now doesn't mean you're
going to make the money now.
You need to be patient.
Allow the market to do what ithas to do.
You've done your work byanalyzing.
Allow it to do right.
You've done your work byanalyzing.
Allow it to do Right.
So those are some of the youknow bits and things I learned
(06:30):
from that process of learning.
It was very like.
It was a very difficult, onedifficult journey for me to
accept and even notice them, towrite them down in my trading
journal yeah, wow.
Speaker 2 (06:39):
Discipline.
It was actually a question Iwas going to ask you in the end,
but now I'm not going to askyou anymore because I think you
know, most of the good tradersthat I've met right or you know,
forget that.
Or even the people who work inthe financial sector managing
people's finances, hedge fundsand stuff.
They are very disciplined intheir decision-making.
(07:00):
So no doubt you say it as oneof the things that an individual
needs to build.
So no doubt you say it as oneof the things that an individual
needs to build.
Speaker 1 (07:11):
Now, was your mom not thinking that you were trying
to scam people?
Okay, so thank God for my mom,because she has an open mind, I
had to sit her down and explainto her what exactly Forex is.
She never thought I was doinganything fraudulent, because I
won't in the first place, like Iwon't.
I come from a very moralbackground.
(07:31):
My parents not, in fact, noteven my parents like I.
It just won't happen like Iwon't be in that position to
just like scam anyone oranything.
So my mom knew first off, likeno, it can't be a scam.
But she knew I was this thing.
It's not something that canstay long for me to make money I
can live enough.
Speaker 2 (07:44):
Yeah, she didn't have the belief, as you didn't have
the belief yeah, because youknow some of our parents.
They've grown up knowing thatwhen you finish school and you
want to get a job, you go outthere, look for a job, leave
home at maybe half past nine,get to work at night, come home
at five.
That's what they're used to,true?
Um?
So when you're always sittingby the pc they're like what's
(08:08):
this guy doing?
They wonder.
So it's nice that you know yourmom came.
You guys had a chat yeah becauseto some people I mean sometimes
in the beginning, when I waslearning how to create websites,
I'm always by the pc rightlearning code and stuff.
My dad would be like, are younot gonna?
Learn, you know but he didn'tknow that that was learning for
(08:28):
me yeah you know.
So, yeah, now a lot of peoplethink that you know forex,
especially, is a scam now,particularly because of the
lifestyle that a lot of forextraders portray.
Back in the uk, um, there was aguy called elijah, I think,
(08:52):
yeah, I think that was his name,elijah.
He was a nigerian guy.
He made so much money fromforex apparently, um, he bought
a bentley gold bentley, you knowfronting it everywhere.
Um, he had a company called, Ithink, dct or whatever.
But fast forward down the line,it was proven that he was a
scammer and I don't know how hewas doing it, but I was just
(09:16):
following the story becauseeverybody wanted to be around
him because of how much heportrayed that he has.
What's that misconception?
And how can we differentiate,you know, quality forex traders
to people who are just, you know, trying to scam?
Speaker 1 (09:35):
Okay, so the thing is like first off, especially in
Africa, or sub-Saharan Africa,Ghana to be precise you'd
realize that a lot of peopletend to think Bitcoin is Forex
trading and it's two differentthings.
Like, we have the crypto market, we have the Forex market and
we even have the stock marketright.
We even have the futures marketright.
(09:55):
So there are a lot of markets.
But when it comes to Forextrading, basically like, you are
basically not like someone whosay like, for example, some of
these scammers are like, whatare you into?
Oh, I'm into Bitcoin.
Like, what do you do there?
Bitcoin is basically you justlike buying cryptos, holding it
for a while, Even if you aretrading actively.
(10:15):
That has to do with Forex.
That makes more sense, youunderstand.
So if you are trying toidentify between someone who is
like a professional forex traderand someone who is, you know,
um, a scammer, you're basicallylooking at the value the person
has to give okay, understand notthe end results, because if
you're looking at the endresults, people like to cover up
(10:35):
things.
Right, someone could be ascammer and say I'm a forex
trader and it's not necessarilymaking his money from the forex
market.
Someone could actually be aforex trader and not necessarily
be making money from the forexmarket.
Someone could actually be aforex trader and not necessarily
be making money from the firstmarket, but from core sales and
then other things, but not fromthe market.
So you want to be looking atthe kind of value that they
produce.
It's very important.
If they say they're into forex,are they really teaching
(10:57):
something on their socials orthey're just flaunting?
If it's just flaunting andnothing proves like, even even
if they don't show redraws ofthey taking treats, they don't
even show treats, they can'teven analyze a simple trade,
they don't pass out informationand they are flaunting.
It was the essence of flaunting.
If you're not going to beimpacting, you understand, yes.
So I think the only differenceis the value, what they have to
(11:19):
show, what they have to proveyou understand, yeah market, god
, is it possible for anyindividual to make a living
through trade?
Speaker 2 (11:36):
look at me I'm a full-time trader, like okay,
it's very possible.
Speaker 1 (11:42):
It looked far-fetched when I started.
It looked like a mirage, butit's very possible, honestly
speaking, and it's somethingthat it takes a lot of process
and you must be willing to gothrough that process.
I always tell people that, justlike any game, right?
We first of all learn the rules, and Forex is no different.
(12:02):
If you really want to know howto make money off forex trading,
you first of all must bewilling to go through the
process.
But one thing we find a lot ofpeople doing is that they are
not willing to go through theprocess, but they are willing to
taste of the end result of it,which they end up losing money.
Speaker 2 (12:23):
You understand it's true, but then what percentage
must you win to be able to makeit a living?
Because sometimes when peoplehear professional trade in
somebody that's making a livingout of trading, they don't think
they make any losses okay.
Speaker 1 (12:41):
So when you say what percentage must you?
And to make a living, everyoneis there.
Okay, sure must you win in thesense living.
Speaker 2 (12:45):
Everyone is there.
Okay, sure Must you win, In thesense that let's say you take
10 trades on gold.
How many of those trades mustgo right?
Speaker 1 (12:57):
Okay, this question also, like it kind of boils down
to first of all the person'slifestyle and the person's
account, because there's someonehere who can easily live on
$2,000 a month.
There's someone here who caneasily live on two thousand
dollars a month.
There's someone who can live ona thousand cities a month you
understand.
So it depends on, first of all,the account size.
If you say a professionaltrader, it does not
(13:17):
automatically mean that personis trading a hundred thousand
dollars or ten thousand dollars.
The whole goal of forex tradingor trading, to my, is financial
freedom you being able to workfrom anywhere in the world.
You being able to have time forwhat exactly you love whilst
making money by having access toyour computer anywhere in the
(13:38):
world.
So personally for me let's sayI live on a thousand CDs a month
.
Cds a month, definitely if Ihave a trading account of 10,000
CDs, that means it is going totake me 10% for me to actually
earn my expenses, which is what1,000 Ghana CDs.
So therefore it boils down torisk management.
How am I going to actually makeso-and-so amount of money out
(14:01):
of that particular account?
You understand?
So it's all boiled down to riskmanagement your cost of living,
your expenses and then youraccount size.
Speaker 2 (14:08):
So I'm a new trader.
I don't know anything abouttrading.
I want you to tell me the stepsthat I can take to be able to
take my first trade.
Speaker 1 (14:16):
All right.
So the very first thing thatyou need to do is you need to
educate yourself, right?
You can never ignore education.
A man without education is adamned man.
If you don't have education inthis, you are going to be losing
.
In fact, the people that callfor excess scam are the people
who lack the knowledge about it.
It's not a rumor out there.
(14:38):
They're actually people sayingit because they've come.
Their money got missing in themarket and they are wondering
where did it go?
These people took my money.
No one took your money.
You made a loss.
You pressed market and they arewondering where did they go?
These people took my?
No one took your money.
You made a loss.
You press that button and youlost that money, you understand.
So the first thing is you needto find good education and you
need to get a good mentor.
You need to do your ownresearch.
You need to take your time,find someone who you think is
(15:01):
good at a craft.
Learn from that person.
Once you are done, the secondstep that you need to do is you
need to get yourself a reliablebroker.
A broker is basically anintermediary between the retail
trader and the financial markets, right, so they operate based
on a model of leverage.
They're actually giving youaccess into the financial market
(15:21):
, because back then you cannot,as a normal person, trade on the
financial market.
You need a minimum of $250million.
But thank God, for brokers andleverage, we have access to the
financial market.
Then the third thing you needto do is to practice, practice,
practice.
You need to practice whateverthat you've learned from that
person Practice, practice,practice.
(15:42):
And one thing I advise people isthat let's say you've learned
you've gone through the stepsYou've learned from.
Let's say you've learned you'vegone through the steps you've
learned from.
Let's say you've learned fromaram della you got yourself a
reliable broker, which you knowyou're not going to run away.
You want to make sure they'reregulated.
Then the next step is you wantto practice whatever aram has
taught you.
Now let's say you want toactually make this a full-time
job.
You first of all need to knowhow much money you are willing
(16:06):
sorry, how much money you areyou kind of spend in a month.
So let's say derrick spends twothousand dollars a month right
now.
If derrick spends two thousanddollars a month, how much can
derrick be investing into themarket?
No return can give you like youcan't just be making a hundred
percent on your return, justlike that, right.
You can actually make that fromForex, right, but that's risky
(16:29):
If you want to go on a moresubtle base you want a
significant amount of money andbe making at least 10 to 20% a
month.
that is reasonable.
If you have 20 grand in yourbank, in your trading account,
right?
And you are making $2,000 amonth, trust me, life can be
very easy as a Forex trader.
So, and you are making $2,000 amonth, trust me, life can be
very easy as a forex trader.
(16:50):
So you want to ask yourselfthat if this is the amount of
money you can afford, then inyour practice stages, you want
to deposit a demo account of,let's say, $20,000.
And you are going to bepracticing as though that is
your initial amount of money andyour target is $2,000, which is
your expenses.
You are going to do that over aperiod of three to six months
(17:10):
and you're going to go through aseries of turbulence, series of
wins, series of losses, and youlearn from that experience to
know that when your real moneygets in, this is how exactly
you're supposed to be tradingyou get it.
Speaker 2 (17:21):
So that is basically a very short procedure I have an
understanding that it is notpossible to experience emotions
on a trading account, on a demoaccount.
Yes, Because sometimes, as youknow, you have a demo account
(17:43):
and because it's not your moneyyou take the trades, but you
don't feel the emotions.
But then you also know that itis the emotions that allows you
to make the decisions, eithergood or bad, yeah, so how do we
address?
Speaker 1 (18:03):
that, okay, that's a very good question.
So, personally for me, onething I advise my mentees is
that always and always startwith a small live account
instead of a demo account.
The reason I say this isbecause before you even start
trading on the live account, youfirst of all have knowledge.
Right?
(18:23):
So don't jump the step bygetting the live account when
you don't have knowledge.
You have the knowledge now.
Now you want to be practicingwith a small live account
because you are building whatyou call emotional stability in
the market, emotionalintelligence.
Listen, it is not normal for youto have a $200 account, take a
trade and be seeing a loss of $7.
(18:44):
And in the next minute, you areseeing a profit of fourteen
dollars.
You come back and then you areseeing negative two dollars.
It's a whole roller coaster.
But what you don't know is thatthat process, what is building
your emotions to be able to bestable in the market and know
that, regardless, my disciplineis saying that my system is
telling me that this market isgoing to go from point a to
point b.
So I need to be patient, holdup, wait and allow the market to
(19:05):
do what it has to do, as youare doing that several, several,
several is building what youcall emotional intelligence and
stability in you and giving youthe opportunity to be able to
master your emotions and takebetter decisions in the market.
Speaker 2 (19:18):
My goodness, what has been your worst time in the
market?
Speaker 1 (19:22):
Well, when I lost $35,000 in a single day.
Speaker 2 (19:25):
In a day?
Yeah, on which pair Gold.
Speaker 1 (19:30):
Daddy, my pillow was here.
I slept this way.
I'll never forget I was shaking, shaking, shaking $35,000?
Speaker 2 (19:41):
Yeah, and.
Speaker 1 (19:42):
I grew it from $2,000 to $35,000.
Right, and then you lost it,yeah, even as a professional
trader.
So it's not all rosy, yeah, butI can show you that, because
I'm not here to show you mylosses, I'm here to motivate you
, I'm here to impact you, totell you that it's possible.
That's it Right.
Speaker 2 (20:01):
Yeah, that's it.
Speaker 1 (20:11):
And it's all part of it.
Yeah, it's all part of the game.
Um, you know the famous sayingyou beat a man down, you get up?
Speaker 2 (20:13):
yeah, you know, get up twice as tall, you know, yeah
.
So, um my goodness, I mean, youasked, I asked that question
your your worst time in themarket.
Speaker 1 (20:21):
Yeah, even when I lost that money, I just kept
asking myself I could havebought myself a car, like you
know.
You know I was eyeing a Camarothen.
The funny thing is so with me.
I have this attitude of when Ilose money on the market, I buy
something more expensive toprove to the market that, my
friend, you can't just take mymoney off like that.
So the next day I bought myselfa Camaro.
(20:42):
Yes, and I sold it off againbecause I realized that I love,
I love sports cars.
Okay, and looking at them fromafar, like I was like wow, I
never started one, so I I boughtone right after that loss, I
think.
Two days later I bought one andafter using it for a while I
realized and all this vanity,yeah so I had to sell it and
(21:05):
obviously the person I bought itfrom didn't give it to me back
at that price.
I ended up losing more money.
Speaker 2 (21:09):
You lost money on that market again on that same
market again.
Yeah, wow so, yeah, it was sucha very sad moment for me to be
able to you know, for anyone whohas lost any amount of money to
be able to sit back in, to sithere and take further trades.
(21:30):
I told you, when I first wenton the market 2017, I lost five
thousand pounds flat and I left,I went, I go, stood in the
market.
That's because I was notprepared to get back studying.
You know, work on my emotions.
I was not prepared because Iwas doing other things.
(21:50):
I was not prepared to make it aliving.
I was not prepared to do it asyou are.
But for you to be able to godown that much and come back up
then the next question I'm goingto ask is what's been the best
time so far?
Speaker 1 (22:06):
Okay, so the best time is not just the moment, but
it was a season, all right, Ican say the peak of it was when
I made about $7,300.
And I think in that time therates amounted to 100,000 cities
in a day.
But I made more than that in aday.
So I made more than that inlike a week or in a span or in a
(22:28):
season.
Right, that was when, like, Ihad a serious winning streak in
gold and I think that's where,like, my name blew up and a lot
of people knew me as like thegold god market, god, that kind
of thing.
Right, it was a season where,like literally every trade that
I would take, I never had like aloss in a single day.
And you know, like I give outsignals.
I actually give people signalsand they could testify like back
(22:51):
to back.
It was wins and I thank God forthat moment that I was actually
trading like a live account, soI was literally making back
money like every single time onthe market.
So there's this thing that Ialways say that I'm forever
stuck in profit, like even if Itake a loss today.
I always say that I'm foreverstuck in profit, like, even if I
take a loss today, like 10K,I'm forever stuck in profit.
Speaker 2 (23:09):
Yeah.
Speaker 1 (23:10):
Wow.
Speaker 2 (23:11):
No, no, no.
You've done great.
Thank you, you've certainlydone great.
So I guess you know, becauseyou are known for gold and you
do a lot of gold.
This may be a silly question,but I'll ask anyway.
What are your top three pairsIs?
Speaker 1 (23:30):
it safe to say gold, gold and gold.
Speaker 2 (23:34):
You can even add another gold to it.
You can make it five gold.
Speaker 1 (23:37):
Okay, so obviously my top pair number one is gold.
Number two, I'm going to sayEuro JPY.
Number two, I'm going to sayEuro-JPY.
The reason I'll say Euro-JPY isbecause it has a very beautiful
structure and aligns so wellwith the market.
And the third pair I'm going tosay is Euro-NZD.
(23:57):
It's actually a very beautifulpair.
It gives a significant amountof pips, but their spread level
is quite huge.
That is a very beautiful pair.
So gold, Euro-JPY and Euro-Nand euro nzd.
Speaker 2 (24:08):
In fact, I was trading euro nzd before gold
yeah, if we, if we take thisback to derrick the new trader.
And then I asked you what is alot size?
How do you explain it so thatit makes it very easy for me to
understand?
Speaker 1 (24:27):
Okay.
So, basically, a lot size islike what allows you to make
either a significant amount ofmoney on the market or a lesser
amount of money.
It is the determining factor tobe making a significant amount
of money or taking a significantamount of risk on the market.
Yeah, that in layman's themlike yes, yeah.
(24:49):
So the more lot size, the morerisk.
Speaker 2 (24:52):
The less loss size, the less risk and then you also
mentioned as well leverage fromthe brokers yeah, now um what?
Speaker 1 (24:59):
is that okay?
So leverage is basically um,like the, the brokers giving you
access to more money than youhave.
As I said earlier on, back thenyou don't have access to
actually trade the market, right?
So these uh brokers actuallygive us what we call leverage.
So they're actually giving us,um, let's say, more money than
(25:21):
we have deposited to be able toaccess it.
So they are more like virtualfunds.
So leverage allows us toactually either make more money
or lose significantly.
So if you're actually tradingon a high leverage, you can make
more money.
That means you can enter moretrades, you understand?
So when you look at somebrokers, they give up to a
leverage of 1 is to 100, whichis a lower leverage.
(25:42):
1 is to 400, which is a higherleverage.
That means whatever you deposittimes 400.
Right?
Speaker 2 (25:46):
You understand.
Yeah, yeah.
Speaker 1 (25:48):
And like that, like that.
So the more leverage, the moreamount of risk you are open to
on the market.
Speaker 2 (25:54):
Just because you said you love gold so much and
you've dropped every pair tojust focus on gold.
Yeah, beautiful, that's such aniche, you know.
Um, but then I begged them toask this question what is it
about gold you found that makesyou say this, is it this?
Is it?
Speaker 1 (26:15):
the same person who called me market's gold is the
same person who said the goldand the silver is mine yeah, but
that was just, uh, yeah, but um, I realized that after trading
all other pairs in fact, I wastrading every single pair, in
fact my favorite pair was EuroNZD and GBP NZD.
I used to trade with a doctorfriend of mine.
She's called the girl whotrades yeah, she's currently a
(26:37):
mom, yeah, and we're tradingthat pair crazy.
But I realized that I was doingso well on gold, and even my
mentor, kodjo Forex, actuallytold me you're doing so well on
gold, so you need to focus more.
And there's something about themarket which is called edge, and
it's something that happens ineveryday life.
Right, you realize that if youput players on the pack, you
(27:00):
realize that, as good as Kudu orMessi is, if you put him at
defense, he can't play so well.
Right, but if you put him atdefense, he can't play so well,
right, but if you put him atthis particular position, he's
going to play so well.
Why?
Because he has an edge in thatparticular area.
So one thing I realized is thatwhy not focus on that
particular edge and build itmore?
And one of the books thatreally helped me with that is
(27:22):
called the One Thing.
I don't remember who wrote it,but if you search for it you'll
find it.
Speaker 2 (27:25):
Yeah, so and um, for somebody who listens to you, um,
watches you one of your menteesprobably thinking home,
thinking to themselves okay,when you look at a gold chart,
how do you make a decision, youyourself, when you're sitting in
that seat?
Speaker 1 (27:42):
technically okay.
So I have a very simple system.
First off, I go to the dailytime frame because I want to
identify the trend of the market.
Then I look out for significantzones in the market where price
has reacted, which a lot ofpeople would call support and
resistance areas.
Then, if the market is in aparticular trend, say a
downtrend, and the market hasbroken, let's say, a support
(28:04):
level, I'll be looking for priceto push back into that support
level.
Then I'll be looking for whatyou call candlestick
confirmations, which signify,you know, strong indications
that the market is about to movein a particular way.
I enter the market and I makemoney.
It's as simple as that, butit's more technical to that.
Speaker 2 (28:20):
Of course it's a lot more technical than that.
Of course there's a lot moretechnical than that.
But then, and in the market,there's something called stop
loss yeah.
And then there's somethingcalled take profit yeah.
In a good scenario where you'velooked at a chart on gold, then
(28:41):
you're making your decision.
What would be a good number ofstop loss for you?
Speaker 1 (28:45):
Okay, personally, for me I've always been like so,
because I really know how totrade gold well, my maximum
stop-loss on gold is 40 pips andmy usual take profit on gold is
100 pips.
Like facts.
Speaker 2 (28:58):
That's a huge risk-reward ratio.
Speaker 1 (29:00):
Yeah, that's because I'm a day trader, not a scalper.
Speaker 2 (29:03):
Right, Right yeah.
Speaker 1 (29:04):
So I've been backtesting for some time.
I realized that certain timeswhere I find a setup that gives
me 20 pips stop loss, there'scertain times I find certain
opportunities that give me 30pips stop loss.
So it varies between 20 to 40pips, you understand.
Speaker 2 (29:19):
So, yeah, somebody may be thinking that, for a
person who has taken trading asa day job, you're on the market
every day.
Is that true?
Do you go to the market everyday?
Speaker 1 (29:32):
Okay, so I don't go to the market.
So what I do is, every morning,when I wake up, the first thing
I look at is the charts.
I say thank you God.
In fact, while I was looking onthe charts, I'm playing some
gospel You're thanking.
God, thanking God, I'm playingsome gospel, thanking God,
thanking God.
So whilst I'm looking up on thecharts, I am basically looking
out to see whether today isgoing to be a good day.
(29:52):
So we are basically lookinginto the future of the markets,
what's going to happen, and asI'm analyzing, I'm spotting.
Now if I make a significantamount, I actually have targets.
But because I have a community,I need to feed them right,
because my targets can besomeone's starting point right
Personally for me.
So I actually look out foropportunities on the market.
(30:14):
Let's say, monday I make a win,tuesday I make a win.
Wednesday I make a win, I'mokay, I make my withdrawal, I'm
done for the week.
But because of my community,where I need to help more people
to make money, when I look outfor opportunities and I see one,
I call it out.
But I do not take the tradebecause I am disciplined enough
to know that I have hit mytarget.
You get it.
(30:35):
So I do not trade every day.
There are certain times in themarket where Monday you'll not
find an opportunity.
I don't force it.
Tuesday I don't force it.
Wednesday, I don't force it.
Thursday, I don't force it.
And I don't force it Wednesday,I don't force it Thursday I
don't force it and Friday willbe a big one.
There are times where I'll haveonly a loss, two losses in the
whole week and there's no win.
Speaker 2 (30:53):
Okay.
Speaker 1 (30:54):
Yeah, and that discipline to be patient and say
that I'm going to come backagain the next week, that's what
makes a trader, that's whatmakes a pro trader.
So, yes, yes, I don't come tothe market every.
I don't trade every day.
Yeah, people know me for that.
Speaker 2 (31:11):
if you come to my group, don't force me, allow me
to.
Don't force me, yeah, don'tforce me.
Um, in trading, as you alsoknow that, there's something
called fear of missing out.
Yeah, as you're saying, youdon't come to the market every
day and then you see anopportunity on a wednesday, but
then you've hit your targetalready Monday, tuesday and you
don't see the need to take thattrade.
Don't you feel like you'remissing out?
Speaker 1 (31:36):
honestly, it's a lot of that has to do with a lot of
psychology, right, if you ask me.
Because what if it also goesout?
Nothing is 100 in the market.
Nothing, nothing is 100 in themarket.
So you want to actually havethat in mind and know that in as
much as you think you can bemissing out, no matter how good
the setup is, it can also goagainst you because, number one,
(31:59):
you are going against yourtrading rules.
So to me personally, it's oneof the things that I can say I
have a strong hold on in termsof the fear of missing out.
I don't, for that one is Idon't, I don't allow it to get
to me.
Yeah, now.
Speaker 2 (32:13):
How do you then advise your mentees to build
their formal?
Speaker 1 (32:22):
okay.
So, personally, in buildingyour fear of missing out in the
market, I feel like you need toestablish a set of rules for
yourself, right?
You need to tell yourself thathey, um, you need to set targets
right and you need to set evenamounts of money you want to be
losing in a day.
So let's say you have 10 000cities, 2 000 cities a day.
(32:45):
You don't want to be losingmore than 600 Ghana CDs, right?
I'm just giving an example.
Let's say you hit that 600 GhanaCDs and you spot another
opportunity on the market.
Right At that moment you feellike, ah, I lost 600 CDs and
this could be the opportunitywhere I'm going to be making my
money back.
But what you don't know is thatyou're also breaking another
(33:05):
rule, which is called revengetrading, because now your system
says that don't trade whenyou've lost 600 cities because
your mental capacity over timecannot withstand.
So, whatever decision you aremaking, it could look all
beautiful, but it could be a lieand I call something the seven
deadly sins right.
Number one fear, greed and therest We'll talk about that later
.
The seven deadly sins rightnumber one fear, greed.
Speaker 2 (33:26):
And the rest we'll talk about later.
Speaker 1 (33:27):
Yeah, the seven deadly sins of trading right,
and one of them is revengetrading.
One of them is impatience.
So allowing that, hey, no, Iknow that I have taken this
trade.
Let me allow the market to do.
Tomorrow is going to be anotherday.
We'll wake up and there will beanother move on the market.
So you just need to establish aset of rules that can help you
to stay disciplined.
Speaker 2 (33:47):
So you've really got to be patient when you take a
trade.
And be patient when the setupis not ready?
Speaker 1 (33:52):
Yes, and even be patient when you take a loss.
Well, because otherwise you'llrevenge, because you need to
wait for another opportunity.
Speaker 2 (34:01):
I guess this ties into trading without fear.
Yeah, because once you buildall of these things, then it'll
be a lot easier to take trades,because sometimes certain
traders can stay on demoaccounts for a long time.
They have an account ready, butthey are still demoing.
Speaker 1 (34:21):
And that's also another sickness, if you ask me,
it's also another sickness.
If you ask me, it's alsoanother sickness because you
can't just keep doing demo whenyou know you're good.
You need to take a risk.
Like the whole essence oftrading is taking risk.
You understand there's a sayingthat wealth favors the bold
right.
(34:42):
Anybody you see today that hasmade it took a risk.
Personally.
For me, when I finisheduniversity, my dad asked me to
manage his company like youngboy ceo of his company
auctioneering company, somethingelse.
I was like no, I want to followmy dream.
He said then I'm not going togive you money anymore.
(35:03):
I resorted to doing smallworking in a club and in that
200 cities.
I used to be a drone pilot.
I used to do a lot of thingslike just to make money.
That was a risk I was takingwhen I didn't even know that
would.
This forex didn't even work forme, right.
So taking a risk is superimportant, like you need to be
able to take risks in the market, knowing that by taking
(35:25):
calculated risk is what's goingto help you and stay, and that's
what's going to help you tostay long in the market.
Speaker 2 (35:32):
Calculated risk.
Yes, now let's use that to thenbring in risk reward ratio.
Okay, how?
What does that mean?
Speaker 1 (35:41):
Okay.
So risk reward ratio, inlayman's term, is basically how
much you are willing to risk forhow much you are willing to
gain, right?
So, for example, let's say that, as a businessman, you want to
invest in a business, and thisis why I love Forex.
Let me ask you let's say youare into gadget sales.
You bought your iPad for 10,000Ghana CDs and you want to sell
(36:03):
it to me as a businessman.
How much are you going to sellit to me?
Speaker 2 (36:06):
Just give me an example, I'll probably add about
30% to it 30%.
Speaker 1 (36:11):
So that means you are not even making.
One is to one.
That means whatever you havebought, you are not even going
to make 100% profit.
But when it comes to forextrading, the minimum risk to
reward is at least one is to one.
Speaker 2 (36:27):
I see.
Speaker 1 (36:28):
And even that one is considered gambling, because why
would you risk $20 to make $20?
You get it so with risk toreward.
Personally, for me, when Istarted, my risk to reward was a
minimum of one is to two.
That means if I'm risking $20,I want to be making $40.
If I'm risking $1,000 dollars,I want to be making forty
(36:52):
dollars.
If I'm risking a thousanddollars, I want to be making two
thousand dollars.
If I'm risking twenty dollars,I want to make 40, 10, 20, 30,
60, like that.
So that is basically thescenario of risk to reward.
So how risk to reward helps youis that it allows you to save a
lot of money on the market.
Now let's say that your risk toreward is one is to three, and
let's say you're risking $20,right.
(37:13):
So let's say, your first trade,you win $60, which is a risk to
reward of one is to three,because $20 times three gives
you $60.
Now let's say your next twotrades, you lose.
So you've lost two trades.
Which is what?
$40, and you've lost two trades,which is worth $40, and you've
won only one trade, but you'restill profitable.
You have $20 left.
That's the essence of risk toreward.
Speaker 2 (37:33):
But then you've got to be patient when it's going up
.
Speaker 1 (37:37):
Exactly.
Speaker 2 (37:37):
Or when it's going down, it's actually a very
difficult concept, that's verydifficult.
Speaker 1 (37:42):
Yeah, so to start, just do 1 is to 2.
Personally for me, even tillnow, I still do 1 is to 2.5, 1
is to 3.
Speaker 2 (37:50):
Because sometimes the problem is that, yeah,
especially on gold, that tradeis going, it's going, oh, it
reverses.
Maybe you are in 50% 1, 1.
Yeah, Then it reverses.
Then your stop loss has beenhit.
Yeah, and then you're thinkingwell, I should have taken 1-1.
Speaker 1 (38:07):
At least, or sometimes you can just like
break even, prevent the marketfrom hitting your stop loss.
That's true, yeah, that's true?
Speaker 2 (38:14):
Thank you so much, guys, for listening, and if you
haven't shared any of ourcontent, please do and leave a
comment.
Let us know what you thinkabout this, because we are doing
this, because we want to givevalue and make people understand
(38:37):
that we are all connected.
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