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Forex Trading Account Management: What To Do With All of That Profit? - YouTube
Channel: Trading Mastermind
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hi this is Scott Shubert and a lot of
people have been asking me about this
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super exciting topic of discussion that
has become the buzz among a number of
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traders who are now doing very well with
their trading and that is what to do
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with your profits from your forex
trading account of course you want to
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experience that point where you're
seeing consistent long term positive
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results in your trading business and you
want to be able to at some point trade
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full time and a lot of people want to be
able to reach that point where they're
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trading consistently and earning a
living from their trading business as
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well as continuing to increase their
capital to help fund their other
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interests in life and use a portion of
the profits for other investments I've
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noticed that most people who are
interested in forex trading are
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working-class people or working
professionals that is most people who
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are trading Forex already have another
job or business or are working as some
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kind of a professional as a doctor or
CPA or psychiatrist or or computer
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engineer and people who are interested
in forex trading come from all kinds of
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backgrounds there some I've met our work
at home mom's or truck drivers or
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college students but the point is the
thing that makes forex trading so
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desirable is the potential to rapidly
build or increase capital and of course
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for most people it has the potential to
rapidly lose capital so that's the flip
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side of this business it's considered
extremely challenging it's considered to
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be somewhat difficult and very rare for
a person to be able to achieve this but
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the people who are interested in forex
trading are interested in building their
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business and developing their skill to
the point where they're trading business
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can replace their current job or other
business and then once you've reached
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that point where do you go from there
well if you intend to earn a living from
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your
or X trading business here are some
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guidelines step 1 this is very crucial
and a lot of people overlook this step
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and that is learn to trade so a lot of
people start off planning to make a
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living from trading and they don't know
how to trade and that's somewhat unwise
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approach to starting this business so
the first step is very critical and how
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long will it take you to do this how
much time how much work will it take you
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to master this business if you have a
realistic and positive attitude toward
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this business then you'll be willing to
do whatever it takes
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go through however much time it will
take and however much practice and study
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it will take for you to be able to learn
to trade with consistent profit again I
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always emphasize that forex trading is
not some kind of a trick that you learn
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from an e-book or learn in one weekend
it's a skill that must be mastered over
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a period of time with diligent practice
and study so how much money do you need
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to earn a living and cover all your
living expenses it's a good idea to be
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clear about how much you need to get to
that point first how long will it take
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to make sure that you know how to trade
well most people do start off with very
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optimistic expectations and then over
time when they see that this business
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requires study and practice and
developing a skill many people will just
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give up after a short period of time and
if you already have a realistic
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expectation that you're going to make
this work and that it might take even a
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few years for you to do it then you
won't get bogged down along the way and
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give up after a short period of time the
way so many people do you don't know how
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long it will take you to really develop
your skill and master this business so
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just have realistic expectations and be
prepared to keep on working no matter
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how much time it takes you to get to
that point here's another good idea have
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another source of income for as long as
necessary until you're able to
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demonstrate long-term consistent results
in trading
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if you quit your job and start trading
you are very likely to be dooming
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yourself to total failure and it's
likely to cause yourself a lot of
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frustration and misery and it's a very
unwise thing to do and people don't
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start their first year in law school and
quit their job and expect to start
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making a living as an attorney when they
haven't graduated yet but for some
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reason when it comes to forex trading
people do some very unwise things so
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just keep in mind that if you really
intend to make this business work for
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you approach it just like you would
going to law school or medical school or
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going to a computer software engineering
school or any other school that takes
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time for you to learn something people
who go to college they have a plan for
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how they're going to make a living and
while they're going to college how many
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live accounts not to mention demo
accounts but how many live accounts will
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you need to lose in order to learn to
trade this is a big factor that is the
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downfall of many traders is that they
will open an account and use their
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savings or take money out of a credit
card and and if they start losing that
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money and if that money starts to
dwindle down that's the end and you
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might want to look at this with a little
bit more realistic expectations and a
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little bit more of a long-term view such
as if you were going to college you
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might pay as much as $1,000 per class or
or how much does it cost per semester or
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per quarter how much does it cost per
year to go to college and compare that
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to just opening a small account and say
this is live trading 101 it's gonna cost
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me a thousand five thousand dollars or
however much you choose to use of real
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capital and know in advance that that
money is likely to be your tuition
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payment for learning how to trade and
you could go through several of those
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and it would still be worth it so if you
start off with this realistic positive
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expectation
then you're guaranteed to succeed
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because you're not going to give up but
if you are devastated when you lose the
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only savings that you have on a live
account then that's going to destroy all
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hope for you and if you had just had a
little bit more of a realistic
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expectation just like any student who's
going to college and it's going to pay
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you don't just come up with the money
for one class when you go to college and
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if once you pay for that class if you're
not making a living as a surgeon or
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something you give up because you know
you're gonna have to pay for more
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classes and it's going to take some time
so have a realistic expectation this is
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one of the biggest factors that causes
people to lose is just having a totally
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unrealistic expectation and not being
prepared to make that payment of tuition
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on losing more than one live account how
many maybe one maybe five what if it
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took ten live accounts would it still be
worth it and how much time would that
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take how much money would that be in and
compare it to the cost of a college
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degree becoming a professional in some
other industry or starting some other
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business and chances are you'll find
that it's really cheap and easy for you
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to learn this business compared to some
other things
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how many pips per month do you earn on
average after you learn how to trade how
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much increase in capital are you seeing
are you able to get 5 percent or 10
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percent 20 percent increase in capital
per month traders from other financial
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markets consider this to be unheard of
but if you've ever been involved in
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forex trading you've probably seen that
this is quite possible to do there's no
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guarantee that you'll be able to do this
and there's no guarantee this is typical
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results because typical results is for
people to fail and to give up and to
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lose their capital how much time will
you need for your monthly profit to
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exceed your
expenses that depends on how much
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capital you're starting out with after
you learn how to trade factor in the
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amount of time it takes to learn how to
trade then factor in how much time will
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it take for you to build your capital to
the point where your monthly profit
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could exceed your living expenses then
never take any capital out of your
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account until your monthly profit is at
least two times your monthly expenses
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and then only take out no more than 50%
of your monthly profits now you see what
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this is going to do this will enable you
to once you get to that point if you
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ever get to that point most people will
never get to that point because they're
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just get frustrated and give up but if
you ever get to that point then you're
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going to at that point be able to
replace your job with forex trading and
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continue to increase your capital then
just keep repeating the same thing if
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it's working for you just keep doing it
over and over if your account is not
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increasing it'll stop go back to step
one learn how to trade because if your
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account if your account is not
increasing just consider I'm still
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working on step one unless learn how to
trade what do I need to do in order to
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get step one mastered to find out what
really works in trading forex and other
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financial markets go to WWF or x-ray
seminar comm once you reach that website
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the only thing you can do there is to
sign up for our free series of training
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videos and updates on the forex trading
but if you scroll down there is this one
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little currently a little lower
turquoise box with white and orange
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textile you just click on that that will
take you to the place where right now
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you can still sign up and enroll in our
training program and get 12 months of
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life with daily training and mentoring
looking over my shoulder at
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what's happening on the charts everyday
included with our course for free I look
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forward to seeing you there and training
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