I love forex!
Many people hope to be able to make such a statement but all they can attribute to forex is the numerous losses they have incurred.
I was not in anyway different from what you are now. My journey might be a bit different from yours now because, I am now a profitable trader and you are still aspiring to be one.
What got you into forex?
My loss from investing more than I could afford in DKM, a financial institution that promised 60% returns in 2 months. I lost everything 3 months into investing with them. You can read more about them here. After my loss, I was so eager to make it back any legitimate way possible. Fortunately, a friend introduced me to forex trading seminar that was yet to be held in KNUST. I was too broke to afford the course cost, 40 GHC ($10 as at that time) so I decided to learn on my own from the internet (a sweet mistake)
How did your journey to learn on your own end?
It ended with who I am now. But before then, I used to sacrifice my class time, exam time, sleep time, social life time and every other time in order to learn.
What bad lessons are stuck in your head from your self-study quest?
The first message I can remember learning about forex was, “Turn $100 into $1 million in a month by trading forex”. It is the single most deceptive statement you can ever come across and convince yourself to believe when it comes to forex trading.
The next message was the day I lost about 70% of my trading account. I remember perfectly well, I was alone in the room, opened the MT4 application on my phone and saw red. I was as scared as hell upon seeing how much money was quoted in the red. My lips and mouth and throat instantly got dry, my eyes welled up with tears. It was my hostel fee. I immediately knelt down in prayer. “Oh Lord, please, please, I promise to stop trading if you bring back price to where I entered the trade.” But then I stood there sweating and the phone on the ground. I was shaking looking at how much I was losing. Price didn’t come back after over 2 hours of crying in prayer, sweating, standing and staring at my screen.
I eventually closed the trade with trembling hands. And that was when I learnt one of the most valuable lessons in forex, Always trade with a StopLoss and never trade with money you cannot afford to lose.
So what kept you going in your quest to trade forex?
The single reason was that I had lost too much to give up. And something (the Spirit of the Lord) kept reminding me not to give up yet for I can still make it. Every hardship was a lesson.
So who did you learn forex trading from?
Sincerely, I didn’t learn how to trade forex from anyone. I must admit however that I learnt a bit from everyone. I can mention anilmangal and tntsunrise both from tradingview, then akilstokes, Steven Hart, Jason Graystone, ForexSignals TV, Nick Benicio. These are the people I used to follow before I realised their style of trading was not what I wanted. They are seniors in the business and give awesome lessons. You can check them out though. But, the style of trading I teach and trade is totally different from thiers. And, shhhhh I make better returns than them all though.
So where did you learn everything from? Your strategies specifically?
God provided it from nature. I always say that it was from divine guidance. I developed every single strategy myself. I must say however that I made some improvements on some few existing ones. One thing I must give credit to is Jason Graystone. I learnt how to place the MAT stops (the StopLoss placement of one of my strategies) from him.
Enough of your past. Let us get to your vision.
Good. I always believe the past is not as important as the future and the present. As a reader of this post, What has been your past? What do you want to achieve in future? What steps are you taking today to reach there?
Anyway, my vision for michaframpTrading is to make it the best trading family starting from Ghana, then Africa, then the world.
What are your closing remarks and advise for readers?
Simple, don’t do something until you really want to do it even after numerous failures. And Take Action NOW!
That is too broad a remark. Can you please narrow it down?
Okay. If you really want to be a trader, there are two ways to go about it. First, learn on your own (It is very possible after spending time, some money and energy) and second, cut the time and energy and money and learn form a professional trader who is ready and can teach you from his own experiences. I would always advise you to take the second choice though. It will save you a lot of economic value.
Second is, don’t look at the cost of the course or your current circumstance, look at the potential future gains you can make. My mom always says “If there is one thing you should give away everything to acquire, it should be relevant wisdom”. And relevant forex wisdom and skill is what I seek to give you.
Okay, thank you michaframp. Final words to those who want to learn but are skeptical about the value they stand to get.
Okay, I guarantee that, if you are in a negative balance after 2 months of live trading after my course, I will give you back the cost of the course and the loss you have incurred plus the wage you deserve from all the time and resources you have sacrificed to learn form me.
That is somehow a huge promise.
Yes, that is because I believe in what I teach and the Lord Yahweh who gives me the life and knowledge to trade against everyone else. At michaframp Trading, we promise what we deliver and we deliver what we promise.
I am grateful for granting this interview michaframp.
I am also very grateful for the invitation and interview.