The Millionaire Trader's
Handbook:
Proven Strategies For Building
Wealth Through The Financial
Market
"The Road to Forex Riches: Expert Advice for
Becoming a Millionaire Trader"
DAPO WILLIS
COPYRIGHTS
Copyright © 2023 by Dapo Willis, All rights reserved.
No part of this publication may be reproduced, distributed,
or transmitted in any form or by any means, including
photocopying, recording, or other electronic or mechanical
methods, without the prior written permission of the author,
except in the case of brief quotations embodied in critical
reviews and certain other noncommercial uses permitted by
copyright law.
This book is for educational and informational purposes
only. The author is not a registered financial advisor and
does not provide investment advice.
The information in this book is based on the author's
personal experience and research and is not guaranteed to be
accurate or complete.
The author is not responsible for any losses or damages that
may result from the use of the information in this eBook.
Before making any investment decisions, readers should
seek professional financial advice.
If you have any questions or comments about this book,
please feel free to contact me. I would like to hear from you
and provide any further information or assistance you may
need.
You
can
reach
me
by
email
at
Learnforexwithdapo@gmail.com. You can also visit my
website at http://www.learnforexwithdapo.com for more
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information about my services and other helpful resources
on trading.
Chart Illustrations: Tradingview.com
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TABLE OF CONTENTS
INTRODUCTION .................................................... 5
CHAPTER ONE: GETTING THE RIGHT EDUCATION
............................................................................ …7
CHAPTER TWO: THE INVESTORS PERSPECTIVE…
............................................................................. 70
CHAPTER THREE: HOW TO SOLICIT FUNDS FROM
INVESTORS.......................................................... 88
CHAPTER FOUR: CLOSING THE DEAL ............... 100
CHAPTER FIVE: BUILDING UP YOUR TRADING
EQUITY CURVE ................................................... 115
FINAL WORDS ....................................................123
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INTRODUCTION
You are probably wondering. How can I become a Forex
millionaire? Can I become rich just by trading Forex? These
are the most common questions I receive from traders who
want to use trading to achieve financial freedom.
Therefore, I have created this book to help you on this
journey based on my real-life experience and also help you
become the millionaire trader you have always dreamed of.
However, it did not happen overnight.
Here's a disclaimer: This is neither a hack nor a quick
way to turn $10,000 into $1,000,000 overnight. This book
will only serve as a roadmap to follow that ensures you
achieve the purpose of becoming a millionaire trader.
Let's dive right in if that's what you're looking for. So, how is
this achievable? The foreign exchange market is one of the
largest financial markets in the world, with a trading volume
of $7 trillion traded daily.
The biggest traders in the currency exchange market are
governments and big banks. Nevertheless with all this huge
amount of money flowing in this market, wouldn't it be nice
for some of it to land in your pocket?
Great, isn't it? Earning 0.00002857% of $7 trillion equal
$2,000,000 and you might think that you have become the
millionaire trader you always wanted to be.
However, achieving this requires some
understanding and reality behind trading.
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levels
of
Page 5
So enough of all these exaggerations, let's move into the
important aspect of this guide. As we dive further, you will
discover:




The investor mindset differentiate a gambler from a
trader who wants to be successful
The 4 Cs pillars a successful trader must deploy
A deep dive into the proven trading methodology that
allows the financial market to work for you even while
you sleep
The go-to success formula that made me over $50
million just by clicking buy and sell (99% of traders
are sleeping on this)
Let's get started.
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CHAPTER ONE: GETTING THE
RIGHT EDUCATION
I always emphasize this in my one-to-one training, webinars,
and YouTube videos. If you have come across my YouTube
channel, @learn forex with Dapo Willis, you'll know that I
provide free Forex educational content.
I do this because when I started trading, a lot of the
information available wasn't as helpful as it is today. It was
frustrating because it wasn't in-depth enough to make me a
better trader.
Most of the information I found was sold by so-called
"money traders" who were busy selling their lagging trading
indicators and basic information available in Baby Pips.
This was not the kind of education I needed, and it made me
commit to providing better education once I knew how to
trade the Forex market profitably. This is why I created my
book.
The very first thing you need to do is to fill your mind with
the right education. Yes, I repeat, the right education. You
need to know how to trade properly in the financial market
to make significant money.
Out of 99% of traders, only 5% make millions of dollars from
the financial market. To be part of this 5%, you must get a
proper education first. As Benjamin Franklin said, "An
investment in knowledge pays the best interest."
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So, how can this be achieved? Ensure you are well grounded
with the 4 Cs pillars that every successful trader deploys. It‟s
no secret; you have heard this before:




Technical analysis
Risk management
Trader psychology
Market psychology.
You may feel like you have heard this advice multiple times
from other professional traders, but trust me; there are some
misconceptions that traders who claim they are profitable
believe.
From experience, they are wrong. The earlier you realize this,
the easier it is to stop making your broker rich from your
capital.
Once again, the above four pillars are the starting point of
your trading career, where the journey of being the
millionaire trader you always dreamed of begins.
You need to ensure you are well-grounded in all these four
pillars, or else you will never be among the 5% who build a
fortune just by trading the financial market.
In other words, combining all these four pillars,
understanding them properly, and applying them to your
trading approach boost your chances of becoming a
successful financial trader.
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If not, then you are just gambling with the financial market.
People come into the Forex market to make money but end
up gambling with the market.
They won't admit it, but their wallet suffers for it. Anybody
can be a trader regardless of who they are, but not all
financial traders are profitable.
The majority who trade the financial markets call themselves
Forex traders, but, in reality, they are mostly gambling, while
some are still struggling.
Ignore that these so-called traders are living their best lives
and showing off their expensive homes, cars, etc. The truth
is, most of them don't make money trading even while they
are trading.
Their money comes from courses, broker partnerships,
coaching, and other affiliate revenues. If you check their past
trading records, you will see they are not profitable in the
long run.
Most of them seem to have some decent winning trades at
the moment, but they are only one big loss ahead of wiping
out all their overall winning trades, especially day traders
and those who usually stack trades as if the market is going
to close the next day.
What differentiates a profitable trader from a gambler is not
just their approach to trading but is based on multiple
factors, which I will uncover soon.
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As a trader who wants to make millions out of the financial
market, this is not the realistic approach to get to your
million-dollar journey. Do you want to know why? Keep
reading.
But first, let me clear the myth behind trading versus
gambling, and why most traders are just gambling with the
market rather than trading for a profit.
Trading Vs. Gambling: The Battle
Phase
Trading and gambling are terms that call forth numerous
reactions among traders. In as much as gamblers see their
craft as a way of trading, traders feel they were not needed to
be called gamblers.
So these are the issues many traders face, and the truth is
only a thin line separates these two concepts, "trading" and
"gambling." That thin line is termed "odd probability."
But the facts remain the same: trading and gambling all lie in
the same process but with a different approach, psychology,
and possible outcomes.
So, what differentiates a trader from a gambler, and how do
you know if you are trading but not from a gambler's
perspective?
Before I answer that question, what does the term
“gambling” mean?
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The Britannica blog defines gambling as "the staking of
something of value, with the consciousness of risk
and hope of gain, on the outcome of a game, a
contest, or an uncertain event whose result may be
determined by chance or accident or have an
unexpected result because of the bettor’s
miscalculation."
To clarify this, we dug out phrases like risk and hope of
gain, results determined by chances or accident, and
better miscalculations.
So how do all these fit into the world of trading?
Here is the deal: trading involves using historical price action
to predict the current price movements based on certain
long-term analyses, either with technical analysis or
fundamentals.
When trading, we base our analysis on key factors such as
technical analysis, demand and supply zones, fundamental
analysis, Fibonacci rules, etc.
However, with gambling, we rely on predictions and
justification based on hope without any backed-up data to
support our actions.
All decisions in gambling are based on hope, which is why
the casino always wins over the players.
Do you know why the casino always wins over the players in
the long run? It's because of the odd probability I mentioned
earlier.
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The odds of a player winning are always lesser than the odds
of the casino winning. The casino is designed to limit
payouts and increase the odds of more stakes, or else they
would have shut down due to funding a while ago.
The same principles apply to all other forms of gambling, but
with different sets of rules. It's worth noting that gambling
organizations make a lot of money because they change your
perspective towards trading by making you think it's easy to
make a million dollars by staking as low as $100 or $10.
However, this mentality is far from the truth in the trading
world, and it's the wrong way to start. If you want to make
more than what you put in, you need to understand the
concept of a successful trading career.
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If the market takes more than you put in, you're gambling.
But you're a profitable trader if you make more than what
you put in.
To differentiate between trading and gambling, it's not just
about making more than what you put in; several other
factors are behind it.
I'll cover these factors in no time. First and foremost, it all
begins with the mindset.
Trading Vs. Gambling Difference:
Mindsets
Are you in the financial market to turn $1000 into $100,000
overnight? or to earn a certain percentage of your deposit? If
you have option 1 in mind, you come to the market with a
gambler's perspective because Forex trading is a “get-richslow scheme”.
Successful traders have one thing in common that struggling
traders don't, and those who are gambling in the market
think they are actually trading.
Dedication, discipline, and focus - all these traits cannot be
built within a shorter time frame, so it takes a lot of time,
effort, and experience to develop these successful traits,
making trading a “get-rich-slow scheme”
It has nothing to do with your capital, even though that adds
up to it, but with the right mindsets.
Another difference between a profitable trader and a
gambler is risk-to-reward.
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Trading Vs. Gambling Difference: Risk
To Reward
Here's the deal. The casino doesn't limit your losses; it is
only concerned with how much you are willing to stake. This
is what makes trading superior to gambling.
It comes with how much you are willing to lose in an open
trading position. Let me explain. Let's say your risk-toreward ratio is 3:10.
With a $1000 account size, you risk 3% ($30) just to make
10% ($100) back. So let‟s do the math if you have 10 open
positions, 6 losses and 4 wins, 10 positions in total cost
$300.
So you risk 3% on each trade to make a 10% risk-to-reward.
6 losses equal -$180 in total and 4 wins equal a return of
+$400. So, if you have 6 losses and 4 wins ($400-$180=
$220), you risked $300 out of $1000.
You had 6 losses and 4 wins, but still landed in profits of
+$220. Although the losses were higher than your winning
trades, you still find yourself profitable.
I hope I have done due diligence to justify these scenarios.
Note: I didn't call this a profitable trading approach; it is
just an example to illustrate how effective risk-to reward
plays a vital role in trading over gambling.
So now you know the odd probability of winning in the
financial market is higher, but you also need to ensure you
acquire the right education first (more on that later).
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Unlike gambling, where the higher losses are unlikely to keep
you in the game.
Trading Vs. Gambling Difference:
Learning From Past Mistakes
Another key difference between gambling and profitable
trading is that profitable trading allows you to learn from
past mistakes while gambling doesn‟t.
Mistakes in gambling can be recurring because your stakes
are based on hope and luck, which is not repeatable.
Chances are you'll keep making the same mistakes even if
you try a different approach, and end up with the same
losses. In trading, mistakes are seen as lesson learned, not
setback.
One of the most common mistakes traders always make is
holding trades for too long without closing partial profits.
Most professional traders are usually guilty of this.
Most times, the financial markets will always move based on
your anticipation but that doesn‟t mean it will give those
sweet pips without a fight.
At any point, always ensure you are closing a portion of those
profits. Here's an example using GBPUSD:
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As shown in the chart below, price broke the neckline of a
double top formation, with the potential next-level target for
price being the support zone as indicated by the yellow bar.
We all know that the characteristics of a downtrend are lower
highs and lows.
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As you can see in the image above, price has formed lower
highs and lows indicating a strong bearish move. The next
level profit target is at the support region.
So we open our MT4, place our stop loss order and take
profits as anticipated with 0.10 lots open. A few moments
later, we open up our charts and see that we are in profits,
are happy and go chill.
However, when we return and reopen our charts, we can see
something different from what we anticipated. Price couldn't
fulfill our analysis which resulted in a reversal, and took us
from a profit to a loss.
What am I trying to derive from this point? We didn't take
partial profit at 100% retracement level even if our overall
targets have not been met.
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Now we know the following:


Lock in as many profits as possible, either partially or
at the 100% retracement level
Alternatively, close 0.05 lots from 0.10 lots, move the
stop loss to breakeven, and are risk-free
At any point in time, even if the market reverses against you
at 0.05 lots, you still have some profits. These are lessons
learned from the whole story, and only the market can teach
you this, not your mentors in most cases.
So you should treat them as a lesson rather than just a loss.
Unlike gambling, which is based on your instincts with no
backed-up data, trading involves analyzing the market and
learning from past experiences to improve your
performance.
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Trading VS Gambling Difference:
Decision Making
In any financial instrument, be it stocks or crypto, trading
positions are always opened based on certain criteria and
decision factors depending on the trader's objectives and
trading style. We all have different approaches to how we
analyze and comprehend charts.
For example, I only open trade positions if the following
conditions are met:

The market's overall direction is trending based on
the higher timeframes (bullish or bearish)

The price retests a certain level from the point of my
entry
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
I see a candle close below or above my counter trend
line
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
The price breaks the neckline of a chart pattern or
formation.
These criteria are specific to my trading style and objectives,
other traders may have different criteria. Traders need to
have a clear and defined set of criteria for opening positions
to minimize risks and increase their chances of success in the
Forex markets.
With these conditions, I know when to enter a trade and
when to stay out of the markets if these conditions are not
met.
Therefore, my trading decisions are based on specific
criteria. However, in gambling, positions are only staked
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based on the hope of gain, which is commonly referred to as
luck.
I believe I have explained the key difference between a
gambler and a profitable trader. Let's recall the four pillars of
successful trading:




Technical analysis
Risk management
Trader psychology
Market psychology
Now that you understand the differences between trading
and gambling, if you want to achieve the dream of becoming
a multi-millionaire trader, focus on these 4 Cs.
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TECHNICAL ANALYSIS
If you want to make millions from the market, then stay
away from the following:



The news (fundamentals)
Trading indicators
Signal services
If your analysis relies heavily on any of these three methods,
then you are subjected to more bad trading decisions.
The News (Fundamentals):
Unlike fundamental analysis where price moves are based on
business results (the news), technical analysis relies on basic
technical tools and past price movements (price action) to
determine the next move in the market.
It is hazardous to rely solely on fundamental analysis for any
reason to justify your trade decisions. Why? Because during
the news hour, the financial market can rally to the upside on
bad news and the downside on good news (no matter how
intense the news is).
You also need to understand that many of the projections
heard from the news are based on analyses done by other
people, and their analyses, too, can be wrong.
Rather than just taking their word for it, why not do your
own analysis using the technical means you have? Here‟s a
real-life example of the S&P 500.
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Technical analysis helped me not to be swayed by popular
opinions during brexit in 2014. It all began in September
2014 when I was in the living room with my mum, and the
news came up.
Bloomberg was talking about the S&P 500 index, which was
collapsing. CNN had the same result, and every news
coverage talked about the massive fall of the S&P 500,
making everyone on Wall Street panic.
For those who don't know, the S&P 500 index is a stock
market index that shows the performance of the largest 500
companies in the United States.
A crash in the S&P 500 index can cause a huge difference in
the business world and negatively affect consumers, leading
to a recession.
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What I saw when I decided to open my charts took me by
surprise. In trading, when the price collapses, it means there
is a potential selling opportunity. As much as the market was
collapsing according to the news, it was simply retracing on
my charts.
And we all know the market doesn't just move up or down in
one direction like this.
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It moves at a certain level, pullback, or retraces and
continues its overall direction. For example, higher lows and
highs (uptrend), lower highs and lows (downtrends).
So, I pulled out the three technical tools in my arsenal:



Support and resistance
Fibonacci
Trend line
Price action indicated that the S&P 500 index is on a bullish
trend.
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I plotted my tools and did a quick analysis, and it all came
into a confluence zone, highlighted in yellow.
This is what I did:



Drew trend lines based on the market's trend
Looked for the next area of support
Plotted Fibonacci from swing low to high
It all came down to some form of confluence around the 50
and 60 fib region, which, from experience, is the most
significant level on Fibonacci.
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This led me to conclude that the price is just pulling back
into that confluence zone (50 and 60 fib region) before
heading higher.
So, I stuck to my buyers and placed a buy order around that
confluence region. Seven days later, the market triggered my
buy order and rallied to the upside as predicted for 900 pips.
Recall from the news that they were only saying the S&P 500
was collapsing, which was the opposite not from a technical
standpoint.
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So what am I trying to derive here? Don't follow the news.
Then what should you focus on instead? "Price action"
because price action always leads the news.
Now, does this mean the news and fundamental analysis are
all wrong? No. But this is to guide you to stay safe from the
hype that may follow a financial instrument at a particular
time.
You can only use fundamental concepts to back up your
technical. Why? Most often, the fundamental concepts often
fuel and catalyze a correctly drawn technical analysis.
For example, in the case of the S&P 500, the market was
about to retrace to the downside before the news came on. It
was after the news the market made the quick move.
Therefore, fundamentals always support technical if
appropriately drawn.
How do you determine if a technical strategy works? It's
simple. You can verify that by following these two steps:
Backest the trading strategy on your charts for at least 6
months.
I mostly advise that you backtest it during the 2008
recession because that was a defining year for traders whose
strategy was solid.
Forward-test your strategy in a live market or on a demo
account. You cannot be a professional technical analyst
without the following: a good trading strategy, standard risk
management, and correct trading and market psychology.
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Indicators:
Relying on indicators to make trade decisions is a complete
disaster. In fact, indicators are usually derivatives of past
price movements that operate based on sets of mathematical
computations.
Traders use these metrics to anticipate the next move in
price and base their trades on the signals provided by the
indicators.
Hundreds of indicators are available, and I have leveraged
almost all of them during my early days of trading. Spoiler
Alert: they don't work.
Some of these indicators include moving averages,
stochastic, Bollinger bands, MACD, etc. The principle of
operations on all various indicators varies based on how they
are designed.
If the stochastic tells you to buy, the moving averages will tell
you to sell. This creates a conflict, some form of bias, and
strategy manipulation.
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In other words, you do not have control over your trade
decisions when relying solely on indicators, because they tell
you what to do base on what the market thinks it will do
using some set of mathematical principles.
As a trader who manages funds over 50 million dollars, I
have never risked my investors' funds on an indicator-based
trading system that operates based on a mathematical
principle I know nothing about. Professional firms and
traders who trade for big banks do not use indicators like the
average retail trader because they understand the disaster
behind leveraging them, and cannot risk their investors'
funds based on that.
Why? Indicators lag behind the price. They only confirm
long-term trends after the price has done its due diligence,
but they never predict them before they happen. You don't
want to be behind the price.
In other words, the indicator-based trading system simply
indicates to you what has happened but not what will
happen, and this approach doesn't give you an edge over the
market. Large institutions, market makers who move the
financial markets, and make the most money only rely
heavily on “volumes and price movements” if you don't
understand how they perceive the market, you can never
become that millionaire trader you dreamed of.
Luckily, I was fortunate enough to learn from one of them
during my early days of trading. Thanks to that privilege, I
now see the market differently and from a bigger perspective,
which will be uncovered as you read deeper in this book.
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But here's the truth: during my early days of profitable
trading, I also used indicators in support of my strategy. It
would be inappropriate for me to condemn their use, as you
can see in the image below of my charts.
However, I still find myself profitable because I only use
indicators for- confirmations in confluence with my strategy,
not as my decision-maker.
In other words, trading indicators are only meant to aid your
decision-making process, not to be the decision-maker. Since
90% of my trade decisions are based on price action, I had to
let go of indicators completely.
So, no matter how many combinations you try, you will
never be profitable if you rely solely on trading indicators to
make trade decisions.
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Signal Services: Myths behind It
Forex signals can seem appealing, as all you have to do is
wait for your signal provider to send you trading alerts and
then place your trades.
When you win, you repeat the process and hope for
continued success. It can be tempting to rely solely on these
signal providers to make consistent profits for you every
monthly, but the reality is that this is just a fantasy and it
doesn't last.
The truth is, you can never find true success if you are spoonfed by someone else. I don't blame traders who rely heavily
on trade signals because these types of traders often fall into
one of the following categories:




They are too impatient to figure it out for themselves
They believe their success lies solely in the hands of
their mentor
They are not learning the most realistic way to trade
Forex
They are looking for shortcuts to success
The myths surrounding trade signals include:




They can kill your confidence in trading
Your profits are entirely reliant on the signal provider,
so if they shut down, you are left with nothing
It is not a sustainable way to learn to trade
You are prone to scammers
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I am not a big fan of giving out trade signals because I know
the downsides. That's why I created a segment on my
YouTube channel called "Trader Talk" where I analyze my
charts and show potential trading opportunities for three
months or more.
I do this because my strategy allows me to predict over
2000+ pips in the future. If you have doubts, follow my
YouTube channel @learn forex with Dapo Willis for more
updates on potential trade opportunities.
If you're wondering what to focus on instead of news,
indicators, and signal services, my answer would be price
action.
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Price Action:
I have tested over 150 indicators and 50 trading strategies in
my 4 years of unprofitable trading, and I've realize that
nothing beats "price action."
The saying "price action is king" holds true because price
is the only factor to predict the future better than anyone
else. Everything you need to succeed in trading Forex is right
in front of you on your Trading view dashboard - price
movement, also known as price action.
For those unfamiliar with price action, it is a trading system
that relies on historical price movements to predict future
ones. This means you are trading based on what the market
is doing, rather than what it thinks it will do, as
fundamentals and indicators indicates.
If the price moves in an uptrend direction, there is a high
chance of buying opportunities, and if it is moving
downward, there is a high chance of selling opportunities.
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Price action is superior because history tends to repeat itself
- price movements always tend to repeat themselves.
Unfortunately, many traders blow their accounts because
they don't understand the concepts behind price action.
When I mention price action, most traders think it's all about
plotting support and resistance, trend lines, bullish
engulfing, head and shoulder formations, and other technical
tools. However, price action goes beyond that.
So i will be uncovering some concepts and common
misconceptions about price action.
Let Price Action Dictate Itself for You:
Here is what I mean:
If the price forms a Head & Shoulders or is inverse and
breaks below the neckline, there is a high tendency for prices
to continue moving in that direction for a long time, right?
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Wrong! However, this methodology is fine, 80% of this
theory does not usually play out the way Babypips and most
traders make it seem.
After all, this is how we were all taught to trade chart
patterns. As shown below, the price forms an inverse Head
& Shoulders and reverses to the downside.
Now imagine if you had entered this trade at the shy break of
the neckline, the price would have reversed against you,
setting you up for a loss.
This approach usually happens to traders who think they
understand price action, but in reality, they are trying to lead
the price. Instead the price is supposed to lead you by giving
you a clear direction.
In other words, you must let price dictate its next move for
you and then trade based on that. Here is what I mean when
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the price breaks below the neckline, I just don‟t start
immediately.
I wait for “extra confirmation” and what is this “extra
confirmation”? A retest below or above the neckline.
This approach alone has saved me a lot of premature trades
and, most especially, from market manipulations (more on
that later).
And you may ask, "what if it doesn't retest that neckline?"
Okay, fine. Then wait for a minor or major pullback, or
ignore it if necessary, depending on certain market
conditions like:


The amount of time it takes to form those patterns
(the longer, the better)
The timeframe (higher timeframe plays out the most)
If you don't know me well, I am a fund manager who trades
Forex with a huge amount of money (millions of dollars). So
I am always strict with my trading rules, which is why I
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always have my “extra confirmation rules” in every trade I
place.
If my trading rules have not been met, I am not interested in
that trade. These strict rules make me 9 out of 10 times more
accurate, profitable, and risk-free.
So if you didn't see a retest or pullback above or below, go on
a timeframe lower and look for the best possible entries.
Price Action Misconception: Support &
Resistance Are Not Lines, But Zones on Your
Chart:
Take a look at these scenarios. Price was unable to break
these resistance zones, as shown below.
Imagine you had placed your sell entry at the candlestick
rejection of that resistance level since the price once rejected
that level in the past.
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You would have been in profits if you traded based on that.
But experience-wise, this is not how you should get into a
trade, especially at the resistance or support level. And I
won't blame traders who trade like this because that's how
Babypips taught you.
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Most traders are usually looking to get the best possible price
early, so they try to get into a trade as soon as they notice
some candlestick rejections.
This approach will only land you in profit for a few trades. It
is only a matter of time before you realize you are always
getting blunt. The reason is that the price usually tends to
break at the support or resistance level 80% of the time.
In other words, support and resistance are not blocks on
your chart; they are lines that can be broken. As a trader,
you don't treat support and resistance as lines where the
price is expected to reject and move based on your
anticipation.
The market usually doesn't respect these lines because it
doesn't know they exist. You plotted them, not the market.
So treat them as areas where the price is expected to react
and use that reaction to anticipate its next move, not getting
into that trade right away.
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You would want to wait to see where the price is about to
head to, either breaking of support or resistance level or a
retest/candlestick rejection.
That is one reason why you always get hunted by market
manipulators because they know where your stop loss is
when trading at either support or resistance level.
And they wouldn't want to get into that same price with you.
So, they manipulate the price to hit your stop loss to be able
to find the best possible price and start heading in your
direction as anticipated (more on that later).
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In conclusion, avoid getting into a trade at the support or
resistance levels. What should you do instead? Either wait
for a breakout and retest.
Or use the counter-trend strategy to get into a trade.
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Give enough Room for the Price to Breath:
Patience is a virtue, and it took me many years of my trading
journey before I could adhere to it. To be right 7 out of 10
times in the market, you need a high probability setup.
A strategy helps you look out for trading opportunities, but
patience exposes you to more opportunities. As a trader who
wants to be right 7 out of 10 times, you must understand that
the market is full of ups and downs, session by session,
volatility, non-volatility, and more.
With all these fluctuations in the market, it requires a high
level of patience for the price to provide you with a highprobability setup that keeps you consistently right.
That's one reason traders with the best strategy still lose
because they're not patient enough for the price to form the
appropriate setup that aligns with their strategy.
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If you don't learn how to be patient enough and be well
disciplined, then the market will teach you the hard way.
And once that happens, you'll keep paying your broker bills
until you learn to be patient enough.
So, with all these concepts and misconceptions, the best way
to understand and get the most out of price action is by
doing a top-down analysis.
Top-down Analysis:
I struggled to make money from the market during my early
days of trading Forex. I was very young in 2011, but I was
desperate to do what it took to become a successful financial
trader.
As I mentioned earlier, I was fortunate enough to meet one
of those analysts who worked for a firm in the UK that
managed people's funds worth billions of dollars in A.U.M,
which was a game-changer for me.
He was such a busy person that valued every second of his
time to do something tangible and productive, meaning
squeezing out time to guide me through trading was a tough
decision for him to make.
Luckily, I had all the information about Forex, but I needed
someone to simplify things for me, so he found a way to put
me through.
Fast forward, we had to book a paid session on weekends for
his teachings on Skype. And the very first thing he said to me
during my training session was “Zoom-Out.”
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Now, what does he actually mean by “Zooming-Out”? It
simply means opening your charts and using the following
keyboard shortcuts.
Ctrl + Mouse wheel or the scroll button
This is wrong!!
It simply means looking at the market from a broader
perspective or going on a higher timeframe to see the overall
trend of the market.
After years of practice and testing, I came up with the name
“Top-down analysis” with modifications.
What is Top-down analysis?
Top-down analysis is scaling down from the highest to the
lowest possible timeframe to make a trading decision. It can
also be described as using multiple time frames during
analysis for a potential entry or entries, usually from the
highest to the lowest possible timeframe.


Top = Monthly and weekly time frame
Down = Daily and 4hr time frame or 1hr less
Most of this terminology is not new, as most traders call it
multiple timeframe analysis. Whatever name you call it, the
principles remain the same.
So how can Top-down analysis work for you?
It involves analyzing the market on monthly and weekly time
frames to determine the direction of price. Then you move to
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a lower timeframe (daily/1hr) and execute your trades based
on the direction of the higher timeframe.
Why is this very much so important?
It is crucial to have an overall market direction before
placing a trade, and top-down analysis can help accomplish
this.
Experts often say "the trend is your friend," and multipletime frame analysis supports this. Chart formations on a
higher timeframe are likelier to play out than those on lower
time frames.
For example, if it takes 50 candles to form a head and
shoulder pattern on a 4-hour candle, it is highly significant,
as it took the market approximately 8 days to form that
pattern.
The rule is that the longer it takes to form a trend, chart
patterns, and trade setups, the more significant it will likely
play out.
While chart formations on lower time frames also play out
most of the time, when they form on a higher timeframe, it
should be taken seriously because as you drill down in time
frames, the charts become more polluted with false moves
and noise.
A swing trader who takes a position and holds it for days or
weeks might start the analysis from the monthly timeframe,
scaling down to the weekly, daily, and potentially the 4-hour
chart for possible entries.
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For this individual, the highest possible timeframe is
monthly, and the lowest is the 4-hour or 1-hour timeframe.
Employing top-down analysis involves moving from a higher
to a lower time frame.
This method helps to identify the overall trend of the market,
which is the most important thing in forex trading. To use
top-down analysis, follow these two simple steps:
Identify the overall market direction by plotting key levels
(support and resistance) on the higher timeframe, e.g., the
weekly timeframe.
Go to the monthly timeframe to identify candlestick patterns
and/or draw key levels (support and resistance) there.
You can also scale down to the weekly to adjust your key
levels and potentially identify chart patterns.
Once you have identified the overall direction of price, scale
down to your timeframe of entry in agreement with your
trading strategy to take your trading position.
Your entry time frame could be on the daily or the 4-hour
timeframe. These are the timeframes on which the author
personally makes their entries.
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RISK MANAGEMENT
Proper risk management helps you cut down losses. In other
words, it limits your loss when a position is opened. This is
one part of the deciding factor that usually separates the
gamblers from the successful traders, and also the successful
traders from those traders who still struggle with the market.
In fact, without a proper risk plan, you can never survive
long in this game. In trading, price moves based on many
factors so you don't always have to win all the time.
Sometimes your trading decision will go wrong, and yes, it
always occurs and cannot be avoided, but it can be limited.
With proper risk management, you tend to minimize these
losses to avoid blowing up your trading account.
Let's say you have $10,000 in your trading account. Would
you risk $5,000 on every trade you place? “No”, that doesn't
make sense because you are just 2 losses away from blowing
up your $10,000 trading account no matter how sound you
are with your technical analysis or whatever strategy keeps
you profitable.
There are certainly better approaches than this; I can
sincerely prove that to you. If trader A risks 50% of his
$10,0000 to make 100% & makes 2 losses in a row, and
Trader B risks 15% of his $10,0000 to make 30% and also
makes 2 losses in a row as well, let's do some basic math
here:
Trader A = -50% (+) -50% = -100% ($10,000) in loss
(BLOWN)
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Trader B = -15% (+) -15%= -30% ($3,000) left
Even though both traders seem to be at a loss, Trader B still
has more chances to trade the market. Trader B makes extra
2 wins and still keeps a certain percentage of profits.
Trader B = -15% (+) -15% (+) 30% (+) 30% = +30%
($11,200)
So the ideology behind this is that having proper risk
management is a very important factor you should always
have in place. Only risk what you can afford to lose so your
emotions will not be affected.
To further manage your risks, avoid trading any major
economic news events. During those periods the markets
tend to produce a lot more volatility spikes which may not go
in your favor.
As a fund manager who trades with a huge capital of my
investors' money, I only care about my risks more than
anything else.
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How much you are risking should be based on your account
size and how much you are willing to let go of that amount
without emotional attachment.
Before you place a trade, kindly ask yourself these questions:
How much am I ready to let go of this amount that won't
affect my emotions?
The earlier you realize that the better you manage your risk.
But there is usually one factor that tends to be a big deal
among traders, and that is questions like “what size should
my stop loss be, 20 pips or 30 pips”?
Most traders think there is one perfect size to place a stoploss to minimize losses. But I am here to tell you that no
perfect size stop loss or technique can tell you where and
how to place your stop loss.
I personally place my stop loss below the previous highs or
lows of the current market conditions. I don't have a onesize-fits-all.
With that, if my stop loss RR is 1:1RR, I will trade it as long
as I have enough reasons why the trade could work out. And
these same sets of traders will always emphasize having a
better 1:5RR, 1:6 RR.
There is nothing wrong with that, but if trade setups could
only give me 1:1RR, I: 2RR, I will trade it. After all, the Goal
is to make money.
If you cannot withstand the loss when the price goes against
you, then reduce your lot size instead. Now, listen. Your stop
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loss should not be determined by 1:5RR, 1:6RR, or any other
fixed ratio.
Instead, it should be based on current market conditions.
Let's take USDCAD as an example. Where should your stop
loss be if we place a buy trade? It should be at the previous
lows of the market.
This is because you don't want to place your stop loss too
close to the previous lows of the market. The reason is that
there is always a high tendency for the price to retest those
previous lows before moving in your direction.
If your stop loss is too close to these levels, price can stop you
before moving as anticipated. So ensure to always place stop
loss at the previous highs and lows of the market.
Furthermore, the risk-reward ratio (RRR) should depend on
the market formation and your lot sizes. There is no perfect,
one-size-fits-all RRR.
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TRADER PSYCHOLOGY
Success in trading is not an easy journey; it is often a solo
one. It is not only about having the best analysis or setups,
but it begins with the right mindset and approach.
A trader's mindset is crucial to staying in the game and not
giving up too soon. This is where trader psychology comes in,
which involves managing nervousness, fear, greed, and
exercising discipline.
What set successful traders apart from those with short-lived
trading careers is not just their trade setup, but their
psychology.
Fear and greed are common emotions that 90% of struggling
traders face. If a trader cannot take control of their
psychology, even the best setup and strategy won't lead them
to a million-dollar trading career.
This highlights the importance of a trader's psychology in the
foundation of a successful trading career.
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The Truth about Fear and Greed:
„Fear & greed‟ can be unexceptional in trader‟s company; it
can be detrimental, if not managed properly. Have you ever
wanted to enter a trade but were scared of missing out
(FOMO)?
Have you ever closed a trade prematurely? These are usually
triggered by fear. Conversely, greed occurs when trader
overleverage their account size just to win big from a certain
move or swing.
However, you can be profitable from this act but luck is not
repeatable. Fear and greed are the two core drivers that
negatively affect a trader's psychology.
The common meaning of "fear" in modern English is an
unpleasant emotion caused by the threat of danger, pain, or
harm.
But in trading, traders experience fear when the price moves
against them as this threatens their trading strategy. Nothing
hurts more than watching the price move against your
potential profit target.
This usually invokes the fear of realizing a loss, causing
traders to hold on to losing positions for much longer than
they should.
This was discovered as the number one mistake traders
made when DailyFX researched over 30 million live trades to
unearth the Traits of Successful Traders.
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Greed, on the other hand, is quite different and is based on
the outcome. Fear usually plays with emotions, while greed
can land traders in hardship if not managed properly.
It usually surfaces when a trader adds more money to a
winning trade in hopes that the price continues to move in
the same direction for a period of time.
Price reversed, resulting in multiple losses, triggered when
greed comes into play.
So how do you manage these two Hindering factors (fear &
greed)?
By having a trade plan:
Planning is deciding on actions to take in the future. With a
proper trading plan, you can surely overcome fear and greed.
For example, I only enter a trade when certain conditions are
met.



When the market is in a trend (bullish or bearish)
When the price retests a certain level from the point of
entry, or if a candle closes below or above a countertrend line
Also, risk only 3% of your account size per trade, no
matter the conditions, etc.
With these rules set in place, you can justify potential moves
in the market based on your trading plan.

When and when not to enter a trade
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

When to stay out of the markets, when prices may
potentially go against your rules
How much you are willing to lose in case the price
goes against you, so you won't over-leverage your
account size
This boosts your confidence and easily allows you to track
the success rate of your trading strategy. If your strategy is
not profitable for you, a trading plan helps you decide that.
Therefore, you must have a trading plan.
So, the second step in how to overcome fear and greed in
trading is...
By Keeping Track of Records of Your Trades:
Having a trading plan is good, but keeping track of records of
your trades is better. Most traders only focus on improving
their tactics, patterns, style of trading, and psychology, but
they don't give much importance to keeping track of their
past trades.
This is a huge mistake. Whether or not you are a profitable
trader, you need to journal your trades. Here's the kicker:
if there's a better way to boost your confidence in your
strategy, it is through back testing and trading journals.
Forex can sometimes feel like a lonely journey, and
experiencing losses might seem impossible to overcome. But
having detailed and comprehensive journal shows you your
mistakes and the reasons behind them.
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It's up to you to work on improving. With all that said, you
might still wonder, "Could this be the only advantage of
keeping a journal?" Definitely not!
We will be looking at crucial reasons why a trader needs to
keep a trading journal relating to their goal of making a
million dollars from the foreign exchange market.
Reasons for a Trading Journal:
The following are excellent reasons why you need to keep a
trading journal:
Track Record:
After a period of constant and consistent journaling of all
your trades, your trade journal provides you with enough
historical records that not only summarize all your trades but
also give you the necessary information that could help you
make better-informed trading decisions as you move
forward.
It might contain details such as the best-performing pair,
risk management, risk-to-reward ratio, and trading
frequency.
Strategy Performance:
Another crucial need for a trading journal is that it provides
you with information on how your strategy will perform
generally and in various market conditions.
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This also helps you verify your strategy as to whether or not
it is profitable, proving your technique or manner of
approach valid.
Psychology Improvement:
As with many traders, psychology has proven to be one of the
most difficult hurdles for Forex traders. These psychological
effects could manifest in revenge trading and impromptu
trading, among others.
But as an effective method to combat these career-destroying
habits, your trading journal helps you know when to stop
trading or engage in trading activities.
In any case, if you have a losing streak, your trading journal
becomes what you fall back on to boost your confidence
going into the market.
To Secure Clients:
As a Forex trader looking to make a million dollars from the
market, securing wealthy clients should be a top priority.
When you become a profitable trader and you're looking to
secure a millionaire as a client, you would have to present
the portfolio from your trading journal as a qualification to
secure your client.
Through this means, your client would also understand how
well you perform. So, have you seen the necessity of keeping
a trading journal as it relates to you and even your goal and
dream as a trader? Trust you have. And if you don't, start
keeping track now.
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Setting Unrealistic Goals:
Take a break and ask yourself: What attracted you to trading
Forex? Is it the money or those flamboyant lifestyles you see
traders portraying on the internet?
Of course, it's both. You may be trying to gain financial
freedom or attempting to become a millionaire through
trading, which is why you came across this book.
But the results are still the same - to make money. I see no
reason to trade Forex if we are not here to make money.
However, you must understand that building a fortune out of
this market is a process.
That process requires consistent practice, and constant
practice requires time, and patience is time, just like how you
treat your local business.
There is nothing wrong with coming into this market to
make a fortune, as I also gained an interest in trading stocks
when I came in contact with the movie "Wolf of Wall
Street" by Jordan Belfort.
The problem lies when you are in haste to make that million
bucks, which is pretty much unrealistic - for example,
coming in to turn $1000 into $100,000.
Risk management-wise, it is totally impossible within a short
period of time. Newbie traders find it hard to believe because
they have set unrealistic goals based on what they see from
other traders who find success.
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At the end of the day, they get burnt and start jumping from
one signal to another, changing strategy, or whatever.
As a newbie, it is common to experience this, but your
experience and consistency in the market will expose the
reality behind it.
It takes me less than 5 minutes to analyze the charts and
anticipate the price's next move, which I am correct about 78 out of 10 trades.
This is not magic or rocket science; it took me over 7 years to
learn. In other words, consistency is the key, and stop having
those unrealistic expectations on how to invest your $100 to
$100,000 because there is no shortcut to success.
It took me 7 years, but it may not take that long because you
are now exposed to the truth.
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Open Multiple Positions at a Time:
Here is the truth: Multiple positions on multiple currencies
do not guarantee more profit. There are over 25 trading
instruments, and traders feel it is necessary to trade all of
them if they want to make more money, which is not true.
Even if your strategy works on every currency instrument,
you can achieve vocational success, but it is not sustainable
because each trade requires undivided attention.
In other words, it reduces your ability to give undivided
attention to each trade. I learned this the hard way, even
when I was a profitable trader, and promised myself never to
repeat again.
That is just to tell you that most profitable traders are always
guilty of this. Let me explain. A while back when I was in the
UK, I was about to go for a coaching session where I had to
teach the audience about trading.
At that time, I already had 15 positions open and was
+18,000 pounds in profit. I left my computer and went to
the meeting.
When it was time for me to come on stage to start teaching, I
had my laptop connected to the projector for the audience to
see my chart from a bigger view due to how big the meeting
space was.
The moment I logged into the trading view, right in front of
my eyes, I saw the market crash. I felt awkward, and my
mood changed instantly.
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The audience could tell because I was reacting differently,
but they didn't know what was actually going on. I literally
had 15 positions open and +18,000 pounds in profit only for
the market to reverse against me within a matter of sec.
I had to ask for permission to use the restroom because my
emotions were being affected. The bottom line was that I had
to close my trades with a loss of -3000 pounds in loss,
and that was because I had multiple positions open.
Ideally, if you are just starting out, you should only open
more than three positions at a time. Three positions are
enough for you to achieve your goals. You don't have to let
greed take over you.
The market will always allow more trade opportunities, so
take what profit you can make and go.
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Learn from successful traders' past
mistakes:
Eleanor Roosevelt, the First Lady of the United States (19331945), said it best. “Learn from the mistakes of others,
you can never live long to make them all yourself”.
Trust me; you don't want to waste years of your life trying to
figure out strategies and tactics to keep you profitable with
trial and error. A mentor will help you shorten your learning
curve.
Pro tips:
As much as you are also learning or know where to buy and
sell, always learn to use the withdrawal button. The profits
in your trading account will never be your own until you
learn to withdraw your money to your personal bank
account.
If necessary, withdraw the money in cash to feel its
presence. This will go a long way in improving your
psychology, mindset, and success.
When you spend your profits on something tangible or
valuable, you will program your mind for more success to
repeat the same activities repeatedly.
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MARKET PSYCHOLOGY
Price moves in a certain direction for a period of time, and
when it's about to change its trend, it leaves a sign. That sign
can be a chart pattern formation, a candlestick pattern, a
trend line break.
If you are not well-informed enough to notice these signals,
it can cost you money. Imagine being in a buy trade in an
uptrend market, and the market is about to change its
direction towards the downside.
Price leaves certain signals and formations indicating a
potential change in trend. However, you couldn't identify
these signals, and the price moves against you, resulting in a
loss.
Market psychology is the process of understanding areas on
the charts where prices could potentially react. In other
words, market psychology is knowing when the price is about
to fake you out in the market or change its momentum.
There is more to market psychology than just this, which I
cover in detail in my Forex mastery course. You can reach
me at learnforexwithdapo@gmail.com if you're
interested.
But for the sake of this book, I will be showing you a brief
example of the most occurring ones traders face every single
time in a trade.


Trend Reversal
Market Manipulation.
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Market psychology is not just limited to trend reversal alone;
market manipulations can also play a huge part.
What is Market Manipulation?
Market manipulation involves inflating or deflating prices at
any instance in time.
As the charts above show, the price reacted at the resistance
level. We are expected to sell and place a stop loss above the
previous high of resistance with our target profits.
Unfortunately, the price pushed a bit higher to our stop loss,
which was later invalidated before moving in the original
direction as we stated.
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This process is market manipulation, and many traders are
usually guilty of this. It is not just limited to beginners alone.
So, as a trader, you need to know when market
manipulations are likely to occur and when to take advantage
of them.
There is a whole lot to market manipulations I cannot cover
in the book, so I made a video tutorial about it. If you are
interested,
you
can
reach
out
to
learnforexwithdapo@gmail.com.
When reaching out for the tutorial, kindly signify where you
got these information’s, if it is from this Book, then state in
your outreach.
So here is a brief tip on how to avoid market manipulations.


Counter trend trading
Avoid trading the news.
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Pro Tips: The lower the timeframe, the more you are
subjected to market manipulations.
Trend reversal:
Trend reversal is a position where the price is about to
change its trend or direction. Understanding market
psychology by spotting a potential change in trend can save
you from many premature trades and fake-outs.
So, how can you spot them? First, let me show you trend
reversals on the charts.
What can you see? Price was moving upward for a certain
period until it reached its highest peak and formed a doubletop formation, which caused a change in the initial trend.
Nice!
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Now, the question is, how do you spot trend reversals before
they happen? Well, the answer to that is that no trading
system can spot them before they occur. As mentioned
earlier, you can only anticipate them based on certain price
movements or signals.
But it all boils down to understanding price action to identify
a potential change in trend.
What are the deciding factors that can cause trend reversals?
There are two major technical factors for a potential change
in the direction of the trend:


Chart patterns
Candlestick patterns
Since these are the major factors for a potential change, you
can use these same price action indicators to identify a
change in market direction.
Important candlestick patterns such as engulfing candles
and rejection candles, and important chart patterns such as
head and shoulder formation and double top chart formation
can be used to anticipate a change in the direction of price.
Technical tools are trading platform integrated tools that
help technical analysts map out their bias on the market and
make trading decisions. These tools can be used to identify
changes in the direction of price.
When identifying a potential trend reversal, below are four
key things you need to watch out for:
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



Identify a reversal candlestick pattern, preferably on
the monthly time frame, e.g., rejection candlesticks
and engulfing candlestick pattern.
Identify a reversal chart pattern, preferably on a
weekly or daily time frame.
Break of the major trend line drawn on the monthly or
weekly timeframe.
Break of major support and resistance level drawn
from the weekly and monthly time frame.
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CHAPTER TWO: THE
INVESTORS PERSPECTIVE
If you were to Google the keyword “richest financial traders
in the world” right now, you would always come across these
two household names: George Soros and Warren Buffett.
Two things you would always find common among those
listed are that they are all billionaires and all hedge fund
managers.
So, what is a hedge fund? It is a private investment company
that trades relatively on liquid assets like stocks, foreign
exchange markets, futures, bonds, etc.
They make money by managing other people's money, which
is a win-win for both parties. But have you ever thought
about the principle of success of what these so-called
billionaires do that makes them wealthy? I bet you don't.
They put so much of their financial efforts into assets that
produce returns. For every $1 they put in, they make $2
back. Let's look at how much some well-known finance
investors make from their assets.
George Soros is one of a kind. He famously earned his
legendary status in September 1992 when he correctly
predicted the fall of the British pound, which led the British
government to devalue the pound sterling and bet against
the Thai currency (the baht) and other Asian currencies
during the Asian crisis of the late 1990s.
This prediction made him billions of dollars in revenue.
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Soros went on to create a hedge fund tycoon of his own,
Soros Fund Management LLC. It is a private American
investment firm that manages private investors' money
worth billions of dollars in A.U.M.
Currently structured as a family office, but formerly as a
hedge fund, with over a billion dollars in revenue, George
Soros still tends to make 30% annual returns for his clients.
On the other hand, we have Warren Buffett. Even though
dividend stocks have played a huge role in Buffett's longterm success, his hedge fund management named Berkshire
Hathaway, a publicly-traded investment company, has
delivered a compounded annual gain in the per-share market
value of 20% since 1965.
According to the Fool blog, Warren Buffett has delivered an
average annual return of 20% for shareholders since the
beginning of 1965.
So what am I trying to prove here? These so-called billionaire
folks are not relying on referral contests to make money.
They simply rely on investments that produce “decent
annual returns” and “not extraordinary returns” (more on
that later).
In conclusion, these billionaire folks understand that
leveraging money to make more in returns makes you
wealthy.
But how do all these fit into this chapter? They are
billionaires who are happy making 20-30% returns annually
and not some extraordinary 100% returns on investments
like those Ponzi schemes.
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Let's recall; these billionaires didn't just become those big
folks all of a sudden. They know the principles of wealth and
have applied them to their business activities.
That goes by the saying that if you want to become a
billionaire, you need to think like a billionaire. You also need
to know what these billionaires perform on a productive
basis, so you can copy their approach regarding their
financial activities to achieve what they are doing.
This is, they make more money by managing money for
people. Yeah, you heard me right? This whole process is
called “compound wealth.”
This is why George Soros and Warren Buffett are the
billionaires we know today. And how do they achieve that?
“By managing funds for people”
They both run financial partnerships called hedge funds
management, which was the foundation of their wealth.
So yeah! Now you get the whole idea behind it. So, how does
this story apply to you as a trader wanting to become a
millionaire? You can only achieve the millionaire milestone
as a trader by actually doing what these billionaires are doing
through “compound returns.”
This principle of wealth will always remain the same and
applies to every business that requires capital to start. Now, I
don't mean it is a must for you to copy their trading strategy
or something related to such.
As long as you have a methodology that keeps you 7 out of 10
trades correct, you are profitable as a trader.
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And of course, that only happens when you trade less but
ensure you only pick out the best possible trades in a month.
But to achieve their level of success, there is something more
to it than just copying their trading strategy. Here's the
kicker: you can learn a profitable trading strategy from a
successful trader and still not be profitable.
You can apply the best risk management with your profitable
strategy and still be at a loss. As far as trading is concerned,
it doesn't depend on these methodologies alone due to the
dynamic nature of the market.
You ought to have the following:



The right mindset for trading
Patience and dedication
Discipline.
I'll tell you more. Read on…
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The Right Mindset to Trading
Trading is often overrated because most traders treat the
financial market as a way to gain financial freedom, which to
me is totally wrong. There is a level in trading you need to
attain before you can reach your financial breakthrough.
And it comes with blood and sweat. You can't cut to the
chase. You just have to follow and trust the process. I'll
explain
Trading Is Just Like A Business, So
Treat It As One:
To start a physical business, you need capital to get a store,
stock inventory, and hope to sell it for a higher margin to
make a profit and keep the business running.
But how certain are you that your business succeed in a few
years' time? It takes a lot of factors to run a business, and
what if it fails? It may be a big loss, but learning from the
experience is an opportunity.
Failure doesn't make you a loser; it only shows you different
reasons why something didn't work. As business owner, it's
up to you to figure out the reasons for failure and restrategize your business plan to achieve success.
In trading/business, it's also important to know your trading
model. Higher gross margins mean a high-frequency trader
looking to capture a small move. Lower gross margins mean
a low-frequency trader who prefers to catch a big move.
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If you don‟t understand your trading business model, you'll
waste countless hours trying to figure out the "best" trading
system that doesn't exist.
Achieving success in trading/business means profits lie
twofold: higher gross margins and lower gross margins.
Higher gross margins don't sell often, but when they do, the
profits are on a larger scale (e.g., car dealers).
Lower gross margins sell more frequently, and their profits
accumulate to a bigger margin (e.g., grocery stores).
Remember, trading needs to be treated the same as your
local business."
Trading is a Skill Not Luck:
When it comes to trading, can it be considered a skill? Let's
start answering this question by defining what a skill means.
Skill is the capacity or the learned ability to perform a certain
activity usually with determined results and given execution
within a specific time and energy.
It requires a vast knowledge of that particular skill's
technical know-how and the ability to produce determined
results within a given time period.
Briefly, some of the characteristics of a skill are:



A learned ability
Being able to produce determined results within a
given time period.
Requiring a vast knowledge of that particular skill's
technical know-how
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Generally, skill is classified into two categories which are:
Domain-general skills involve time management, motivation
for self and others, teamwork, etc.
Domain-specific skills such as skill sets requiring specific
knowledge are most common examples are career jobs. I
would not like to bore you with its definition and
characteristics, but I would like to get straight to the point.
Forex can be categorized under domain-specific skills as it
requires a broad knowledge of macroeconomics and
technical analysis of foreign exchange.
Forex has proven to require a skill set because you have to
know the nitty-gritty of Forex, its secrets, and how to
navigate your way in the market environment.
During the earlier stages of learning Forex, traders realized
they lacked a skill set because they hadn't been exposed to
the secrets of the market, its technical know-how, and the
ability to anticipate moves in the market.
Many traders fail to realize that staying out of the
marketplace is a skill that must be learned from a seasoned
mentor or the hard way.
The ability to analyze the market and trade based on your
analysis is not just luck but a skill. People often classify
Forex trading as a game of luck; you lose when you're wrong
and win when right.
As I explained earlier in chapter one, between gambling and
trading, trading offers you more edge than gambling because
you are not trading based on what your instincts tell you to
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do but rather justifying your analysis based on a “proven”
strategy.
If it is based on luck, it is just gambling, and trading is not
gambling when done with the right approach. Most traders
often feel they are trading based on luck but experienced
traders know there is no luck in this game.
However, it is possible to 'luck out' on a trade, but you are
only a few losses away from wiping out your overall lucky
trade.
We all know luck is not repeatable only skill does, so
experienced traders always find a way to eliminate luck from
their trades and use trading methodologies that put the odds
in their favor.
So when wrong, you can identify what went wrong, and
rectify your mistakes for better trading days ahead. Thanks
to some basic laws of price action, traders now know how to
profit from this system.
And recall, technical analysts know price action always
repeats itself just like the saying “history always repeats
itself”. Whenever you tend to see patterns formations in
price, go back to history, it once happened.
So if you have a proven methodology that allows you to profit
from these price formations then your success is guaranteed.
Luck doesn't happen all the time but with trading, a proper
skillset is always repeatable.
In other words, a proper skillset determines success.
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Trading “Foresees” The Future Of An
Economy:
The foreign exchange market is ultimately driven by
economic factors that impact a nation‟s currency growth,
strength, and value.
This means that a country economic outlook has the most
influence on the value of its currency. When trading in the
financial markets, you essentially trade one currency against
another, anticipating a currency price to either fall or rise
and its exchange rates.
However, from a fundamental standpoint, you are predicting
the rise and fall of a certain economy based on its currency
strength. A currency represents a country, and its influence
is based on its economy.
Various fundamental economic measures, such as inflation,
exchange rates, and the relative level of a nation's economic
health, determine a nation's currency strength. Therefore,
predicting the fall of a currency means predicting the fall of
its nation's economy.
Each currency pair, index, future, and cryptocurrency pair on
a chart represents the value of an entity, which can be an
organization, a nation, or a transactional entity.
And I can explain by sharing my true life experience of how I
convince an African billionaire to invest in my trading just by
predicting the fall of crude oil.
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During my early years of trading, I was fortunate to meet an
African billionaire in person whose net worth was directly
tied to the Nigerian stock market.
This billionaire was from Nigeria, where 80% of its revenue
is generated from oil and gas. So if there is a drop in the
mass production of crude oil, this will have a negative effect
on the Billionaire business.
At the time, I had already made my analysis on crude oil and
had seen that Crude oil was actually going to collapse. My
prediction on crude oil was enough reason I was able to
secure a million-dollar deal from him (more on that in
chapter four).
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I want to walk you through what I saw and how my technical
analysis was able to foresee the future of the economy. Going
on to the monthly timeframe I drew my zones like so.
I then scaled down to the weekly timeframe to identify any
chart pattern as seen below. A Symmetrical triangle had been
formed.
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With a symmetrical triangle pattern, it could go either way.
So I was patient enough for the market to give me its clear
direction. Then it showed me a trend line stop-hunt.
That was a confirmation for me that price was heading south.
Right here, was the crude oil price when I approached the
African billionaire. And you can see glaringly that price
headed south until it reached my final target.
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Can you now see how price action and technical analysis
were able to foresee the future of the economy?
Summary of all my analysis:



Drew my support and resistance zones from the
monthly time frame
Scaled down to the weekly time frame to spot a chart
pattern which was a Symmetrical Triangle Chart
Pattern.
Waited for an extra confirmation which was a trend
line stop hunt
And I placed my trade on the lower time frame in the
direction of my analysis. In summary, justifying your
analysis from a higher perspective, such as a bigger
timeframe, is crucial to this approach.
Day traders may not achieve these results because they are
always tied to the lower timeframes which limits their ability
to see the price from the bigger picture.
To foresee the future of an economy, you have to look at the
charts from a bigger perspective. The monthly and weekly
time frame is the best place to start.
There is no perfect strategy to achieve these results but topdown analysis instead.
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Trading is a Financial Assets When
Practiced with Proper Education:
What are assets? Assets are values or resources that produce
returns of what you put in. You put in $1, making you $2-$3
back, which is an asset. The billionaires don't sleep on this
approach.
In other words, can we classify trading as an asset? Yes the
only difference, it doesn't make money while you sleep. You
have to work for it.
Trading is not passive income but can be your ATM machine
for life when practiced with proper education. In other
words, trading can be termed as an asset when you have the
right education for it as explained earlier in chapter one.
But that's not all, also when; you understand it is not a getrich-quick scheme. You can't make millions off your capital
(more on that later).
When you understand how much you can afford to lose is
more important than how much you are to make. When you
treat it like an investment vehicle (a business).
Staying disciplined by sticking to your trading rules. Trade
less often to make more by ensuring you are picking out the
best trading opportunities.
With that, you have assets that will always feed you for the
rest of your life. Other than that, congratulations to you
because you have a system that will soon lead you to
bankruptcy.
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How do you make a million bucks in this market? It all starts
with adopting the right investor's perspective. To achieve
this level of success, you need to think like the billionaires I
mentioned earlier
For every $1 you invest, you get $2 back in return. For
instance, investing $100 yields $200. $1,000 yields $2,000.
And $10,000 yields $20,000.
This is the right approach to start your journey as a Forex
trader towards becoming a millionaire. The larger your
capital, the greater your returns per successful trade.
Allow me to explain. With a risk-to-reward ratio of 3:10, we
risk 3% to earn 10% for each open position. For instance, if
you're trading with a $1,000 position size, you risk $30 to
earn $100.
So, to make more, we trade less often. What I mean by this is
that we only pick the best trades for the month. For every
five successful trades in a month, we make a return of 50% of
the investment, which amounts to $500.
Let's do the math. For every five successful trades in a
month, you'd make a return of 50% on your investment,
which amounts to $500.
By picking out the best trades for the month, you're only one
month away from reaching a 100% return on investment. In
12 months, you'd have a 600% ROI, which amounts to
$6,000.
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While it's impossible to avoid losses, if we subtract $1,000
from $6,000, we're left with 500% returns on investment,
which is $5,000.
For instance, investing $10,000 yields $50,000, and
$100,000 yields $500,000. The higher your capital, the
lower the risks and higher investment returns.
It's worth noting that no investment vehicle can offer such
fantastic returns in a month. Even billionaire investors are
happy with 20% annual returns.
For a $100,000 position size, they'd make only 20%
annually, which amounts to $20,000. This means they have
a target of 1.7% ($1,700) ROI/month, and in 12 months,
they'd have a 20% ($20,000) ROI.
Please note that in trading, you can't achieve financial
freedom trading solely from your capital. It's not advisable
to turn a $1,000 account size into a $100,000 account size,
as this may push you into unfavorable market conditions
that could blow up your account.
Instead, you should avoid flipping accounts and focus on
securing bigger funds through compounding returns. That's
how you become a millionaire.
Disclaimer: This is not financial advice, but rather a
better way of explaining how setting up a risk-to-reward
ratio and larger position sizes can help you analyze your
possible outcomes.
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The number of trades in a month should be based on the
trader's objectives, risk factors, and trading style, ensuring
they're not over-leveraging their position size.
As much as we aim for winning trades, we should also
allow room for losses.
There may be times when you won't have five successful
trades in a month due to the dynamic nature of financial
markets, but as long as your winning rate is higher, you're
good to go.
My tip for you is to trade less but make more by picking out
the best trades possible.
If you want to pick out the best possible trades, you need to
ensure that your technical analysis, risk management, trader
psychology, and market psychology are all on point.
You also need to stick to your trading rule, which means only
trading when you've identified an opportunity in the market
based on your plan.
Additionally, it's important to know when to stay out of the
market if your setups or decisions haven't been met. If you're
a beginner or struggling trader, check out my YouTube
channel @learn forex with Dapo Willis for more learning
resources.
Congratulations if you've made it this far in this chapter you're already 70% ahead of traders struggling to profit from
the market. The remaining 30% comes with consistent
practice.
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However, being profitable doesn't necessarily mean
becoming a millionaire. With small capital, you can still
make profits, but you won't be able to build a fortune out of
trading with micro lot sizes.
Don't feel bad about it - being profitable is better than being
a consistent loser. Securing a large account size is the best
way to grow your profits.
While most traders don't have access to large account sizes,
getting funded with a large account size is actually easier
than you might think.
You can do this by soliciting funds from investors. I tell you
how?
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CHAPTER THREE: HOW TO
SOLICIT FUNDS FROM
INVESTORS
The best way to get exposed to a large account size is by
soliciting funds from investors. And the Good part:
Investors always demand profitable Forex traders with good
trading results.
Let's say you got an investor who invested $500,000 with
you to trade. And the contract between you and the investor
was an annual return of 50%. And he will also give you 15%
of the 50% ROI you make.
50% returns of investment of $500,000 is $250, 0000. You
are to take 15% from the 50% ROI= ($37,500) out of
($250,000). $250,000-$37,500= $212,500.
So your investors keep the $212,500 and their initial
$500,000 deposit. So you have less than 365 days to make a
50% ($250,000) return on investments.
With a risk-to-reward ratio of 3:10, you are to risk 3%
($10,000) to make 10% ($50,000) per trade in a $500,000
position size. In a year, you are just 5 trades away from
hitting our ($250,000) ROI as promised.
These 5 trades are only to meet your client's 50%
requirements, and 365 days to meet this target is quite a lot
of time and advantage for you as a trader.
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Certainly, there will always be room for more trading
opportunities due to the time duration to meet up with your
clients 50% requirements.
Let's assume your overall trade for the year was 75%
(375,000) of $500,000. So you take out 50% ($250,000) for
your client's requirements from the 75% (375,000).
375,000-$250,000= $125,000 kept it in your pocket. So
your clients give you 15% from the 50% ($250,000) ROI=
($37,500). So your investors take home ($212,500) and a
$500,000 deposit.
In total, you have your 15% ($37,500) + 25% ($125,000) in
your pocket = ($162,500) in total profits just by trading with
an investor's money.
You can see the power of exposure to large account size and
compounding returns. But the fact is, attracting yourself to
these investors is just one piece of the puzzle.
The question is: how consistent are you in terms of returns?
Every potential investor will want to see two things from
you: steady, consistent trading results and a good trading
portfolio before they are convinced to invest their money
with you.
To meet the needs of your potential investors, you must
understand their perspective on money. I have observed a
common characteristic among investors: they all have
common ideas on "Cash Flow."
Most investors with significant resources are not looking to
make an extraordinary return on every investment. They just
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need a consistent Return On Investment (ROI) between
20%-30% in a year. This may surprise you, but it's the truth,
and I'll tell you why.
Treasury bills only provide an average ROI of 8%-12% per
year, and the largest investment companies, such as
Berkshire Hathaway, consider an annual return of 20%
successful.
Real estate provides an 8% ROI per year. So, while there are
many investment opportunities, few provide significant
returns on investment, and people are always eager to look
for alternative sources of investment.
If you have a system in place that provides you with more
significant advantages in terms of ROI, people will be more
willing to invest in you.
However, many traders have these misconceptions when
approaching investors. For example, they believe they need
to trade every day or require a large account size to prove
trading is profitable.
However, these assumptions are not true. What investors
need to see from you is a good track record of your past
trading performance.
Even with 50% annual returns on any account size, you're a
good trader. Additionally, providing a more detailed
explanation of what trading entails is essential since not all
investors may understand it.
Investors don't care about your account size or background.
Instead, they need to know about your past performance and
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how you plan to achieve consistent results with their money.
Therefore, you must focus on providing them with this
information.
In trading, making a 20% return on investment can take a
trader less than two trades, which is quite common in the
Forex industry.
If that is the case, then with proper risk management, you
only need less than 4-5 trades in a year to beat these large
investment organizations in terms of ROI.
So, why won't investors come running after you like a baby
crying to meet her mother? You don't need extraordinary
returns before you can close a deal with investors.
A 50% profit in a whole year which I consider a lot, investors
will see you as an asset. The reason is that sophisticated
investors who believe in the concept of investing understand
the inherent risk that could be incurred on every investment.
Hence, they do not have unrealistic expectations from the
investment they are about to make with you. Trust me, these
individuals are comfortable making 12%-20% a year with
you, if you can actually prove that to them.
Therefore, you must always make reasonable promises when
pitching yourself to investors. Otherwise, they can write you
off immediately from your pitch.
Spoiler Alert: Extraordinary returns scare these
sophisticated investors away because they understand how
money works. So, don't think you can convince them with a
promise of 100% in 6 months.
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And if they do invest with you, even with these mouthwatering promises, you are putting yourself up for danger
because if you don't fulfill these promises, you will face
whatever consequences come out of it.
The only difference between a trader who makes millions
from trading and a trader who makes 10%-20% consistently
is not their trading strategy but exposure to a large capital.
You don't need a strategy that can fetch you millions on the
go; you just need one strategy that can keep you consistently
in profits.
My experience in coming across multiple billion-dollar
investors is that funding you with money worth millions
doesn't matter to them. Still, your winning consistency plays
an important role and good satisfactory results with other
investors you have come across.
So, how do you solicit these investors? That leads us to the
next section.
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Where to Find Investors:
There are 4 key strategies you can use to look for wealthy
investors. And it all starts with.
Friends and Family:
I'll tell you a little story. I was in my first year at Coventry
University when I got my first-ever trading Investors, and he
was referred through a flatmate of mine
This flatmate of mine has 2 slide jobs he does to make an
extra income for himself. Sounds surprising, but you need to
understand that your parents will not provide 100% of all
your responsibilities even while you are at the university.
And of course, they will pay your rent, feeding, and fees but
they will not necessarily buy you the PlayStation you want,
flat screen TV, and those fancy things you need as a person.
If that is what you want, you just have to get a side job to
meet these needs or figure out a way to sort it out all by
yourself. Now back to the story.
These flat mates of mine knew I was making money trading
because every time he came back from his side hustle job, He
always met me in my pajamas with my two MacBook trading.
The guy was intrigued by what I do but not interested in
learning to trade for himself. Reasons best known to him. All
he wanted was to invest with me and go chill.
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So he managed to convince his Dad how I was able to make
something by simply trading the market. And behold, his
Dad was convinced and invested in my trading.
The point is this guy who makes little or nothing in monthly
allowances from his parents convinced his Dad to invest
about £24,000, which was a lot for me at that time? That
was my first-ever trading investor.
So what is the essence of this story? Never underestimate
anybody. Now the easiest way to get your first investor to
your trading is through friends and family.
This approach is often the most overlooked method of
looking for potential clients. Most people give the excuse of’
I‟m not from a wealthy background and I don‟t have rich
friends which are not necessary.
The secret about informing people like this is how you create
awareness. It might not be your known friends or family that
would invest with you. Rather, it is the people they tell about
you.
The popular saying goes, people always talk about people.
You might not know who is talking about you that could
probably link you up with a wealthy investor. So at any time
when necessary, let people know what you do. Because your
friend and family will always help you put the words out
there to the right people.
Even if they don't understand what trading is all about, do
due diligence to explain to them because you never can tell
who will be your first $100,000 trading investors. Have this
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at the back of your mind; you are one client away from
getting to your first million dollars investor.
Social Media:
Social media has made connecting easier than before. The
only difference between (family & friends) and social media
is, they help you reach more people than your family and
friends could ever reach.
But that is not all; there is something unique about social
media that plays a huge role in filtering out the right
investors for you.
You need to understand that, when dishing out pieces of
information to people on social media, you may reach out to
the wrong audience or to a large portion of people who will
end up stalking you but never investing in you.
Social media can be full of sh**t. But there is usually one
thing I find interesting about social media. It allows you to
keep up to date with influential people and high net-worth
individuals about their activities.
Because those sets of individuals are your target audience.
They have the money, so you need to keep in touch. But I
don't mean you should start reaching out to them on their
social handles or start blasting them all over the DMs for
investment opportunities because they will end up not
responding and label you as a scam.
The approach is to keep you up to date with their day-to-day
or weekly activities. As I previously mention, I'll explain that
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with a little story about my encounter with an African
billionaire. This story will be in-depth.
It began during a graduation ceremony from Coventry
University in July 2014, where I learned that the richest
black man in the world, Aliko Dangote, was also attending
his niece's graduation party.
I suited up, dressed appropriately, and waited for him at the
cathedral. Since he was overseas and not as well-known in
Coventry University, there wasn't much attention on his side,
allowed me to approach him.
I was bold enough to approach him, and at the end of the
day, he invested a million dollars with me. The rest was
history. But wait, do you want to know how I was able to
close the deal with him and secure the million-dollar
investment deal?
As I mentioned earlier on, I got his attention with my
analysis of crude oil, but there is more to that. Keep reading.
So the question now is “how was I able to find out he was in
Coventry?” Through social media.
At that time, it was summer, so I was at the gym working out
when I saw on Snapchat that a friend of mine in Coventry,
who happens to be a lady, had posted about the African
billionaire's presence.
All this happened during my first year at Coventry University
and I had already figured out the top-down analysis, so I was
already profitable but needed large funds to scale my
profitable journey as a trader. So now you see how the
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impact of social media plays a huge role in keeping track of
HNI (High Net-Worth Individuals).
Let's assume I didn't find out, which would not have been
good. I would not have been aware or prepared and would
have missed out on this million-dollar client's deal.
God knows what would have happened. This just goes to
show that opportunities favor prepared minds. I have always
had this mindset, which happened to be a coincidence, but I
didn't miss it because I was prepared.
If you notice that your target individuals are in a region
where you could easily meet them one-on-one, try to fly over
if possible. For instance, most celebrities post about their
upcoming shows or events to inform their audience of their
plans.
If your target investors are posting about a location they are
planning to visit, you can go there to try and meet them.
With the power of social media, it's easy to figure out your
potential clients' next move.
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Gathering Of High Network
Individuals (H.N.I):
I call them the “big boys” and they can be anybody, such as
your relatives, owners of an organization, influencers, and so
on.
Where does HNI hang out? Take a minute to guess… the
nightclub, party, religious center, eatery, or elsewhere?
Wrong!!! You can‟t find them there, and even if you do, the
chances are so slim.
You would want to go to a gathering where you see all of
them dining together, having fun, or chilling. And where are
those places? The tennis court.
Only the rich play tennis at the tennis court; you can't find
low-level earners there because they would rather use that
time to work and make money to feed themselves.
But the rich will always be rich because they have a system
that makes money for them while they go out chilling. The
tennis court is where you find them most.
I have a tennis club membership, but I don't even know how
to play tennis. I just go there and play pool, speak to many of
them, and try to build that connection that can lead to
possible clients.
And it worked for me and will work for you too if you also
participate in all these.
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Account Manager:
Account managers are those in the bank that monitor the
day-to-day transactions of clients' accounts. For you, getting
familiar with your bank account manager is the target. Do
you know why? These bank account managers know those
with big pockets in their banks that could potentially be your
client.
Therefore, building a healthy relationship with your
managers could increase your chances of bagging a deal with
an investor.
Events:
This is another secret of bagging deals with very wealthy
investors. Events such as fashion shows, car shows, tennis
courts, and even football shows could lead you to meet with
wealthy individuals because they tend to attend functions
like this.
In a football show, you would need to have access to the VIP
sections so that you can have the opportunity to meet with
the VIPs. If you cannot afford a VIP section, don't stress
yourself.
There are other ways you can get investors, which I just
mentioned. Cutting your coat according to size is better, but
still looks presentable. You should have secured a deal if you
do your due diligence by carrying out these four actionable
steps within six months of intense searching
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CHAPTER FOUR: CLOSING
THE DEAL
When you approach an HNI, what will you say to them that
will attract their attention? How do you keep them
interested in your trading? This is what I will cover in this
chapter, "Closing the Deal."
Dear traders, if you have reached this chapter and already
put all the other chapters into practice, then consider you a
fund manager and not just a Forex trader.
Because for you to go down this route, you are not just a
trader but a finance individual. So, for the sake of this
chapter, I will be referring to traders as fund managers.
Let's get down to business.
Recall my encounter with the African billionaire. Do you
know how I could close the deal with him that ended up
securing over $1 million for my trading at the age of 21 in
just a few minutes of meeting him for the very first time in
July 2014? By providing value at first sight.
I'll explain. Recall from page 82, The African billionaire was
Nigerian, so most of his investments were based in Nigeria,
and his net worth was pretty much valued against the
Nigerian stock market.
Forbes said his net worth was around $25 billion in 2014.
And you need to understand that he doesn't have $25 billion
in cash. They are all evaluations based on all his investments.
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So back to the story, when I said earlier that the billionaire's
attention was slim, but despite all that he still managed to
get in touch with me despite all that.
Not because I am Dapo Willis or because I am the best trader
in the world which nobody cares about that. I drew his
attention because I provided value at first sight. And what is
this value? My prediction on the oil price was the angle I
used to grab his attention.
Because billionaires or HNI guys have a very short attention
span, their level of success has attracted a lot of people to
them, so everybody would always want to sell them
something or try to gain their attention.
So, if you ever encounter this set of people at a gathering or a
coincidence, always go straight to the point after introducing
yourself briefly because they have a short attention span for
strangers.
Just like my own scenario with the African billionaire, after
introducing myself briefly, as mentioned earlier, I could tell
he was a bit distracted due to the ceremony and everything
going on around him.
So I quickly told him this:
"Sir, I just wanted to quickly share something with
you, and I know you have to head somewhere."
So, I did introduce myself briefly, as mentioned earlier.
Intro: "My name is Dapo Willis, a very young
trader who has been trading for four years now."
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Unique Angle: "According to my analysis at the
moment, I have seen that the price of crude oil is
about to drop from $102 a barrel to $45 a barrel."
"And I know for a fact that your net worth is
directly tied to the stock market index in Nigeria.
And if the oil price falls, this will have a negative
effect on the Nigerian stock market, which your net
worth is pretty much based on."
I didn't make it sound like a threat; I only let him know my
observations. Here is what you need to know. Most financial
institutions in New York and London negotiate deals and
give funds to HNI based on their net worth and performance.
So, if there is a significant drop in the African billionaire's
net worth, it will reduce his bargaining power to negotiate
certain deals and loans.
All these thoughts actually came into my head in a split
second. How? Because I am a Forex trader who trades based
on price action and top-down analysis. So my strategy allows
me to predict the rise and fall of any financial instruments
based on its currency strength.
And that is just to tell you that “trading also foresees the
future of an Economy”.
Once again I have put together a mastery course that shows
you a deep dive into how my strategy was able to secure me
over $50 Million dollars’ worth of A.U.M and how I was
able to use basic technical tools to predict any financial
instrument in the world.
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If you are interested, you can reach out using this email:
learnforexwithdapo@gmail.com. It only costs $99 at the
moment of publication of this book, but the price could vary
from time to time. So get yourself the program and see how
I was able to spot these moves in the Forex market.
Now back to the story. So because I was able to trade
successfully, I had already done my top-down analysis on
crude oil that was about to drop before I met the African
billionaire.
After I shared my analysis with the billionaire, he was
shocked. He looked at me in a peculiar way, as I told him
something he had never heard before - my unique angle.
He was much more concerned because I was so confident,
and he could tell right in front of him. So he responded,
"Okay, so you claim you have done your analysis.
Hmm, that's fine.”
So he summoned his P.A (personal assistant) told me to
repeat the same thing I said to him which I did. His P.A was
also a bit concerned, so he told his P.A to collect my contact
information due to time.
So I exchanged contact information with his P.A and
something happened that I want you to listen to. Recall
earlier on where I showed a glimpse of the analysis on crude
oil.
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You could tell the massive fall of crude oil went as low as
$45/barrel as i predicted.
It took the market six months to make this massive drop. I
didn't receive a call from the African billionaire or his P.A
during that time, so I wasn't bothered.
I was already making money for myself trading and telling
people that crude oil would fall, which did happen. People
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started to notice that my prediction was correct and invited
me to speak about trading at other universities.
I was speaking at the University of Bedfordshire, somewhere
on the outskirts of London when the billionaire's P.A. called
me and asked for my presence because the billionaire wanted
to meet me.
That was 6 months later after the fall of crude oil. At that
time, oil prices were drastically falling and OPEC had
announced bad news about boosting oil production, etc.
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That also reminds you that Technical analysis oversees
fundamental analysis (page 23). Oil didn't just hit
$45/barrel; it actually fell to $25/barrel, which was $20
below my prediction.
This was the lowest oil had been since the mid-50s and 60s.
They sent a private jet to come and pick me up. That was the
first time I had ever boarded a private jet.
When I arrived, the billionaire was in a meeting, and it took
about an hour before he could finally come and see me.
When he did, I remembered the statement he had made.
“Hey young man, come here, come see me”. “What
is happening right now (the crude oil) is crazy.
How did you know about all these things”?
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So I did justice to my explanation and explained to him what
trading is actually all about. He requested to see my charts,
which I showed him. He couldn't understand the graphs and
lines he saw because the chart was a bit complex.
He went further and asked, "How did you manage to
understand all these because you study business
management in Coventry and not finance?"
Long story short, I didn't even mention anything because he
was doing all the talking.
He asked, "Can we make money from this?" and I
replied, "Yes." He asked how much I had made from it, and
I told him £100,000 which was a change to him.
The fact that I could make money from it interested him
more. The next thing he said took me by surprise, and I want
you all to pay close attention.
He said, "I am going to give you some money to
trade for me to test you," and I said, "Okay." He then
asked me, "How much do you think you can trade
from this thing?"
I was speechless, and then he further said, "What can you
do with $10 million?” At this point, my mind blew up. I
didn't know what to say but had to respond, "A lot."
I then stepped in and told him to relax because he was
overexcited to give me this money to trade. But I told him to
hold on and let's start with $1 million as a test.
I was a bit scared, not because $1 million was a lot for me to
handle, but because if anything went wrong with the money,
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I would end up in debt that my family would not be able to
pay even if they sold all their property.
So I had to give room for mistakes and ensure my emotions
were not attached. He accepted, and flew me back to
Coventry, and that was it.
So, I have listed the three most important factors from this
story that you need to know when closing the deal with an
investor.
So I have listed the three most important factors from these
stories that you need to know when closing deals with an
investor.
Firstly, whenever you come across an HNI individual, always
ensure that you provide value or a unique angle that will
ensure they come back or you both book a meeting for
another day.
Because if you miss it at first sight, chances are that you may
never get that opportunity again. You need to understand
that most business deals are not sealed in offices or
workspaces; they are usually done in social gatherings.
So at any instant you eventually come across them, give it
your best shot. In other words, prepared and be patient, and
don't be desperate. You want to take their money, so let
them breathe.
Preparation comes with keeping up to date with your
potential clients on their social media profiles so that when
approaching them, you sound like you have met them before,
which can boost your confidence in speaking to them.
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Patience comes when you wait for their call. If they seem
interested, they will give you a call. Don't bother disturbing
their lines or reminding them on a phone call about what you
discussed to avoid being flagged like a scammer in front of
them or showing you can't do without the money.
If they are interested, they will never forget to call, not you;
that is why you need to hit them with something profound.
For instance, you can also analyze Bitcoin or a crypto market
and tell them what you think using the top-down approach,
which I discussed in depth in my course.
Social media has made it easy for you to know where your
potential clients may be at the moment, their investments,
and other business activities or partnerships they engage in.
So you can use all these avatars to pitch them something
profound that will always keep them interested in more
conversation with you.
Secondly, educate them. You may never come across an
investor the same way I did with the African billionaire, but
one thing is for sure, most of these H.N.I.s know nothing
about trading.
Most investors don't part ways with their money because
they don't feel well-educated enough. They are not yet
convinced, and you haven't answered their objections.
If there is anything I have learned over the years in sales, its
handling objections. The sky is your limit, if you can handle
your potential customer's objections well enough.
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So always ensure that you educate them on trading. Nobody
will ever invest in a business model they know nothing
about, take that from me.
Do well and explain what trading is all about to them. Most
times, the way we understand FX trading is not the same way
our potential clients understand them to be.
They know Forex trading exists but don't know if you can
trade off it to make money. They believe Forex trading is like
the exchange of physical currencies; that is where you come
in.
The Forex market doesn't work that way, it is quite
similar to how you buy and sell the stock markets
but the only difference is that they put together two
currencies as one financial instrument.
If the financial instrument goes up or down you
make money. A trader makes money profiting from
the difference in price between two financial
instruments.
The big banks are the market movers, Morgan
sterling, Bank of America, HSBC, etc. Those are the
major movers of the financial market.
When you deposit your money into the banks, they
take this money to trade the financial market and
make money off your money and give you back
your deposit.
Even the big banks are all in all of this.
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With all this, you are also providing them value and
educating them more on what they need to know. And they
might ask how you access the market and how it is.
You explain to them that they need to get a brokerage
account before they can access the live market.
Most importantly, your potential investors may also ask you
how secure is a trading business. Tell them how profitable it
is, how your skillsets have allowed you to make over xxx
returns on investments and an expectation or average of
what they will make if they invest with you (i suggest you tell
50% or less).
But do not overpromise, 50% annual return is fine. If they
ask you if it is guaranteed.
And this is where you ought to be careful because, from
experience, I'll advise you not to guarantee anybody. You tell
them this.
Due to the dynamic nature of the markets, I have
made at least 40%-60% a year based on my past
performance.
So you need to clarify to them that the market is not 100%
guaranteed. But you do not want to also scare them away as
well, so you can try and balance the equation.
However, I usually end up with about 70% and more, but
this is how well I did last year. (Show your track record). So
if eventually, they asked you how much they likely to lose
and here are you go again.
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However, from my track records over the past xx
years, I haven't lost any money
And if I eventually lose your money because the
market is not 100% guaranteed, the maximum
drawdown should not be more than -20%.
So if they are investing $20,000 in your trading then they
know are only risking $4,000 which is your maximum
drawdown.
If you had a maximum drawdown of -20% you would return
their money, which may likely not happen if you have the 4
Cs pillar in place. Obviously, you also want to show them
your past trading result as that only holds your statement
accountable.
If they don't accept or claim it is too small. Chances are they
never invest with you, and you should never take their
money. The reason is that sophisticated investors
understand the inherent risk that could be incurred on every
investment.
So when promising 50% return in a year, they will always be
happy to invest with you. Now listen, if, at any point, they
demand a trial for as low as $1000 or anything less than a
figure that doesn't worth your stress, please don‟t accept it.
If you were given $10,000 dollars‟ worth of investment and
you were to make 50% which is $5,000. How do you want to
split a $5000 ROI? Because the stress, time, and effort it
takes to trade a $10,000 account are still the same as a
$10,000.
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The nearest minimum for trials should be $100,000. I
personally don't collect anything less than $100,000
because, over the years, I realize people who invest anything
less than this amount for trials will always stress the hell out
of you.
Because chances are, those sorts of investors usually end up
investing their life saving with you so they would want to
make sure that nothing goes down with their money even
while investing with you.
And as fund managers, we always want to cut as many
negative emotions, and pressure as possible while trading.
Avoid such investors and that is while I always emphasize
the HNI
Most times you may come across the HNIs. But if at any
point you find yourself with someone who you feel is
interested but not sure if they are capable enough. It is
recommended to ask potential investors several questions to
get to know them better.
You could ask about their profession, place of work, and
family. Additionally, it is essential to inquire if investing in a
particular venture with you impact their current expenses,
such as rent or fees.
If this is the case, it is advisable not to accept their
investment. This third checkmark comes after the first and
second bullet points have been achieved because the contract
stage is when both parties have agreed.
It is time to draft your contract, which can be in a PDF
format or any soft copy. Why is this necessary? A contract
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shows proof of the agreement between you as a trader and
your investors.
But there is more to it than that. Your contract is what holds
both parties accountable and serves as proof of investment.
And you want to make sure it contains the following
important factors
How much your investors are investing with you. Disclaimer
policy indicating your overall maximum drawdowns you as a
trader should not exceed. Trading equity curve and how
much you intend to generate throughout the investment
period.
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CHAPTER FIVE: BUILDING
UP YOUR TRADING EQUITY
CURVE
Convincing your investors to invest with you without
showing your equity curve is a waste of marketing effort. As
much as you sound promising, your trading results should
act as a backup and speak for your results.
In trading, your equity curve is a graphical representation of
a change in the value of a trading account over a time period.
So how do you generate your equity curve? By connecting
your trading account with myFxbook or any other
backtesting software to keep track of all your trades.
And there are two types of equity curves:


The high-risk
Low-risk equity curve.
The high-risk equity curve as it may sound usually tends to
be in a linear order.
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With that, your risk tends to be usually high which can set
you up for an irresistible recurring loss. Traders who possess
a trading equity curve in order like, this tends to be trading
with a high level of risk.
And that is because they are few drawdowns away from
blowing their investors funds. The low-risk equity curve is
how your trading equity should look in reality.


Trough represent the maximum win per trade
Crest which represent the drawdown per trade
So there should always be room for loss, because investors
understand the concepts of risk attached to any investment
opportunities.
This principle of minimizing losses is not just applicable to
trading alone. it is also applicable to other financial
activities.
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So the lower the risk, the better your chances. So your
investors will always want to see a low-risk equity curve,
knowing fully well that whenever their money goes wrong,
the losses can be manageable.
Now back to the curve. The X-axis which is horizontal
indicates Q1, Q2, Q3, and Q4. While the Vertical Y-axis
shows your account values with respect to the X-axis.
Q represents quarters that indicate a 3 months period, Q1
stands for "first quarter", Q2 stands for "second quarter",
and Q3 stands for "third quarter" etc.
So we have 4 quarters in a year and an increase on the equity
curve from the first quarter to the fourth with respect to
account value represents a 100% return on the Investment.
So it is advisable to have a separate account before
proceeding to build their equity curve.
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The reason is, one of the accounts should be for conservative
trading and its purpose is to build your equity curve, not to
make money from it because you cannot be rich trading your
capital.
A round figure number would always be a great figure to
start for easy calculations. If we are to trade on a $100,000
account size of instances.
So we stick to our 3% to make the 10% rule. Assuming our
first trade was a loss, that means we are down by -3% which
is not bad
Don't be scared as long. As you stick to your 3% rule, one win
covers all your losses. So the equity curve is meant to look
like this with a -3% drawdown. So we had our first win
which covers 2 losses and we are back in positivity.
We are expected to make about 18%-20% ROI in the first
quarter.
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I know this may sound too small but you need to understand
that the market takes time to provide a high-probability
setup, so patiently waiting for a quarter can provide you with
these setups.
Traders who make the most amount of money don't trade
more often, 2 to 3 high-probability trades a month, and they
are done.
And from an investor's perspective, 20% is a lot of money, so
the purpose of growing your equity curve is not to beautify
your track records with myFxbook, but to use these records
to convince to be able to convince your investors.
So you are not trading to flip your account rather build up
your equity curve. And sophisticated investors would always
like to see a relaxed curve with a few drawdowns and gains
just like this.
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Because, the losses are minimal and manageable. They‟ll
believe it is safe and guaranteed. In the real world, that is
how an investment curve should always be because there will
always risk involved in any form of financial investment.
So don't think having a High-risk equity curve will actually
entice them to invest with you. No, it won't. So as a trader,
you should always give room for losses as they tend to always
happen.
Now back to the curve. At the beginning of the second
quarter, let's say we are down by -6%. For every win, we are
up by +10% which puts you in positivity.
Before the end of the second quarter, we should be up by
approximately 40% ROI
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The process goes on and once to the end of the 3rd quarter,
should be up by +56% due to the market's volatility and up
and downs.
In summary




First Quarters (Q1)= 18%-20% ROI
Second Quarters, (Q2)= 40%
Third Quarters (Q3)= 46%-50%
Fourth Quarters (Q4)= 50%-62%
Don't bother or try to double the account before the end of
the 4th quarter, as you can see, this is the principle I always
live by when trying to grow my investor's funds depending
on the market conditions.
I didn't even make 100% ROI and my Investors are always
happy. 40%- 50% ROI is a lot. If it happens to be 20% you
can return due to the market condition, that‟s fine.
20% on a $100,000 is $20,000 which is fine.
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When trading is practiced with proper education, 80% of the
time you can make 60% ROI and above with an investor's
funds but you cannot guarantee them that.
So you always ensure to lower their expectation to avoid
putting yourself under more pressure. So in the first quarter,
you are expected to make an average of 18% to 20% target.
You don't have to stick to your laptop screen all the time just
to find setups; you only need just 2 high-probability trades to
meet this target with the 3% to 10% rule.
The most important factor when building your equity curve
is sticking to your 3% to 10% rule. By sticking to these rules
and trading with proper education, you won't be able to
exceed your overall maximum drawdown based on your
contract.
If your overall maximum drawdown was -12% and overall
ROI was +60%. Whenever your investors see this, they
know they are only risking 12% to make 60% which is good.
As opposed to the high-risk curve in which they know they
are to lose 70% and be left with 30%. Don't impress by
overleveraging, ensure you always stick to your rules.
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FINAL WORDS
The 5% of traders who build a fortune trading the Forex
markets have one thing in common that the other 95% don't.




The right mindset
Proper education
80% Patience and
100% Dedication.
Are you going to get rich overnight? Or are you ready to build
a fortune out of the markets by following the process? The
mindsets you choose are what determine the outcome of
your results.
So with the proper mindsets, you need to be technically
sound, Risk management wise, Understanding Trader &
Market psychology, etc.
To sum it up. Build up your trading portfolio and solicit
funds from investors and that is how you go about making a
million bucks from this market.
Don't Give Up Yet
Making money from the financial markets is where a lot of
traders find it agitated. It requires years of hard work,
practice, and the desire not to give up.
The road can be lonely but the ending always brings the
resulting smile. Trading requires a practical skill set and a
business mindset that will always reward the patient.
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So treat the financial markets like an investment vehicle and
it will reward you for your efforts.
That goes by the saying; a profitable trader will always be a
profitable trader for life.
So, it can take 5 years to study a course at the university.
Then, why can‟t you dedicate a fraction of that time to
learning a skill that will pay you for the rest of your life?
Don‟t feel bad if things didn‟t go right, but look at the bigger
picture. So keep pushing till you get there.
GOODLUCK
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