As a matter of general information, and interestingly, the biblical texts and Spirit of Prophecy quotes from the book, Evangelism, (one of my favorite compilations) being used for these posts each day are prepared about a month in advance of their posting.
The quotes are not directed at any individual but are marvelous, direct instruction for all of us from the Bible and the Spirit of Prophecy.
What a privilege to have the Holy Scriptures and the Spirit of Prophecy in the form of the writings of Ellen G White as guides for our daily living in the last days before Christ’s return. We lift up the Bible, the Written Word, as our only rule of faith, and the Spirit of Prophecy was given to lead us to that “Written Word,” and the “Living Word,” Jesus Christ. Let us uplift Christ, His Holy Word, His righteousness, His Spirit of Prophecy, His sanctuary service, His saving power in the great controversy, His three angels’ messages, His health message, His last-day mission to the world of sharing the good news of salvation including the need to plead for the latter rain of the Holy Spirit, and His soon second coming.
July 16
“Let your beauty not be external—the braiding of hair and wearing of gold jewelry or fine clothes—but the inner person of the heart, the lasting beauty of a gentle and tranquil spirit, which is precious in God’s sight” (1 Pet. 3:3,4, NET).
CAPITAL HAS NEVER BEEN THE ISSUE WHEN IT COMES TO MAKING MONEY IN SYNTHETIC INDICES.
DO YOU KNOW YOU CAN OPEN A POSITION ON MOST PAIRS WITH LESS AN $1 ?
Here's a thread on how to;
Read to the end.👇
I executed VIX 10s on a $7 account, and it's currently sitting at $140.
Growing small accounts on synthetics is quite different from growing big accounts, because small retracements can lead to liquidation before reaching your stoploss point especially when you stack randomly.
4 major steps to take:
1. High probability setups only:
The easiest way to flip an account is a zero drawdown setup. A small account cannot accommodate massive retracements and so only high probability setups must be taken.
2. Choose a pair with low margin requirement and stable volatility:
Here’s a list of pairs and their margin requirements to choose from;
• Volatility 100 index
-Minimum lotsize: 0.50
-Margin cost on minimum lotsize: $0.6 per position
• Volatility 75 index
-Minimum lotsize: 0.001
-Margin cost on minimum lotsize: $0.08 per position
• Volatility 50(1s) index
-Minimum lotsize : 0.005
-Margin cost on minimum lotsize: $0.36 per position
• Volatility 25(1s) index
-Minimum lotsize: 0.005
-Margin cost on minimum lotsize: $0.62 per position
• Volatility 250(1s) index
-Minimum lotzise: 0.005
-Margin cost on minimum lotsize: $0.21 per position
• Volatility 25 index
-Minimum lotsize: 0.50
-Margin cost on minimum lotsize: $0.27 per position
• Volatility 50 index
-Minimum lotsize: 4.00
-Margin cost on minimum lotsize: $0.49 per position
• Volatility 100(1s) index
-Minimum lotsize: 0.20
-Margin cost on minimum lotsize: $0.09 per position
• Volatility 150(1s) index
-Minimum lotsize: 0.01
-Margin cost on minimum lotsize: $0.03 per position
• Volatility 10(1s) index
-Minimum lotsize: 0.50
-Margin cost on minimum lotsize: $0.91 per position
• Volatility 10 index
-Minimum lotsize: 0.50
-Margin cost on minimum lotsize: $0.63 per position
• Volatility 75(1s) index
-Minimum lotsize: 0.05
-Margin cost on minimum lotsize: $0.27 per position.
3. Leverage on stacking at SPECIFIC points:
You can make only $10 from a $5 account and another person makes $100 from same account, difference is the leveraging and stacking points. If you can stack, utilize the skill and exit when you should.
4. Position sizing and risk management:
When you’re buying , you’ll start making up bullish reasons for your setup. It won’t let you see the big picture.
Make sure the reason why you’re pressing buy is not just because you want to flip but because you infact believe in your analysis.
It’s easier to make money when you’re buying when the market is buying and selling when the market is selling.
That’ll be the end for today’s post. Goodluck. 🍷
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Check my highlights for more trading tips to help you as a trader.
You’ll find trade documentaries, breakdowns, insights, results and my personal thoughts on my WhatsApp. Click the link below to connect.👇
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The idea that forex trading is "gambling" depends largely on how it is approached. Let’s break it down to address this perspective:
Similarities Between Forex and Gambling
1. Risk of Loss: Both forex trading and gambling involve the risk of losing money. There’s no guarantee of success in either activity.
2. Uncertainty: In both, outcomes are uncertain, and participants rely on probabilities.
3. Psychological Aspects: Emotional highs and lows, impulsivity, and greed can impact decisions in both.
Differences Between Forex and Gambling
1. Skill vs. Luck:
Forex: Successful trading relies on skill, analysis, and strategy. Traders use tools like price action, volume profile, and fundamental analysis to make informed decisions.
Gambling: Most forms of gambling, like roulette or slot machines, depend heavily on luck, with minimal room for skill.
2. Long-Term Approach:
Forex: Traders can refine their strategies, learn from past mistakes, and grow consistently over time. Risk management tools like stop-loss orders and position sizing reduce exposure.
Gambling: Outcomes are typically short-term, and the odds are often stacked in favor of "the house," limiting long-term profitability.
3. Market Mechanics:
Forex: It’s a global financial market where currencies’ values are determined by economic forces like supply and demand, interest rates, and geopolitical events.
Gambling: Odds are predefined by the game, with no external factors influencing the outcome.
Why Some See Forex as Gambling
Lack of Education: People entering forex without proper knowledge or strategy often trade based on emotions or guesses, turning it into a gamble.
Over-Leveraging: Using excessive leverage can magnify losses, making it seem like gambling.
Quick Profits Obsession: Traders aiming for fast, unrealistic gains might take reckless risks.
How to Make Forex Trading Less Like Gambling
1. Develop a Trading Plan: Define your goals, risk tolerance, and strategies before trading.
2. Learn Continuously: Study technical and fundamental analysis, price action, and market dynamics.
3. Practice Risk Management: Never risk more than you can afford to lose, and always use stop-loss orders.
4. Control Emotions: Avoid impulsive decisions and stick to your strategy, regardless of short-term outcomes.
5. Demo Trading: Practice with a demo account to refine your skills without risking real money.
If approached with discipline, skill, and planning, forex trading is closer to a business or an investment than gambling. Share these points with your uncle to explain how you're treating it responsibly.
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