How to Future Proof Yourself
#390: How to Future Proof Yourself
In this video:
00:28 – What an interesting year 2020 has been
01:20 – Problems around the rest of the World
02:00 – Using other people’s money to trade?
03:45 – Take advantage of these ways of making money from trading
04:23 – TFTC Pattern Trader bots
05:28 – Trading off a small account size
06:42 – You need to future proof yourself and learn how to trade correctly
What would another corona virus lockdown mean for you? Is your job secure and what are you doing to future proof yourself? Let's talk about that and more, right now.
Hey, traders, it's Andrew Mitchem here at the Forex Trading Coach with video and podcast number 390.
What an interesting year 2020 has been
So, it's been an interesting year, hasn't it? We're heading up to the US elections next week, and we've obviously had coronavirus cause issues right around the world. We're lucky here in some ways in New Zealand, we're very small, a couple of islands safely tucked away at the bottom of the world. We've only got one international airport that's open. We've only got three in total, but we've got one that's open. Very, very easy for us to control coronavirus here. Only 5 million people but even so, we can't move around. We can't travel overseas. Visitors are not coming in.
As a country, we rely on tourism and we're heading into summer now so there's going to be a lot of job losses here, a lot of problems coming.
Problems around the rest of the World
Around the rest of the world, Europe is getting... There's more and more problems. There's unrest, there's riots. There's more lockdowns coming and that's likely to cause huge problems and unemployment fear, et cetera like that.
And it comes back to exactly like I mentioned to you back in around March, April, May time about future-proofing yourself, but how you can use the Forex market to do that. I want to give you some examples of what people are actually doing right now along those lines.
Using other people’s money to trade?
The first example is a client who wrote on our forum site just this week. He said that his trading's going really well. He has found one of those sites online where you can prove yourself as a trader. You can then get a split between profits from someone else's funds. And so what he's doing is he's spent the last six months on the course understanding trading, getting to make it work. And now he's at that position where he can really profit from it, which is fantastic. He sent a screenshot on the forum site. He said last week on his first week with this account that he's trading on behalf of another company, he made 7.9% gain.
There's another email here and I've printed it out to read it to you. I won't give you the name of the company the guy's using, but he says I'm also looking at using the company and other funding providers. It looks like I'm out of work in the next five to six months so looking to transition to a full-time trader by then, and these funding providers are a very attractive option. He talks about the 70/30 profit split and they have a 10% challenge over 30 days and there's rules of maximum and minimums and draw downs and weekends, et cetera.
And he said on here, I hit a 10% profit last month. And he talks all about what he did and how he's going to approach this. At the end, he said this is a great way to accelerate the path to full-time trading. It's a very viable option.
Take advantage of these ways of making money from trading
So there are those type of companies out there,