So today (23rd March, 2020) is my late Dad’s Birthday (Engr. Kazeem Lawal Oludare), and after wishing him an happy birthday on Facebook and Twitter, I decided to also post it here on my blog (9jacashflow.com) because I will forever miss him.
Here is my twitter post incase, you’d like to see it.
Today’s my Dad’s (@qazeemlaw) birthday. Unfortunately, we lost him 9 days ago. So so sad. I could remember a day to the sudden incidence, he cashd out a little from the Bitcoin he bought last year March 13 during the crypto crash.
.
Your kind is rare. May God grant you paradise🙏
Below is a picture we took a very long time ago. A humble man indeed.
From left: Dad, Taiwo, Idowu, Kenny and Mom.
I actually don’t know where to start talking about him but I know his legacy for cheerfulness, and always wanting the best education for the youths will forever live long.
Prior to his death, he was a lecturer at the Federal University of Technology Akure(FUTA) and the Ekiti State University(EKSU) where he lectured Industrial and Mechanical Engineering.
His also very knowledgeable about entrepreneurship, as he has one of the biggest library of business, motivational, and personal development books that I have seen physically.
Here is another old picture 👇
Funny enough, I first came across the word “Cash Flow” while I was reading “Rich Dad Poor Dad” from his library 10 Years ago, and that’s one of motivation for creating 9jacashflow.
Another thing I know about my Dad is that he never discriminates, and I think I need to imbibe that as well.
I can go on and on to describe him and share what people are saying about him, however, this post is to wish him an happy birthday🎂.
Happy Birthday Dad 🎂🥳.Even though you’re not at our side at the moment, I know you’re here with us.Most of your books will now be used as library because that is what you ever wanted.We promise to make you proud.
Kindly wish him a happy birthday in the comments below 👇
It came so sudden because I never expected it, but it’s fine. It’s well. Those are my final thoughts.
So I lost my Dad 5:17 am on Sunday morning, 14th March, 2021, just 9 days to his birthday(23/03/2021). So so sad but I know God knows best and I just have to accept faith and learn from the experience.
So what did I learn from his sudden death?
I actually learnt a lot of stuffs, so keep reading as I share them with you below.
1. Things take time
Yes, the first thing I learnt is that things really do take time. So whether you’re experiencing any negative or positive things in your life, it really does take time before they manifest.
It’s the little thing you do everyday in your life that counts and make up the big things. Big events don’t just happen.
So whatever happens to you now started coming into place way back, and if you’ve got to change it, you need to start doing something right now. Things don’t just happen, things really do take time.
My dad actually had stroke a year ago which was due to complications in is eating and drinking habit a couple of years prior to the sudden stroke.
So I’d suggest you take good care of your self. Watch what you eat and drink, and by all means avoid processed food. Whole meal that are as fresh and natural as possible are the best. Do yourself good by taking them.
Here is an article on how to eat well and avoid diseases like stroke, diabetes etc.
2. Eat well
It is very good to eat fruits and highly proteinous food with less colesterol, however, majority of Nigerians find it difficult to do that.
We usually eat whatever we find. We don’t plan our food and we don’t even care about the future consequence on our health. This is so bad.
In fact, many of the drinks and bear being promoted by mainstream media isn’t that good for our health. Continuous consumption of sugar drinks also addup ailment into our body. But why don’t mainstream media talk about it, it’s all about politics and money.
3. Health is Wealth
Good health is the real wealth in today’s world. No matter how wealthy you are, one or two terminal disease could wipe up your finances and put you in a state of panic.
So let’s take our health serious. Let’s jog, trek, eat well and focus on the right things.
4. Develop the ability to act.
How soon do you act when you have an idea? How soon do you take action when you know there’s something you need to do?
If there’s a considerable long period between the time you take action, then that’s procastination. And I must say procastination is devilish.
5. Money is nothing, value is everything.
The occurrence of my Dad’s Death also made me to realise how intangible money is.
Imagine your dad is on a sick bed and no amount of money God have blessed you with can change anything.
Imagine, your dad is also on a sick bed and a doctor is telling you how much are you going to pay me because your dad vomitted. Such words alone kills patient’s.
So in short, the numerics/bank balance you have on your bank account isn’t of any use when someone has ill health. Use it to take good care of yourself and them before situations get out of hand.
6. Health is wealth
To be successful you need good and sound health. And to be honest, this something you need to keep working on otherwise things can relapse.
Another thing to look at is your feeding. It’s advisable to take alot of fresh food, fruits and protein. Any processed food will surely have a negative effect on your health in the long run, so take less of it.
Taking drugs, tobacco and other narcotic substance is not also helpful. The side effect occurs when you’re at an early age of about 50 years.
7. Be good, very good and social.
My Dad is a very good man, and when you couple that with being social, then you know his a great man indeed.
He helped a lot of people who never helped him back but that’s not an issue. What I respect most is the ability to give, give and keep giving.
Even though you don’t have what people are requesting, help with the little you have where you are.
8. Enjoy your life when you’re alive.
My dad social verbs made him a free person and also gives him the ability to enjoy himself every single moment.
He takes himself to bars, restaurants, shopping and other recreational centres.
Now I know those moments are actually priceless.
9. Give, give, give and give.
Yes, give, give, give and continue to give. If you don’t have the amount people ask for, help them with what you can afford.
One thing I have heard a lot of people say is how people generally don’t want to help in this country but don’t let that get into your head.
As a rich person, we’re all custodians of God’s wealth, and what you do with it while it’s in your possession matters a lot.
Do you use it to bless as many people as possible or just your self alone?
10. Ask, ask, ask and ask.
Giving starts the receiving process, but before you start receiving, you sometimes need to ask because that’s how people know what you want.
If you never ask, nobody will know you need help. Anyways, ask more often from the right people. The (20%) people that can help you.
11. The only easy day was yesterday.
Never, ever relent. Nothing is certain. There’s always surprises, and the question is, how prepared are you for the next surprise?
My dad was actually discharged from the hospital on Thursday, and I guessed we all relaxed and slacked a bit, guess what, on Saturday afternoon he was back to the hospital.
So guys, you’ve got to always be prepared. Anything can happen to anyone anytime.
In addition to this, live your life and day as if it is your last because one day, it will surely be.
12 Pray, do not take prayer for granted.
Prayer and gratitude has its place in our life. In fact, a great Albert Einstein’s quotes says “Not all things that count can be counted and not all things that can be counted counts.” This is very true with life.
Take prayers seriously, their are supernatural powers in this small world, and prayers is a way to let the universe align to you and make things workout the way you never expected.
These are some of the lessons I learnt from his sudden death. There’s a lot much more my mouth can’t say but it’s all fine.
Thank you for reading through.
Hope you learnt something new🤔.
In this very first episode of the 9jacashflow podcast, I had an interesting conversation with a great guest in the person of Michael Otega. His a fish farmer and cryptocurrency investor.
We discussed his early business career, and the experience he has had with saving and investing in today’s digital age.
I’m sure you will enjoy it, so kindly watch, comment, and subscribe to the 9jacashflow Podcast.
In this live AMA session, I interviewed a great guest in the person of Chieh Liu, the founder, and CEO of Overbit.com, a cryptocurrency and forex derivatives platform based in Seychelles.
I get to ask him a couple of questions about his adventure in Bitcoin and cryptocurrency, professional trading, and how he got to start his own cryptocurrency exchange. Liu also gave his personal life and success principle, which is the fact that you need to have goals, otherwise you’re going nowhere.
You’ve got to watch this AMA session, as you’ll definitely learn a lot.
Also, follow Chieh Liuand Overbit on Twitter and visit Overbit.com to experience a new world of Crypto and Forex derivatives trading.
Click here to access my Cryptocurrency Profit & Mastery Course. And should in case you would like me to mentor and train you about cryptocurrency trading and investing, you can message me via Whatsapp(+234 810 185 0909)to enroll in my crypto mentorship program.
Do it now and you won’t regret the next 10 years.
Got any questions, don’t hesitate to ask in the comment section below👇.
And until next time, keep learning.
We are also social; kindly follow us across our social media handles:
Trust Wallet has become one of the most used wallets in the crypto space, especially when you talk of decentralization. Due to this feature, it shares one of the most important characteristics of cryptocurrency, it has gained the TRUST of millions of users worldwide. Many cryptocurrency assets now try their best to be listed on the wallet, so as to tap into their user base and other opportunities.
As interesting as it takes to talk about this wallet, it is an incredible tool most crypto users ignore due to the fact that they lack the idea of using this tool to its fullest potential. And did I also mention that this wallet has its own native Token (Trustwallet Token – TWT).
Now let’s dive into the tutorial;
Things you can do with Trust Wallet;
Add multiple tokens
Send and receive tokens
Staking and swapping tokens
Store tokens and collectibles (NFTs)
Buy and sell tokens (Trading on DEX)
Buy token from a Broker
Get a notification on the price of some coins – BTC, ETH, etc.
Convert the price of an asset from one currency to the other
Using Dapps
WalletConnect to interact with DEX.
WHAT IS DEX?
DEX simply means Decentralized Exchange, it has no central authority ruling or governing it affairs, no restrictions. Unlike CEX which are Centralized Exchange, where everything is owned, controlled and managed by a central authority like an individual or group of persons.
Now let’s get to the main part of this post.
HOW TO TRADE ON TRUST WALLET (DEX)
Firstly, you need to have Trust Wallet installed on your device, then you proceed with creating a multi-coin wallet with it.
Secondly, you need to have some BNB in your wallet – you can buy from Binance then transfer to your wallet (BNB Bep2), because to place trades you will be required to pay little network fee as it common with all dex.
Also, note that the DEX you are trading with is Binance DEX incorporated into Trust Wallet for easy access and a smooth trading experience.
This image shows the interface of the DEX and the numbered parts are explained below.
Numbered Parts;
Name of crypto pair you are trading on
To see other crypto pairs you can trade
Buy and Sell Tab
Set price box
Set amount box
Ask – placed sell orders
Market Price
Bid – placed buy orders
Order History
Open Order for Buy/Sell.
So, finally, I hope with this brief analogy we are able to place a trade successfully on Trust Wallet DEX.
Feel free to drop comments and questions as they would be answered promptly.
Credit: Micheal Olatunde+234 814 251 3384Here is a link to one of his crypto guides: https://selar.co/hyka
Everybody wants to reach a point in their life where they will never worry about money. And to be honest with you, it’s possible and achievable. Just that it will take time, and it will never happen overnight.
Real wealth usually takes time to grow and multiply, and the question is whether you ready to devote your precious time to the gradual attainment of wealth or not.
If yes, then what’s left in my opinion are some sound money mastery tips that can help you attain wealth. That’s exactly what I will be sharing with you in this article.
So let’s go:
9 money mastery tips that will help you get ahead financially in Nigeria
This is one of the most important steps you can take in your life right now. Just by doing it, you have set the right foot that will instantly gear you towards success.
You see, in this life, your irreplaceability is very important. That is the difficulty in finding a replacement for you in everything you do. You need to learn and master a particular hot-in-demand skill that very few people can do. This is paramount to your success.
Only a fool will invest where everybody is putting their money. Similarly, you shouldn’t start what everyone is doing. A good example is the POS business. Right now, I can see it in almost every street corner. It’s already saturated. That’s a no-no business for me.
The next step after building a scarce high in-demand skill is to give a portion out of the income you earn.
Giving is a natural principle. The more you give, the more you get from the universe. You must continue to give more and more of what you want to the world.
The problem I see with many people is that they refuse to give because they believe they have very little. That’s very wrong. You need to give your money proportionately. That is, giving between 1% to 10% of the money you earn no matter how small or big it is. Stop being a stingy dude. Closed hands receive nothing.
It’s the consistency that matters and not the amount. If you keep giving at a proportionate amount that won’t affect your business, work, or lifestyle, then you’re on the right track.
Moreover, money is not the only thing you can give. You can also give people your food, cloth, time, and affection but before you get to give all of that, first start with money that is proportionate to your income. Do that weekly or monthly.
Make it a regular culture to save out of the earnings you make no matter how little it is. You can even start by saving 5%. It is the consistency that matters and not the amount.
According to Tai Lopez(a renowned Digital Entrepreneur), nature is unforgiving. It has a way of teaching the unprepared brutal lessons. So, as a result, we must always prepare for unforeseen circumstances.
The old nursery rhymes “Make hay while the sun shines,” explains it best. No season is permanent. You’ve got to make good use of a season while it last and prepare for the coming season.
Another insightful wealth-building book titled “The richest man in Babylon” also explains the principles of setting money aside in a great way. It advises individuals to save at least 10% of their salary for the rainy days, which will surely come.
Life is just not guaranteed and mother nature recently taught me that.
Mid August this year I took my grandpa to the hospital for treatment and the doctor guaranteed he just needed to undergo a small operation and all will be fine. The operation was successful but he died some hours later. Right there I learned nothing is certain.
You’ve got to make sure you’re prepared for whatever circumstances. Don’t be the fool that forgets to save in the good times. Such a person will be shocked when things changed overnight (in case of a market crash) and would have no option than to beg.
Besides, don’t just save all your money till it becomes millions. Take out of your savings regularly to buy a book, course, training, or seminar that will improve you. Buy things that will make you better than most people.
If your savings have accrued to a tangible sum, then it’s time to set up a side business in small simple steps. But be careful, don’t just go ahead and start a business that’s money and time-consuming.
Start small by identifying the simple step you can take to achieve that business without losing your current job/business and income. This very important.
If all you need is to start a blog or an Instagram page for that particular business in other to gain followers and customers, do it. If you need to partner with people or sell other people’s products, do it.
Just understand that you don’t have to start everything from scratch up at the very beginning. Look for the easiest way to start it without losing your job, income, or old customers. When you start seeing tractions and regular customers, you may now completely focus on it.
For instance, some of my side business is just selling other people’s quality products and services. I recommend platforms like Binance where people can buy Cryptocurrency and I get compensated for that.
5. Use Social Media and the internet to increase your income
Everything in the world is going digital and now is the best time to become a global citizen and earn income across the world.
You can do this by creating content on one or two social media accounts or even a blog. All you need is to document your journey in a particular skill, business, or discipline. After which you promote your products, create books, and offer services like consultation, speaking, etc.
You can even create a YouTube Video Channel like that of 9jaCashFlow. You will be surprised to know how many more Business, Deals, and customers you can get from the channel.
You can also run online ads via Facebook and Google. Doing this will enable you to increase your customers, income, and revenue tremendously.
When you start getting consistent income from your skill, business, and online presence, you can now delve into the world of investing.
There are two major types of investing:
Investing for cash flow: this is when you invest in income-producing assets like real estate, royalties, and even stocks of businesses that pay dividends on a monthly or yearly basis.
Investing for capital gains: This is simply buying things low and selling it at a higher price. It’s a viable business model if you have a cash reserve to buy things when the market crashes and sell when things get back to normal.
Before you venture into any of the above investments you need to first gain as much knowledge as possible. Find a mentor or buy a course about what you want to invest in. This will save you from losing your hard-earned money in an investment you don’t understand.
I write a lot about investing in cryptocurrency. If you’re interested, register on Binance, take my free cryptocurrency course here and message me on Whatsapp for further mentoring.
By the way, you shouldn’t take all your savings out and put it into a single investment. That can be a very fatal mistake.
Take this gradually because investment takes time to yield good returns and you should use this period to learn and become smarter at what you do.
When you get your investment right, and you’re still earning income from your skills/businesses and putting money into savings, you can now start looking at helping as many people as possible to succeed.
You can start by mentoring serious-minded individuals around you scale their businesses.
Here you should make sure you don’t lose focus or drown yourself in other people’s problems. You’re to give tangible advice from your experience, maybe some monetary support. Just make sure everything you touch keeps moving forward, and if it doesn’t get out.
If people take this help for granted or try to sabotage your effort. You need to cut the relationship or the amount of time been devoted.
You should never lose focus.
8. Keep your expenses low
This is a very important finance tip that could save you from losing your hard-earned money and going broke.
We have what we call commensurate spending which is the constant increase in your expenses as you make more money. You need to avoid this by evaluating your income, expenses, liabilities, and assets every single month.
You can prepare and analyze your cash flow statement or get an accountant to do that for you.
This is not compulsory at all. I’m only adding it to the list because the future of the agricultural sector in Nigeria looks bright. We need more producers in our dear country.
The easy days are just over..
Robert T. Kiyosaki.
Oil price isn’t that encouraging and everybody can’t just sit in offices. We need more educated and business-oriented people in farming. In addition, while everyone is focused on saturated markets and industries, it’s best to take the lead and venture into an emerging and evolving market like agriculture. The upside is just too much.
Besides, you don’t have to start or run a farm. You can find an aspect of the agricultural value chain that you like and focus on it. It can be Agro-processing, Agro marketing, agro procurement, etc. It all depends on your choice.
At 9jacashflow we’re trying our best to impact as many Nigerians as possible. We have helped as many people buy farmland from verified agents in Ibadan, Oyo, and Ogun State. Feel free to message us on WhatsApp if you’re interested.
Conclusion
The bottom line of this article is that becoming wealthy takes time and you should focus on taking small simple steps that will take you to the next stage financially.
Start by mastering a hot in-demand skill that is scarce. Be generous to donate a portion of your income to the less privileged and have the humility to save a percentage of your income consistently. Otherwise, life will humble you.
Also, don’t forget to use your savings to improve yourself via seminars and resources that will make you better than the average Nigerian. Next, start a side business in small simple steps and use the internet and social media to your optimum advantage.
You’ve to invest part of your income and savings. Also, help as many people that you can help without losing focus and keep your expenses low relative to your income. And if you wish, run a farm or participate in the agriculture value chain in Nigeria.
One last thought, make sure you write out your plan on paper and documents your journey. What gets measured gets accomplished.
Questions:
Don’t just read this post. Make sure you answer the following questions in the comments below👇. It will make you accountable.
What’s the ratio of money that you’re saving regularly?
How are you giving money to people?
How are you keeping your expenses low?
See my response below. I’m patiently waiting for yours🤔.
Trading cryptocurrency or any derivatives is a probabilistic activity that can make you rich or poor quickly. Nothing is guaranteed.
In the business, you will get punished(lose money) for everything; whether you’re making good decisions, being disciplined, being profitable, being confident, or not. You will still get punished. Losing money is part of the business.
And from my over 2 years experience in trading, the most important thing is constant Risk Management. So in this article, I will share with you the 9 tips you can use to manage risk and trade Cryptocurrency profitably.
9 Tips To Become A Successful Crypto Trader
1. Know the difference between trading and investing
Image Source: Trade brains
It’s appalling that a lot of people venture into the cryptocurrency space without prior knowledge of what they’re going into. Some don’t even know the difference between investing and trading crypto, anyway I will save them time by defining it below:
Investing is simply buying an asset or security at a relatively cheap price and selling it at a premium or higher price over a long period of time(let’s say 1 to 5 years).
Trading on the contrary requires buying or selling a security or asset and expecting to profit from price fluctuations
over a short period of time.
From experience, it is easier to make money investing than trading because things get to fall in place over a long period of time if you buy a valuable asset at a relatively cheap price.
Trading is much riskier because there’s no guaranteed return on investment in the short run. Even though you make the right decision, a single market participant can nullify the trend.
Having known that, you need to ensure you allocate your capital wisely.
2. Capital Allocation
Image Credit: Auspicecapital
This is simply how you allocate your hard-earned money for investing and trading purposes.
Since investing is safer and much easier, you need to allocate more capital to it. And since trading is much riskier and less predictable, it’s advisable to use a lower amount of money for trading.
Benjamin Graham (Warren Buffet’s mentor) in his book “The intelligent investor,” advise speculators to allocate capital between investing and trading in the ratio 70:30. So if you have $1000 as available capital:
$700 will be set aside for investing. And you invest it using a technique called Dollar Cost Averaging. That is you buy gradually every week or month over a long period of time and hold it(don’t sell) for years. A better way to do this is to not buy with all your capital at once, instead, you will buy regularly on days or weeks the price falls. That way you will average out.
$300 will be used for placing short-term trades which are often not predictable.
3. Separate your trading capital from investing capital
Common sense image from Graphy.com
After allocating 70% of your available capital to investing and 30% to trading, you need to complete the process by separating your capital.
Take your investment capital off the cryptocurrency exchange (eg Binance: largest Cryptocurrency exchange in the world) and only leave your trading capital on it. This is very important don’t underestimate it.
I will reiterate, don’t store your investment capital on a cryptocurrency exchange. Most times when trading goes south, you can become emotional and easily take your Cryptocurrency investment and place trade that is usually not well analyzed and calculated.
To avoid the gambler mentality that can even set in when you’re making a profit, lock your investment capital on Binance fixed savings or take it off the exchange completely.
4. Have a specific number of trades you will place in a month and stick to it.
Trading is more like walking on a diamond mine or digging a well. You don’t just start digging a spot without prior analysis and investigation. You need to carry out the test and make sure you’re digging a spot that you will easily strike a large quantity of diamond or water without much stress. You don’t want to just dig deep down and get stuck at a rock. That’s exactly what trading is.
Another good analogy of a trader is comparing a sniper and artillery in the war front. Artillery waste thousands of bullet and achieve a little strike rate(average of 50 bullets to a kill) when compared with a sniper who has a higher strike rate(1.5 bullets to a kill).
As a trader, you want to be a sniper waiting patiently for the market to show you a good risk to reward opportunity, then you strike. You’re now like a hunter with a loaded gun who sees a single deer but decided to wait patiently till the group of dear gets to him before taking his shot. That way he would most likely get a kill(a good risk to reward trade).
I currently take a maximum of 10 trades in a month and as a result, I need to wait patiently for high probability trades. If I hurry and place trades with little rewards, I will end up not being able to place high probability trade as I can’t exceed 10 trade for the month.
This method also protects me from losses as I don’t trade anyhow.
5. Only trade with a maximum of 10x leverage
Image Credit: MindMathMoney
Most traders with little capital will use leverage for margin and futures trading. If at all you will use leverage, ensure that it doesn’t exceed 10x leverage.
Leverage does not make you profitable instead it multiplies your profit and loss by the leverage amount. If you’re winning you make more money and if you’re losing you lose more money. Hence use leverage wisely. Do not exceed 10x leverage.
5x leverage means you will lose your capital if the crypto price goes against you by 20%
10x leverage means you will lose your capital if the cryptocurrency price goes against you by 10%
20x leverage means if you will lose your capital if the cryptocurrency price goes against you by 5%.
Since the cryptocurrency market has daily average volatility of 5%, it’s advisable to stick with lesser than 10x leverage.
6. Use proper position sizing
Your position size is the amount you risk per trade, and a generally accepted standard by most expert traders is to risk not more than 5% on a single trade.
You shouldn’t be the one that uses all your capital on a single trade and lose it all. You must spread it across many trades and accumulate your profit over time.
Using 5% of your capital on a single trade would allow you to place over 20 consecutive losing trades before you lose your entire balance.
Using 2% on all single trade will enable you to place over 50 consecutive losing trades before you lose all your capital.
Using a 1% position size on a single trade will enable you to place over 260 consecutive losing trade before you lose all your capital.
Using this technique coupled with waiting patiently for a good risk to reward trade will enable you to compound your profit over time.
7. Use tight stop loss
When you enter a trade with good risk to reward, it’s important you use tight stop loss (especially when using leverage, like in futures trading). That way you can easily get out of the trade with little loss if it didn’t go as planned.
Stop loss must be placed immediately when you enter a trade(when you have a sound mind) and before wins or losses blindfold you from making good decisions.
I have seen people who because they don’t want to set stop loss and take small losses end up taking a very big loss or losing all their capital.
So be smart enough to use stop loss to take small losses and get out of the trade before things get worse. That’s what stop-loss is made for.
Putting a stop loss in place is like having your fire extinguisher in your car, you just don’t know when things will go pretty worse.
8. Have a take profit target and withdraw your profit regularly
There’s this mentality in the cryptocurrency market where people think prices will just keep rising up. This very wrong. You must have a reasonable take profit target for all your trade.
For high probability trade, you can use a risk to reward of 1:2, 1:3, or more.
If it’s 1:3, it means a risk capital of $10 should make $30. Therefore, I can set a take profit at a price level that I will make $30 on the trade.
Another thing you should understand is that you should withdraw part of your profit regularly and take it of the cryptocurrency exchange.
Use it to buy some valuable Cryptocurrency and keep it in your investment account or keep it as cash in your bank account.
9. Avoid trading with signals or the news
Most news can be very manipulative and getting signals on the other side doesn’t guarantee you will make a profit if you can’t execute it well. Hence, it’s advisable that you focus on looking for high probability setup, and at the same time managing your risk instead of looking for news and signals.
If you do get news updates and signals without following all the above-stated approach, it will shock you that you will lose money.
In addition to that, we have what we call front running, which is a situation where the signal providers already took the trade before sending it out and then cash out on a lot of people when they got the signals and placed it.
We also have what we call shadow trading which is a situation where particular news is been broadcasted so that people could take a particular investment decision but in the end, a big market participant trades the opposite direction and wipes you out.
Another explanation of shadow trading is when you publish your trade position out for a lot of people to see, then as a result big market participants decided to take the opposite trade direction and wipe you out.
To avoid losses due to signals and news always make sure you wait patiently for good risk to reward trade and you use your stop loss.
3 Bonus Trading Tips
10. Find a mentor or join a trading community
Image Source: Edutopia
Mentors are very essential if you want to be successful in any field of endeavors. They serve as gatekeepers ensuring that you stay accountable and you follow a sound, working principle.
If you can’t find a mentor you can decide to join a trading community like the 9jacashflow General Crypto Group. That way you can share ideas, collaborate with people, and learn fast through peer learning.
11. Stick to your plan and neglect the noise
Reading this article is the easiest thing but taking action and sticking to the sound principles that you learn here is the real work. To achieve greatness in trading you need to be focused, disciplined, and patient.
You just don’t have any option other than to stick to your plan and shun the noise if you want to be a profitable trader.
Don’t jump from one strategy to another or from one signal group to another. Save yourself time and be focused.
12. Monitor your trade and investment.
There’s this saying that “what gets measured gets accomplished.” This is very true and much applicable to trading and investing.
Make sure you track your investment and pen down the dates and amounts you invest regularly. Blockfolio is a good app for cryptocurrency portfolio management, you should check it out.
For trade management, websites like Binance provides history logs that you can check and use to figure out ways to improve your trading significantly. That is making more profit and less loss.
Conclusion
The bottom line of this article is that understanding the landscape of investing and trading is very important if you want to be successful in the cryptocurrency space. You just have to know what you’re doing and allocate your capital wisely.
Also, trade entries are very important, hence you need to wait patiently for high probability trade setup(good risk to reward trade) and ensure you use the right position sizing technique.
Furthermore, once you enter a trade you need to set a tight stop loss so as to limit your loss. And if you eventually make a killing profit like 150% and above, you should definitely withdraw part of your profit and keep it in cash or long term cryptocurrency holding.
One last thing, do not borrow money from friends or family to trade or trade on their behalf. Just save yourself the headache, pain, and frustration from losing your relatives’ capital. Try to get a job and gradually build your trading capital and skill.
What do you think?🤔
I hope you’ve learned something new. Feel free to share your opinion or ask questions in the comments below👇.
Better still, you can message me on WhatsApp to enroll for my Cryptocurrency trading class that costs ₦50,000 or to join my private trading group for ₦20,000.
Looking forward to hearing from you.
PS: Trading is a probability game, act accordingly.
PPS: You also need a mentor or a good trading group. Message me on WhatsApp to join or make further inquiries.
The more I learn about trading and investing, the more I found it fascinating and intriguing. I have now taken my time to compile a list of valuable resources for every Newbie trader out there.
13 Best Resources For NewBie Traders
1. Tradingview
TradingView is a social network for traders and investors on Stock, Futures, and Forex markets! You get Live quotes, stock charts, and expert trading ideas.
2. MetaTrader 4
MetaTrader 4 is a platform for trading Forex, analyzing financial markets, and using Expert Advisors. Mobile trading, Trading Signals, and the Market are the integral parts of MetaTrader 4 that enhance your Forex trading experience.
3. HotForex
HotForex is an award-winning forex and commodities broker, providing trading services and facilities to both retail and institutional clients. They always maintain a very good and outstanding relationship with African clients.
4. Binance
Binance.com is the largest cryptocurrency exchange in the world in terms of volume. It offers a very low transaction fee with numerous cryptocurrencies to be traded. I do recommend Binance to every newbie crypto trader out there.
5. CoinMarketCap
This platform is best for cryptocurrency market cap rankings, charts, and more. Visit CoinMarketCap to get Bitcoin price, charts, and other cryptocurrency info.
6. BabyPips
A very user-friendly school level based forex trading platform. BabyPips operates the School of Pipsology which offers free online courses that helps beginners learn how to trade forex.
7. Admiral Markets
Admiral Markets offers a state-of-the-art platform for currency & metals trading. They also offer CFDs on stocks, indices and energies. There education platform is one of the best with updated articles and resources.
8. DailyFX
DailyFX is the leading portal for forex trading news, charts, indicators and analysis. Every tool you need to trade in the foreign exchange market.
9. FX Rebate Central
Do you need Forex Rebate every time, FXRebateCentral is best for those looking for FX Rebates and cashback on their trades. I found there education section highly benevolent because they explain Forex and FX terminologies in a clear and simple format.
10. FXStreet
FXStreet is a leading source for reliable news and real time Forex analysis. FXStreet offers real-time exchange rates, charts, and an economic calendar.
11. Investopedia
Investopedia is the world’s leading source of financial content on the web, ranging from market news to retirement strategies and investing education. It’s the best platform to search for definitions of financial words like “leverage” etc.
12. Twitter
Twitter gives you access to insightful updates from experienced Crypto Traders and Technical Analysis pros like Rayner Teo, Luke Martin, and CryptoYoda.
If you want to be successful in 2022 then these 5 keys are for you.
Read through below and change your life for good.
1. Earn as much as you possibly can: Do everything possible to excel in your field so you can get paid more.
Learn more. Attend seminars. Get a mentor. Network with intelligent and smart individuals. Just do all is required to earn more income consistently.
2. Hold onto as much money as you can: Never spend all that you earn. Resist the natural tendency to spend impulsively. Save 10 to 20% monthly.
Just do all you can to hold some money and not spend it. Don’t increase your expenses or lifestyle as you increase your income. In fact, save 50% of any increase in income.
3. Reduce and control your cost of living: Look for where to be frugal in your monthly expenses. Buy less expensive items. All wealthy people are careful with their expenditure. Have a budget to help people; once it’s exceeded, don’t give over it.
4.Invest carefully and make it grow as much as it can. Use compound interest to your advantage. Also, use Dollar Cost Average to acquire stocks or crypto for long-term holdings. Keep adding more money to your portfolio.
5. Get out of bad debt: These are debts that incur interest but does not generate any income or cash flow. Be careful of debts that is used for consumption only. Don’t borrow it at all. Only borrow for a business or investment that produces consistent income or returns.
Those are the key to financial success in 2022.
Use them daily and it’s certain I will meet you at the top.
Investment is the act of using your money to make more money. It’s one of the games played by the smartest individuals in the world.
If you’re new to investing, this likely to be the best article you could read right now.
It’s an excerpt from Global Crypto Podcast featuring Raoul Pal, the renowned trader, and hedge fund manager at Realvision.
So what are the 5 Investment lessons every newbie investor must know by Raoul Pal?
1. Don’t invest in what you don’t understand.
Before you start throwing your hard-earned capital into products, projects, stocks or securities, etc. make sure you’ve done your homework. Do a thorough research of what you’re about to put money into.
According to Robert Kiyosaki, the renowned author of Rich Dad Poor Dad,
“Investment is not what you do, it’s what you know.”
So if you don’t know jack shit about what you’re doing, don’t bother investing in it.
2. Don’t invest because someone told you to invest
This a very common mistake among newbie investors in Nigeria. A friend tells them to buy a particular stock or invest in a scheme, and without doing proper analysis they jump on it.
This can be a very fatal investing mistake, as you can end up losing all your capital.
We do have a lot of front runners in the market who would already purchase the stock you’re buying, and would later dump(sell) it on you.
So be careful. Don’t be the one that buys a basket of something that worth nothing.
Don’t be the greater fool. Don’t let your friends dump on you.
3. Don’t invest because you want to impress someone
A lot of individuals out there enter trades or investment so they can impress their fellow mates. You see them posting all entries and screenshot of their trades online.
This very wrong. In the investing world is either you make money or you impress people.
You can rarely do both.
4. You need to understand how volatile something is, so you can understand how to size it.
Volatility, which is the sharp intense movement in the prices of goods and services is a very cogent factor in every Investment.
The more volatile your market, the more potential profit and loss you can make. Take Bitcoin, for example, it has an average daily volatility of 5%. This means every day you can make up to 5% gain or lose trading it.
In a highly volatile market, what can be done is to manage risk is to size your position properlly. Follow this link to read more about Position Sizing.
5. You won’t become rich overnight
Yes, this very true. It takes time to master the game of investing and eventually become a professional investor.
I will advise you don’t focus on the money you can make at the moment. Instead, focus on following your plan and getting better day after day.
Overestimate the process and underestimate the result. It takes longer than you think to become good at investing. A five-year timeframe could help.
What other investment advice do you think every newbie should know?
From left: Dad, Taiwo, Idowu, Kenny and Mom.
I actually don’t know where to start talking about him but I know his legacy for cheerfulness, and always wanting the best education for the youths will forever live long.
Prior to his death, he was a lecturer at the Federal University of Technology Akure(FUTA) and the Ekiti State University(EKSU) where he lectured Industrial and Mechanical Engineering.
His also very knowledgeable about entrepreneurship, as he has one of the biggest library of business, motivational, and personal development books that I have seen physically.
Here is another old picture 👇
When you enter a trade with good risk to reward, it’s important you use tight stop loss (especially when using leverage, like in futures trading). That way you can easily get out of the trade with little loss if it didn’t go as planned.
Stop loss must be placed immediately when you enter a trade(when you have a sound mind) and before wins or losses blindfold you from making good decisions.
I have seen people who because they don’t want to set stop loss and take small losses end up taking a very big loss or losing all their capital.
So be smart enough to use stop loss to take small losses and get out of the trade before things get worse. That’s what stop-loss is made for.
Putting a stop loss in place is like having your fire extinguisher in your car, you just don’t know when things will go pretty worse.
Reading this article is the easiest thing but taking action and sticking to the sound principles that you learn here is the real work. To achieve greatness in trading you need to be focused, disciplined, and patient.
You just don’t have any option other than to stick to your plan and shun the noise if you want to be a profitable trader.
Don’t jump from one strategy to another or from one signal group to another. Save yourself time and be focused.
Before you start throwing your hard-earned capital into products, projects, stocks or securities, etc. make sure you’ve done your homework. Do a thorough research of what you’re about to put money into.
According to Robert Kiyosaki, the renowned author of Rich Dad Poor Dad,
This a very common mistake among newbie investors in Nigeria. A friend tells them to buy a particular stock or invest in a scheme, and without doing proper analysis they jump on it.
This can be a very fatal investing mistake, as you can end up losing all your capital.
We do have a lot of front runners in the market who would already purchase the stock you’re buying, and would later dump(sell) it on you.
So be careful. Don’t be the one that buys a basket of something that worth nothing.
Don’t be the greater fool. Don’t let your friends dump on you.
A lot of individuals out there enter trades or investment so they can impress their fellow mates. You see them posting all entries and screenshot of their trades online.
This very wrong. In the investing world is either you make money or you impress people.
You can rarely do both.
Volatility, which is the sharp intense movement in the prices of goods and services is a very cogent factor in every Investment.
The more volatile your market, the more potential profit and loss you can make. Take Bitcoin, for example, it has an average daily volatility of 5%. This means every day you can make up to 5% gain or lose trading it.
In a highly volatile market, what can be done is to manage risk is to size your position properlly. Follow this link to read more about 
Yes, this very true. It takes time to master the game of investing and eventually become a professional investor.
I will advise you don’t focus on the money you can make at the moment. Instead, focus on following your plan and getting better day after day.
Overestimate the process and underestimate the result. It takes longer than you think to become good at investing. A five-year timeframe could help.