The Founder of the Institutional Trading Concept (ITC), Mayowa Owolabi, has revealed the battle every financial trader must fight to become successful.
Africa’s most sought-after financial coach made this known during a live training session on his YouTube channel. In a lengthy discourse, the financial analyst used his life experience to teach others about becoming successful.
Here’s Continuation of Battle Every Trader Must Fight by Mayowa Owolabi
I started with MO technical analysis first supply and demand and now we are two years in the university. I’m unlearning many things and back-testing your approach using YouTube videos.
What I’m about to share with you today it’s a battle. We need to identify the process we need to identify what we need to do. See money does not go to everyone, money goes to those who win and you’re going to win.
I want to make money the right way and with the right habit. I’m going to be sharing two out of the five battles today. I’m going to be having part 2 next week but these two that we’re going to be dealing with today, I want us to get to the root of it.
Number One Battle- Strategy
The first battle I’m going to be talking to you guys about is the strategic battle. I call this ”the process ”.
Does the process involve questions like what am I going to be doing? how am I going to do it? what is the reason for doing it?
That is what process answers for you and process is also the strategy so when you come to the forex, cryptocurrency, and the stocks market, the first battle you want to overcome is the battle of strategy. How am I going to approach this and it’s scriptural?
When Gideon wanted to go for that battle, he needed to identify a strategy. When the Israelites decided to go for the battle to take over the promised land, they needed to overcome the battle of mentality.
For some of us here, the challenge we have is the battle of mentality but I’m going to go into that some other time today we are focusing on the approach, the battle strategy. This is about the approach you take to trade, and how you want to trade.
The first thing to get this done if you want to win in the forex market is that you must identify the journey. What do I want to achieve with this, why am I trading for it, and why now.
If you identify why you are trading forex then you can create a strategy. If I’m making 500 every month, my goal is to multiply these 500 dollars. Your strategy will be different if as a student you want to make money to pay school fees.
However, you can use any strategy for any of these but this is the best way to approach the market. For example, I have so many businesses I do by the grace of God. I have different models that I run. The major reason why I’m in the forex market is to multiply my money so for me, forex is more than a skill. To somebody that does not have a job, forex is a skill.
As for me, I have a skill already so I am looking for how to multiply what my skill gives to me which means my forex skill is a multiplier. Many traders are confused watching several strategies on YouTube. The reason is that they are attracted to the blues of the result of that person which is fantastic but you must also ask yourself the question ”how long did it take this person to get this result”.
I’ve seen someone that said he has a hundred dollars and he wants to be generating a minimum of 250 dollars every month from hundred dollars. See if I don’t educate the person, he will end up losing that hundred dollars because his approach is even totally wrong.
How to Overcome Strategy Battle
So back to the idea of the framework of strategy, what does it take? There are two ways to this, To overcome a strategy battle, you create one or you leverage on one.
God decided one day to create heaven and earth. That is the power of creation. The same God when he had created Adam and Adam failed decided to improvise on one so it means that you can either create or you leverage on one.
What does it take to leveraging on an existing strategy? It means that you need to identify a mentor who is using that strategy then you can learn that strategy and use it for yourself.
Nowadays, a lot of people feel that this route is expensive, they don’t want to spend money because maybe they can’t afford it or maybe something is wrong. I don’t want to go into details, but the bottom line is that if you feel that paying for mentorship is hard then you need to move into creating one.
Creating one has its advantage and it has disadvantages but today, I’m going to be sharing with you the step by step to create a strategy. I’m not training you because I’m your mentor, I’m not sharing this with you because I’m your mentor, I’m sharing this with you because you can also do what I am doing and you can do more. I’m teaching you this as somebody who doesn’t know anything about forex before and you even if you know something before you can correct it right.
What Does It Take to Create a Strategy?
The question to ask is ”what does it take to create a strategy”? I want you to understand this because it is a creative model you are following. It will take you time, you cannot expect it to be ready in six months. You need to understand the market patterns so we have the accumulation and the distribution.
We are now in this accumulation period and the distribution period. The market has different behavior so this is why you can use the strategy in January, February, March, April, and May and you will not be able to win in that strategy because of the market behavior. I’m explaining this route to you because you need to get this right.
To be Contd.
Click this link to join Mayowa Owolabi’s mentorship class.