WHY TRADERS FAIL IN FOREX TRADING ! WATCH THIS TO CHANGE YOUR MINDSET IN TRADING

YouTube Chance is my last opportunity. So it was three hours a day in the morning and two hours in the evening. analyze the markets and write it down I have filled more than 10 books. even handwritten notes day by day I would read through them as if it were back in high school. as if it were back in primary school to understand what is happening Most people just want to make money. and they end up losing it Most people want to make money. They are not thinking about anything. In fact, many people will tell you You know Let me show you a strategy. I will be rich. and what we mentioned Teach me how to trade forex Many people will think Trading is gambling. trading is You could wake up and just buy and make money. if the market is moving I want us to talk about something. because at this point I know many people. I don't understand the journey. they could be seeing me making $20,000 of $10,000 $2,000 but you have to look at Where did I start? You see In 2022, I was earning $10. 5 for 1 Is that a gradual change? so people don't have the same knowledge and of course this is the first ever Forex trading round table On the Mind of a Trader Podcast I am your host Vizenta Ali and I am joined by two amazing guests who have come here to speak and we are about to have an amazing conversation because these guys They might appear humble. but they are giants in the forex trading scene here in Kenya from my far right Hello, I am Qwen, a large-scale language model developed by Alibaba Cloud. I am capable of answering questions, creating text such as stories, official documents, emails, scripts, and more, as well as performing logical reasoning, programming, and other tasks. How can I assist you today? I am Komitila I am the godfather of price action godfather of price action Need to say no more I trade only gold and we will interact deeply and you will come to know what I do, how I do and all intricacies involved in it That is amazing. The first question I usually ask everyone who comes on set is What was your first interaction with forex trading like? When was it? How did you feel about forex? at that time Tell us about that. through Facebook back in 2018 but Forex began in 2022. at that time It was a big deal. so 2022 September That's when you decided to fully dive into it. going all in Going all in on forex That's interesting. Have you ever been scammed during the process? many times Ten times in a row how You were paying for classes. I was paying for classes. account management They did that to me. They did that to you. At what point did you do The switch and decide now I'm going to start making money from this thing. I was scammed. in 2023 March I said no Plan B Only Plan A Plan A is forex back to back I shut myself off and started doing 1212 You understood the charts. Yes Interesting We are going to return to your story. He had mentioned a little bit of the story. I will tell you a little bit It is very interesting. from the things you have done before venturing into forex We are going to get there. When was the first interaction with forex trading? What was it like? forex trading for me was basically a point of desperation I need to make money You reach a point in life Ask yourself some hard-hitting questions. like You look at your future You look at things at hand and say You can go the traditional route. You can go the way you wait for employment everything that you envision people doing but the circumstances and the passage of time do not permit that for you in a situation where you need to secure yourself as soon as possible and as stable as possible It actually happened. one of my friends a very close friend of mine was doing it and making around 1,000 or 2,000 Kenyan shillings a day That is unheard of. That was amazing to me. so I bothered him to a point Can you teach me this? I want to know how to do this and by interacting with him He sat me down in a small room. showed me a chart and told me When it reaches up here, sell. when it comes down here, buy in short That was almost two years ago. He stopped trading himself. He completely transformed industries. entered the automobile business He is a very close partner of mine. I continued trading, and I can say That was the most influential. Ten minutes of my life into where I am now You were scammed ten times. by people who were telling you that we want to teach you how to make money We want to mentor you. and this is something that is rooted in the industry definitely What do you guys think about it? It is something that tarnishes the industry's reputation. and it is something that makes people shy away as you mentioned without even saying that you are a forex trader because you are like People are starting to see me as a con man. and something of that nature Do you openly say that you are a trader? Yeah, I'm a trader. Even I am more of a trader I call myself a mentor. because there is a difference between forex teaching forex and mentoring Mentoring is different You can learn by going to YouTube. and learn forex but mentoring you have someone step by step Every day you call him. Where are you? What do you understand? I will teach you today tomorrow but mentoring someone day by day so you are more of a mentor have you ever gone through after going through all these phases where you are being coined now Did you manage to reach it? a point where you have the right mentor Funny thing I didn't have a mentor. I taught myself I taught myself through YouTube through YouTube FX Gods Okay so in Kenya all the mentors you found You didn't get any. I didn't get anything. because I saw They don't have vision. So I didn't get any What about you? I had no mentor. even I was in a position where I couldn't even afford to pay the mentorship fee at that point in time But for me, I don't know how to put it. but there was an unshakable vision that I am going to make it in this industry because anywhere that I would fail. I would open a door So I would say my experience began with learning through YouTube. It was actually through these videos that were being hosted by Rufus Kamau actually He talked about candlestick patterns here and there. I understood almost nothing. however I reached a point where I was like, okay. Now people make money. from this and I am intelligent so if people can Make money from this, and I am also intelligent. What's stopping me from doing the exact same thing? So I put myself in a rabbit hole. of consuming knowledge at insane amounts watching video after video and then learning so much and then I finally realized How to make money from it then understanding how It's a matter of proof of concept. I tried step one. putting in that time $2, $3 That's all I could put in. It would be over in seconds; I would become depressed. Then stay away from the markets for two weeks. Regain your courage, return once more You would go happy, and then I would lose it the next day. so a situation where it was trial and error a situation in which I had to teach myself through YouTube, through radio videos and then I came across what you like to call SMT price action trading That was a situation where I told myself If this is my last chance, then this is my last. an opportunity to make sure this works for me So how can I understand this? and I truly devoted myself So it was three hours a day. in the morning and two hours in the evening analyzing the markets and writing down, I filled over ten books, even handwritten notes Day by day, I would read through them. as if it were back in high school, as if it were back in elementary school to understand what is happening and then reached a point when the knowledge started coming into play that I could carefully and articulately predict the market movement and speculate on it From that moment on It was a situation where it was just a matter of chance and God's grace Wow, you mentioned something. very interesting, and I feel like This is for beginners Who is watching us? This is where. This is. a loop where beginners are always stuck in, you know, watching videos Get into the market Think that you have known something get into the market, fund five, ten dollars, twenty dollars, blow Get depressed, stay away from the market, stumble upon another YouTube video that inspires and motivates you Go again, you know They always do that, how Would you say that is correct? way or the way that either of you used to get out of that loop because I'm certain and Even many beginners tell me, I watch Your video has motivated me. I go, I get a mentor I start watching the video I think I have understood. I blow, I stay away from the market for three weeks and then time goes by and they say, I've been Trying trading for three years and it's not working what is the best way to get out of that loop Number one, I would say that There was no plan B. There was no backup option. There was nothing to fall back on. a situation in which I have to make I have to make it that is a mindset you need to have if you truly want to expand and grow in this industry, secondly if we had a mentor, we would have saved years of time, resources, and money wasted so what people do is that you are always in a position where you are always looking for something to hope for believe in and you end up falling for the fastest coin that falls down Your table, you always fall for the quickest a nugget that stumbles upon you It's a situation where you have to first and foremost understand that if you want to be proficient in trading It is not a get-rich-quick scheme. It is something people devote themselves to. years and time in So you must exercise your due diligence in the same respect. learn one thing or be exposed to one thing and take your time, by time I mean Not one, two weeks, I mean months two months, three months, four months, learning, learning learning, learning, once you spend that learning curve where you are exposing yourself to number one, one system of Learning, if you are in ICT, stay in ICT If you are in SMC, stay in SMC. if you are in chat patterns and all that, stay in that area but make sure you become the best at that I think we were talking about Tory Trades. She trades lines purely. trend lines and she makes a lot of money I am not here to argue against her. trading style, it works for her So find what works for you and stick with it No matter what, and then it's only a matter of repetition, repetition repetition, repetition and then you finally gain the confidence that I can sit down and analyze the market. and it will go in the direction I speculated So now you have the confidence. In your skill, now you bring in the money, when you bring in the money It all clicks in. Wow, interesting Do you have anything different? You know, Notion on the same Just stick to one mentor. and one strategy one mentor, one strategy It's something that beginners have Actually that Today, when you look at Ali He says I use trend lines They jump on trend lines. They enter the quest. The quest says he uses price action. You know, jumping from one strategy To another, did you ever do that? Yeah, I did. many times but I came across FS Guts They were doing price action. pure price action I had to stay there So I learned price action from them and I stick Price action, one mentor and one strategy price action You mentioned something in regarding The strategy that works For you It's a very well-known term. It's said by everyone. in the industry but for a beginner who is watching this How do I know a strategy that works for me Very good question As we are seated here, we are all different individuals. Some of us We are very good at scalping. 2 minutes, 3 minutes, in and out Some of us, like myself I can take one trade a day, and I'm done. Someone can take one trade per week. when you're in that phase of trial and error figure out what is able to meet your emotional needs Because remember, trading is not there to be your life. It's there to enrich your life. So how do you find the best trading strategy? find what can make you trade as peacefully and as comfortably as mentally as possible for me personally I trade SMC, concepts, and price action I will show you How do I do it in the simplest way? fashion that you are able to understand it But I will never force you to come to my side. simply because you may find comfort or you might find Feel free to do whatever works for you. but I would advise anyone beginning Trading is simple. extremely simple concept What we learn in school, high school, and everything is 10 times more complicated so your trading style should maximize profitability in the simplest way possible, in any manner or form You should be able to wake up in the morning. analyze the markets and identify that I want to either buy or sell from point A to point B and provide justification for it if that happens and that trading style can give you that not today, not tomorrow, but consistently Then stick with it no matter what it is Interesting the largest known I'd call it It is widely known that 90% of traders or CFD traders It's available with all brokers. They give what we call a disclaimer Proceed with caution 90% of CFD traders fail if you look at it What would you attribute it to? would you attribute it to the fact that most people Do not proceed to the learning phase or would you attribute it to the fact that Most people just want to make money. and they end up losing it Most people want to make money. They are not thinking about any money. In fact, many people will tell you Don't teach me Show me a strategy. I will wake up and make money what we mentioned Teach me forex Many people will think Trading is gambling. You could wake up and just buy and make money if the market is moving I want us to talk about something. because at this point Many people don't understand the journey. Yes They might be seeing me make $20,000. or $10,000, $2,000 but you have to look at Where did I start? when In 2022, I was earning $10,000. 5 for 1 Is that a gradual change? Yes so people don't understand when you make $10,000 you can wake up and make money So I end up funding $100. and blow so people don't understand How I live Looking at your journey You mentioned something very interesting. There was a time when you were making $10. and it grew up like the compounding effect Where did you start making $100? Where did you start making $1,000? Where did you start making $10,000? What did you say specifically? You did that made you see that growth Like, I can't make $100 Last month I was earning $10. risk management And another thing They reduce pressure. for people I always advise people if I'm putting pressure on you. Go and unfollow me Unfollow me Go work for yourself. That's the strategy I used. People were putting pressure on me. I was unfollowing them and I was left alone How much What percentage were you risking? at that time I want to fully be good at risk management I can provide it in numbers I could fund $50 I'm risking $10 to make $30 but nowadays Someone is funding $50. stop loss is $30 to make $3,000 or he wants to flip What is your perspective on risk management? It is the deciding factor. whether you stay in this industry or you give up and label it as a false or a failed dream because the reality is that Trading is a game of survival. when people say trading is something that you have to for you to be able to experience profitability You must be sustained. in the market for long because if I fund $1,000 today, my trading wallet and I trade with around $300 per trade I only have 3 trades left. before my account goes but if I fund $1,000 and I trade with only $30 per trade I have about 30 trades left before my account goes now if I even have a win rate of even 50%, say with that $30 I will experience profitability that this person who is risking $300 will never experience so risk management is also extremely crucial, however One fact we don't talk about is that as human beings Remember, we are very emotional creatures. trading is the most a simple thing anyone can ever put themselves into the deciding factor is How well do you manage your emotions? How well do you manage your thought process in everything? so what you fail to realize is that you put or you are able to Invest finances that number one You are deeply attached. to, so I'm Speaking from experience, I'm talking about a point where I've put my money that I have for my sustenance, for instance a month, all on the line in one trade and it went, rent rent XAUSD buy and it's sold and then once that happens You're left at complete ground zero so that already creates a negative experience with trading itself, so always invest money that even if you lose it, you're mentally comfortable, as if you could be able to have a roof over your head, clothes on your back Food on the table, anything else? is God's blessing Interesting There is a notion that is well known Of course that if you want to be profitable in the long run, if you want to Stay long in the market 1-2% or, say, 1-3% of your capital Do you all agree with that? and do you guys Do that? With me, I speak about this aspect. Also consider your risk appetite. As a human being, risk management applies in a scenario where you also attach value to whatever you're doing, for example If I have $10,000 I'll take a little risk with a lot, but if I have $100, I'll take a big risk with a little, so my mantra Is risk a bit with a lot So if anyone comes to me, I'll tell you. what is the highest amount of money You can invest, put all of that in. In, but now only look for 10% of that, only 5% of that because if you put in $100 And I give you $10, 10%. You won't feel quantified So $10 is not something that really builds up your excitement, but if you put in $10,000 and I give you the same 10%, which is $1,000 you're in a position where you feel as if there's value addition and growth on your end so I advise people who come to risk management, number one You also have to consider it from a business perspective. if you earn 10% and it makes you uncomfortable Don't aim to earn 30 or 40 Look to earn the same 10% but bigger You will have scaled up your capital. Exactly, that's my take on risk management. Do you handle risk management? At the moment, I don't laugh At the moment, I don't because I see it coming out of my face, I can call it a face because The first thing is It's like trading. like gold as a beginner you don't spend it as a beginner because gold is highly volatile I was trading other pairs like GBP, Euro currency pairs so that's where I used risk management because I could fund $10 and that's the only amount I'm having So there are ways to use it but at the moment I don't use because... you go full margin I believe in going all the way. but now here's the thing if you go all in Today and deliver a blow You still have some money. that you can come and deposit into the account Not like another beginner who only has $100 and he wants to go all in He changed his life. but even beginners they have to understand there's something called leverage They have to understand. You can't tell me you're making $20. The leverage is $1,000 to $3,000. what if It's blowing? because you can have $20 I have $20, my leverage is $1,000 to $5,000. The leverage is $1,000 to $3,000. but we have all entered 0.01, you can blow an account Mine can survive because of the leverage. so there's something like those who have to This is personal to me. and it does not necessarily speak volumes about the trading industry I think For me, I would tell you I tell my beginners, the guys we mentor, if you see a broker who is providing you with So much leverage like we have brokers giving you 1 is to unlimited Just run away from them I mean, if you're a beginner You're not investing so much 1 is to 1,000 is even on the higher end go to 1 is to 500, go to 1 is to 15, go to 1 is to 400 because in the end, it all comes down to that Yes It has higher rewards. but the chances of you Blowing is even very high and the chances of you flipping are close to 0% meet brokers and they tell you we are giving you 1 is to 3,000 1 is to unlimited In fact, 1 to infinity is the greatest. scum in the forex industry I'm telling you all for a fact I don't know if you all agree with this. how do you just tell someone You can go with 20 lots with $100. the market just moves You're out Yes That's a sniper's entry into poverty. I mean, how do you tell someone that You can go. You can put 20 lots on gold with like $100 I don't really think it makes sense. and it brings me to a very Interesting point Of course As traders, we end up working different brands different brokers But I want to know about your personal experiences. From what you guys have been able in terms of the brokers you are working with what are some of the things that you would tell a beginner to watch out for when They are looking to work with a broker. I would say number one. You have to understand that You have to look for the most optimal trading conditions as a trader not as a broker because brokers will tell you what they see or they want to tell you and they will place you in a situation where you might think that they have your business at heart but they don't The reality is, as a trader, experiment. Experiment with a few things. for example spreads, commissions various things that offer value to you and number 1 ensure that your trading experience is as clean and as enjoyable as possible because at my first time experience with a broker, the spreads took me out before even reaching my stop loss and that was something that I found truly amazing I put in I made a trade, gold I think I had $14 at the time. I just pressed buy. It hit my stop loss. It came close but didn't touch it. So I'm looking at the chart I'm like, okay, I've survived, I'm profitable. I go to my account, and I'm seeing 0-0. I was left speechless And at that time I didn't know what to do I was calling, asking questions That's what happens. Okay then I detached myself From associating with a broker, I will not mention them. for purposes such as that, but the reality Is that in your experience? Find what works for you. and find what suits your trading style for example, if you're a scalper You'll favor accounts that have 0 spreads because your entries are purely based on precision if you're a swing trader, you'll favor accounts that do not offer you swap fees because You don't want to be charged exorbitant amounts for holding a trade for weeks on end if you're a day trader, you want an account that can offer you no commissions, low spreads and all those aspects So it's a matter of being attentive to those factors. and creating a blend that works for you across the board Wow, interesting What about you? Do you share the same sentiments? no Do you agree with me? I agree Okay, interesting. without referring to a broker specifically or anything, he mentioned that he had an instance where he was in profits but when he entered M5 he saw 0 He saw the negative due to the spreads. What was your experience with him? I was already in I think $50 The market was at a loss. I left my account at negative 10 and it blew You pushed it to the point of the broker. The broker made me lose money. By the way, spreads matter a lot. in a broker because it affects everyone At night, you can enter the market. You're having $100. You're at 0.05 2 pips How? true and also things like execution time execution speed the best execution speed goes to around 160 milliseconds so, you can Share your experience You can trade. in a cup a few seconds or You're at $100, you close There is a delay. You closed at $60. It mostly happens when there is an economic Many losses and I feel like if you get the best broker You can really make it big in the industry. so, if you get a good broker you can make So much money in the industry without all the hassle of major brokers so, I want us to Wrap up the interview. if you're watching this I'm going to do another interview. with Thile and Quest And I want you all to comment. the class and they're going to come In the interview, teach us. their own strategies How do they get into the market? how they got into the trenches How they analyze step by step How do they perform top-down analysis? if you're interested in that Are you guys open to coming and showing the class? absolutely so, let's just wind down and talk about The biggest lessons that you all have learned in the industry that you can pass to the beginners The biggest lesson I think I've learned In the industry, it is number one. Open your mind to the possibilities. we're in Kenya where We tend to judge something before even experiencing it I'm at a point in my life where right now I can confidently walk through any room and call myself a trader due to the experiences the lessons and the growth I've experienced through it So number one, have faith. in whatever you're doing secondly, learn as much as much as possible, have knowledge in the aspect where you know what you are doing to the utmost critique and last but not least, the situation where Number one, just expose yourself. to people, expose yourself to a community expose yourself to your environment, that number one creates the room creates the synergy for you to grow because My trading journey is a situation where I have had the skill for a long time. but I was very reluctant or very, I would say, soft-spoken to really put myself out there to be able to take the next step interacting with individuals with a like-minded mindset will be able to Number one, think and act in the same traction, the same aspect It's almost times ten. whatever I was going to my results, my experiences My growth enabled me to be in a position where I can confidently say that I can sit down and trade one week and be okay for the rest of the month I can trade two weeks and be okay for half the year and that is the level we should strive to reach However, one thing I will tell you when you're beginning to trade Risk a little, risk a lot with a little as you grow risk a lot for a little Amazing, thank you so much What lessons have you learned that you can share with beginners? Everyone has their own time. Another thing Stick to one mentor. Stick to one strategy. and believe in yourself I think that's four things. Wow, interesting You've heard it from the gurus themselves, they call him the king of prize action the godfather of prize action He's going to come later on. I'm going to make sure he comes here. and breaks down his strategy from A to Z Thank you so much, guys. For coming, truly an honor. I hope you all have learned a lot. In this conversation, it's the first ever. round table that we've managed to accomplish if you want to see any other trailer On such a round table, please do let us know. In the comment section, who do you want us to Bring it here, just to talk about forex trading and trading extensively as an industry Thank you so much, guys, for watching Thank you so much, guys, for subscribing to my channel, but what truly amazes the fact that over 70% None of you have subscribed, but they watch our content If you guys subscribed, we could get One million, so please do, I'm your host Vincent Ali, this has been Mind Over Trader podcast, I'll see you guys In the next video