It’s no secret that for those with little trading knowledge, entering the Forex world can be daunting. Since the majority of traders lose out due to a lack of the right knowledge, finding the right information is of utmost importance. It can be overwhelming however, with the ever increasing number of so-called “gurus” who just want to sell you their course and run.
After 3 years of intensively studying the markets and spending the majority of his days working towards achieving consistency in forex, Ryan Hanlon knows how many hurdles there are to overcome when trading the forex markets. “I want to lift people over these hurdles so they have the support to succeed that I never had, for them to achieve great results from forex trading,” Hanlon explains.
Focusing on quality over quantity, Hanlon has built a tight knit community of around 40 traders, where he and his team directly mentor them to ensure they’re making progress, and ultimately succeeding. With every student giving the Ryan Hanlon Trading Team 5 star reviews, these are testament to the success his clients have been able to achieve. Understanding the forex markets better than most, here we share Hanlon’s 3 secret keys to the forex trading odds.
1. Know the Realistic Gains
One thing that may be known to many, that many beginners don’t is the realistic gains of having a forex account. Plastered all over the industry online, there are fake gurus pretending to be returning thousands of percent in just a couple of weeks – sometimes even higher. However, this is far from how forex trading truly works, as Hanlon says, “If it was that easy, who the hell wouldn’t be forex trading?”
Let’s say for example, you had a bank balance of £100,000 and you put £50,000 into your trading account, after showing consistency on your demo account. Ideally you wouldn’t want to be risking more than 1-3% of this balance on each trade, as even someone with a 90% win rate could lose 10x in a row, and risking anything over 3% for that could be psychologically damaging and unrepairable. Risking 1-3% realistically would bring 10-30 -> 30-90% on a good month.
This of course can be exceeded by altering trading conditions, but this is a really good realistic profit target to be looking for monthly.
2. Understanding You’re Set Up to Lose
One thing that you must understand before trading, is you’re set up to lose! The first thing we need to consider is the fact that forex trading is honestly a life changing skill, and will keep you out of needing a 9-5. In saying that, it’s not going to be easy (and in some cases cheap) to develop your skill set efficiently. Taking free education online or from trading brokers is only setting you up to fail. Who are these free education platforms and brokers who offer education funded by? Institutions. And as you’ll find out in the next point, they may have reasons for wanting to mislead 99% of traders’ decisions.
3. Learn Who’s in Control
You must have an understanding of who is controlling the markets, what conditions they trade under, and ultimately what they’re trying to achieve daily when they trade. For example, big players in the game such as institutions, have to consider things that retail traders – those who are trading their capital, don’t. Their trades are much larger than ours, meaning if they want to place a buy trade on a EUR/USD for example, they’d need an equal amount of order to be in sell trades, as you can’t buy something that’s not for sale. Overall, this points towards the fact that they may like to take our sell trades, and use them for their own buy trades, hence why you may not be finding consistency. The hard part knowing where & when this is likely to happen can bring unlimited success in the markets, of which Hanlon has the knowledge for those keen to learn.
So there you have it, the 3 unknown keys to beating the odds when trading the forex market. As a 21-year-old, Hanlon’s knowledge and breadth of experience far surpasses his years. If you’d like to learn more about Hanlon and his work, follow or message him on Instagram @ryan.trades & @rh.tradingteamltd.Opinions expressed here are the opinions of the author. Influencive does not endorse or review brands mentioned; does not and can not investigate relationships with brands, products, and people mentioned and is up to the author to disclose. VIP Contributors and Contributors, amongst other accounts and articles, are professional fee-based.
Lewis Schenk is an Australian based Entrepreneur, Writer & PR Consultant. His work has been recognized by Buzzfeed, International Business Times and Thrive Global. Lewis is passionate about sharing empowering stories from people around the world, particularly those in entrepreneurship & business. He has been privileged to work with over 190 business owners and entrepreneurs in 2020 alone, helping them grow their brand and strengthen their online presence.