The higher your odds, the more you make.
So explain to me why you wouldn’t want to up your odds as high as possible?
Episode 41’s question is from Karim
“What can I do to increase my odds of winning in Forex”?
Karim from London, UK
Every Point Is Worth Millions
You guys know from past podcasts and blogs how I was able to be one of the chosen few winners in the sports betting world.
One of the more fascinating things I had learned from my time in this world is how in any type of gaming, one percentage point is gi-freaking-gantic.
Like, casinos will shut down for months and remodel the entire gaming floor if they can manage even half of a percentage point more than what they currently have.
And in sports betting, because of the vig, you have to become close to a 55% winning bettor over time to make money. 55% and higher bettors are considered pro status in this realm.
(We’re talking American sports like American Football and basketball, where most bets are at -110)
If you’re even a 50% bettor, which is break-even, you’re in trouble. Unless you have a secret money management system that puts the odds in your favor (and no sports bettor in the world not named VP has the patience to do it), you’re on a downward trajectory.
Percentage points matter, greatly. ANYTHING we can do to put more of them on our side is worth any amount of time you spend on this.
How We Do It
We here at No Nonsense Forex don’t take this lightly. We do a lot of things to make our percentage of long term winning go way up.
I will list them here. If I ever think of any to add, this is where they’ll go.
If you need to print this out as a reminder of what we do here and why, it couldn’t hurt.
And most importantly a money management structure. Having this vs not having this will single-handedly tilt the odds in your favor.
The majority of Forex traders don’t have it. Almost nobody inside of a casino has it. Having one, and abiding by one puts you in elite company.
Every one of you has fucked up your trading at some point because emotions got in the way. None of this matters, seriously, everything you’re doing to get better at this, none of it matters unless you get this part down.
And it’s my least watched playlist on YouTube.
This is good actually, this means you can take the people who have a money management structure, few as they are, and put yourself in the top percentile of THEM, just by having this part locked down.
Every impatient ding-dong is whining how I don’t throw my entry strategies right in their faces. Little did they know the real answer was right here in these top two methods.
Just do these two things, and you’re a top level trader. No joke. Let the rest of them chase rabbits.
Trading The Best Time Frame
Of course, best is subjective, but I made a pretty good case for the daily, and have gotten to watch many of you make the transition from frustrated intraday traders to successful and chilled out daily chart traders.
And these benefits mentioned in the link in the above paragraph, also give up more ticks on the ol percentage.
Best Entries Possible
And how do we know they’re the best possible? Because we test them! Forwards and backwards, so we know we have something great.
Then we continue to make it greater and greater by adding components which eliminate losses, making our percentages go even higher!
Eliminate What We Cannot Control
We cannot control what the Big Banks do. So we learn to avoid them.
We cannot control what the scheduled news events are going to result in. So we avoid the bigger ones.
By eliminating what we cannot control, we’re eliminating senseless losses, which…….wait for it……….makes our percentages go higher!
See how this works?
We Have Support
This whole system is no good if your making crucial mistakes because parts of it confuse you. Support is important when it comes to things like this.
This has been a review and an affirmation of how we trade and why it’s awesome..
Some people don’t like it, some people don’t like me, some people are just lazy.
The more of them there are, the higher percentile we rise.
And we can wave at them.