Brian Crandell, based out of Miami, FL, is one of the world’s up and coming Forex Trading experts that you’re going to want to pay attention to.
The foreign exchange (also known as forex or FX) market is a global marketplace for exchanging national currencies. Because of the worldwide reach of trade, commerce, and finance, forex markets tend to be the largest and most liquid asset markets in the world. Currencies trade against each other as exchange rate pairs.
The success rate for Forex trading is extremely low. But then again, 90% of businesses fail in their first year, too. With that in mind, Brian decided early on in his trading journey that no matter what happens, he was going to push through and figure out how to master the skill. He’s come to realize these three things as he’s developed his expertise:
- Winning all of your trades is not only impossible, trying to do so is going to keep you from ever being profitable. Brian has quickly figured out that with proper risk to reward and proper risk management, you can make trading a numbers game and make it so that you don’t have to win all of your trades, let alone even half of them! For example, if you’re risking one dollar to make one dollar, you’re going to have to win at least 51% of the time to be profitable. But if you’re risking one dollar to gain two dollars, you can win just 34% of the time and end up a slightly profitable trader. When you’re risking one dollar figuratively to gain three dollars, or even more, that’s when things get interesting.
- Trading is nothing more than a mind game. It’s a constant battle between the ego wanting to win, and the pure science of making it strictly a numbers game. “Letting go of the outcome can be very difficult to do, because at the end of the day all of us are here to make money. But I’m telling you, you have to stop caring about the money you make or it’s going to control all of your decisions on the charts. You’ll start to try to pull money out of the market that isn’t there for you to take.” -Brian
- You need to focus on base hits, not home runs. Sure, everyone wants to hit that trade where for every dollar they’ve risked they can make a hundred back. Those trades are few and far in between. However, opportunities to make back two dollars, or four dollars, or even five or six, are quite abundant. Focus on stacking those and keeping your losses as small as possible and you’ll be right on your way to being a profitable trader.
Brian is the co-founder of A1 Trading Academy, a company that focuses on equipping traders of all skill levels with the knowledge and tools they need to succeed.
For more information, visit their website at www.a1tradingacademy.com
Brian can be reached for comment on Instagram at @bscmvjor