Influencers all over YouTube and Instagram will lead you to believe Forex Trading is essentially like using a money-printing machine. How hard can it be? They sit in front of their computers, put some money in, and get at least double back. At least, that’s how easily many of them make it look.
Of course, it’s not at all like that! To make money Forex trading, you’ve got to know what you’re doing, and you’ve got to have the time and patience to develop your own winning strategies. Only then can you reap big rewards.
Justin Mueller is a young 23-year-old forex trader who has put in the time and effort and has come a long way since he began to invest a little over five years ago. He admits that when he began day trading he was “sucked in because of the vision of fast wealth and freedom.” A little naive? Perhaps, but it’s one many new Forex traders have. However, the hard work he has put in to really understanding the foreign exchange markets is now paying off.
He puts some of his success down to managing the risks involved in forex trading. “I didn’t know how to properly manage the money I was trading,” he says, “I would deposit $1k and lose it within a week. Now repeat that for many years…” After three years, he realized that it was simply risk management that was holding him back. His predictions were good, but his risk tolerance was too great. Once he’d lowered that risk, the profits started to grow. “It was truly a moment of enlightenment,” Mueller says.
The next stepping stone in his trading career was when he discovered divergence. That’s where you see a divergence between the price and your indicator of choice, for instance, the on-balance volume (OBV) indicator. It helps create better trading opportunities, and Mueller says it “took my trading to the next level almost overnight.”
It’s this kind of trial-and-error that makes Forex traders profitable over the long term, but few have the tolerance to keep going, especially a trader as young as Mueller. Fortunately, he kept going and he knew that if he could just crack a few key strategies, his wealth would steadily grow.
Mueller is doing so well; he is now helping others to discover the finer points of trading. He has founded ForexSimulator, a business that creates software that allows you to backtest your trading strategy years into the past. Obviously, this is hugely beneficial and can help new traders stop making the thousands of dollars in losses that Muller did early in his trading career.
There is competition out there, but Justin set out to produce a super convenient package and has succeeded. It will also be 100% web-based in the near future, allowing you to access it from anywhere in the world on any device, which will be game-changing for traders on the go.
The company recently launched a way of backtesting your EA (expert advisor program) in a simple and intuitive way. They are also moving towards 24/7 customer support so their clients can reach out whenever they need, regardless of where they all in the world. They understand that since the Forex market is 24 hours, they need to be too. Of course, to implement this well, they need time to get the right systems in place.
Backtesting was another turning point in Mueller’s career story. Before moving into divergence trading, he used backtesting to get a handle on the market. He reckons one day’s backtesting saved him a whole year, allowing him to get up and running with the strategy in almost no time.
Justin has a new YouTube channel where he shares his know-how, and last year began a blog called PipsAhoy with more tips to help people become successful forex traders. He is an experienced mentor and offers free one-on-one to help out beginners in this complicated game. He is not just into forex but trades in stocks too, especially the Dow Jones. He says that as the world comes through COVID-19, Dow Jones is a good place to be.
To be a successful trader you need patience, intelligence, and self-control. They are all up to you, but for the rest, Mueller can offer information and strategies. Forex trading seems hyper-complicated to the uninitiated, so full of jargon, it can appear like a foreign language. Justin Muller aims to help you translate that into profitable trading. If you’re looking to get started in Forex trading or have tried and failed in the past, don’t hesitate to check out Justin’s resources or personally reach out to him. He’ll be more than happy to point you in the right direction for what you should be doing next.