7 SIMPLE STEPS TO BECOME A FOREX TRADER

Everyone has the potential to become a forex trader thanks to the availability of trading platforms, advanced computer systems, countless educational resources and ultra-fast streaming technology. However, even though forex trading is available to all at the click of a button, only those with the right skills and knowledge have what it takes to make consistent profits from their trades. Factors such as discipline, control and positive trading habits will all contribute towards your success as a trader, and without them you may soon end up wiping out your trading account or giving up long before you develop the right habits.

How to become a trader

1. Find a reputable forex broker

The first step in becoming a day trader is to find a reputable forex broker  who offers competitive trading conditions, powerful trading platform technology and excellent client support. It’s also important that your selected broker offers reliable account features including low spreads, fast execution and negative balance protection.

2. Understand trading capital

Forex traders do not require a lot of capital to begin trading as they can trade on margin. This refers to the amount of money required in your trading account in order to open a position. For instance, if you want to open a $300,000 position, $3,000 of funds on deposit is required for a 1% margin. Some forex brokers may require as low as $50 to open an account and begin trading. Bear in mind, the greater the deposit the lower the impact on your trading account in the event of losses.

3. Demo trade first

If you wish to become a trader and achieve regular success from your trades, it is always advised to demo trade first. This gives you the opportunity to develop your trading strategy, practice it relentlessly, and increase your trading confidence. This is also the ideal time to familiarise yourself with the trading platform and locate everything with ease.

Demo trading also allows you to experience what it’s like to lose money from trading and gain a better idea of how you might react when it comes to trading live. You will learn how it feels to experience losses and will have the opportunity to put your risk management strategy into action.

The demo trading period should not be rushed. Traders should trade on a demo account for a significant time and make sure they get steady profit. As tempting as it is to begin live trading right away, taking the time to practice on a demo can really pays off.

4. Educate yourself

In order to effectively trade on the foreign exchange market, it is essential that you have a solid forex trading education. You need to educate yourself as much as possible about the market and understand that your education never stops beyond the demo trading period.

One highly effective way to reduce the probability of regular losses is to follow a trading mentor or trainer. By gaining the knowledge and guidance of a professional trader you will master how to become an FX trader who adopts the correct trading mindset and skillset.

You should also take advantage of the many tools and resources offered by your forex brokers such as articles, video tutorials, online webinars, and more. There are lot of forex brokers that has a comprehensive forex education centre full of useful articles and guides on how to trade the markets. Make full use of the trading and technical support in place in order to improve your strategy and minimise mistakes.

5. Start small

If you want to become a day trader you need to start small and work your way up. After practising for several months on a demo trading account, take the strategy you feel most confident with and some money you can afford to lose. Begin with a OctaFX MT4 account, know your risk limitations and resist the urge to trade on emotions such as fear, greed, or hope. Apply leverage with caution and be aware of the risks that come with overleveraging. Forex broker like Octafx is to suit your level and style of trading. You can choose from a OctaFX MT4 account type if you are new to trading up to a OctaFX MT5 account if you are a more experienced trader. For those looking for ECN trading conditions, you can open an OctaFX cTrader account.

6. Always trade forex with discipline

Discipline is a crucial part of online forex trading. To become a day trader who makes consistent profits, you need to implement stop loss and take profit orders to protect against unanticipated market reversals and minimise risk. These should be predefined before any trade is placed and should only be placed once you have carried out in-depth market analysis.

You should also follow your trading plan meticulously and maintain a trading journal to record your trade data. This summarises all of your trades and provides a historical perspective.

A trading journal is an excellent reference as it shows you how well your trading strategy performs in different market conditions. By following a trading journal, you will develop a greater level of confidence and will learn to trade with discipline. Remember, it is very difficult to make profits from every single trade that you execute, so don’t be afraid when losses do occur. Don’t try to control the market; instead, take control by following a plan and a strategy as well as recording your trades in a journal.

7. Trade currency pairs that suit your trading style

As the biggest and most liquid financial market in the world, the forex market offers superb opportunities to traders. That being said, it’s vital that you know your selected currency pairs inside-out and feel completely comfortable and confident when trading them. While one individual might find a specific currency pair straightforward to trade, another might find that same pair very stressful, so test out different currency pairs on a demo account first to find what suits your trading style.

Use an economic calendar to stay afloat of the latest economic events and forex news announcements. If you prefer to perform technical analysis, ensure you are comfortable with your selected technical indicators so that you can successfully identify patterns and predict future price movements

Are you ready to become a day trader?

If you want to learn how to become a day trader, you should implement the above measures for a better chance of making a profit from your trades. While online forex trading enables traders to make solid returns on investment, it should only be carried out if you possess thorough market knowledge, education and experience. You also need to be confident on the trading platform as you navigate your way through each of your trades, coping well under pressure and avoiding trading on emotion.

WE  GIVES YOU THE EDGE

Important Bullish Candlesticks

Six Important bullish candlestick patterns

Bullish patterns may form after a market downtrend, and signal a reversal of price movement. They are an indicator for traders to consider opening a long position to profit from any upward trajectory.

Hammer

The hammer candlestick pattern is formed of a short body with a long lower wick, and is found at the bottom of a downward trend.

A hammer shows that although there were selling pressures during the day, ultimately a strong buying pressure drove the price back up. The colour of the body can vary, but green hammers indicate a stronger bull market than red hammers.

Hammer

Inverse hammer

A similarly bullish pattern is the inverted hammer. The only difference being that the upper wick is long, while the lower wick is short.

It indicates a buying pressure, followed by a selling pressure that was not strong enough to drive the market price down. The inverse hammer suggests that buyers will soon have control of the market.

Inverse hammer

Bullish engulfing

The bullish engulfing pattern is formed of two candlesticks. The first candle is a short red body that is completely engulfed by a larger green candle.

Though the second day opens lower than the first, the bullish market pushes the price up, culminating in an obvious win for buyers.

Bullish engulfing

Piercing line

The piercing line is also a two-stick pattern, made up of a long red candle, followed by a long green candle.

There is usually a significant gap down between the first candlestick’s closing price, and the green candlestick’s opening. It indicates a strong buying pressure, as the price is pushed up to or above the mid-price of the previous day.

Piercing line

Morning star

The morning star candlestick pattern is considered a sign of hope in a bleak market downtrend. It is a three-stick pattern: one short-bodied candle between a long red and a long green. Traditionally, the ‘star’ will have no overlap with the longer bodies, as the market gaps both on open and close.

It signals that the selling pressure of the first day is subsiding, and a bull market is on the horizon.

Morning star

Three white soldiers

The three white soldiers pattern occurs over three days. It consists of consecutive long green (or white) candles with small wicks, which open and close progressively higher than the previous day.

It is a very strong bullish signal that occurs after a downtrend, and shows a steady advance of buying pressure.

Three white soldiers

Six bearish candlestick patterns

Bearish candlestick patterns usually form after an uptrend, and signal a point of resistance. Heavy pessimism about the market price often causes traders to close their long positions, and open a short position to take advantage of the falling price.

Hanging man

The hanging man is the bearish equivalent of a hammer; it has the same shape but forms at the end of an uptrend.

It indicates that there was a significant sell-off during the day, but that buyers were able to push the price up again. The large sell-off is often seen as an indication that the bulls are losing control of the market.

Hanging man

Shooting star

The shooting star is the same shape as the inverted hammer, but is formed in an uptrend: it has a small lower body, and a long upper wick.

Usually, the market will gap slightly higher on opening and rally to an intra-day high before closing at a price just above the open – like a star falling to the ground.

Shooting star

Bearish engulfing

A bearish engulfing pattern occurs at the end of an uptrend. The first candle has a small green body that is engulfed by a subsequent long red candle.

It signifies a peak or slowdown of price movement, and is a sign of an impending market downturn. The lower the second candle goes, the more significant the trend is likely to be.

Bearish engulfing

Evening star

The evening star is a three-candlestick pattern that is the equivalent of the bullish morning star. It is formed of a short candle sandwiched between a long green candle and a large red candlestick.

It indicates the reversal of an uptrend, and is particularly strong when the third candlestick erases the gains of the first candle.

Evening star

Three black crows

The three black crows candlestick pattern comprises of three consecutive long red candles with short or non-existent wicks. Each session opens at a similar price to the previous day, but selling pressures push the price lower and lower with each close.

Traders interpret this pattern as the start of a bearish downtrend, as the sellers have overtaken the buyers during three successive trading days.

Three black crows

Dark cloud cover

The dark cloud cover candlestick pattern indicates a bearish reversal – a black cloud over the previous day’s optimism. It comprises two candlesticks: a red candlestick which opens above the previous green body, and closes below its midpoint.

It signals that the bears have taken over the session, pushing the price sharply lower. If the wicks of the candles are short it suggests that the downtrend was extremely decisive.

Dark cloud cover

Are You A Profitable Trader?

A mistake many traders make is to focus on their winning rate, and this is not qualify you to be a profitable trader.

Why?

That’s because you can have a high winning rate and remain a losing trader.

Let me prove it to you…

Example 1

You have a 90% winning rate
Every time you’re right, you earn $1
Every time you’re wrong, you lose $20
And here’s the outcome of your next 10 trades…

Win Win Win Win Win Win Win Win Win Lose

Here’s what your profit and loss will look like:

+$1 +$1 +$1 +$1 +$1 +$1 +$1 +$1 +$1 – $20 = -$11

As you can see, a 90% winning rate will not make you a profitable trader if have a poor risk to reward ratio.

Now you might be thinking…

“So I’ll focus on favorable risk to reward ratio, like 1 to 10!”

Nope.

That’s because you can have a 1 to 5 risk to reward ratio but if your winning rate is too low, you’ll still lose.

Here’s how…

Example 2

You have a 10% winning rate
Every time you’re right, you earn $5
Every time you’re wrong, you lose $1
And here’s the outcome of your next 10 trades…

Lose Lose Lose Lose Lose Lose Lose Lose Lose Win

Here’s how your profit and loss will look like:

-$1 -$1 -$1 -$1 -$1 -$1 -$1- $1 -$1 +$5 = -$4

Clearly, a favorable risk to reward ratio isn’t enough either.

So, what’s the lesson?

Your winning rate and risk to reward ratio are useless on its own.

Instead, you must combine your winning rate and risk to reward ratio to know if you’ll make money in the long run.

So now the question is…

What’s the right balance of winning rate and risk to reward ratio?

Fortunately, there’s a simple formula for it…

Expectancy = (average gain x probability of gain) – (average loss x probability of loss)

Let me give you an example of how this works…

Example 3

Your winning rate is 40%
Your losing rate is 60%
The average size of your gain is $500
The average size of your loss is $300
So what is your expectancy?

Well, using the formula…

Expectancy = (average gain x probability of gain) – (average loss x probability of loss)

Expectancy = ($500 x 40%) – ($300 x 60%)

Expectancy = $20

Now how do you interpret this number? Simple, it means you can expect to make an average of $20 per trade.

So if he executes 100 trades, he can expect to make about $2,000 (calculation: $20 x 100 = $2,000)

As you can see, your expectancy (also known as an edge) is determined by both your winning rate and risk to reward ratio.

So the #1 rule of trading is this, you must have an edge in the markets.

Without it, nothing else matters.

It doesn’t matter if you have the best risk management because you’ll suffer death by a thousand cuts.

It doesn’t matter if you’re the most disciplined trader because you’ll end up as a disciplined loser.

It doesn’t matter if you have extensive trading knowledge because all trading strategies come down to this simple equation, whether you have an edge (or not).

Now you might be wondering…

“So how can I find an edge in the markets?”

More on that in my next post…

Don’t forget to share and drop your comment

A crypto summary for 2021

  • The market capitalization of cryptocurrencies increased by 200% in value compared to the beginning of the year [CoinMarketCap]. In November, it almost reached $3 trillion, up to $1 trillion after just six months. Bitcoin reached a new ATH of $69,000 on November 10.
  • In January 2021, Tesla CEO Elon Musk began driving Bitcoin adoption, with the purchase of $1.5 billion in BTC. Subsequently, the company sold 10% of this stockpile. In March, Tesla enabled the purchase of its cars with the cryptocurrency, although it later suspended this payment method, claiming that Bitcoin mining affects the environment. The rest of the BTC has been held by the company. All the announcements around Tesla affected the price of the cryptocurrency positively and negatively.

Bitcoin cures cancer— Elon Musk (@elonmusk) November 20, 2021

  • The gas price for Ethereum transactions peaked on May 12, 2021. On that day, the average transaction was almost $70. The rise in popularity of Non-Fungible Tokens (NFTs) and the sustained boom in DeFi ecosystems were responsible for the fact that throughout the year transaction fees on this network remained so high. These fees closed the year below $20.
  • Also in May, the American Colonial Pipeline was attacked with ransomwareThis system provides about 45% of the east coast’s supply of diesel, gasoline, and jet fuel. Therefore, the ransomware lockdown caused a major crisis and President Joe Biden declared a state of emergency. To release the system, they had to pay $ 5 million in BTC as a ransom. Soon after, the United States declared war on ransomware.
  • 2021 was the year in which not just one, but three Bitcoin ETFs were listed on Wall Street for the first time. BITO and XBTF on NYSE, and BFT on NASDAQ. These are the Bitcoin ETFs that took 8 years to be approved by the SEC.

The Bitcoin ETF, BITO, has been out for a while now, and, so far, it’s looking like a safe option for people looking to deal in this digital currency. #Bitcoin #BTC https://t.co/6ZIa6bZ4UO— Meerkat Investor Insights (@MeerkatInvestor) December 28, 2021

  • This was also the year of NFTsOn Nov. 15, sales of NFTs reached their ATH at $46 billion. Axie Infinity tops the list of most played NFT games this 2021, with a volume of $563.6 million, a capitalization of $18.31 million, and over 770k players. Among the entities that entered the NFT market this year are McLaren, Dolce and Gabbana, Twitter, Coca-Cola, TikTok, EA, Sony Music, and Samsung.
  • The International Monetary Fund (IMF) reiterated its determination to regulate Bitcoin. Its representatives referred to the need to regulate bitcoin on several occasions throughout 2021. In April, they called it “a reality” that should be regulated by entities around the world. In its Global Financial Stability Report, they recognized cryptocurrencies as the second topic of global interest in financial matters. In December, its executives recalled the need for global regulation on cryptos.
  • 2021 was the worst year for Bitcoin in ChinaThis country held 65% of the total Bitcoin mining hash and was part of the world’s largest cryptocurrency market. However, this 2021, the Chinese government ended up banning all economic activities with Bitcoin and cryptocurrencies in the country.
China-top-crypto-users
  • El Salvador surprised the world with an announcement in the middle of the year: Bitcoin would become legal tender in this country. Only three months were enough for the measure to become a reality with the Bitcoin Law. Thus, anyone with the necessary infrastructure is under the obligation to receive payments with cryptocurrency. Other countries, like Cuba and Ukraine, also made Bitcoin officially legal.
  • Among the plans of Nayib Bukele, the president behind this initiative is the creation of a Bitcoin City. This city would be built with national bonds linked to Bitcoin. On the subject of cryptocurrency mining, the country’s government also decided to use the energy of its volcanoes and put to work around 300 machines that connect to the network via satellite.
  • The Central American country closed in 2021 with the purchase of 21 BTC, totaling 1,391 BTC units in its national treasury.
🇸🇻

Poly Network was the protagonist of the largest DeFi hack in history during 2021In August, a hacker stole more than $600 million in ETH, USDC, DAI, UNI, SHIB, FEI, MATIC, and various BSC tokens from them. Fortunately, the hacker returned 100% of the funds and stated that they did it just for fun.

Continuation and Reversal Candlestick Charts

Four continuation candlestick patterns

If a candlestick pattern doesn’t indicate a change in market direction, it is what is known as a continuation pattern. These can help traders to identify a period of rest in the market, when there is market indecision or neutral price movement.

Doji

When a market’s open and close are almost at the same price point, the candlestick resembles a cross or plus sign – traders should look out for a short to non-existent body, with wicks of varying length.

This doji’s pattern conveys a struggle between buyers and sellers that results in no net gain for either side. Alone a doji is neutral signal, but it can be found in reversal patterns such as the bullish morning star and bearish evening star.

Doji

Spinning top

The spinning top candlestick pattern has a short body centred between wicks of equal length. The pattern indicates indecision in the market, resulting in no meaningful change in price: the bulls sent the price higher, while the bears pushed it low again. Spinning tops are often interpreted as a period of consolidation, or rest, following a significant uptrend or downtrend.

On its own the spinning top is a relatively benign signal, but they can be interpreted as a sign of things to come as it signifies that the current market pressure is losing control.

Spinning top

Falling three methods

Three-method formation patterns are used to predict the continuation of a current trend, be it bearish or bullish.

The bearish pattern is called the ‘falling three methods’. It is formed of a long red body, followed by three small green bodies, and another red body – the green candles are all contained within the range of the bearish bodies. It shows traders that the bulls do not have enough strength to reverse the trend.

Falling three methods

Rising three methods

The opposite is true for the bullish pattern, called the ‘rising three methods’ candlestick pattern. It comprises of three short reds sandwiched within the range of two long greens. The pattern shows traders that, despite some selling pressure, buyers are retaining control of the market.

Important Candlestick Chart Patterns

Six bullish candlestick patterns

Bullish patterns may form after a market downtrend, and signal a reversal of price movement. They are an indicator for traders to consider opening a long position to profit from any upward trajectory.

Hammer

The hammer candlestick pattern is formed of a short body with a long lower wick, and is found at the bottom of a downward trend.

A hammer shows that although there were selling pressures during the day, ultimately a strong buying pressure drove the price back up. The colour of the body can vary, but green hammers indicate a stronger bull market than red hammers.

Hammer

Inverse hammer

A similarly bullish pattern is the inverted hammer. The only difference being that the upper wick is long, while the lower wick is short.

It indicates a buying pressure, followed by a selling pressure that was not strong enough to drive the market price down. The inverse hammer suggests that buyers will soon have control of the market.

Inverse hammer

Bullish engulfing

The bullish engulfing pattern is formed of two candlesticks. The first candle is a short red body that is completely engulfed by a larger green candle.

Though the second day opens lower than the first, the bullish market pushes the price up, culminating in an obvious win for buyers.

Bullish engulfing

Piercing line

The piercing line is also a two-stick pattern, made up of a long red candle, followed by a long green candle.

There is usually a significant gap down between the first candlestick’s closing price, and the green candlestick’s opening. It indicates a strong buying pressure, as the price is pushed up to or above the mid-price of the previous day.

Piercing line

Morning star

The morning star candlestick pattern is considered a sign of hope in a bleak market downtrend. It is a three-stick pattern: one short-bodied candle between a long red and a long green. Traditionally, the ‘star’ will have no overlap with the longer bodies, as the market gaps both on open and close.

It signals that the selling pressure of the first day is subsiding, and a bull market is on the horizon.

Morning star

Three white soldiers

The three white soldiers pattern occurs over three days. It consists of consecutive long green (or white) candles with small wicks, which open and close progressively higher than the previous day.

It is a very strong bullish signal that occurs after a downtrend, and shows a steady advance of buying pressure.

Three white soldiers

Six bearish candlestick patterns

Bearish candlestick patterns usually form after an uptrend, and signal a point of resistance. Heavy pessimism about the market price often causes traders to close their long positions, and open a short position to take advantage of the falling price.

Hanging man

The hanging man is the bearish equivalent of a hammer; it has the same shape but forms at the end of an uptrend.

It indicates that there was a significant sell-off during the day, but that buyers were able to push the price up again. The large sell-off is often seen as an indication that the bulls are losing control of the market.

Hanging man

Shooting star

The shooting star is the same shape as the inverted hammer, but is formed in an uptrend: it has a small lower body, and a long upper wick.

Usually, the market will gap slightly higher on opening and rally to an intra-day high before closing at a price just above the open – like a star falling to the ground.

Shooting star

Bearish engulfing

A bearish engulfing pattern occurs at the end of an uptrend. The first candle has a small green body that is engulfed by a subsequent long red candle.

It signifies a peak or slowdown of price movement, and is a sign of an impending market downturn. The lower the second candle goes, the more significant the trend is likely to be.

Bearish engulfing

Evening star

The evening star is a three-candlestick pattern that is the equivalent of the bullish morning star. It is formed of a short candle sandwiched between a long green candle and a large red candlestick.

It indicates the reversal of an uptrend, and is particularly strong when the third candlestick erases the gains of the first candle.

Evening star

Three black crows

The three black crows candlestick pattern comprises of three consecutive long red candles with short or non-existent wicks. Each session opens at a similar price to the previous day, but selling pressures push the price lower and lower with each close.

Traders interpret this pattern as the start of a bearish downtrend, as the sellers have overtaken the buyers during three successive trading days.

Three black crows

Dark cloud cover

The dark cloud cover candlestick pattern indicates a bearish reversal – a black cloud over the previous day’s optimism. It comprises two candlesticks: a red candlestick which opens above the previous green body, and closes below its midpoint.

It signals that the bears have taken over the session, pushing the price sharply lower. If the wicks of the candles are short it suggests that the downtrend was extremely decisive.

Dark cloud cover

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How to read candlestick charts

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Wondering what cryptocurrencies to buy, and when? When you research crypto assets, you may run into a special type of price graph called a candlestick chart. So it’s good to take a little time to learn how these work. 

Similar to more familiar line and bar graphs, candlesticks show time across the horizontal axis, and price data on the vertical axis. But unlike simpler graphs, candlesticks have more information. In one glance, you can see the highest and lowest price that an asset hit during a given timeframe — as well as its opening and closing prices. 

What are candlestick charts?

Here’s an example of an actual Bitcoin-USD candlestick chart.

Coinbase Pro: Candlestick chart

Candlesticks give you an instant snapshot of whether a market’s price movement was positive or negative, and to what degree. The timeframe represented in a candlestick can vary widely. Coinbase Pro, for instance, defaults to six hours — with each candle representing a five-minute slice — but users can set it to be longer or shorter. (Also worth noting: unlike stock markets, crypto markets are open 24 hours a day. So the “open” and “close” prices are the prices at the beginning and end of the selected timeframe.) 

Showing red and green candlesticks and where the open and close prices are.
  • Green candles show prices going up, so the open is at the bottomof the body and the close is at the top. Red candles show prices declining, so the open is at the top of the body and close is at the bottom.
  • Each candle consists of the body and the wicks. The body of the candle tells you what the open and close prices were during the candle’s time frame. 
  • The lines stretching from the top and bottom of the body are the wicks. These represent the highest and lowestprices the asset hit during the trading frame.

What do candlesticks tell us?

Candlesticks can reveal much more than just price movement over time. Experienced traders look for patterns in order to gauge market sentiment and to make predictions about where the market might be headed next. Here are some of the kinds of things they’re looking for: 

  • A long wick on the bottom of a candle, for instance, might mean that traders are buying into an asset as prices fall, which may be a good indicator that the asset is on its way up.
  • A long wick at the top of a candle, however, could suggest that traders are looking to take profits — signaling a large potential sell-off in the near future.
  • If the body occupies almost all of the candle, with very short wicks (or no visible wicks) on either side, that might indicate a strongly bullish sentiment (on a green candle) or strongly bearish sentiment (on a red candle).  

Understanding what candlesticks might mean in the context of a particular asset or within certain market conditions is one element of a trading strategy called technical analysis — by which investors attempt to use past price movements to identify trends and potential future opportunities. 

How to read “one-candle signals”

Traders operating in really short time frames sometimes focus on just one candle. Familiarizing yourself with these “one-candle signals” can be a helpful exercise as a beginner. In the image below, you’ll find four common one-candle signals: 

Various candlestick types
  1. 1. A long upper shadow could be an indicator of a bearish trend, meaning that  investors are looking to sell and take profit. The longer the upper shadow, the stronger an indicator.
  2. 2. A long lower shadow could be a bullish signal, indicating that investors are looking to buy, thus driving prices up. The longer the lower shadow, the more reliable the signal. 
  3. 3. A Doji candle has no body, because the open and close prices are the same. These can typically be interpreted to mean there is indecision in the market, and are a possible indicator for an upcoming price reversal. (Why “doji”? Candlestick charts were first used by Japanese rice traders in the 18th century. “Doji” means error — presumably because it would be uncommon for prices to open and close in the exact same place. ) 
  4. 4. Umbrellas have a distinctively long bottom wick. A red umbrella is also known as a hammer. When you see a hammer it often means that the asset is receiving some serious buy action — and the price might soon be on its way up. Green umbrellas, on the other hand, have an ominous nickname: hanging men. They’re often a signal that sellers are ready to cash out — reversing the up cycle.

It’s important to note that one-candle signals can be an important clue, but an accurate reading of the market requires understanding the broader context. And spotting trends and patterns in candlestick charts isn’t easy. If you’re not sure what investment strategy is right for you, check with a professional advisor.

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3 Things I Wish I Knew When I Started Trading

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This could be crucial information that YOU SHOULD KNOW…

Today I am going to SHARE with you the TOP 3 things that I wish I had known early on in my trading career…..

So that YOU my friend…..

DO NOT MAKE the SAME mistakes that I did….

Are you Ready?….Ok Good….Then let’s dive in….

The FIRST thing I wish I knew when I started trading FOREX:

…is to SET REALISTIC Expectations..

You know a lot of new traders jump aboard the Forex Wagon, and begin to have Visions of Grandeur…They can just smell the Money….

I was no different when I started off.,….

Look…there is MONEY to be made in the FOREX MARKET….VERY GOOD MONEY….but you just have to BE realistic about things….Don’t expect to take $ 1000 and turn that into 500,000 by the end of the year….BE REAL…

The SECOND thing I wish I knew when I started trading FOREX:

‘’is to USE LEVERAGE very responsibly…

Listen up….If you are picking your broker mainly by the amount of leverage they are offering you…..then you are just ASKING to eventually get blown out…..

200:1 Leverage….100:1 Leverage, even 50:1 Leverage…

Are you NUTS?…..Just save yourself the time and aggravation and instead….Just give away that MONEY to a good charity.

At least that way you will get back some GOOD KARMA in return….

I would highly suggest that you use no more than 10:1 leverage in your trading…I like to limit myself to about 5:1, and I can still make VERY HEALTHY returns with that…

The THIRD thing I wish I knew when I started trading FOREX:

….is the value of the “Right FOREX Education”….

I cannot OVEREMPHASIZE the word “Right”. There is a lot of information out there…. Unfortunately, there is a lot of just pure JUNK also…..

I myself have EASILY read over a 125 or so Trading Books….and taken various courses on trading….I even studied under the GREAT “George Lane” for a full week or so back in the late 90’s…. ( If you don’t know, George Lane is the inventor of the famous Stochastics indicator that many traders use today…

But my point is that the Right Forex Trading Education or Mentor can put you LIGHT YEARS ahead compared to finding and learning what’s out there on your own…

Your Comment will be highly appreciated

NAFDAC GUIDELINES FOR WATER PACKAGING

NATIONAL AGENCY FOR FOOD AND DRUG ADMINISTRATION AND CONTROL GUIDELINES FOR ESTABLISHMENT OF PACKAGED WATER PLANT IN NIGERIA

GENERAL
These guidelines are for the general public, corporate organizations and individuals that wish to engage in production of packaged potable water for public consumption.
These guidelines prescribe the minimum GMP requirements for personnel, materials, machine and environment for production of potable water.
It is important to note that no packaged water should be manufactured, advertised, sold or distributed in Nigeria unless it has been registered in accordance with the provisions of Act Cap F33 LFN 2004 and the accompanying guidelines.

ORGANIZATION AND PERSONNEL
There should be an adequate organizational structure that clearly defines
a) Responsibility
b) Authority
c) Qualification of Personnel

There should be adequate personnel to perform and supervise the production and packaging of potable water. Production of potable water must be under the supervision of a production manager who must possess a minimum of ordinary National Diploma in a science based course obtained from a recognised tertiary institution.
In house and In process Quality Control of functions can be carried out by the production manager while comprehensive/detailed product analysis should be performed by public analyst registered by the Institute of Public Analyst of Nigeria (IPAN)
Personnel should be adequately clad in overall, hand gloves, nose/mouth masks, headgears and rubber shoes.

BUILDING(S)
The entire factory premises should be fenced to demarcate it from all other buildings (residential or commercial).
The factory must not be sited (located) near a cemetery, abattoir, quarry, sewage treatment plant, sawmill, oil depot (Petroleum and Vegetable) or anysuch establishment that could be a source of contamination for processing, production and packaging of potable water. The building should be designed to allow for free flow of personnel and materials to prevent cross contamination. The building for the production of potable water should be purpose built or suitably adapted to comprise a minimum of five rooms designated as the cloak room, packaging material store, production room and finished product store and Office
CLOAK ROOM:
a. Floor should be made of easily cleaned and disinfected non shedding durable material and should have smooth surface.
b. Walls should be made of easily cleaned and disinfected non shedding durable material and should have smooth surface.
c. Windows should and be screened with insect-proof nets and be constructed in such a way as not to trap dust.
d. Wall hangers/cupboard should be provided.
e. Shoe rack/lockers should be provided.
f. Ventilation and Illumination should be adequate.
g. A netted door at the entrance should be provided.

PACKAGING MATERIALS STORE:
a. Floor should be made of easily cleaned and disinfected non shedding durable material and should have smooth surface.
b. Walls should be made of easily cleaned and disinfected non shedding durable material and should have smooth surface.
c. Windows if present should be screened with insect-proof nets and be constructed in such a way as not to trap dust.
d. Pallets/shelves (not wooden) should be provided.
e. Ventilation and Illumination should be adequate.
f. An Ultraviolet sterilizing lamp should be provided and bulb changed when spent.
PRODUCTION ROOM:
a. Floor should be covered with easy to clean durable materials.
b. Drainage system should be adequate to prevent flooding.
c. Walls should be made of easily cleaned and disinfected non shedding durable material and should have smooth surface.
d. Windows should be screened with insect-proof nets and be constructed in such a way as not to trap dust.
e. An air conditioner should be provided.
FINISHED PRODUCT STORE:
a. Floor should be made of easily cleaned and disinfected non shedding durable material and should have smooth surface.
b. Walls should be made of easily cleaned and disinfected non shedding durable material and should have smooth surface.
c. Windows should be screened with insect-proof nets and be constructed in such a way as not to trap dust.
d. Pallets/shelves (not wooden) should be provided.
e. A netted door should be provided at the exit.

FACILITIES AND EQUIPMENT:

SOURCE OF WATER
The source of water could either be from a borehole of minimum depths of 100ft or 150ft depending on topography of the location. Water could also be found through public mains provided by the local water cooperation. Use of dug out well is not allowed. Water source should be at least 30-50m away from the nearest septic tank which may or may not be situated within the premises.
TANKS AND RESERVOIR
All tanks should be made of PVC or stainless steel. Underground reservoir (where available) should be made of concrete and fully tiled.
PIPES
All pipes should be made of stainless steel or PVC. Use of galvanised iron pipes is not allowed.
TAPS
Taps should be made of stainless steel or PVC mounted on a stainless steel sink.
FORM FILLING AND SEALING MACHINE

The form filling and sealing machine (where available) should be designed to minimise man-material contact, safe to use, easy to clean and environmentally friendly. The equipment may be a fully or semi automated device.
WATER TREATMENT PROCESS

RAW WATER TANK (should be PVC or stainless steel,chlorination to be done here)
BOREHOLE
(100-150ft)minimum
INDUSTRIAL MODULES (should consist of graded sand bed filter and activated carbon)
UV STERILISER
Micro FILTERS
TREATED WATER TANK (Should be PVC or stainless Steel)
PRODUCTION LINE
WASHING AND TOILET FACILITIES Adequate, clean washing and toilet facilities should be provided for personnel Washing facilities should be equipped with soap or detergent, air driers or single-service towels. This should be walled and floored with easily cleaned and disinfected non shedding durable material and should have smooth surface.
Toilets should be away from the production or storage areas and should be easily accessible to production area.
Sewage, refuse and other wastes within the premises should be disposed of in a safe and sanitary manner.
SANITATION

Any building used in the manufacture, processing and packaging of potable water should be maintained in a hygienic condition. Standard operating procedures assigning responsibility for cleaning must be in place. The SOP should describe in sufficient details, the cleaning schedules as well as equipment and materials to be used in cleaning the buildings and facilities. The building should be regularly fumigated with approved fumigants in accordance with the food and drug act and the pesticides registration regulation of NAFDAC.
STANDARD OPERATING PROCEEDURES (SOPs)

Standard Operating Procedures should be written for all operations namely SOP for Production SOP for Quality Control SOP for cleaning of factory Premises and Equipments. SOP Recall and Distribution. SOP for cloaking and use of toilets etc.

APPLICATION  FOR INSPECTION Application for inspection of packaged water factory should be directed to:
The Director General
National Agency for Food and Drug Administration and Control
Plot 2032, Olusegun Obasanjo Way, Wuse Zone7, Abuja.
All application should be accompanied with:
(i) Evidence of payment
(ii) Company s Certificate of Incorporation and
(iii)Product s Trademark Registration Certificate.

STATUTORY FEES FOR INSPECTION
All payments to the Agency should be in bank draft in favour of National Agency for Food and Drugs Administration and Control All payments attract a 5% VAT charge.

Laboratory analysis for the purpose of renewal shall be 50% of the original tariff. For comprehensive details and more information.

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