George Linfield, a full-time trader, shares how he made £100,000 in his first year of live Forex trading. He emphasizes five steps: risk 1% per trade, find a mentor with a proven strategy, write a detailed trading plan, journal every trade, and use funded accounts to scale. A 9% monthly return on a £140k funded account can hit £100k in ten months.
So I made over £100,000 in my first year of live trading, and in this video I'm going to give you my top 5 tips for hitting your first £100K trading Forex. Now before we start, for those of you who don't know me, my name is George, full-time trader for the last 8 years, and in that time I've turned over multiple 7 figures. I now run one of the UK's fastest growing e-learning companies, WeTrade, where we help people start and scale their own trading careers. So it's safe to say that I know a thing or two about what you should and shouldn't be doing if you want to hit your first £100K in trading. Now, the first thing that we're going to be touching on, and arguably one of the most important, is risk management. Now, there are not many things in trading that we have 100% control over, but risk can be one of them. However, I often see people just getting it completely wrong. Many people are just sitting there trading fixed lot sizes— 1, 5, 20, 50 lots, however much they want to be trading— but this is just completely wrong. If you want to properly manage your risk, then trading a fixed lot size is never going to work because your losses are just going to fluctuate with every single trade you make. So there is no predictable outcome as to what you could potentially lose on that trade. To correctly manage risk, you must make sure that the lot size you are using, if worse comes to worse and you hit your stop loss, is not gonna be more than 1% of your trading account balance. So for example, if I have a £1,000 account and I want to be risking 1% of that trading account balance, then I must be looking to lose £10. That must mean that the lot size that I pick and the lot size that I use, or that I work out, must equate to, if my stop loss is hit, just 1% of my account balance, or £10. If I don't go through this process then I don't know how much I'm going to be losing, so I'm not correctly managing my risk. Proper risk management will keep you in the game for the long run and save you from catastrophic losses. And number 2 is get a good mentor. Now, not only would a good mentor be able to massively compress the time it takes you to actually get profitable and see results, but a good mentor will actually be able to give you and teach you a proven trading strategy that gives you a statistical edge in the markets. Without a statistical edge in the markets, it's going to be very, very difficult for you to ever see long-term success from your trading in the first place. Now yes, you could go away and build a strategy for yourself, but realistically it's going to take you 1 or 2 years if you know what you're doing to build a strategy that's going to actually give you an edge within the market. So if you are somebody that values your time more so than your money, then getting a mentor, a good mentor, is a good way to fast-track your way to actually becoming profitable. And number 3 is building a solid, well-thought-out trading plan. A well-defined trading plan is going to be crucial for long-term success within the market. Outline your goals, your risk tolerance, the pairs you're going to be looking to trade, the sessions you're going to be looking to trade, and most importantly, clearly outline the rules that you're going to be trading within your strategy. Sticking to your plan will allow you to remove all emotions from your trading, and having a disciplined approach will allow you to stay on track to actually hitting that 100K goal. Now, number 4 is make sure you journal every single one of your trades. Now, journaling your trades is one of those things that new traders think that it's just a random monotonous task and it has really no importance. They think that because it's not you physically trading, it doesn't really matter. But you never master your trading until you turn your conscious incompetence into your unconscious competence. Well, that was a mouthful. By recording each trade that you make, including the rationale behind your trade, the market conditions, and most importantly, the outcome of the trade, you're going to provide invaluable insights into your strengths and weaknesses as a trader, allowing you to analyze and refine your strategy to help you eventually get to the stage where you're just able to trade on autopilot without really thinking about it. Final tip is to utilize funded accounts. The biggest bottleneck you will face when trying to hit your first £100,000 from your trading is going to be sheer lack of capital. I've seen it time and time again. A trader will have the skills, but they won't have the capital to physically ever be able to make this sort of money. If you were having these conversations 5 or 10 years ago, unless you had £50,000 to £100,000 to invest into a trading account, you had no choice but to massively over-risk and really just gamble your way to your first £100K. With the introduction of prop firms, that whole problem is eradicated. The everyday Joe doesn't have tens of thousands just laying around to put into a trading account. I know I certainly didn't. By utilizing funded accounts, you're able to actually get access to the right size capital to, one, trade properly and professionally whilst properly managing risk, and two, putting yourself in a position where you can actually make the sort of profits you need to be making to hit your first $100K. I mean, really, if you look at the maths behind hitting your first $100K, it's really not that difficult. Obviously, granted you're a profitable trader, if you can average just 9% a month and you can do so on £140,000 funded account, you'll do your first £100K within 10 months, giving yourself 2 months to go and enjoy your money, enjoy your time, and enjoy your freedom, and be able to actually celebrate hitting these sorts of numbers. And really, if you look at the industry with people funded with multiple six figures, even seven figures in a lot of cases, this is a very achievable goal, granted you follow the previous 5 steps. Now listen, we are in the golden era of trading. It has never ever ever been this good. When I first started, I had no choice but to gamble and flip my account with just the hopes of me being able to go and trade full-time. Now with the luxury of prop firms and incredible mentors out there, you are in the best position to become an incredible trader. But guys, thanks for watching and I'll see you in the next video.
