Forex

Why most forex traders loose and few have hit their goals?

Here are some of the reasons for the question above which might help you if you are in the same route to forex trading.

Commonly new traders wanting to make quick money without first having developed the skills needed for Forex trading.

The moment you decide that Forex trading is for you, you’ll have a greater probability to make successful trades in the long term, because you’ll develop the correct skills needs in forex trading

Further move on the important questions asked

Is buying and selling currencies right for you?

SO THE REASONS YOU SHOULDN’T TRADE FOREX ARE AS FOLLOWS,

1. Your Capital matters a lot.

A Man With No Money Holding Pockets Open

When not enought capital Using leverage and margin can uhelp you with little initial capital

Because the market can be volatile, there is always the risk of losing money when trading a currency pair.

Losing trades over a long period of time means that your account balance can reduce faster as posible

“In addition to the inherent risk linked to trading, with Forex trading you need to add margin trading and leverage, which means that you can invest large amounts with little initial capital”.

So, this high level of risk means that you need to be sure that you do not use money that you need to live on always trade with money you can afford to lose!

2. lacking skills or experience.

You can not lack skills and you understand what to do!

So before even considering trading, you need to know the basics of the markets, what influences them, and how trading works.

Another important aspect is that you need to have a trading strategy that suits your trading style, with strict money management and risk management rules that govern how you allocate your funds to trades.

If you have no trading experience, and you do not know how market trends and relate to each other, Forex trading might not be the right investment option for you at least not yet.

3. You can’t handle when you’re wrong.

When making trading decisions, you can be right and make money, but there is also a high probability that you’ll be wrong and lose money.

That’s fine as long as your profits are higher than your losses. Losing trades are part of the trading game you need to be prepared for this and not take it personally!

In Forex trading, you need to quickly recognize when you’re wrong, and close losing trades as early as possible. It’s important to develop your ability to accept your losses and learn from your trading experience.

But do remember, it’s OK to be wrong you can’t be right 100% of the time in every single trade you execute. And if you can’t handle losing, you won’t be able to be profitable in the long run

Make sure that you are well equipped with the knowledge of candle stick or line graph reading

4. You’re risk-averse

Fast changing market conditions, high volatility, and leverage can make Forex trading a high risk activity.

You can make huge returns in the FX market, but these kinds of returns do not come without risks, especially when using leverage.

So you must be aware that loses are to be encountered a long the run and if you can’t handle the idea of losing every dollar in your account, Forex trading is not going to fit your targeted risk!

Get your best alternative ways that can bring you success towards your forex career.

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Pro behaviors that a Forex trader need to meet his success.

The table of content bellow are the pro behaviors which a forex trader must practise in order to meet his goals.

(1).They do not react solely based on one trade’s outcome, (2).They are confident but not irrationally so, (3).They do ‘nothing’ very well, (4).They love trading, but aren’t addicted to it, (5).They are constantly learning about trading by themselves .

  • Being a successful trader isn’t easy. In addition to sickening discipline, patience and passion, it requires the kinds of habits that most people simply don’t possess. Whilst every pro trader is different, we all have a lot in common, because there are certain behaviors that all successful traders must have to make consistent money in the market.
  • This is by no means an all-inclusive list, but the following six behaviors or traits, are shared by all unstoppable traders and you’ll need to adopt them if you want to become a successful trader yourself…

1. They do not react solely based on one trade’s outcome

  1. All kinds of thoughts and feelings can consume you after a trade finishes. You may feel discouraged, distraught, even desperate after a losing trade, conversely, you might feel cocky, super-intelligent, or feel like you’re ‘on top of the world’ after a winning trade.
  2. If there is one roadblock to trading success that you need to get past in order to become an unstoppable trader, it is being affected by the outcome of any one trade and reacting emotionally because of it.
  3. Professional traders treat each trade as simply another execution of their trading edge, with little to no emotional attachment to its outcome. This is easily accomplished by remembering the following facts:
  4. * Trading success is not the result of one trade, but is determined over a large series of trades. You must be disciplined enough to execute your trading strategy without emotional reactions over a large enough sample size / series of trades to see it play out in your favour. To learn more about this, click here.
  5. * Maintaining your risk per trade at or below a dollar amount that you have pre-decided you’re OK with potentially losing on any one trade, will prime you to not be disappointed or feel other negative emotions when you have a losing trade. It will also keep your emotions in-check after a winning trade. Control your risk via position sizing so that you don’t suffer huge losses or have huge ego-expanding wins, as both of these things can lead to emotional trading mistakes.

2. They are confident, but not irrationally so

  1. Confidence is critical to become a successful trader. You have to believe in yourself, in your trading strategy and in your ability to follow it and remain disciplined. Confidence means you behave in-line with the realization that if you stay true to your trading method and stay disciplined, over a large enough sample size of trades you will come out profitable.
  2. Confidence means that when you hit multiple losers in a row, as happens to even the best traders, you don’t second-guess yourself or your trading method, but you stick to the plan and keep executing. As I stated above, you cannot become overly-affected by the outcome of any one trade, this means you have to be confident and ignore the impulses to over-trade or load up on risk.
  3. You have to be confident that you have the ability to be a ‘badass trader’ who can outlast all the weak people who give in to their emotions and blow out their accounts. If you don’t believe this in your heart, you will give in as well, and fall prey to your own shortcomings.
  4. Confidence also means you know what you’re trading strategy is and what you’re looking for in the market. You know when a high-quality trade setup worth risking your money on is present. You can only gain this confidence by learning how to trade properly and getting a solid trading education like the one I offer in my price action trading course.
  5. Once you learn how to read and trade the price action, you will be off and running. I can provide the ‘training wheels’ and when you’re ready, you can take them off and trade on your own. Only true understanding of price action and market dynamics will make you a confident trader.
  6. Confidence does mean feeling invincible or like you’re the ‘best trader in the world’. All traders have losses, and the best traders know it and plan for it, even in the midst of a winning streak. They do not become arrogant, but they remain at a steady even-keeled mental state with a happy balance of confidence and respect for the inherent semi-randomness in the market.

3. They do ‘nothing’ very well

  1. Knowing when not to trade is just as important as knowing when you should trade, they are functions of each other. Successful traders know that they will be out of the market more than they are in it, and they are fine with that. They have mastered the art of patience and have come to realize that patience is profitable.
  2. You do not make money by always being in the market, exposing yourself to risk of loss. You make money by taking carefully planned and timed risks that have a good risk reward and a high probability of working in your favour.
  3. This doesn’t mean every trade will work out, as even the best looking setups can and will fail sometimes. It means that as a trader, you are playing a game of probabilities, and to put the probabilities in your favour, you shouldn’t always be in the market, because if you are, you’re just gambling.
  4. If you know anything about gambling at the casino, the probabilities are not in your favour, unless you have an edge (like card counting in Black Jack). Trading is no different, if you don’t use your trading edge (price action) properly, you will be trading with the odds against you, not in your favour.
  5. In order to trade with the odds in your favour, you have to wait patiently for obvious trade setups to come along, and as they don’t come along every day, you will be out of the market, doing nothing, or something else (hobbies, day job, etc.) more than you’re in the market.
  6. Unstoppable traders don’t mind doing nothing for days or even weeks, waiting for that next good setup to take a stab at.

4. They sleep well at night

  1. Sleep is important for everything, trading included. Sleep gives your brain and body the rest they need to be in the best possible condition to trade successfully. Also, if you’re trading properly, i.e., not risking too much, not over-trading, following your trading plan with discipline, you will have no problem going to sleep with a live trade on and not worrying about it.
  2. If you stay up all night worrying and looking at your trades, you’re going to lose valuable sleep and you’ll increase your chances of making a stupid trading mistake both as a result of over-thinking the trade and being tired. Go to bed and get some rest, the market will be there tomorrow, let the market do the ‘work’ while you relax; be a ‘lazy trader’.

5. They love trading, but aren’t addicted to it

  1. Unstoppable traders are trading ‘nerds’. They love talking about the charts and about various markets with other traders (my trader’s discussion forum is great for this). But, and this is a big BUT, they are not addicted to trading. These are two different things…
  2. Loving trading means, you love trading properly. Meaning, you love the discipline, the patience, the observation of charts while waiting for a trade if there’s no obvious one to take. There’s nothing wrong with watching the markets and observing the price action as long as you don’t let it influence you to take what I call a ‘stupid trade‘.
  3. The best traders love trading, but they don’t let this love become tangled up with being addicted to being in the market, because they know that trading success is the result of discipline and patience, and trading success is what they want.

6. They are constantly learning about trading by themselves

  1. Any seasoned trader will tell you that trading is the ultimate test of one’s ability to control themselves. If you decide to take the journey of a trader, you are going to learn not only about the market and price action, but also a lot about yourself.
  2. Traders are by nature thinkers and are usually somewhat solitary people, but they must also become masters of self-control and logical/ objective thinking, which is very hard for most people to achieve with their hard-earned money on the line.
  3. So, to become an unstoppable trader, you have to know yourself and you have to master yourself in addition to your trading strategy. You will never stop learning about yourself or about the market, as long as you trade.
  4. But, you have to start somewhere and you have to build a solid foundation under you to get started properly. If you’re committed, you might consider taking my trading course and learn how I trade and what has worked for me over the years doing so will set you off on your trading journey with the proper tools and knowledge you need to develop into the best trader and version of yourself that you can be.

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Also see here the alternative way of doing it if you can not trade forex by yourself.

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Suitable Forex winning Strategies on which you should put your emphasis.

Forex trading nowdays should be a sure winning game/ more profitable job regarding to the improved techlogy with great auto tools introduced that has simplified everything. It will be my fault not letting you know about the existance of the tools and strategies that have lead many people to billionaire statuses out of the little they use to invest with great hopes in the ROI, or it will be your fault not to take action on this guide and you remaid in the same level.

Winning forex strategies

  • When learning how to trade Forex online you should look to how professional traders invest their money.
  • Ask yourself the following questions:
  1. How did they become successful traders on the Forex market?
  2. Are they day traders, or swing traders?
  3. Are they fund managers, or are they professional traders trading for themselves?
  4. What are the best Forex strategies they use in order to trade successfully?
  5. How did they realise that their trading strategy worked with the current market conditions?
  6. How did they adapt their trading systems to changing market conditions?
  7. What are their actual trading techniques to make their trading performances consistently profitable?
  8. How did they develop good trading habits?
  9. What kind food do they eat?
  10. Are they human beings?
  11. If so then why can not do like them?
  12. What time can I take to be like them?
  13. What is neccessary to start being like them?
  • All those questions, what, how why, and so on will help you trigger your thinking about the situation of understanding how to contineously make good money with Forex – what to do and not. Learning how to develop a profitable Forex strategy to achieve Forex success is the must-have tool to make money trading.
  • Of course, having a Forex strategy that is profitable is useless if you’re not aware of the psychological biases that push you away from actually using your trading system.  
  • So, let’s review how you can develop a winning Forex strategy that you can stick to.

Steps to develop your winning trading strategy

  1. Determine which kind of trader you are
  2. Choose which trading style suits you best
  3. Describe your method to of entering/exiting the market
  4. Define your risk
  5. Back and forward-test your system

SCALPING AND DAY TRADING

  • These two kinds of trading are the most active and aggressive type of currency trading, as they both imply that all your trading positions will be opened and closed within the same trading day.
  • Day trading targets more pips and positions can be open for a few hours.
  • Scalping trading in the FX market is about buying and selling currency pairs with a target of a few pips, held for no more than a few minutes (or even seconds). Day trading targets more pips and positions can be open for a few hours.
  • These trading styles work with very short-term trading strategies and increase returns. Leverage is often used, which means that there is a greater risk of large losing trades.
  • Both strategies can be stressful and require being able to stay extremely focused and available in front of the charts to make (very) quick profits.

Scalping and Day Trading is for you if you:

  • Don’t like to hold your positions overnight, and prefer intra-day trading
  • Like to know if you earned or lost money at the end of your trading day
  • Tolerate a certain level of risk
  • Are available to be in front of the market and quickly react to trading potential opportunities
  • Are stress-resistant
  • Like fast paced trading

Swing Trading

  • This trading style is a longer-term approach based on taking advantage of changes in the momentum of a currency pair within a main trend. 
  • It’s often considered a continuation of day trading towards position/trend trading, which is a trading style following the long-term trend of an asset.
  • Swing trading requires a lot of patience, as you’ll be holding your trading positions for several days or weeks. It’s ideal for part-time traders, as they don’t always have the time to analyse the market.

Swing Trading is for you in the following ways.

  • You don’t have much time to spend in front of the screen(s) every day
  • You can hold onto your positions for days/weeks
  • You can’t put up with high stress and aggressive trading
  • You can’t deal with fast moving environments
  • When figuring out which trading style best suits your personality, you need to take into consideration all of the following elements: your current schedule, your attention span, and your risk aversion.
  • Consequently, you need to match your selected time-frame with your lifestyle and personality.
  • With swing trading, you may stay in position from a couple of days to a few weeks, while using 4-hour to daily charts. With scalping and day trading you will stay in position anywhere from a few seconds to a day, using anything from 5 minutes to hourly charts.

Click for more of the sure winning strategies if you are serious about Forex trading and want to make more money out of it.

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Top Tips That Will Lead To Your Victory In Forex Trading.

Are you a forex beginner?

Alright, this article will help you explore more of the forex trading skills to increase your winning chances.

We shall begin with a brief history of forex trading invention, its merites and demerites, recommended platforms from where you can practise your trading and why forex is traded.

What is forex trading?

Making transactions mostly involve fiat currencies in the exchange markets. This means buying a chosen currency pair, let us say buying GBP/USD hoping that GBP can appreciate relative to USD

Can also be defined as the exchange of currencies.
In other words, a trader can sell only if he/she believes that GBP can depreciate against the USD based on his experience. In addition to making basic purchase and sale transactions, there are many ways of taking positions on currency pairs, say spot contracts, forwards, derivatives and contracts for difference.

Forex market existed earlier in 1970s when the US dollar was allowed to float freely in financial market and this involved only big institutions, governments, global fx banks, international companies however internet revolution in 1994 lead the commence of online forex which enabled retail traders to take part in the industry for profits as main target.

Why trade forex?


If you are not for it, then don’t waste time because there other things better for you than forex trading and if you are for it, put all efforts and do it for reasons


  • Speculations and hedging

Forex market is the largest capital market in the world involving over $6.6 trillions worth of transactions made per dbeing

.    Accessibility


Trading forex being popular makes it easy to access from various platforms across the world at any time by any one who wishes so longer as he has got internet.

  • Taking advantage of the forex leverage

This is the ratio of the trader’s funds to the brokers’ credit size, Or can also be termed as borrowed capital to increase returns and therefore traders are eager to make more profits out of their investments by trading currencies rather than other

    .  Liquidity

For much work involved, the forex markets worldwide provide substantial Liquidity to traders, while certain assets may seem to be more difficult to buy and sell, investors interested in trading currencies are more likely to find substantial opportunities.

Best forex trading brokers recommended.


There are many forex trading brokerage platforms across the world and choosing what you want depends on your strategic plans and location. This is a crucial factor to attentively look at when choosing a broker  which suits your analysis. A list of some of the highly ranked brokers.

FOREX TIME(FXTM)

This is one of the best online forex trading podiums highly rated with millions and millions of customers founded in 2011 by Nicholas Defteras. It charges less and is well equipped with all the expert tools a trader wants for his orders executing Demo account is available and provides trading signals to its clients, gives an opportunity to those with no experience and time to make trades by providing strategy managers’ space where you can invest and they trade for you when doing your other work. Grab your self $50 for free signup to their platform.

ETORO

This brokerage is best known for providing copy trades to its millions of clients. Etoro was started in september 2006 by its ceo Yoni Assia, Ronen Assia and David Ring who fully registered it from London, Limassol and Tel Aviv-Yafo in Israel and with over 500 people it employs.

IG

This is also a highly rated forex trading site headquartered in London, founded by June Felix and chaired by Mike Tighe. It gives access to forex, indices, shares and more cfds.

CAPITAl.COM

This is a trading platform that gives an opportunity to investors to trade in various cfds like shares, currencies, stocks, commodities and many others, you will get more if you visit the site. It was founded in 2016 and managed by over 60 personnel.

FBS.

This is another trusted international broker operating in more than 200 countries with over 15 millions of clients. Its ceo Merck and is headquartered in Belize, fully registered by International Financial Services Commission IFSC in South Africa.
Check this story at its bottom are the ways how you can choose the right broker.

Now that you have got a trustworthy broker and you want to get started, how to begin?

Don’t dive into the market anyhowly to avoid unexpected losses.
Consider the following instead to leverage your investments into huge ROI.

Make a plan

Like any other business to be kick started, your professionalism, initial capital, expectancy, time, discipline,record, terms and conditions have to be contemplated for better performance of your business.

Capital

An adequate capital is required to be of your positions It will depend on your deposited capital and the minimum trading value that a broker allows, most of the brokers accept a minimum deposit of $10 and enter into trade with at least $1 as the minimum investments.  Trade 1% of capital to avoid drastic effects in your life. You can choose to be a scalper to make several trades a day if you have time and experience, you can be a swing trader to make less trades, position or technical trader and it is your responsibility to at least master one type of the trading strategy.

Experience


Mind reaching people who have got more trading skills say fundamental, technical, and sightment analysis strategies. This can be done through video conferences from various media like zoom or having physical interaction on a topic of your interest .

Time


Punctuality and concentration to what you are doing while trading can have an impact on your results. Most of currency pair markets are open Monday – Friday for 12hours, know time when is your currency availabe in the market.

Records


Still to your established business, they are records that will remind you of past mistakes. This may encourage discover new ways in preparation for the next trades to avoid repeating the same mistakes.

Demo Account


This a fake account but with all the technical and fundamental features like a real account. It is deposted with virtual money by the broker to help you experiment your techniques determing potential risks of trading in a risk free environment. For any brand new trader is advised to practise for atleast four months in consistent profits before heading to live financial market. This acount is not only for beginers, experts also use them to discover new strategies and techniques that makes sense to first test their performance.

In addition to the above, a trader should be with confidence, discipline, concentration, patience, credence, self resilience and capability of making right quick decisions on necessary actions to be taken while in the market.

Get more tips from “here”.

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All trading carries risk

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This should not be considered investment advice. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. We may receive commission from the companies we feature.

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What is Price Action?

Price action allows to analyse the Forex Market with out using indicators.

Price action

What is Price Action?

  • Price action trading allows you to analyse the Forex market without using indicators.
  • Instead of indicators you use candles, support and resistance, and other chart analysis to make trading decisions.
  • Price action is perfect for scalp trading because it allows you to make quick trade decisions.
  • I won’t cover price action basics here, if you want to learn the basics, check out my free price action strategy.
  • The point is that price action analysis allows you to predict with a high degree of accuracy what price will do next by understanding who has control of price, buyers or sellers.
  • If buyers are in control, you want to buy. If sellers are in control, you want to sell. It all seems very simple right? Well, some newbies make price action a lot more difficult than it needs to be.
  • So let me tell you a secret that will help you be a better price action trader.

Who’s in control of price?

  • Who’s in control of price?
  • Those five words are vital when trading price action.
  • If you ask yourself that question every time you look at a chart, you will be a better trader.
  • I do most of my trading on larger time frames, and even on those larger time frames I constantly ask myself “who’s in control of price?”.
  • That one simple question keeps me profitable and it keeps me from making mistakes.
  • And here is why.
  • The question only had three possible answers.
  • Buyers are in control.
  • Sellers are in control.
  • Price is undecided.
  • If you spot a short trade which you want to enter and you ask yourself “Who’s in control of price?”, would you enter if the answer is buyers?
  • No, of course not, if buyers are in control you do not want to sell yet.
  • Asking yourself “who’s in control of price” forces you to think about price objectively.
  • It forces you to properly analyses price. Instead of making a hasty decision, you are forcing myself to make an informed decision.
  • Now, if I ask myself that question when trading 12 hour charts. Imagine how much more important it is when I am price action scalping a 5 minute chart; when I only have about 30 seconds to make a trading decision.
  • So, if you want to trade my Forex price action scalping strategy, memorise that question.
  • Who’s in control of price?
  • Being able to answer that question quickly and effectively is vital. And, it is also very stressful, which brings me to my next point.

Scalp Trading & Price Action

  • So why do scalp trading and price action work so well together?
  • Price action trading is about being in tune with what price is doing right now, so you can predict with a high degree of accuracy what it will do next.
  • Scalp trading is about the same thing.
  • A scalp trade normally only lasts 5-30 minutes. So, to scalp effectively you need to analyse what price is doing right now, and what it will do for the next 30 minutes or so.
  • So, what about indicators?
  • Most traders use indicators for scalping, which is a bad choice. The problem with indicators is that they lag behind.
  • Scalp trading and lagging behind just don’t mix well together. Scalping requires quick analysis, quick decisions, and quick trading.
  • And at it’s core, price action trading is all about speed and efficiency.