Hello Guest, if you are reading this it means you have not registered yet. Please take a second, Click here to register, and in a few simple steps you will be able to enjoy all the many features of our fine community. Note that lewd or meaningless nicknames are prohibited (no numbers or letters at random) and please introduce yourself in the section for you to meet our community.
pcm brokers pcm brokers pcm brokers
Results 1 to 4 of 4
  1. #1
    Administrator
    Join Date
    Apr 2018
    Posts
    107
    Post Thanks / Like
    Credits
    337
    My Language
    English

    Forex Success Goal


    How Does Your Ultimate Forex Success Goal Looks Like?

    If we look at how Forex success is depicted in commercials we see online, on TV, in magazines, and so on, we would get a picture of a filthy-rich person living in a posh house with an assortment of sports cars, and other screaming attributes of extraordinary wealth. And that person also has to spend just one or two hours per day trading Forex to multiply the riches.
    This image may not be a true representation of what the real success in Forex trading is, but it definitely plays such role for many potential and newbie currency traders. I doubt that many professional or simply experienced traders share such a vision, but it is a crucial part of Forex folklore.
    Of course, the reality is much more diverse, and expectations traders have from this career choice vary from person to person. Although there are common traits pertinent to each ideal endgame, they differ quite a lot too. This allows them to be roughly divided in eight types listed below in no particular order:

    • * Living a dream — the classic example of Forex success from the ads described above. Not much more to say here — you just get so good at trading that you trade with extremely high accuracy and can afford to risk huge amounts of money per trade for tremendous gains, which results in a lifestyle of an opulent aristocrat.


    • *Trading actively like a full-time job — your classic 9-to-5 but with Forex trading as the only activity and your own choice of actual hours (OK, probably not your own but those representing the best strategy + market hours combination). You approach it like a job, get your regular withdrawals out similarly to a salary, and lead a life that depends on your skill level. Trading Forex full-time has its cons and pros.
    • *Following profitable signals — you just find a successful signal provider and follow them until they stop being profitable or disappear, and then you find the new ones, and so on. To me, it looks like a strange idea of a success, but it seems to be popular among Forex novices. Of course, it requires the ability to find good signals constantly, which is quite tricky in and of itself.
    • *Investing in a personal trader — some people do not like the idea of trading themselves, they prefer investing. Finding a successful trader who accepts capital under management and investing with him or her can be attained in a number of ways. Nowadays, PAMM accounts are all the rage. However, if the sum of money is large enough, it is probably worth finding a great trader personally and signing an individual contract with them. Similarly to relying on signals, this sort of success is prone to external shocks (trader or signals service retirement).
    • *Investing in a fund — finding a reputable FX trading fund is not that hard, but living off its profits would require significant size of investment. Also, akin to the previous two success models, this one can also suffer from second-party‘s lack of consistency — be it long periods of losses or bankruptcy/disappearance.
    • *Working for a prop trading shop — proprietary trading is a dream of many traders who believe that they have enough skills but lack enough capital to work with. Getting a desk at a Forex prop shop can provide a talented trader with enough money, necessary risk restraints, and perhaps even some worthwhile tools and analytical information. It can be considered a full-time job with reward you get depending on your ability to trade profitably.
    • *Just a small part-time side income — trading Forex part-time is the reality of many successful traders. After all, trading is a game of probabilities, and there is always a risk of loss. Having some backup income in addition to the speculative earnings relieves from destructive pressure to over-trade and over-risk. Yes, a lavish lifestyle seen in ads is probably less attainable this way, but this approach is definitely less dangerous to your solvency.
    • *Taking a few trades a year to earn some additional income — being knowledgeable in some exotic pairs or being able to predict important macroeconomic indicators for the majors can lead to quality long-term trading opportunities. It would be nearly impossible to generate a significant share of income this way, but nonetheless, such infrequent trading may form an important part of personal success.
    • *Managing fully automatic expert advisors (robots) — although it may look like an activity similar to following Forex signals, in reality it is a complex task. Traders can learn to code and create successful expert advisors. Operating such an EA may involve frequent backtesting and adjustments to keep up-to-date with the changing markets. Even though there is no manual trading on the part of a “trader,” a sustainably profitable automated setup can be a worthy goal.

    My own vision of the perfect final stage of development as a foreign exchange trader is something that combines the rare but accurate long-term trades and a profitable expert advisor set up to work mainly on its own (with as little intervention from my side as possible). I still have a lot of work to achieve either of these accomplishments, but reaching success is rarely easy. And what is your idea of being successful in Forex?

  2. #2
    Trader
    Join Date
    Apr 2016
    Posts
    43
    Post Thanks / Like
    Credits
    105
    My Language
    English
    trading Forex part-time is the reality of many successful traders. After all, trading is a game of probabilities, and there is always a risk of loss. Having some backup income in addition to the speculative earnings relieves from destructive pressure to over-trade and over-risk. Yes, a lavish lifestyle seen in ads is probably less attainable this way, but this approach is definitely less dangerous to your solvency.

    crypto trading

  3. #3
    Junior Trader
    Join Date
    Jul 2018
    Posts
    1
    Post Thanks / Like
    Credits
    0
    My Language
    English
    My goal is to just take a few trades here and there for some extra income. But even that is pretty hard to achieve when it comes to Forex. At least that's how it seems to me. But I'm getting there.

  4. #4
    Administrator
    Join Date
    Apr 2018
    Posts
    107
    Post Thanks / Like
    Credits
    337
    My Language
    English
    5 Essential Qualities for a Forex Trader

    Cool Under Pressure

    Online trading is a high-pressure ball game. There is a lot at stake and if you make a bad trade, you can easily lose a fortune. Successful forex traders are able to keep their heads when everyone around them is panicking. If you are the type that barely breaks into a sweat during stressful situations, the high-stakes world of forex trading is probably perfect for you.
    Know When to Cut Your Losses

    Good traders know when to step away and close their trading positions. They don’t go chasing after losses in the forlorn hope that a win will wipe out a succession of losses. Nick Leeson is a lesson in point. His high-risk trading strategies made him very popular at Barings Bank, but when it began falling apart, he continued to trade in the hope of recouping his losses. Only his recovery strategy didn’t work out too well, and he lost £827 million in the process.
    An Appetite for Risk

    Forex trading on MT4 platforms is not for the faint-hearted. Currencies can be volatile and because forex is a leveraged product, you could lose a lot more than your initial investment. For this reason, you need a stomach for risk. If you can’t tolerate any risk, try investing your money in government bonds instead. If you are comfortable with risk, don’t make the mistake of trading without limits. Good traders always know their limits and only take calculated risks. If you don’t, you may as well go and throw your money away in the nearest casino.
    Be Willing to Watch and Learn

    Don’t be in a rush to begin trading. Take your time and learn the ropes first. Open a demo account and see how it works. Create an account on a social platform like e-Toro and follow more experienced traders. Successful forex traders learn their skills by watching how others more experienced them work the markets. You should do the same.
    Pay Attention to Detail

    Learn to love charts and analytical tools. It’s the little things that matter when you trade forex. Successful traders pay close attention to the news, financial and political, and they always have an economic calendar close at hand. These are the tools you need to make a success of forex trading.
    Don’t be in a hurry to start trading. Educate yourself on how forex trading works and take your time. The markets will still be here in a month or a year, so watch, learn, and practice on a demo account.

  5. ARIONFORXtarder
 

 

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Powered by vBulletin® Version 4.2.4
Copyright © 2018 vBulletin Solutions, Inc. All rights reserved.
Credits System provided by vBCredits II Deluxe v2.1.1 (Pro) - vBulletin Mods & Addons Copyright © 2018 DragonByte Technologies Ltd.
Feedback Buttons provided by Advanced Post Thanks / Like v3.3.0 Patch Level 2 (Lite) - vBulletin Mods & Addons Copyright © 2018 DragonByte Technologies Ltd. Runs best on HiVelocity Hosting.
All times are GMT +4. The time now is 10:19 AM.
CompleteVB skins shared by PreSofts.Com