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  1. #1
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    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
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    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
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    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
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    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. #5
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    Forex trading is best part time opportunity. Here in this field we can earn on the base of our skills and analyzing power. I started with demo account and it was great experience for me to learn new things about making money in such an easy and simple way. I think we can get our dreams true with the help of forex online trading.

  6. #6
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    I have been trading on last 2 years. At first time i lost my money. But, when i got proper knowledge and experience then i make money from forex. Today i want to share with you some basic things about forex.
    Do you know, what is iq option in forex?
    Trading Forex on IQ Option’s Platform.
    IQ Option’s multi-asset trading platform can be accessed not only via web and desktop apps but also through Android and iOS mobile applications. Let’s see which forex pairs are available and how to execute currency trades on IQ Option’s trading platform.

    How Much Leverage is Available?
    Leverage is what makes it viable for many individuals to partake in the forex market under normal trading conditions (minimum trade size = 0.01 lots). Without access to leverage, a person with a trading account of $250 would not be able to trade forex if the minimum lot size were 0.01 lots, which would require more or less $1000 of capital. Luckily, with IQ Option, small transactions are possible, even if you prefer not to use the lowest leverage setting which is available.

    How to Execute Forex Trades on forex IQ Option’s binary option Platform
    1. Choose the currency pair you want to trade by clicking the plus (+) button at the top of the platform, click on “Forex” and then select the pair you need.
    2. Choose the amount you would like to invest.

    3. Choose the amount of leverage you require.

    4. Pre-set your stop loss and take profit orders with the “Auto Closing” function (these can also be set after the position has been opened).

    5. For pending orders, enter the price at which you would like to enter the market.

    6. For a long (buy) position click “Buy”.

    7. For a short (sell) position click “Sell”.

    Is trading forex a good way to make money on IQ Option?
    FX trading is a good way to make money on the IQ Option platform. However, losses can eat into your trading account. That's why it's important to choose a stable currency pair, use a good trading strategy and always use money management techniques.
    One of the advantages of trading forex on IQ Option is that their prices are usually quite accurate. Another good thing is that the platform provides great features such as charts and indicators which makes analysis simple.

  7. #7
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    I fully agree with what you said there. Sadly many traders who are just starting out have this wrong image of how a forex trader who is really successful looks. True, there are some success stories, but they are all in different extents and degrees. I believe that even a small profit can be considered as a success, and there is no need to be lavishly rich to be successful in life. While this is nice to think about, in reality most traders make a decent second income I guess, but over time this can increase - what is most important is that one is realisitc.

  8. #8
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    Quote Originally Posted by maby81 View Post
    I fully agree with what you said there. Sadly many traders who are just starting out have this wrong image of how a forex trader who is really successful looks. True, there are some success stories, but they are all in different extents and degrees. I believe that even a small profit can be considered as a success, and there is no need to be lavishly rich to be successful in life. While this is nice to think about, in reality most traders make a decent second income I guess, but over time this can increase - what is most important is that one is realisitc.
    To become successful in the business of Forex trading we will need to make use of a Reliable Trading Strategy.
    FXOpen - one of the most successful and fastest-growing Forex brokers.
    UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.

  9. #9
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    If you wish to achieve success in Forex, you should never give up practice. Practice makes you perfect.

  10. #10
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    Quote Originally Posted by Katrina View Post
    If you wish to achieve success in Forex, you should never give up practice. Practice makes you perfect.
    To become successful in the business of foreign exchange market we would need to to use a trading plan
    FXOpen - one of the most successful and fastest-growing Forex brokers.
    UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.

  11. ARIONFORXtarder
 

 
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