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- Harsh Reality 2: Most Systems are Useless
- Forex Trading: Tips, Hints and the Scams to Look Out for While Betting Online
- 6 Strong Skills That’ll Help You Become a Successful Forex Trader
Joke aside, you shouldn't ask others for figures. You should instead focus on how you are going to be profitable. FX is not a magic fountain of cash. It's another regulated business and like any businesses you need to figure out how to make money yourself. Courses and training will teach you the basic of how to execute a trade but it'll never teach you to be profitable.
There's a reason investment companies charge outrageous AUM fees to work with them instead of selling their secrets. I gave ten grand to a friend who trades and he's been sending me 1k per month now going on 8 months. Yeah, there are people making money. The problem with trading is that it has such a bad rap that when somebody is sucessful, nobody believes them. And no I will not divulge friend's info.
Harsh Reality 2: Most Systems are Useless
And no, not concerned if you believe me. Take this comment with a grain of salt. Take everything with a grain of salt. And don't just hand money to anyone. Test them first. If they really can make money, they'll do a dollar test with you to prove it. Just don't be gullible. If you are not dealing personally with them, take your time. Because people, even friends, tend not to take it too well when you tell them "Hey I can send you a K a month no problem, I can put up the 10K to start off the account and transfer to you monthly.
They aren't borrowing. They're managing the funds. They're a "friends and family office hedge fund".
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- Can You Make a Living Trading Forex? | Trading Education.
It's a long journey brother. Those who are selling aren't really good maybe repackaging free information.
- Can you become a millionaire by trading forex? - Traders-Paradise.
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You could make a very simple, effortless, trading plan. And if you could follow it perfectly,it would be profitable, but your psych, emotions, personality all get in the way. Sort of like the saying "buy low, sell high" seems simple but how many can pull it off consistently. I published all my live trades before they triggered, along with their underlying analysis and trade management for about a year last year on the unofficial Discord channel. Click here to see why this is necessary.
Why do you need results? A persons income is very confidential If people were to go around telling how much money they make, that would just throw alot of unnecessary problems towards their way. Money is possible yes, when people ask for my results I never show money, I just show percentage of growth over months, etc. Inspiration won't do it. So it doesn't really matter. Its all up on you and only you.
But don't seek inspiration and motivation, thats only setting yourself up for a higher come down for failure. There was this case not so long ago, hundreds and hundreds of subscribers selling this and that.. OP is not asking to share your strategy but your monthly performance for example. There are many tools that can show your performance without showing the trade details.
This is some excuses again and 'failure to show up' lol. Exactly thats what i'm saying though, there are people taht show their results and made publicly all the time. They won't ever show up straight up profits. Idk what hes talking about that theres people failure to show up. Did I say that he asked me to share my strategy? How is this failure to show up?
Show up to what? Am I trying to sell a strategy? To prove to a bunch of desk jockeys that they turn a profit? Crypto in recent years has given forex such a bad name. If these people claiming to make money in Forex really did make money, they wouldn't be trying to sell a book on how to do it.
Forex Trading: Tips, Hints and the Scams to Look Out for While Betting Online
Why waste your time writing a book and creating a website when you could just trade and make the money you claim to be able to make? You just need to do something to raise your bankroll. Certainly selling systems has a lower bar for entry. This would mean that nobody should become a teacher, as if they were really good, they would be doing that thing as opposed to teaching it. To trade Forex and achieve profits with this, you need to buy low and sell high.
This is one of the best things about the Forex market, as you can easily not only purchase the assets, but sell them without owning them. Of course, if profitable Forex trading was that easy, there would be millions of online traders making large sums of money every day.
In fact, the situation is quite the opposite. Most Forex traders actually lose money, and it is quite a challenge to start profiting with Forex. Featured below are the basic principles of Forex trading, risk management, and trading psychology. Following these principles does not necessarily guarantee that you will achieve profits in this highly volatile and enormously large market, but it can help. Without knowing the basics, it will be hard for you to profit in Forex. Let's examine these key features of profitable Forex trading:.
No matter what your trading strategy is, you should always have your stop-loss set. What is a stop-loss? This is a trading parameter that enables you to define the closing price of your trade, and the trade will then be closed at this level automatically.
In other words, once you have placed a stop-loss, you can rest safe in the knowledge that you will not lose more than you expect. This may not necessarily be applicable every time, as sometimes the market behaves erratically, and you can see some price gaps. When a price gap happens, your stop-loss will not be executed at your predetermined level, but will instead be executed at the next available price— this may result in what is known as slippage. This may sound simple, but it is extremely important. Emotions are a trader's worst enemy. Some people try to comprehend trading as a game, where they have to beat the market, and once they start to lose this game, their nerves start to let them down.
First of all, trading is not a game, and you should never treat it like one. Forex trading is an exciting activity that is a mix of analysis and discipline. Instead, you should just understand them, rely on your analysis, and follow the rules you have established for yourself. This is the ultimate key in how to profit from Forex. Emotions can spoil every trader's experience, and this is why it is vital to keep them separate from your trading. If you feel down, do not trade.
Equally, if you feel too happy or excited, you should also avoid trading. Feeling too confident about your trades can result in big losses. However, this is easier said than done because emotions make us human. Let's hear from Jens Klatt, an experienced trader, about his expert opinion on mastering your trading emotions in the free webinar below. How can you be profitable in Forex trading?
6 Strong Skills That’ll Help You Become a Successful Forex Trader
Staying up-to-date with the latest news releases is definitely one way. A lot of market moves happen due to either news and announcements, or due to the expectations of news and announcements. This is referred to as fundamental trading. What you have to be sure about is that even if you are a technical trader, you should still be paying sufficient attention to fundamental events, as such events are a key driver of market moves.
In other words, if you have a reliable trading strategy, and all of the technical indicators point to a long trade, make sure to check the Forex calendar and see if your trade is in line with the current news.