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What is the best way for you to trade? Which one of the currency pair is good to choose? After we identify the best trading opportunity, you will immediately receive a trading signal with entry point, stop loss and possible targets. Looking at the history of your trading results as well as since I joined you I can say that you are the most consistent and the best around! So, I finally decided that I will not go anywhere anymore to other services not try other strategies on my own.
The website cannot function properly without these cookies. Marketing cookies are used to track visitors across websites. Of course, there are advantages though in buying your own currency paired with another currency. You know the local news and news may affect the forex market. Being in the same country as the currency you are trading will have huge advantage. I admit that I have been guilty of the title Forex Trading Gambler. During my first few years and quite some of the time, I trade forex because of the adrenaline rush and the thought of easy money.
I get excited on every high risk trade that turns out to be a winner. It was my high. I was addicted to the feeling. He just wants to experience that same high that got him hooked. Then comes the realization, I continue to lose and I kept increasing my trading size. Only to burn even faster. With that good feeling that you miss, you just want to trade more and more, larger and larger, only to experience the bottom faster.
Trading this way will not work. It is not about the feeling in trading. How much money you made or how much you lost should not be the basis of trading. The more I trade, the more I realize that. For me, being right matters most. Its all about the odds and probabilities. Its all about timed aggression and patience. A little bit of luck may help. Because even though luck is involved, there is a reason why the final table have so many familiar faces.
It is a different kind of feeling that the thrill of winning big. Being right is better than breaking the bank. This is not a sprint, its a marathon. Trading larger size may give you great gains, but also great drawdown, and greater risk to go bankrupt. What we want is to make the right decisions each and every time. The more I read about the stories of successful traders, the more I realize that trading is much like poker. Some people treat it as gambling, some treat it like a sport, a mental sport like chess.
Some play poker just to have fun, feel the rush, some play poker as a profession, as a business. We should approach forex trading the same way. The forex market is going stale as we reach the end of the year. Many investors are on vacation so the market is not liquid enough to be exciting. Primary strategy is to produce passive income. Not sure for now, but the journey thus far have been so exciting.
In forex, you can enter or exit anytime, very liquid. And liquidity is very very good. I am also trading at no risk. Which means, the money that I have in my forex account are the money that I earned trading. I already withdrew the money, initially deposited into my account and thus, trading with no risk at all. This year, I also ventured into stocks and realized that its a lot different than trading forex.
So I decided to change my strategy with stocks and focused on passive income generation. In which I am very much enjoying. I realized that forex trading is a probabilities game. You can not predict what will happen next.
A good forex trading system is not a system that could predict the next move of the market, because there is no such thing. The time I realized this, my trading just improved. I learned to accept the risk before entering the trade. The reward may be small, but small steps before you can run.
And it have proven to be profitable. The best way to trade forex is to trade defensively until the next big trend comes. Always be in the market so you can be in the position when the trend starts. You just have to survive the ups and downs of price by money management. And if you caught yourself a big trend, double, triple, quadruple, quintuple up your positions until you are stopped. I also realized that day trading is stressful. So I switched to swing trading daily.
I forgotten my first reason in trading forex. It is to be free. There is no easy and fast money. The only thing you can find there is stress and a lot of time spent, staring at a computer. That is not the life I want.
Yes, a lot of brokers out there carter for the needs of varying investors as regards to their investment boundaries, but it finally boils down to the investor and what he finds comfortable to put into his trading account.
Select an account that defines your investment goals. If in any way you do not have the right forex education, then it would be wise for you to take some time out and get studying. To get a good head start, you should go back and study historical price data. This would allow you gather and analyze historical trends.
Once you have successfully concluded your foreign exchange market analysis, this is an indication that you are probably ready for the market. Always put behind your mind the fact that forex is a very dynamic marketplace and constant practice is vital, get a forex demo account at FXOpen and test your skills in Forex trading in the Philippines.