Learn from the 8 mistakes made by unsuccessful traders in their strategies

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Mauzo: Traders must learn from their mistakes to be successful

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Traders must learn from their mistakes to be successful

i am woking in this market from two years i learnt one thing from this market and that is we should take our mistakes as lessons to gain exprience . if we repeat our mistakes again and again, then the success will be difficult for us .so be successful with mature attitude

The Following 8 Users Say Thank You to haya For This Useful Post:

i think New traders should not be hard on themselves. Every trader has made mistakes in their trading career. Successful traders learn from their mistakes.

Es mufeed post ke liye ajAb khan ko mandarja zail Sarif ka shukriya

for in tae area forex trading here you can do that position here you are not the fore trading i the other market hee you.

Es mufeed post ke liye janu ko mandarja zail Sarif ka shukriya

g han ek acha trader humesha apni ghaltiyon say he sekhta hai jiss say usay maloom ho jata hai k yaha pay usay kesay survive karna ho ga yani yaha pay survive karna zrori hai agar aap ko apni ghaltiyon ka pata hai to.

Es mufeed post ke liye wajidali ko mandarja zail Sarif ka shukriya

g han mery bhaiaap bilkul theek keh rahy hen agar ap forex trading business men successful trader banna chahty he to apni ghaltion sy seekhna zarori y q ky ghaltiyan insan ko boht kuch seekhati hen or ghaltiya karny sy hi knowledge or exoperience barhta hy pr acha trader whi hy jo apni mistakes sy seekhy to bhai ap bhi mistakes sy seekho or bar bar mistakes na karo

Es mufeed post ke liye adeel sameja ko mandarja zail Sarif ka shukriya

I think mistakes and losses trading makes us perfect trader because when we suffer loss then we will alert in future and will be trade very carefully and we do not that mistakes which was previously done. So we should learn from our mistakes.

The Following 0 Users Say Thank You to zulfi125 For This Useful Post:

transform here the trading area in that position here you can do that super position here you are the for.

The Following 0 Users Say Thank You to janu For This Useful Post:

traslate musch going in the forex trading in that super market here you and your frenf is not allowed .

The Following 0 Users Say Thank You to janu For This Useful Post:

ek acha trader wo hi hota hy jo apni mistakes ko find karta hy aur phr un sy seekhta hy kiyo k her loosing trader kamyabi ka zeena hoti hy. agar ham apni mistakes ko find kar len jin ki waja sy hamen hoss hua to ham future mein un mistakes sy avoid kar k profitable trading kar sakty hein.

The Following 0 Users Say Thank You to tahirfarhad For This Useful Post:

Asalam O Alaikum to all dear forex mien agar hum kamyab hona chahtey hain to humien hamari mistakes sey sikhna chahiye ta k hum apni investment ko loss honey sey bacha sakey or apni mistakes pey dehan dena chahiye

The Following 0 Users Say Thank You to nadiarubbab For This Useful Post:

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3 Traders In Singapore Share With Us The Winning Attitude Behind Their Success

Collin Seow from The Systematic Trading, Rayner Teo from Trading With Rayner and Alex Yeo from Big Fat Purse share with us some important attitudes to adopt to become a successful trader.

Trading can be described as the younger cousin of investing. Both trading and investing are vastly different ways of making money from the financial market.

While investors try to make profits over the long term by buying and holding an investment portfolio that they believe would do well, traders aim to make profits relatively quickly by using their skills to take advantage of the price volatility in financial instruments that they buy and sell.

These instruments could include stocks, foreign exchange (Forex), options and many others. When appropriate, traders will also leverage their positions to increase their exposure, and hence potential returns.

Because trading is generally considered riskier, and requires more skills, returns for successful traders also tend to be higher than it is for investors.

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However, being a successful trader is far from easy. Not only does a person need to be knowledgeable in the instrument(s) that they are trading, and to be familiar with the markets they are in, they also need to have the right attitude towards trading.

For a better understanding on what it takes to be a successful trader, we spoke to three well-known traders in Singapore who have been successful in their respective field.

Part 1: Stock Trading – Collin Seow

Collin Seow is the founder of Collinseow.com / TradersGPS. He is a qualified Chartered Portfolio Manager (CPM) holding a Certified Financial Technician (CFTe) qualification, and is a member of MENSA Singapore.

A charismatic trainer, his courses equip people with trading and investment strategies that help them navigate the complex financial markets.

Qn: How long have you been trading stocks for? What does your trading strategies focus on?

CS: I have been trading stocks for more than 21 years but to be honest, for the first few years, it was more like buying and “hoping” for the best.

My strategy has definitely evolved over the years. In the initial years, it was a discovery process. I was mainly using fundamental analysis to identify and buy stocks that I thought had dropped below their true value. The next stage of my learning journey was to trade short term using technical analysis (TA) and finally developing a rule-based trading system (algo) based on TA to buy and sell. The time frame that I hold stocks can range from weeks to months.

Qn: What are some common mistakes that you typically see new traders making ?

CS: 2 mistakes most new traders make.

1. No confidence in their strategy

Losses are part and parcel of trading. However losses are also what shake people’s confidence in their strategies. This is the main reason why new traders constantly jump from one strategy to another. Each time they meet a few losses on a strategy, they will switch to another. To become a profitable trader, we must become masters of our strategy, psychology and risk. To become masters, we need to put in the time and effort, to gain the experience and knowledge in our strategy.

2. Not paying attention to money management

Money management is very important in trading. A lot of new traders focus on making money but not on losing money properly. This one simple step of learning how to manage your losses can turn you from a losing trader into a breakeven, or even slightly profitable trader.

Qn: What are the areas of focus that new traders should pay attention to instead?

CS: Instead of focusing solely on making money, traders should focus on the process and routine, and then refine their strategy along the way according to their personality. I find that processes help us do our work better.

Qn: What are some myths that people typically hold when it comes to stock trading?

CS: “Trading is easy to learn.”

New traders are often lured by the success stories they hear in the marketplace – of course for every success story, there are dozens of heartbreak stories they do not hear. They also tend to underestimate the difficulty of trading because it looks deceptively easy. Sit at a desk, watch the screens, click a few buttons and their bank account is topped up with more money. Some traders think they can be profitable by just from watching a few videos online or reading some books. Trading is a psychological endeavor. You can save a lot of time, and money, by getting a good mentor and having a good trading system.

Qn: Aside from having the right skills and strategies, how important is the attitude for the success of a trader?

CS: Most people are not disciplined and cannot, or do not, put in the time and effort required to trade well. They need to have a system that is back-tested to be profitable and robust. Keeping records is extremely important because if you cannot measure your past performances, you cannot improve. You need to create a feedback loop to receive feedback from your trading.

In one of my courses, The Systematic Trader Course (SMT), we share this acronym to help you remember: ETET. You should always know your Entry price, Target price, Exit price (stoploss) and Time frame. These are some of the information that should be recorded for feedback and future learning in your trading plan.

Qn: What are some attitudes that you have which you think have allowed you to become successful in what you do?

CS: Being introspective and retrospective. I know myself well enough to know what will work for me and what will not. Also learning more about the current state of my trading, through the feedback loop, and constantly making necessary adjustments.

Part 2: Forex Trading – Rayner Teo

Rayner Teo is an independent trader, ex-prop trader, and founder of TradingwithRayner.

He is the most followed trader in Singapore, voted Top 5 most helpful traders on Twitter, with more than 23,000 traders reading his blog every month.

Qn: How long have you been trading Forex for? What does your trading strategies focus on?

RT: I’ve been trading Forex over the last 8 years.

I adopt a Trend Following approach. This means I buy when the market is trending higher, and sell when the market is trending lower. I exit my trades if it goes against me and I ride the trend if it moves in my favour.

Qn: What are some common mistakes that you typically see new traders making?

A common mistake many traders make is to look for a “holy grail”. Well, it doesn’t exist. If you ask me, the closest thing to the Holy Grail is having a loss of not more than 1% of your capital on each trade, so you can live to fight another day.

Another common mistake is hopping from one trading strategy to the next after a few losing trades. This “cycle” keeps you in an endless race to find a perfect system, which as mentioned earlier, doesn’t exist. Instead new traders should find an approach that suits their personality and their goals.

Qn: What are the areas of focus that they should pay attention to instead?

RT: Traders should pay more attention to having a detailed trading plan. It should set some parameters for your trades such as what type of market conditions you should trade in, how to enter your trades, how to exit your trades and how to manage your trades. And if things don’t work out, you can look back at your plan, learn from it and find ways to improve it.

Also, you want to focus on risk management. Without it, even the best trading strategy will not save you from blowing up your trading account.

Qn: Aside from having the right skills and strategies, how important is the attitude/mentality for the success of a trader?

RT: Discipline and attitude is everything.

Qn: What are some attitudes they need to have?

RT: You have to accept that you may be wrong more often than you are right and still make money. Always stay hungry and keep learning about yourself and the markets. Have the grit to keep pushing forward even when times are tough.

Qn: What are some attitudes that they are better off not having?

RT: “The know it all” attitude, refusing to acknowledge and learn from your mistakes, and being too attached to an individual trade outcome.

Qn: What are some attitudes that you have which you think have allowed you to become successful in what you do?

RT: Perseverance and the ability to reflect and improve.

Part 3: Option Trading – Alex Yeo

Alex Yeo is a self-directed trader and the co-founder of BigFatPurse, a leading financial education & technology company in Singapore.

He trades futures options primarily and holds a Certified Financial Technician (CFTe) designation, accredited by the International Federation of Technical Analysts (IFTA).

Qn: How long have you been trading Options for? What does your trading strategy focuses on?

AY: I started trading options 3 years ago.

I sell options primarily and collect premiums. I focus on selling futures options.

It’s very similar to how insurance companies sell you policies and collect premiums from you. If nothing happens to you, the insurance company just keeps the premium.

As an option seller, I pick a price level that I think the market wouldn’t reach, sell an option contract at that price level and collect a premium. In other words, buyers pay me when they buy the option contracts.

There are several reasons why people buy options – higher leverage, hedging their positions. When they want to buy, someone has to sell it to them. I am the one selling and I get paid for underwriting the risk.

Qn: What are some common mistakes that you typically see new traders making?

AY: One thing I observed is that new traders tend to think that if they worked more on their trading psychology, they will be profitable.

While psychology is important, before they focus their attention on it, they should make sure that their strategy has an edge in the first place. If your strategy doesn’t have an edge, no matter how much you work on your trading psychology, you would never be profitable.

Qn: What are the areas of focus that they should pay attention to instead?

AY: They should find and develop their edge in the market. They need to have an in-depth understanding of how prices move, utilize 2 nd level thinking, back-test or forward-test their strategies.

Qn: What are some myths that people typically hold when it comes to options trading?

AY: They think that trading is easy and that they can make money with just a little bit of effort. All you have to do is to recognize some chart & candlestick patterns and easy money is up for grabs.

If it is so easy, everybody would be making a killing in the financial markets, and nobody would need to work anymore.

Another one of the myths is thinking you can trade for a living with a $1000 account. Because assuming you need $3000 a month to survive, you are looking at a return of 300% each month consistently. It’s only a matter of time before you lose that account.

Qn: Aside from having the right skills and strategies, how important is the attitude/mentality for the success of a trader?

AY: Extremely important. If you look at successful traders, they all possess certain character traits and attitudes.

Qn: What are some attitudes they need to have?

AY: Discipline and perseverance

Qn: What are some attitudes that they are better off not having?

AY: Ego. Traders can be egoistic. They always think they are right.

Qn: What are some attitudes that you have which you think have allowed you to become successful in what you do?

AY: Although it sounds clichéd, perseverance plays a huge part. There is a learning curve and it may take a few years before traders can see any success.

What We Can Learn From Their Insights

When we see the responses from the three traders, we observe some undeniable similarities among their answers even though they trade very different financial instruments.

For starters, all three traders advocate the importance of having a right trading strategy, and spending time to refine and improve on the strategy, rather than to constantly hop around from one strategy to another. Another important area of focus is risk management, since losses are part and parcel of trading.

Once a trader is able to develop a trading strategy with an edge, and knows how to manage losses, it boils down to attitude. All three traders agree that discipline and perseverance are vitally important for developing long-term success, especially since it takes time and much experience before traders are able to become effective in their trades.

If you wish to learn more about trading in general, we strongly recommend that you first get yourself educated. IG has a comprehensive guide of seminars, webinars and articles to help get you acquainted with trading. A demo account is also a good way to refine your trading strategies without taking risks with actual money. Last but not least, get yourself familiar within a trading community so that you can gather and share insights with other like-minded traders in order to learn, be exposed to other strategies and of course, improve.

Best Kept Secrets of Successful Traders — ForexTradeCenter

To further understand the Best Kept Secrets of Successful Traders first let’s review some basics. Trading is the demonstration or action of purchasing and selling goods and services. Possible substitutes of “trade” are “commerce” and “financial transaction”. The vast majority of us have traded in our routine life, in spite of the fact that we may not even know that we have done so. Basically, everything that you purchase in a store is trading money for the commodities you want. To maintain high profitability in trading there ought to be a firm balance between risk and reward. Due to trade, the entire society gets benefits. Trading can be of products or as shares (stocks).

What is that trading system?

Trading system is a complete set of trading rules. While designing a good trading plan, it is necessary to make investment decisions, considering all the aspects of clearly defined provision. This provision must be objective, unique and never allow any other different interpretations. In the meantime, the design of a good trading system ought to be in accordance with the psychological characteristics of users, the statistical characteristics of the transaction and the risk characteristics of varieties of its own funds.

Secrets of Successful Traders

Here are some specific secrets of the best traders to improve the trading system.

  • Grabbing a good position and maintaining a strategic distance from the bad ones. Poor trade choices take a substantial toll as it drains your confidence and wallet. Take low risk at the beginning.
  • Successful trading involves a commitment to build a solid mental structure with abilities and business sector learning.
  • The essential thing in trading is to cope with your losses when they occur. The secret of good trading is that: lose as minute as possible on your failures and let your champions make your profits. Traders should always place their stops so that they know in advance what can be the maximum loss.
  • The way to great entries in trading is putting on trades where there is relatively low risk as compared to much higher reward. You ought to characterize an initial stop point for your trade, at the point where the trend is negated. You will likewise require a ‘trailing stop’ system to ensure your benefits.
  • One of the most important Secrets of Successful Traders is Learn from your mistakes. If you take a trade that follows your procedure exactly (whatever that procedure may be: fundamental, technical or something else), and if that trade loses money, that was not an awful trade. It’s just a terrible exchange in the event that you stray from your procedure and lose money.
  • The focus should be on specific positions/ goods. Successful traders said they like to focus their portfolios on their best ideas; in addition to that they like to stay concentrated on how every stock is acting. If the portfolio is too large (let’s say more than seven stocks), then there is a chance to lose focus and perpetually you miss a way out on a trade that ought to have previously existed.
  • Successful traders direct more of their emphasis on completing their strategic/trading plan from beginning to end.
  • To be a good trader restrains your risk exposure to a specific rate of your trading capital. Take low risk and get more return. One should never risk more than 2% of once account equity on any one venture or trade.
  • Good equities traders pick a modest bunch of stocks to follow and learn every little thing about them. Traders need to internalize some of the dynamics including management, products, competitors, strategy, analyst estimates, , earnings guidance, financial statements, risk factors and inventories in order to understand price movements and react tonews.
  • In order to be successful, one must take trading as a full or part-time business not as a hobby or an occupation.
  • Traders need to ensure that they trade methodically, not emotionally. They have to perceive their emotions, but not let them influence their judgment. To deal with your emotions effectively while trading, a composed strategic plan should be made that you can review regularly to stay committed to your goal of trading success.
  • Another important secret to being successful traders is Split your capital into few equal portions; never risk more than one part of your capital on any one trade.
  • Never over-trade, adhere to your risk management rules and take low risk. Keep in mind, no trader on the globe wins every bet, so do not expect that of yourself.
  • Never get into the business sector because you are on edge from holding up and never escape the business sector because you have lost your patience. Each day is not a trading day, only trade when probabilities are in your favor.
  • Always trade within your capabilities; taking care of your financial conditions.
  • Never let eagerness or apprehension take control over your winning position.
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Traits of Successful Traders

Good traders align goals with their personality, get education, maintain discipline, cut losses and let profit run, use leverage effectively and trade at the right time.

What Are Your Chances of Success as a Forex Trader?

Most traders have heard or read that 95% of people who try their hand in the markets fail to make money; this is a very common myth that is widely circulated around the internet and elsewhere. However, this myth is not based on any solid evidence or statistics, rather it is a general statement that is factually incorrect and usually based on broad assumptions and flawed logic. Unfortunately, this myth also inhibits many traders from reaching their full potential and instills misplaced fear into their minds from the very start of their trading career.

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So, what are your chances of succeeding as a Forex trader?? This is a very important question that deserves some logic-based discussion, rather than the vague general statements that we so often read on the internet. Let’s tackle this question head-on with some supporting evidence and logical thought, this will hopefully give you some confidence and eliminate some of the “I’m just another doomed trader” thoughts that you no doubt have had or are currently having.

What Percentage of Traders Make Money but are not “Professional”?

This is a very important question with far-reaching implications. Basically, there are always people making money in the markets; in theory, for every loser there is a winner. However, consistently making money is a different story, so over the long-term there are going to be fewer traders who have made money than who have lost money. But, while 95% of traders may not be professional or full-time traders, this DOES NOT mean that 95% of traders don’t make money over the long-term. Let me explain…

As traders, we don’t need to aim to be “professional” right out of the gate, in fact, having such unrealistic expectations is often what causes beginning traders to over-trade and over-leverage their accounts. Your goal as a Forex trader should initially be to turn a profit each month, if you can do this for an extended period of time, you are a profitable trader, not “professional” yet, but profitable. Thus, by just aiming to make a profit each month, your statistical chances of “trading success” will jump incredibly. As you learn and become a more skilled trader, you can shift your goal up from profiting each month to profiting each week, and then eventually to pro-trading; over-time you will see your trading improve and your trading account grow. But, for now it is important to understand the distinction between “professional” or full-time trading and simply being a profitable trader or part-time Forex trading.

Thus, it stands to reason that traders who aim to just make money and become good traders, rather than aiming to become a “professional” trader right away, will have a far greater chance at succeeding in the markets over the long-term. There are reasons why this is so, I alluded to some of these in the previous paragraph, but it’s worth explaining them in more detail…

The primary reason why you are more likely to experience success in the markets if you dial-down your expectations of “professional” trading right out of the gate, is because it puts you at a much more advantageous emotional point than expecting to be a pro the first month you start trading. When your expectations are more in-line with the reality of trading, you will have less desire to over-trade, and you will feel less desire to trade large position sizes as well. Since you are just aiming to make some profit each month, your temptation to over-trade and over-leverage is far less than what it would be if you felt “forced” or compelled to make a living from your trading as soon as possible, which is unfortunately what most beginning traders feel they need to do.

Since you feel no pressure to rely on your trading exclusively for income, you release most, if not all of the emotional attachment to your trades and to the money you have at risk. This is a very important point that has far-reaching implications on your success as a trader. Releasing your emotional attachment from the market as much as you can is the easiest and quickest way to experience success in the markets, and it is done by having realistic expectations, meaning not expecting to be a full-time trader right away, in other words, Forex trading success comes from within. So, given the fact that you can trade profitably as a part-time trader, the statistics of people who trade and actually make some money each month are probably closer to 20 to 30%, maybe even more, this is far higher than the 5-10% we so often hear about.

So what are your Chances of ACTUALLY Making Money as a Forex Trader?

Ok, now let’s get down to some actual facts and figures, so that you can see for yourself what your approximate chances are of making money as a Forex trader with an effective Forex trading strategy vs. a trader without any strategy at all.

I am going to approach this in terms of risk reward, basically the risk reward ratios will be the “control group” and the trading strategy or entry method will be the “variable group”, for all of you science freaks out there.

So, let’s first look at what it takes to be a break-even trader in terms of risk reward.

As you can see in the chart below, with a risk reward of 1:1 you have to win 50% of your trades to breakeven. As your risk reward moves up you can win less of your trades and still breakeven; a risk reward of 1:2 requires only winning about 33% of your trades to get to breakeven, and a risk reward of 1:3 requires you only to win about 25% of your trades to breakeven, take a look at the chart:

If you want to be a trader who simply makes 1 times risk on each trade, you have to win 66% of time with a risk reward of 1:1, 50% of the time with a 1:2 risk reward, and with a 1:3 risk reward your winning percentage can be as low as 33% to make a 1R profit.

I often discuss the power of risk reward in Forex trading, and for good reason, it is a concept every trader must understand and it is the best way to see how letting your winners out-pace your losers makes successful trading easer to achieve.

However, risk reward is not the only thing that makes a trader profitable over the long term. You also need a high-probability trading edge like price action. This will greatly increase your overall odds of making money on a regular basis in the markets, as we will see below.

The chart below on the left displays how many winners are required to breakeven with no particular trading edge, basically, over a long-series of trades, you will breakeven by winning 50% of the time on a 1:1 risk reward ratio, 33% of the time on a 1:2 risk reward ratio, and 25% of the time on a 1:3 risk ratio. With only random entry and risk reward in Forex trading, you are likely to just perform around breakeven over the long-run.

Now compare this random entry risk reward model with the chart on the right; it shows your approximate chances of winning using a high-probability trading edge like price action trading strategies in conjunction with the power of risk reward…

Note that your chances of winning actually decrease as the risk reward ratio increases, this is because your target is further away and your stop loss stays the same distance, thus the percentage of your stop getting hit increases as your target increases, so we need to stack the odds in our favor as much as possible by using a high-probability entry method like price action.

By analyzing the images above we can clearly see that the an educated trader who has a solid Forex trading plan and who knows exactly what their edge is in the market, has a much higher probability of making money than a non-educated trader who is essentially entering randomly. The reason why the majority of traders lose money is because they number 1; don’t understand risk reward and forex money management, and number 2; they have not truly mastered a highly-effective trading strategy like price action. So, your first priority as a trader should be to master these two things.

Making money in Forex is NOT unattainable…

The odds of you becoming a profitable trader are very good if you do this, notice I did not say “professional trader”. The reason I didn’t say “professional trader” is because as we stated above, your aim at first should be to become a profitable trader each month. This is a much more attainable goal right out of the gate. Doing this will lift your chances of success dramatically because it will give you a REALISTIC GOAL and will allow you to avoid the common mistakes so many traders make due to the fact that they try to rush into being a pro right away. Start out with a plan to trade part-time successfully, you’re attitude should be to trade less and profit more / set and forget.

In closing, I would just like to say that I get feedback from my member’s all the time; emails and testimonials from people who truly are turning the corner in their trading, not because they are professional full-time traders, but because they have stopped the bleeding and are starting to see the power of effective money management and price action trading in combination with one another. Simply having a solid education in an effective trading strategy and truly “mastering” it greatly increases your chances of making money consistently in the markets.

As a Forex trading coach it is my aim to push traders onto the correct path that gives them the best chance at success in the Forex market. So, it gives me great satisfaction to know that I have helped so many traders through the quality content that I offer and the repetition of the concepts I teach, because this gives traders a far better chance at making money consistently than if they have no formal Forex trading education or no effective trading method.

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