Forex trading should be taken as a business - Page 3
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Thread: Forex trading should be taken as a business

  1. #1
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    Forex trading should be taken as a business

    I wonder why so many traders are losing in the forex market, and there came an answer to me, its definitely because they are not taken forex trading as "a business". Although, there are freedom of everything in forex trading, but there is never a misuse of this freedom to the benefits of the trader. This is what traders should think before they do anyhow in trading. Forex trading is not regulated when it comes to its participants, that is why so many traders do not know the ethics that contain in forex trading. It does not matter if the world trades forex, what does matter is how many traders are successful in the trading and earning live earnings in the forex market.

    VIEWING MARKET IN THE RIGHT WAY: The first step to be done by the trader is to "view the forex market in the right ways". You will have to have a feasibility study about how you want your trading career to be, and how you will achieve the same. Take trading serious and make a disciplined determination to your trading rules. Never go again your trading style and have your own trading journal.

    Also, try to review all your work in the market weekly, preferably during the weekend, and set to correct the mistakes you made in the previous weeks. Make sure that you do not over trade or allow greed to rule in your trading, because the greed is the one that will first set in before the real emotional trading comes in; most especially if the trader has also acquired so many losses initially.

    Set your daily, weekly and monthly target, but never let it to be unrealistic to achieve, unrealistic target could make some traders to be too anxious, thereby causing them to over-trade. In fact, if you want it at the best, use the average of the pips you have gotten for long period of time for daily, weekly and monthly to set this target for either the day, the week or the month targets. Also, bear it in mind that you can never meet your target all the time, it is not possible, there are times that the market will behave beyond a good condition, and in this case you will move on, this is actually part of trading.

    You should set your trading parameters all the time, know your stop loss and the take profits. Let the risk reward ratio be or more than 1:2, because that is what will bring good trading reward to the trader in light of good trading management. Forex traders should not do a lesser risk to reward because it might not make the profits of the trader to be pronounced.

    Above all, always try to exercise a good conduct in your trading, knowing that forex trading is not a quick place of making money, you will have to work for the money that comes to you. The survival of the fittest is what keeps the market active, and your good conduct is what will help in this risky business. HAPPY TRADING!

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  2. #21
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    Quote Originally Posted by forexlearner View Post
    Thanks for this great information I think its very important set our weekly and monthly goal in forex. And its very important to focus on our risk and reward ratio analysis too I mostly like to do trade with 1:1 risk and reward ratio but many trader's do much batter than it so in near future I will try to focus on much better risk and reward ratio system like 1:3 and 1:4
    If one does not know the right things to do in the market, he will suffer more in the hands of the market. Trading is very easy and cheap, it depends on how smart the trader is. Good forex trader have good trading plans and approach towards the market, and it will be what will help the trader grow the more. A good risk to reward you stated here is a very good approach of handling good business.

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  3. #22
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    How you want your bank account to become traded and planned. In the event that broker is providing you 1:2000 leverage, you must know that the broker is after their particular pockets so that you can trade with big lot, this isn't professional for almost any trader to trade that big.

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  4. #23
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    Quote Originally Posted by rapidace View Post
    How you want your bank account to become traded and planned. In the event that broker is providing you 1:2000 leverage, you must know that the broker is after their particular pockets so that you can trade with big lot, this isn't professional for almost any trader to trade that big.
    Well, you have said it all correctly, but there are somethings i would like to adjust. If the broker is offering you 1:2000, it might not be good though, but some traders can still plan their investment with it. It is the starting that this large leverage will help you about, but when it comes to later times, the trader will be reducing the leverage they are trading with.

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  5. #24
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    Trading with low leverage is always better for trader rather than using high leverage yeah many broker's try to attract clients by offering high leverage in this business but a trader should use low leverage for better result, I think proper risk management and money management these two are very important factors which can bring stability in low leverage and high leverage

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  6. #25
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    Yeah most of all broker's give a lot of benefits to attract their clients, but its our own duty to stick with our trading determination we have to set our object first and by following a good trading plan we have to stick with our trading rules, no matter which type of market there is some time because of high confidence we try to take big risk we don't have to do that and have to follow proper discipline in each trade

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  7. #26
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    Quote Originally Posted by cozard007 View Post
    Set your daily, weekly and monthly target, but never let it to be unrealistic to achieve, unrealistic target could make some traders to be too anxious, thereby causing them to over-trade. In fact, if you want it at the best, use the average of the pips you have gotten for long period of time for daily, weekly and monthly to set this target for either the day, the week or the month targets. Also, bear it in mind that you can never meet your target all the time, it is not possible, there are times that the market will behave beyond a good condition, and in this case you will move on, this is actually part of trading.
    Onfortunately I have no daily target. I just put on weekly target on my trading system. To me trading daily is high pressured trading. I favor to use long term trading despite of small range trading system. I have weekly and monthly target. How can you tell me how the important of daily target is? It seemed interesting.

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  8. #27
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    Quote Originally Posted by aris90 View Post
    Onfortunately I have no daily target. I just put on weekly target on my trading system. To me trading daily is high pressured trading. I favor to use long term trading despite of small range trading system. I have weekly and monthly target. How can you tell me how the important of daily target is? It seemed interesting.
    Its not important. Its your strategy. So if you trade short term or daily trading then your earning target will be daily. But if you trade medium and long term like weekly and monthly then your earning target is base on weekly and monthly. Mine on other hand I do have 38 pips earning target daily. As I do scalping.

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  9. #28
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    Quote Originally Posted by budado View Post
    Mine on other hand I do have 38 pips earning target daily. As I do scalping.
    Scalping trader may can get many pip in small time frame? How do you can target your daily pip? I think being scalper maybe have hourly target. . Many trader has different trading style. I used to use scalping as my strategy, but I failed too many times if I use trading scalping. Its difficult.

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  10. #29
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    Quote Originally Posted by aris90 View Post
    Scalping trader may can get many pip in small time frame? How do you can target your daily pip? I think being scalper maybe have hourly target. . Many trader has different trading style. I used to use scalping as my strategy, but I failed too many times if I use trading scalping. Its difficult.
    Well, any trader could use any trading means to work in the market. I will not say scalping is not a means to take this trading as a business, but the scalpers that are doing it badly are the ones to be blamed. Also, I realized that scalpers might lose more and gain even more. So far the scalper plans his investment very well, he could still be a good trader.

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  11. #30
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    I already believe in the true fact that the forex trading business is certainly the best business which can be done online. And am very much serious with each and every aspect of the forex trading business. I can spend as many hours as possible to watch the right trend and then ride on the trend to make some good profits which is worth the money risked from my end. Hence, we all should always make sure that we try to focus on our goals.

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