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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. #11
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    Quote Originally Posted by silverlady View Post
    This is a right note for all traders, the forex market is the best that ahs happened to many that takes it as the business. Having this business reasoning as a game will not bring out the seriousness in the market, and forex is such a business that need patience and tolerance of the trader to have the success, it is never easy, until the trader takes it so.
    Actually most of the gamblers have power to afford the loss, and they know that because of leverage they have several chances, if they divide their capital into two or more accounts, some brokers are offering 1:2000 leverage, can you imagine that how much leverage it is, and how much trade a trader can do with that higher leverage? of course the risk is higher, but if the amount is small then trader can afford to lose it.

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  3. #12
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    I totally agree with your pint of view. Basically Forex is business and has all qualities of a good business but mostly traders don't consider it as a proper business they think it is a part time business they are wrong if they do forex with proper learning they can make it full time business and can earn more than other offline business.

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  4. #13
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    Quote Originally Posted by mehwishraheel View Post
    Actually most of the gamblers have power to afford the loss, and they know that because of leverage they have several chances, if they divide their capital into two or more accounts, some brokers are offering 1:2000 leverage, can you imagine that how much leverage it is, and how much trade a trader can do with that higher leverage? of course the risk is higher, but if the amount is small then trader can afford to lose it.
    You have a point here, but let me tell you, what the broker is offering you is not what matters, but the way you want your account to be traded and planned. If the broker is offering you 1:2000 leverage, you should know that the broker is after their own pockets for you to trade with big lot, this is not professional for any trader to trade that big.

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  5. #14
    Trader amjad23510's Avatar
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    You are right dear.forex trading is a real and profitable work.we should take it seriously because it can be a great source of income for us.we need to spend our time in learning and study to get success in this risky business and to earn huge profit from this field.

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  6. #15
    Trader rinaji's Avatar
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    Good advice, I agree with all the suggestions from the thread starter, so if we do it all properly, then it can bring us for success, this is a business, so all should be planned seriously and discipline in implement it. All must be in the right track according to the plan, one time we violated, then it becomes the initial signal as a warning to us that we are in trouble and going towards big problem if we do not immediately to correct.

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    If you lose, be patient. If you win, stay humble

  7. #16
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    Quote Originally Posted by silverlady View Post
    You have a point here, but let me tell you, what the broker is offering you is not what matters, but the way you want your account to be traded and planned. If the broker is offering you 1:2000 leverage, you should know that the broker is after their own pockets for you to trade with big lot, this is not professional for any trader to trade that big.
    It is true that professional traders don't trade with big lots with small capital, but sharp trader do that, because they know the risk involve and they can afford to lose their capital, that's why they seek higher leverage to trade with, I can give you an example, I am trading with another broker, and he is offering me 1:2000 leverage in all the currencies, gold and silver, can you open a trade of 0.03 volume of gold with the capital of 5$? you can't do that without 1:2000 leverage, so, if I open a trade on the time of news then I can make big profits, if my analysis is right, within two to three minutes, and if I lose then I will lose only 5$.

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  8. #17
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    of course we are making a very great business when we trade the forex . generally we are doing some trade which is very wide spread ed whole the world . and we can make a profit of it like any other business . but we can say that there is not any other trade which may give us like forex can give us

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  9. #18
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    Quote Originally Posted by hosny55 View Post
    of course we are making a very great business when we trade the forex . generally we are doing some trade which is very wide spread ed whole the world . and we can make a profit of it like any other business . but we can say that there is not any other trade which may give us like forex can give us
    I am not saying forex is not a great business, this is a business that resembles gambling, that is why some traders are unethical in this market,and that is what i am trying to avoid on this thread. Good, you believe forex is a business, but the main thing is that you should trade it as a business. One should not treat it with levity, that is the way to be successful in it.

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  10. #19
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    I do not know why any trader will take this business as anything else, the more you relate a seriousness in the trading of forex, the better for you in trading it, I am very careful to know that trading in this market is mainly about the way the trader is doing it rightly well, and the best of it all will help the trader to have the strategies of doing it.

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  11. #20
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    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

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