If you have been in Forex for any amount of time then you know how very difficult trading can be. Some people have an easier time at it than others, but it is reported and rumored that 95% of traders fail to make money. This means that 95% of traders are losing money on a consistent basis. Some traders even get to the point of breaking even, but usually are not able to go ahead. They’ll have winning trades and losing trades, and oftentimes the losing trades will outnumber the winning trades leaving them with a net loss in the end.
I came up with this idea in May 2014 to gather a list of the best 100 Forex related blog sites. I saw that this did not exist and started to work on it. Now we have a huge list of 100 blogs in the Forex industry which is unique.
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The Forex market is a commercial world of interesting possibilities. Currencies worth trillions of dollars are traded every day. It is also turning out to be a sector which attracts a lot of entrepreneurs with Forex business dreams. The currency trading market promises fast bucks in a short time. It is not necessary to be a trader to begin a Forex based business. In fact, the only skill you need to possess is an enterprising spirit and a calculated business plan. Having trading experience will indeed help you if you are going to form one of the related forex trading businesses, but even so this is not entirely necessary.
I have to admit this was a long time coming and finally I did it. I have been testing lots of things with my Daily-F trading strategy with not much luck to find something better and then the simple K.I.S.S. rule hit me. For those who do not know what KISS means it is “Keep It Simple Stupid”. Looks like I have been looking for improvements way too far and overcomplicated things a lot, but this does not surprise me, this is a common problem of all programmers. Being busy testing complicated things for Daily-F strategy optimization I could not see the simple improvement possibilities that were right in front of my eyes.
Just like in life, some people seem to have an easier time doing well than others. Have you noticed that it seems like some people are just naturally successful, while others struggle through life consistently? This post was shared through lessons from a friend of mine who has been trading Forex for about three years now. He has tried everything from robots like FapTurbo.com and Forex-MegaDroid.com (not affiliate links) in the beginning to signal services to semi-managed forex accounts to more robots. He has also trading manually for many years, with only spotted success at best. He has also spent thousands of dollars on different trading courses, most of which were not applied or were not applied correctly.
Below I give you a short guide on starting a successful trading signals service, but before you start reading that I want to give you a reason to start this business in the first place.
Forex Trading is a great way to make money. It allows anyone in any part of the world who is knowledgeable about the currency market to earn. It’s a lucrative business that gives both time and financial freedom. As the market runs 24 hours, 5 days a week, it has almost no time restrictions and will allow you to be your own boss. It offers the most luxurious possible lifestyle a profession could have.
Foreign exchange trading can be a very profitable business. However, like any type of business, every gain is associated with some degree of risk. And some of the risks associated with Forex come with the signal or the account itself. For example, below is a sample of a trader’s experience regarding his account:
“Because we had to move our little $1300 account to an ECN and there was an adverse strong move last night we got margin calls. The signal provider went from 409% gain to 426% gain with almost all winning positions but yet we lost 35% of our account. So I’m pretty bummed about that right now. The only thing I can do now to keep trading is to open a demo account to pull signals to and then use your trade copier to convert the trades to micro lot sizes for our account which can’t stay ECN any longer.”
Do you remember your first drawing? Maybe your parents saved it and showed it to you years later after you had drawn it, but I bet you don’t remember when and how you drew it. How about your first bike ride? For most this will be easy to remember. What about first day at school? I cried and screamed for quite a long time when my mother left me at school that first day.
So how about any of those skills? Did they evolved over the years, decades?
“Subsequent losses burn traders psychologically, losing their confidence in the FOREX business.”Forex trading has been considered as both a gift and a curse to traders. It’s a gift as some traders succeed in this endeavor. On the other side of the coin, it’s a curse as most traders fail to reach success. In order to achieve success, a trader should have a rigid consideration of profit determinant factors and acceptable risk/ reward ratios. A lot of traders step into the Forex market easily hastily without adequate planning, preparation and skill only to experience subsequent losses. This renders them “stuck,” left with no capital to trade. Subsequent losses also burn these traders psychologically, losing their confidence in the said business.