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?
Okay, so I am really tired of this and somehow I am sure that you are tired of it as well. No, I mean really, what the heck is up with all those Forex scams?
I postponed writing this article for long enough, and I did not want to include any website addresses, names or other references, but you know what, someone had to share this.
“In terms of trading, there is only one thing that you can control and that is how much you can afford to lose.”Any business venture comes with the struggle of looking for the best way to profit. Even profitable businesses undergo continuous change in order to decrease their costs and increase their net profit. Traders are not an exception. When it comes to trading, as cliché as it may sound, traders look for the “holy grail” setup. This might include the interplay of technical indicators, economic indicators, and even subjective interpretations of the market. Nonetheless, there is really no such thing as the “holy grail.”
The statistics tell us that most traders fail. If you read a lot of the material online then this is what you are going to hear from other currency traders. And if you look through a lot of the trading networks, like MyFXBook.com or ZuluTrade.com, and you start to look at a lot of portfolios from those types of sites, you’ll notice that most people do not trade consistently profitably. Currency trading is probably one of the easiest businesses in the world to get into. You can begin trying it out for free and can even begin trading with most brokers for as little as $100. But in my estimation it is probably one of the hardest businesses in the world to succeed in and do well consistently over the long term.
I’ve identified six things that many traders struggle with. These are not all of the things that they struggle with, but it is a starting list of items that you might be able to identify with, and by working on, you can change for the better in your own trading business.
A Forex breakout is the sudden price surge in a particular direction after a period of consolidation or sideways movement. It is one the most commonly used trading strategies because of the clarity and simplicity of execution. It is so simple that even new traders without much experience can trade the market profitably with it.
The trend is your friend until in bends, however, strong trending markets occasionally pause and move sideways. It may mean that the trend is over, or the market has only temporarily stopped in a consolidation zone before making any impulsive movements again. A breakout occurs when price moves away from its existing pattern. It can potentially change a downtrend to an uptrend, or an uptrend to a downtrend.
There are dozens and dozens of forex news releases that happen each and every week. Most of the releases will not move the market very much, but some can move a currency pair’s price by more than 150 pips in just an hour’s time. Sometimes these moves can even take place in just a few minutes’ time.
Here is a glimpse of a few of the starting news releases for the coming week. This represents rather light activity compared to later in the week. This first image is from DailyFX.com, one of the most trusted sources for forex news release information. You can use news sites like this one to help alert you to coming news releases. Many trading systems will advise people not to trade during major news releases because of the high volatility that is usually present during strong news events.