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Top 5 Reasons Why You Will Never Make Money with Forex

Mentor in FT

1. You Need a Mentor

The main reason why you’ll never make money in Forex is that you will try and accomplish successful trading solo, even though you need a mentor. That is the biggest reason why you won’t make any money. Imagine teaching yourself how to become a pilot through trial and error without any formal training or mentor. You will end up crashing your first plane on the first day.

You need someone who made lots of money with Forex, not just someone who claims on Youtube, Instagram or Facebook to know how to trade.

 

The first thing that you need to do is to find someone in the Forex industry. It can be someone who you look up to, you need to like their lifestyle, the values that they live by and the characteristics that they have. You want to find someone that you can call a role model and then make them into your mentor.

People in Forex, they go into the industry, find a broker and then they fund their account and just start trading. That is the number one mistake people make when it comes to Forex trading.

You need to learn how to look at people who’ve already accomplished something. The best way to ask for directions is to ask someone who’s already been where you want to go.

2. Depending Too Much on Forex Signals

There are some of the best, most powerful Forex signals that people send out. Signals are made from deep analysis of the market, views what is happening on a daily basis and people actually pay about thirty-nine dollars to subscribe that VIP signals.

Anyways, when people find a mentor but won’t attend a class or a course, that is a big mistake. You have to attend some sort of formal educational training when it comes to Forex training before you actually spend real money.

What you need to do is actually use the Forex signals as a guideline on when to trade not necessarily to depend 100% on the Forex trading signals. Because a lot of people receive Forex signals from a mentor, a company or a website, but they don’t actually know why that website or that mentor is trading that currency or trading at that particular time. They don’t really understand what is the reason behind that trading. They just want to use that opportunity to get the signals to sell or buy.

Depend Too Much on Forex Signals

And then they get surprised why some people in the signals group make money and they are losing money. The reason is simple, you don’t know why you are trading that currency peg. Even though you are subscribed to someone who actually knows what they are doing, you might be going in at the wrong time or you might be going in with the wrong block size.

3. A Lot Size Which Is Too Big or Too Small

Remember, every time you start a trade on the Forex market, you get to chose how much leverage as the amount of additional equity that a broker can lend you in order to place the trade.

So, you can choose a lot size of 1,10,5,20, and those are a lot sizes that beginner traders tend to use, and which are totally wrong. The average lot size that a beginner trader should use is around 0.02,  0.03 or 0.05.

A Lot Size Which Is Too Big or Too SmallIf you are using a lot size somewhere in between 1 to 10 as a beginner, you are going to lose your money. Most beginners don’t start off with a $10,000 account, or $5,000, they start off with $100 to $500 accounts. So if you’re going to use a big lot size, you can expose your account with too much leverage, therefore if you lose the trade, you will lose if not all of your money, a half or 25%. So make sure you are using an adequate not size when you are trading Forex.

4. Lack of Consistency

Remember, Forex trading is like a sport, you’ve all heard about Tiger Woods, he was well known for training over six hours a day on the golf course. In order to become a successful master Forex trader, you need to actually practice every single day. If you are going to trade and make a good trade today and you are going to skip tomorrow and then maybe trade on the fifth day, you will actually end up losing money without not knowing why.

Lack of Consistency

Why? Because you have to consistently stick to a strategy, and a strategy is a system or a formula that you devise in order for you to accomplish your trading goals. So if you want to reach a target of a $10,000 within a six months period and you start with the 500$ account, you need to actually make an average of the maybe four to ten percents every single day.

Trading in profits in order to reach their target. So if you are not going to trade and you want to become successful overnight then that obviously is going to make you a greedy trader and greedy traders always lose money.

5. Giving Up

If you are going to practice trading Forex, you need to understand that you must never give up. The reason why people lose money in Forex and end up calling Forex market a scam is because they are not consistently trading every single day. And when they lose money, let’s say for instance you fund your account with a thousand dollars and you blow your account.

If you want to be a professional Forex trader, you need to consistently fund your account. You can get your money from the other jobs, you can make money from your salary, you can go wash cars and windows, whatever can make you side money.

Giving up in FT

But the fact is chances are very high that you are going to blow your account or make significant losses on your trading account, maybe even so much that you actually lose all of your money and then you will need to go back and start from the scratch and fund your account.

You need to have a resistant strong personality if you want to trade Forex, otherwise, you will never make money with Forex.

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Strategies

FXtok.com Listen to real-time prices

The Trend Will Continue Longer Than You Think

In today’s world, stock market is indeed one of the greatest ways to multiply your  wealth, but it takes commitment, patience, and smart decisions to succeed as a  stocks day trader. So, forex and crypto enthusiasts should look for ways to not  make it any riskier. One such way is to keep trac k of the live exchange rates all  the time to make your investments safer. Well, this is the exact reason why FXtok  was invented in the first place. This app allows you to listen to the most variable  parts of the real-time forex rates and crypto prices anytime, anywhere. 

The forex market is open 24 hours a day, 7 days a week – which naturally means  there will be continuous fluctuations in the market rates. So in order to be a  successful forex trader, it is essential for you to keep yourself updated about the  market, which seems like a difficult job in this busy and constantly changing  world. But, the FXtok app is here to save you the trouble; you don’t need to worry  because all the forex market fluctuations will be easily available to listen via this  app. You won’t need to look up live prices on the internet or Metatrader and to  open charts all day.  

Channels In Forex Trading

The FXtok app is available for both Apple and Android users and lets you track 70  financial instruments (indices, forex, crypto, commodities). It contains all the top  global currencies including, but not limited to: EURUSD, GBPUSD, NZDUSD,  USDJPY, USDCAD, and AUDUSD. Similarly, live cryptocurrency rates allow listening  to live Bitcoin price, Ethereum price, DASH, and many more. In commodities, you  can listen to live Oil rates, as well as Gold and Silver. 

FXtok aims to have a global presence so it is available in multiple languages  namely English, Español, Português, Deutsch, Français, 日本の, 한국의, हिन्दी , 中 國, Pусский, ,العربية and Indonesian. In case you don’t want to listen to the rates,  you can set a specific duration of time to read live exchange rates about any  cryptocurrency or forex.

By this time you will be thinking that this is the easiest way to keep track of the  lives rates. Well, it gets better! The quick search feature of the forex rates app lets  you quickly find what you want to hear. You can set any particular currency,  commodity, forex, or indices to get updates. This feature helps to sort out and get  details about your desired instrument. 

And the best news yet: FXtok app is available for trial for free. 

For any further information, you can visit: https://fxtok.com/

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Strategies

Automated Trading Software

How to Find a Trading Job

The complexity and amount of data in financial markets means
that we are inevitably turning to computers to do a better job. Automated
trading, isn’t new. It has been around for several decades.
What is new is the rapid evolution of these algorithms as well as their
widespread use. Recent studies estimate that over 80% of all trading in the forex
market is software driven.

What they do

First it helps to understand what automated trading is and
what it isn’t. Many of us already use some form of algorithms in trading. These
are the chart studies otherwise known as indicators that most of us use on
popular platforms like TradingView.

These types of charting tools use software to process
underlying price information, sometimes aggregating it with other data like
volumes, to create a useful signal for the trader. That signal might be an
overbought flag which suggests a selling opportunity or an oversold flag that
could represent a buying opportunity.

Some of the most frequently used chart studies include the
moving average lines, stochastic oscillators, relative strength index (RSI), Fibonacci,
Ichimoku and MACD. There are also many variants of these.

These are the most basic types of trading algorithm. Not
surprisingly, computerized trading gets a lot more advanced than this.

A basic trading robot reads the outputs of indicators and
other data feeds and generates automatic buy or sell orders that are entered
into the market via a connection to the broker. This takes the evolution of the
indicator one step further.

A trading robot does not need a human to operate at all. It
can run as an automaton, just obeying the trading rules it’s programmed with.

More advanced trading bots take this a stage further. These
may use advanced pattern matching techniques and more specific rules that
can adapt better to changing markets. Some even aggregate information from different
sources like news feeds, indicator sets, and from multiple markets to improve
their accuracy.

forex trading software

Advantages and disadvantages of automation

Those who intend to use trading software should consider the
pros and cons of each approach. They also should understand that any kind
of trading involves the risk of financial loss.

Pros

  • Trading software is non-emotional
  • It will obey trading rules and money management accurately
  • It can be backtested on historical price charts
  • It is hands-off just requiring monitoring
  • It won’t get distracted or deviate from the strategy

There are drawbacks to software as well.

Cons

  • Trading software can be expensive to develop and maintain
  • It needs dedicated computer hardware
  • It can be unpredictable
  • The code can contain bugs

Solutions

So what are the solutions if you want to go ahead and use
trading software? There are a number of off-the shelf packages that are advertised
on websites like Metaquotes.

Their marketplace lists hundreds of trading expert advisors
and indicators. These tools can be created by anyone and sold or rented for a certain
fee.

The source code is locked so you will not know how the
system works besides the general description that the seller gives you on their
listing page. Because this is an open
market, with anyone being able to sell, the quality of these systems does vary somewhat.
The better-rated tools can be expensive.

For those who are already skilled in software development,
there is always the possibility to create your own system. Most trading
platforms have their own scripting language that allows you to programmatically
interact with price data and automate account functions like placing orders.

For non-programmers, there are platforms like Tradoso. This platform has a graphical tool
that lets you create an automated strategy, bypassing the coding stage altogether.
You can use indicators as building blocks and pull various inputs and feeds
together. It lets you backtest your system so that it can be refined and
improved upon.

Risks

All trading carries risk. Automated trading is no different. An automated agent is only as good as the rules it’s programmed with. That’s why it is important to know the rules
that your system is following, and the range of possible outcomes.

Trading with a black box piece of software will carry high risk because you can never be certain what rules that system is following. Creating your own system is the only way around this.

In this way, tools like Tradoso and others that automate the whole development process are likely to become more prevalent in the future.

While coding will always be important, the sophistication of algorithms out there makes it increasingly hard for the part-time-coder
to compete on the same level.

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Strategies

Forex Scams – How to Avoid Them

Forex trading

Scammers try to imitate the approach of legitimate investment firms and sales representatives. Thus, the fact that someone can contact you in a specific way – by phone, mail, email or even referral should not in themselves be seen as an indication that the investment is or is not shady. Many reputable companies use exactly the same methods to identify individuals who may be interested in their investment products and services in an effective and economical manner. Keeping in mind that “investigating before you invest” is good advice regardless of how to contact you, Forex Scams are here to help you in this regard… there are many ways that scammers use to scam but we will tell you how they do that, so you can be aware of 

Telephone boiler room telephones remains a favorite way for scammers and their sales squads to quickly communicate with large numbers of potential investors. Even if a scammer has to make 100 or 200 phone calls to find a mooch (one of the terms scammers use for their victims), they believe that the opportunity to save thousands of dollars from someone’s savings is still a good pay for the time and cost involved. 

Mail Some fraudulent investment deal sellers buy mailing lists in good faith – names and addresses of people who, for example, subscribe to a particular investment-related publication, who have responded to previous direct mail offers or who have other features scammers look for. In the hope of avoiding notification by postal authorities, mail order scammers cannot make a direct or immediate launch for their money. Rather, they often seek to entice you to write or phone for more information. Then comes a call from the seller or the person closing the deal. Some may call even if they did not reply to the email. 

The Rising Popularity of Binary Options in Nigeria

Forex Scams on The Internet 

Internet access has increased dramatically in recent years, and consumers have become more comfortable doing business. (Shopping, banking, or investing) online, but crooks are aware of the potential of cyberspace. The same scams that are conducted by mail or phone can be found on the internet and new technology creates new ways to commit crimes against consumers. 

Advertisement Advertisements in newspapers or magazines may offer profitable opportunities. (Or at least with implications) that are more interesting than general investments Once you have taken the victim, the scammers will try to “hang up”. Although investors know that the regulatory agencies regularly check advertisements in major publications, there are some who use famous publications. Said in the hope that it could be hit and run before the other detectives appeared. Advertisements in the narrowly spreading print media, they think regulators may be less likely to see. 

Referrals 

One of the oldest plans involves paying fast, big profits to initial investors. (Indeed, from their own investments or those of other people) knowing that they tend to recommend investments to their friends and these friends will tell their friends soon. Scammers do not want to find victims. New ones anymore They will meet him. 

The “Reputable” Business 

Some scammers go to the first floor. Take profit from scams. Previously, they rented a luxurious office, hired an interior decorator and professional receptionist, sounding and opening things that were similar. (But not the truth) of a reputable investment company, You may have to call to make an appointment and when you don’t have to wait. (Which is intended to make you more enthusiastic). The success of this type of scam depends on how long he can prevent his victims from knowing that they have been cheated. Investors are confident that their big profits will be reinvested to receive even greater profits. Such swindlers may join local civic groups, participate in charities, and generally play stable citizenship. There are some best forex brokers in the market, which forex scams will let you know about that, stay tuned with us to check it before investing your hard money into them. 

forex quotes

Techniques for Using Forex Trading Scammers 

Their techniques vary according to how they communicate. However, what they have in common is their ability to persuade. The skills that make them successful are the same skills that help salespeople succeed. But con artists have an advantage in their decisions: they don’t have to fulfill their promises. In the absence of this responsibility, they do not hesitate to make any promises that will persuade you to divide your money. Here are some techniques to figure out the forex scam in the market, please see below: 

Expectation of Large Profits 

The money flying through the air, the profits that con artists speak of, are big enough to make you interested and eager to invest. But not too big to make you believe it Or he might mention the profit numbers he thinks you will consider credible, and then in further temptations suggest that the actual profit is even greater. Of course, the latter numbers are something that he hopes you will focus on. In general, if an investment proposal sounds too good to be true, it is possible. 

Low risk Some people are clear that it suggests that there is no risk – investment is a sure-fire source. Clearly, the last thing a scam wants you to think of is the possibility of wasting money. (If you ask how you can be sure that your money is safe, you can trust that the answer is trustworthy. He also believes that you believe what you want to believe) to make him confident. Con artists may admit that there may be a risk – then reassure you that you will definitely get the least profit. Con men may become impatient or aggressive if they have questions about the risk – perhaps suggesting they have. Better things to do waste time with people who lack courage and farsightedness in making money! With this, he hopes that you will not bring this story back. 

Urgency 

There are generally interesting reasons why it’s necessary for you to invest now. It may be because the investment opportunity can be “offered only to a limited number of people” or because the delay in investment can mean missing a big profit (after all, when the information they have told you becomes generally known, the price will Higher, right? Urgent is important for con artists. He wants your money as quickly as possible, with the least effort on his part, and he doesn’t want you to have time to think about it, talk to someone who may suggest you to wonder or check out his or her proposal. With regulatory agencies. In addition, he may not plan to stay in the city for very long. 

Confidence 

The scam is confident in the money you make, so you are confident enough to release your savings. Their message is that they are doing your favorite things by offering investment opportunities. Con artists may intimidate (Happily or something else) to end the conversation by suggesting that if you don’t really care, there are many others that will When you protest that you are interested, he will keep your savings in his pocket. Even if you can’t see a man the way he speaks But most people are determined, clear, and determined people who will control the conversation. The more you talk, the less likely you are to ask questions.

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