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How to Reach Your Full Potential as a Forex Trader To begin today’s article, I want you to yourself a question: “Am I currently doing everything possible to be the best Forex trader I can be?” I’m willing to bet that you are one of many traders who know what they need to do to trade successfully, but simply aren’t doing it. So, why is it that so many struggling Forex traders have the knowledge to trade successfully but they still do not make money consistently? How can you take your knowledge and put it into action in the markets and finally overcome your inability to remain disciplined? I will give you some insight into these questions in today’s article and hopefully you will then have an easier time reaching your full potential in the markets. Anyone can learn to trade successfully if they really want it bad enough The 1983 trading experiment by Richard Dennis and David Eckhart, known as ‘The Turtle Traders’, famously proved that trading could indeed be taught successfully to people with little or no trading experience. Thus, you have the potential inside of you to trade successfully; it doesn’t take some special genetic gift of birth to trade the markets profitably. However, it is true that some people have an easier time with discipline and self-control than others, and these are two of the most important traits of consistently successful traders. But, that doesn’t mean you can’t develop these traits in yourself, it will just take you a little more work if you aren’t naturally inclined to be disciplined. Successful Forex trading is all about developing and maintaining the correct trading habits. The potential for you to make money consistently is inside of you, but you need to “unlock” it by staying consciously aware of your emotions as you trade. Turning your trading knowledge into action We’ve already discussed the problem that many traders face of not being able to act on their knowledge of what they need to do to trade correctly. Trading seems to be a lot like staying in shape; most people know what they need to do to stay in good physical shape, but they lack the motivation to become and remain disciplined enough to develop the proper habits that make them consistently healthy. Similarly, most struggling traders know what they need to do to start making consistently money in the markets, but they simply lack the necessary discipline to make it happen. So, what are some things that you can do today to help jump-start your motivation to get and remained disciplined in your trading so that you can reach your full potential as a trader? 1) Start accepting that trading is risky and that you can lose money on any given trade. If you truly understand and accept that there is no such thing as a “sure trade” in the market, then you have no reason not to manage your risk effectively on every single trade you take, that is unless you really enjoy losing an emotionally painful amount of money on any one trade. 2) Learn an effective trading strategy that is not overly-complicated. Let’s face it, there’s a ton of trading systems and strategies floating around the internet that are anything but user-friendly. So, if you want to reach your true potential as a trader you need to employ a simple trading strategy that you actually understand end enjoy using, not some messy conglomeration of indicators that resembles a piece of modern abstract art. 3) You need to actually create a practical trading plan around the strategy you have mastered. If you do not create a trading plan that details all your trading strategies, money management, and entry and exit rules, there is no way you will ever pull together the discipline necessary to succeed in the markets long-term. Just like a business needs a business plan, you need a trading plan for your trading, and you need to treat it exactly like a business, because that’s what it is. You would not gamble away your money for a business, so don’t gamble away your money in the markets, instead plan everything out and preempt all your actions in the market. 4) Once you have mastered an effective yet simple Forex trading strategy and have a trading plan in place, you need to create a Forex trading journal to track all your trades. This is essential to you reaching your full potential as a trader because you need to develop a track record that shows you your progress in the markets or lack thereof. This will also work as a self-accountability tool, because if you can manage to pretend that you are “reporting” to your trading journal as if it is your “boss”, you will create some accountability in your trading, and this is important for most traders since without a real boss breathing down their neck they have little reason to stay on track and motivated. In summary, if you can manage to do the things discussed in the four points above, you have a very good chance at succeeding long-term in the Forex market and in reaching your full potential as a Forex trader. However, keep in mind that these things are not going to help you if you only start them but don’t persist with them. You have to follow-through and give yourself some time to see your efforts pay off, forget about getting rich over-night, seriously successful traders have long-since figured out that the “get-rich-quick” mindset is simply not conducive to making consistent money in the markets. About the author: Nial Fuller is CEO and Founder of the webs Foremost Trading Education Community - Learn To Trade The Market, A Global Leader in Forex Trading Education & Training. The Learn To Trade The Market Forex Price Action Trading Community has become a vital education resource for aspiring forex traders.
Often new traders come to the market with many false beliefs about what is needed to make money consistently in the markets. This article will explore some of those false beliefs and how you can fix them to become a successful trader. False Belief 1 – I need to watch the markets as much as possible This is a very common belief that many new traders find themselves falling into. Quite simply trading does not have to involve long hours staring at the screen and many traders actually find that once they begin to cut back their screen time their success rate climbs. Traders need to identify when is the best time to place trades and then step away from the screen. An example of this might be a trader that trades off the 4hr chart. They may choose to look at the charts and scan for trades during the US and UK sessions when the 4hr candle closes. If they find a trade they place it and set stops and targets and then turn the computer off until the next 4hr bar closes. If there is no trade to place they simply turn the computer off until the next 4hr bar closes and they scan again for trades. Watching the markets endlessly will not produce any more trades for you to enter compared to scanning at a set time. Continually watching the markets will wear you down and make you a lot more likely to over trade. The feeling of wanting to be in a trade just for the sake of it is hard to fight when you are just watching the market endlessly. False Belief 2 – The more indicators and junk I can place on my chart the more likely I am to predicting the direction of the market Many traders believe that placing indicators on their charts give them a great chance of picking the right side of the market. The problem with this is indicators are built off what price has done or off old price data. What does this mean? It means traders who use any indicators at all, are using old price to predict what may happen in the future. This may sound crazy but it’s true! All that’s needed to trade successfully and to consistently make money is simple Price Action. Price Action is the key to all moves in Forex. Price Action is people’s behaviour placed on a chart for us to analyse. As all indicators are made of old price information, it makes sense to use the current live price information to base our trading around. False Belief 3 – I can’t be wrong Traders often look at trading as a matter of being right or wrong on each particular trade they take. I prefer to look at the market as a random event. I can never know for sure no matter how good the setup looks that it will work! I try to take only the best setups but does that mean they are all winners? No, the outcomes are random! I make money consistently month after month because I know I have an edge on the market that produces more winning trades than losers over a span of time. I may lose 3 trades in a row but I know over 30 or 40 trades I will always be up. Start forgetting and stressing over this trade and the trade the just went past. You are not right or wrong. Trading Forex will always produce a random result. False Belief 4 - I have to analyse every little thing and know everything inside out Whilst it is good to be a master at the method you trade you do not need to know about every little thing. People often come unstuck falling into analysis paralysis. They can never believe that things can be simple and more than that, making things simple is the way to success and profitability. SIMPLE is the way to go. Pick just one method to trade with such as Price Action and perfect it. Do not try to involve 100 methods with 10,000 indicators and just as many timeframes! Keep it simple and perfect you’re one chosen craft! I hope you enjoyed this article, Johnathon Fox