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kingston

How long does it take to become a successful trader?

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No any trader can become a successful trader over a night, it requires good experience with accurate skills and powerful mind to trade in such an volatility market like FOREX. For a new user Demo account is route towards successful trade into real market.

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No any trader can become a successful trader over a night, it requires good experience with accurate skills and powerful mind to trade in such an volatility market like FOREX. For a new user Demo account is route towards successful trade into real market.

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On 6/28/2018 at 4:33 AM, CrazyCzarina said:

Learning is the only way you can be successful in this business. There is no other way or system which can make you rich within a few days.

This is an absolute truth. You will not become a millionaire in a week. That doesn't happen in forex if you are a small fish like most of people here. Be patient and study as much as possible.

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there is not time line to success, some would take months, others years, at most its a constant continues process of struggle, I have been trading a hotforex account for 8 years now, and i dont think im close to what people call successful, but im happy with what little i make.  

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On 4/8/2020 at 2:39 PM, anthonyconstantinou said:

Successful trader is a myth. Everything depends on time and circumstance, also the behavior and approach used by the trader. Right time trade and right judgments can make all difference in winning and losing. 

Wise words. Completely agreed.

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2 hours ago, aimhi said:

Going around through all fundamentals does not guarantee of becoming successful in my opinion.

Agreed. Complementary (in)formation is required. And never forget the emotional aspect of it. Dealing with emotions is the toughest part.

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On 9/21/2020 at 3:45 PM, aimhi said:

Without a proper trading plan, forex trading is much similar to throwing the darts in the dark.

Yeah, correct at least it has to be clear for you, why you placed some particular trade. Every step should be at least logical for a trader. 

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From the dots, it’s clear that the large majority of policymakers want to start raising rates in late-2022 & get back to near-normal by 2024. GDP, saw trimmings for the Fed’s 2021 central tendency to 5.8%-6.0% from 6.8%-7.3%, 2021 headline and core PCE chain price central tendency boosts to 4.0%-4.3% and 3.6%-3.8% respectively. 2021 jobless rate central tendency boosts to 4.6%-4.8%. POWELL – “substantial further progress” has been met for inflation, but there is more uncertainty surrounding the maximum employment goal. Powell noted a split among the FOMC whether employment has improved satisfactorily. 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The central bank already signaled a more hawkish outlook on rates at the previous meeting, which to a certain extent pre-empted the jump in inflation and tightness in labour markets that were the key message of last week’s economic reports. However, retail sales numbers were pretty dismal & consumers are facing higher taxes as well as a phased out wage support, with the phasing out of the furlough scheme a key factor for the BoE’s policy decision going forward. On top of this the country is facing an energy crisis that is having unexpected knock on effects also for the food sector. The central scenario at the moment is for the labour market to remain tight & wage growth strong, as companies are increasingly forced to up wage offers to attract staff. Against that background, the first rate hike could come in H1 2022, depending on virus developments & how the energy market gets through the winter.Today – SNB, Norges Bank (rate hike likley), BoE, CBRT & SARB rate decisions, Eurozone, UK & US flash PMIs, US Weekly Claims, Canadian Retail Sales, ECB’s Elderson.Biggest Mover @ (06:30 GMT) CADJPY (+0.38%) 3 days in row! Breaks two day high t 86.00 and rallied to 86.32 now. Faster MA’s aligned higher, MACD signal line and histogram broke 0 line yesterday, RSI 72.96 OB but still rising. H1 ATR 0.150, Daily ATR 0.695.Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report.Click HERE to access the full HotForex Economic calendar.Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!Click HERE to READ more Market news. Stuart Cowell Head Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • I'm gonna pull a crazyCzarina and reply to a long dead post ... One sure thing about trading forums - The great questions never get an answer.  Ask  even the greatest posters a great question... silence, no nothin’, not even crickets.          First a few comments about Elliott Wave Wave Theory is a ‘science’ of socionomics.  Socionomics is about how societal ideas ‘ideally’ or typically unfold -  wave 1 is the early adapters, wave 3 is broad collective acceptance, wave 5 is continuing valuation narratives but with narrowing collective assessment of actual value... with all kinds of ‘ideal’ sub patterns... Socionomics starts with a simple observation: For lots of issues, how people FEEL influences how they will BEHAVE.  (Equally true = How people BEHAVE influences how they will FEEL... but that’s for another topic) Anyways... Elliott Wave theory is an attempt to apply socionomics  to trading   - and  yes analyst75 “theory” is the key word.  Imo, it’s a jump too far.   First, price is not a good metric for socionomics.... especially across decades when currencies are being viciously  'corrupted'.   And practically, socionomics does not transfer over to trading nearly to the degree Ellioticians would like.   It simply does not deliver enough of those ‘ideal’ sub patterns because  crowds of traders’ behaviors and ‘feelings’ about pricing are not sufficient equivalents of broader collective behaviors / socionomic waves... ESPECIALLY as time frames shorten... (ie waves may appear to ‘fractal’ down ... but they really don’t.)   If you’re going to use EW to trade, probably the most important point you can acknowledge is that 5 wave patterns are EXCEPTIONS to normal trading crowd behavior ie  the best thing a 5 wave pattern indicates is that corrective patterns will soon resume.  I’ve described it differently in other posts*  ... but basically, at any given point in time it is possible to reasonably project that ANY freakin wave ‘count’ / pattern will enfold.   It is just as reasonable to project that a nice 5 wave completion will go on to a nice 7 or 11 or 17 or whatever wave count as it is to project that the market will now have a ‘trend’ change.  At the end of any nice 3 wave corrective pattern, either projecting a huge 5 wave pattern unfolding in the other direction or projecting a long flat congestive pattern or another 3 wave correction pattern... or... all are equally reasonable.  Or, a pretty wave 1, 2, and 3 doesn’t not mean a pretty wave 5 will unfold.  Ie it’s just as reasonable to count it over and project that the next sequence will be corrective or a 5 wave impulsive move in the opposite direction. etc etc       ... to get back to the unanswered question - So what do you propose as an alternate? Long ago I read Hurst.  In a short section of his book he mentioned it.  It didn’t sink in.  Then one day it really hit me.  There is no Elliott wave sequence or any other ‘technical’ price pattern that cannot be better explained via ‘summation of cycles’ ...   * fun example can be seen by searching for 'trading chaos by bill williams' thread on t2w ... TL is so special we don't even allow links to other trading forums? ... other snarky EW comments at http://www.traderslaboratory.com/forums/topic/7555-do-you-use-the-elliott-wave-to-trade/page/2/?tab=comments#comment-146022      
    • Date : 22nd September 2021. Market Update – September 22 – No Turnaround Tuesday.  Trading Leveraged Products is risky Market News   USD (USDIndex 93.25) holds gains, Evergrande will pay some local debt on Thursday, but major doubts remain. Strong Housing data helped USD. AUD recovers lifting NZD, JPY slips post BOJ. CAD holds gains. $3.5bln infra. bill goes to Senate, Biden doubles climate crisis investment. Yields moved two ticks higher (10yr closed at 1.32%) trade at 1.33% now. Equities remain weak, Evergrande worries persist. (USA500 -3 (-0.08%) at 4354. USA500.F flat at 4358. No Tuesday turnaround. ; Dow -0.15%, Nasdaq +0.22%. Nikkei & China down VIX cools to 23.42. USOil continues to recover broke $71.00 earlier – inventories to come later today. Gold also recovers to $1780 but remains shy of key resistance at $1788. Overnight – BOJ – no change – if anything a more Dovish outlook ” economy picking up as a trend, although it remained in a severe state due to the impact of the pandemic.” No sign of tapering any time soon. AUD back to 0.7250, AUDJPY up to 79.50. Evergrande will only pay local bond holders tomorrow but that was enough to ease concerns, at least for now. PBOC injected more funds into the local credit market. FT report there are enough empty apartments (new & unsold) in China to house 90 million people (30 million Chinese families) …-FT European Open – December 10-yr Bund future down -22 ticks, underperforming versus Treasury futures. In FX markets both EUR & GBP corrected against USD, leaving EURUSD at 1.1718 & Cable at 1.3647. USDJPY recovered to 109.56 from 109.10 pre-BOJ. Risks from China & realization global supply chains will take longer to recover from Covid disruptions (BBG report chip shortage getting worse, lead time now 21 weeks, Honda in Japan working at 40% of capacity for 2 mths) have seen investors scaling back tapering concerns & we expect Fed to stick with a cautious wait and see stance for now, which should help keep stock markets underpinned. Today – US Existing Home Sales, FOMC rate decision & Chair Powell press conference, more new supply from UK & Germany. Biggest Mover @ (06:30 GMT) CADJPY (+0.65%) The oscillations continue capped at 86.00 and back to 85.00 yesterday trades at 85.75 now. Faster MA’s aligned higher, MACD signal line and histogram below 0 line but rallying. RSI 61 and rising. H1 ATR 0.150, Daily ATR 0.695. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Stuart Cowell Head Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Yes, they are all nice, but again it all also depends on your trading skills to make some good money online.
    • Yes, we have to be a lot more vigilant and ensure that the brokers whom we are trading with, are legit and regulated ones.
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