Are you a forex trader? I can tell you how difficult it is to keep your foreign exchange business under control if you are just starting out. You may lack the necessary trading skills compared to other traders who began much earlier than you.
However, it is not as if there are no other ways to make money every day from such a venture.
I have been trading in the financial markets for quite some time now and I have also been able to help lots of beginners get better at trading.
One very common thing that my students would tell me is that they just need to win a lot in order to become a successful traders and let me tell you that winning more is not really necessary.
So there are lots of things in trading that is overhyped by people for various reasons and on the other hand, there are things that people just don’t talk about at all and I don’t understand why.
These things often end up making beginners go in the wrong direction which only leads to a pitfall and maybe that’s just why 90% of the traders fail.
I have had students whom I mentored and they ended up applying to these prop funds for funding and they got the capital too.
From what I’ve understood about these prop funds, their verification processes aren’t cakewalk and lots of traders fail these processes, it’s actually quite grueling.
I get it, not everyone has access to big capital and maybe they don’t even have that much time and patience to grow a small capital into a big one.
So, is their trading journey over? Of course not. Recently, lots of prop funds have to the rescue of such traders and are helping them to achieve their goals by funding them.
More than 50% of traders quit in the first year itself and in the second year, 50% of the remaining quit too. Is trading that difficult?
Well, trading is certainly not easy and for traders that are just starting out on their journey, things can be frustrating which then makes them quit.
So, why is trading so frustrating for beginners? Is there any light down the tunnel? Is there a way to make things less frustrating in the beginning?
Becoming a successful trader takes time and a lot of this time is spent in figuring things out, making mistakes, learning from them, and then finally mastering them.
I spent a lot of time in that too and when I did become successful, I realized that, if only I knew some things before I started, I would have saved a lot of time, effort, energy, and of course, money.
I read a very intriguing thing the other day, it said that our life goes from birth to death, and in between, it’s our choices or the decisions we make, that shape how our lives turn out.
Now, we are going to be making decisions for literally everything in our lives, and trading is no exception. So, wouldn’t it be great if we could just make good decisions most of the time?
So you came across trading, liked what you saw, and you are very much considering starting your trading journey.
But let me tell you one thing, this journey isn’t going to be a smooth one, and there are lots of things that you’ll need to do if you want to make it in this business.
What do you think is better, making money consistently in trading, or having huge wins followed by huge losses every now and then?
I’m sure you might have a perspective already or might even not, but it is very important for you to know the right thing as it will shape the way you trade.
In trading, everything that you do has a lot of importance and the best traders have paid a lot of attention to developing the right habits and got rid of the ones that were costing them.
Trading is all about making decisions and a lot of those decisions will be made subconsciously, so it'll be better if you teach your subconscious mind to take good and wise decisions by forming good habits right from the beginning. In this blog post, you’re going to read just about that.
Twitter isn’t a platform where people tweet random things about how they’re feeling or going crazy over their favorite celebrities.
If you see, twitter can be a great resource for us traders. So, if you actively use twitter and you’re into trading too, then this blog post is for you.
The concept of copy trading has become more like a fad these days. Individuals are flocking to websites or platforms that allow them to participate in this activity.
But what exactly is copy trading? Even those that are actually in this space are not wholly aware of it.
I have mentioned this many times in previous blogs and will mention it again, maintaining a trading journal is one of the most important things a trader must do.
If you’d ask me what is the one thing that made sure I don’t repeat mistakes that eventually made my account grow drastically, then I’d give all credits to my trade journal.
There is a whole industry within this forex trading space that is all about sending out buy and sell signals and lots of newbies look to get into this for various reasons.
I am sure that you will have come across a signal seller at some point and will have had questions like what are signals, who should get into it, or is this the right thing for you.
You can develop the best of strategies and manage risk as well as possible, but none of this will matter if have a bad broker.
Brokers can make or break your trading journey, hence it is very important that you carefully select your broker.
But how to find a good broker? Read this blog post to find out.
Not everyone has the luxury of starting their trading journey with a hefty balance in their trading account.
Does it mean that traders with a small trading account cannot make it big? They can.
In this blog post, I will show you how to grow a small trading account
The manner in which trading is portrayed makes it seem like trading is a thing that everyone can do and even become rich from.
But sorry to break it to you, trading is not as easy and rosy as it seems and it is a difficult job where traders need to be at their best be it mentally, emotionally, psychologically, and sometimes physically too.
I am sure that you want to become a trader and I believe it is because of the right reasons, but you don’t know where to start exactly.
I believe that books have always been a great source of knowledge. There are hundreds if not thousands of books out there on trading the financial markets.
Even though there is a lot of information available on the internet for trading, the books that have been published should also be considered.
In this blog post, I am going to share a list of some of the most prominent books
We live in a world where knowledge and information has never been so easily accessible.
There are so many resources to learn about forex and so many sources for information about the forex market, that it becomes difficult to determine which one to stick with.
But, what if I gave you a list of the only websites you will ever need to trade forex? Sounds good?
It is often said that practice makes a man perfect, but never has it been said that how much practice and what kind of practice will make the man perfect.
I am sure that you will have heard about demo accounts and that you should trade a demo account before going live, but for how long?
In this blog post, I will tell you everything you need to know about a demo account
Have you ever got caught out in a breakout that you thought would go wild and you were already dreaming of making a big profit, only to see it turn into a fake breakout?
How to know whether the breakout you are seeing is a legit one or a false one? You will learn this in this blog post.
Has it ever happened that you see the perfect setup and the perfect entry but you hesitate to take the trade?
I am sure that at that particular moment lots of things go on in the head and it becomes very difficult to actually pull the trigger.
What if I gave you a list of questions that you should find answers to before taking the trade
It is a widely known stat that 90% of traders are unable to sustain and attain success in the markets. Only a mere 10% of the traders are able to prosper.
What sets the 10% group apart from the 90% group? What is it that the successful traders get right while the ones that fail are unable to?
In this blog post, we discuss the 5 most powerful laws of successful trading.
Does forex trading require big capital? Do you think you need a big capital to trade forex?
I have come across many such claims and questions and I am sure that you would have too, but what is the actual truth?
In this blog post, I am going to bust some myths.
Trading is a very much sought-after profession and many want to get into this business, but not all make it big.
What do you think they do wrong? It is said that only 10% of the traders are successful in this business, what is it that they do right while the other 90% get it wrong?
If you want to be successful in your field then you must think and act like the ones that have already attained success.
In this blog post, I am going to tell you about some of the best traders that have ever traded in the markets and will also look into their life stories.
It is widely circulated information that only 10% of the total number of traders are successful ones while 90% of the traders that look to profit from the price movements of financial assets on the financial markets are unsuccessful in their pursuits.
There is no denying the fact that there are way more unsuccessful traders than those that are actually successful...
Whenever I tell others that I trade full time for a living, I am thrown questions like isn't it gambling? Isn't it very risky? Why are you getting into gambling for your livelihood?
But is this the truth? Are traders gamblers and is trading just gambling after all...
I understand that not everyone can dedicate their entire day to trade forex. Some have full-time jobs or college or some have prior commitments which require them to give a major part of the day leaving only a couple of hours if not more for pursuing something part-time.
So, can you trade in the Forex market part-time? Let's discuss the same in this blog post.
In this blog post...
Newbie traders are attracted to forex because this industry is portrayed to be a get-rich-quick scheme and these beginners look to make millions in just a matter of weeks.
This is an absurd thing to do and it is far from reality and practicality...
The forex market has never been more accessible to the general public. With the rise in attention towards forex trading, came a rise in several forex scams.
There are several types of scams that are targeted at individuals and unfortunately, these scams are successful at times in their pursuits.
In this blog post, we will discuss the most common forex scams that are being run and we will tell you 3 crucial...
Even though there are several currency pairs listed on the foreign exchange market which is open 24 hours a day, it is not prudent to trade any random currency pair from the list and any random time in the day.
The foreign exchange market or the forex market trades in sessions...
Traders often spend most of their time finding the holy grail strategy that they believe will make them money throughout their trading journey. But little do they know that no such strategy exists.
The only holy grail in trading is risk management...
For some, trading is a full-time activity and they depend on their trading profits for their day-to-day expenses, while for some, trading is a part-time activity and they look up to profits earned from trading as an additional income stream. It is quite probable that some individuals treat trading as an extreme sport and indulge...
Traders are humans after all and every individual has his own set of habits that he lives by. Habits define humans and inculcating good habits will take one a long way.
Good habits are essential in all walks of life..
MT4 vs MT5? There have been lots of questions on MT4 and MT5 trading platforms and traders usually don’t know which one to use or which one is best suitable for them. Well, both the trading platforms are popular among traders...
4 Important Forex Trading Platforms One of the most important things in forex trading is what platform we will use. Every individual has different needs, some are into manual trading and some are into automated trading. And looking at the available strategies...
Common mistakes made by Beginner Forex Traders If you are failing to make money through forex, it probably has nothing to do with the strategy and the root cause of that is most probably the mistakes you might be making. These mistakes...
There are two significant ways to trade or analyze the forex markets - Fundamental analysis and Technical analysis. Both of them compliment each other significantly. It happens often that a perfect technical setup fails because of...
The foreign exchange market is the largest financial market in the world with a daily turnover of around $56trillion. There are different currencies in the forex market out of which there are 28 major currency pairs. These pairs are highly traded for 24 hours...