This week, once again I managed to foresee the movement of four trading instruments within the North? South? Flat? contest. I look forward to when InstaForex will introduce one touch options, and I’ll be able to try out these forecasts on real accounts. Participating in such a contest, you can both get a prize and develop your analytical skills which help you to improve trading results.
To achieve success, you don’t need to know any secrets. Success is a logical outcome of effective work, dedication, self-discipline, and practice. So the key secret to being a successful trader on Forex is working hard and improving your skills. There are no holy grails or universal rules of success that would work perfectly for every trader. The point is there is a vast variety of market rules. Many traders know these rules yet most still ignore them. Why does it happen? I believe you would know the answer after you read this article.
Another month passed by and now we can analyze the trading results. The market calmed down and gave a chance to earn after crazy September trading. Although the number of set ups was low, their quality resulted in a profit of 3,343 USD in October on two accounts! I would like to tell that this amount as usual includes an annual interest rate which is monthly credited to the free funds on InstaForex accounts.
Dear friends, today, I would like to make a psychological portrait of a successful trader and find out which character traits every ambitious newbie should have. But at first, I’d like to point to the traits that hold us back and even cause significant harm.
Fear is the oldest and the strongest emotion of mankind. For centuries people have been afraid of natural phenomena, famine, wars, death etc.
Dear friends,
In Lesson 5 Introduction to Forex and first steps of trader, you got to know the project of starting a trading career suggested by most dealing centers and brokerage firms. Besides, I told you about my unsuccessful launch on Forex. Nowadays, resting on my personal experience, I’d like to offer you my own version of developing a trading career.
The trends without reversals continued in September. Mind blown period for most traders! After the crisis of 2008 year, the Aug-Sept 2014 period can be named as one of most complicated ones. The familiar trading patterns were broken one after another. It seemed that the candlestick patterns and divergences do not work anymore. But, despite this fact and thanks to trading discipline, it was possible to close this period in green with the total profit of 1,400 USD on two accounts.
Trading is a process of selling or buying financial options, futures, currencies or shares in order to make profits. A profit is a difference between buy and sell prices.
Earlier stock trading was available only to financial institutions and stock exchange speculators, but now anyone willing can give it a try. Nowadays, there is a myriad of individual traders able to carry out transactions in the currency market. Due to the Internet and easy access to trading platforms, trading becomes more and more common activity annually.
“How to trade on Forex?” This is the question I was asking a few years ago attracted by exciting prospects promised in a broker’s ad. According to the company’s representatives, to start trading, you should do these simple steps:
1.Download a platform.
2.Open an account.
3.Complete a 2-week educational course.
4.Deposit funds to the account.
5.Start trading.
To learn the basics of Forex trading, you need to take training courses, read many articles on currency trading or books written by experienced traders. Choose any option. After getting the needed information, you will have a basic understanding of what Forex is and how to trade on the market. Then you can open a demo account and start trading. Of course, you won’t get rich overnight as this is impossible without lots of efforts and patience.
