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Realistic Goals of a Tradersubmitted by alfafinancials5 to u/alfafinancials5 [link] [comments]
Behind every success story lies a lot of determination and hardship, and most important a precise goal that motivates and leads every successful person to strive and achieve his dreams. Saying that it is also important that while setting the goals we should adopt a realistic approach and not just set them too high and then feel demoralized when not able to achieve them. So it would be better if we pursue them in small sections, which means creating stages for reaching the ultimate goal. The smaller division would be easy to achieve rather than aiming for higher goals.
“CONSTANT EFFORT TO HAVE CONTINUOUS SUCCESS”
Let us see the goals a trader must have in his life to make his dream, a reality.
A HABIT TO TRADE WITHOUT EXPECTATIONS
Trading without expectations will give you the confidence to trade even after a loss also. It is advisable to have a demo account and trade to learn the tricks and tips of trading rather than making money there are many brokers will provide the best trading platform for beginners in UAE. The process of learning will make you a better trader to trade perfectly. You can start trading for money once you learn the tricks of trading.
Become a part-time trader when trading for full time don’t serve you the best results. For time being, consider trading as a part-time business and have another source of income until you become the best trader by learning the strategies and risk management. You can step into the market as a full-time trader when you are confident and capable of managing the trade market and make profitable output.
TRY MORE TO OBSERVE THE MARKET RATHER THAN EXECUTING TRADE
The motto here is to earn money later by observing in the first stage. At first, start observing the market from outside and learn the strategies to trade and then only step into the market to trade to gain profit. Being in the market all the time is not leading you to make money, it leads you to over-trade. More traders lose money by over-trading. You will need more patience to sit back and watch the trade and step in when it is the right time. Only this will pave way for you to make money constantly in trading.
“MONEY IS MADE BY SITTING NOT TRADING” - Jesse Livermore
MAKE IT YOUR PASSION AND LIVE FOR PASSION
Traders who make money are not bothered about money and profits. Whereas, people who don’t make money in forex trading always think of money. people who love trading make money because they are passionate about trading and love trading. They take trading seriously and work for it. So follow trading as your passion to make a profit. In other words, if you have passion you can step into trading.
These are a few goals which a trader must have to have an upgrade in his life via trading. Following all this goal consistently and repeatedly will allow you to become a successful trader. Make profit by developing the skills and setting goals. Looking for a trusted and experienced best Forex Broker in UAE? Alfa Financials was the No #1 forex broker and we provide the reliable, scalable and trustworthy platforms.
“THE GOAL OF A SUCCESSFUL TRADER IS TO MAKE BEST TRADES. MONEY IS SECONDARY” -Alexander Elder
Follow Golden Rules and Consistently Win Tradessubmitted by alfafinancials5 to u/alfafinancials5 [link] [comments]
Habits are something that is very difficult to change, so why not cultivate some good habits. For a Trader one such habit should be of winning trades. But certainly to achieve that some techniques or golden rules must be practiced wholeheartedly. Systematic Planning and following that is one of the basic rules a trader must follow. A combination of all such techniques when applied together forms the mantra that leads you to the path of success.
The paramount techniques that every plan must have:
Examine your skills
Trade only when you are ready to trade. Know your skills and plan accordingly, because when you follow the tricks what other traders do, sometimes it might not work. So realizing your skills and planning according to it would earn you profit.
Be prepared consciously
For a Trader, the mental strength is an important factor, be it his/her daily life or in forex trading. A trader should not get affected by any mental or physical trauma that will interrupt the way to his/her success. A trader must set a goal and repeat it like an incantation to stay away from any distractions. To be in a place where distractions are bound, a trader must learn to dodge.
Set the Risk levels
The reason a trader must have his/her risk level in a safer zone is because there is a chance that your portfolio will be on risk. The range can be set anywhere around 1% to 5%.
Keep your intentions high
There is a saying "What you think, you become". So think Big and set your goals higher while keeping your head on your neck and setting real & achievable targets and also focusing on the risk to reward ratios. When you realize the profit is much greater than the risk, it is worth taking the risk. Carry on with the same approach with some high goal and believe that you can achieve it with your skill in trading.
Practice in private.
Practice makes man perfect but definitely, there is a difference between bravery and stupidity. You can’t afford to invest your hard earned money for a gamble in trading without a deep study of the things going around. Have an eye on what is happening around the world before stepping into the market. Get to know whether the overseas market is moving up or down so it will be useful for you to plan accordingly.
No matter which trading system and program you work on, the only thing you need to make sure is that you tag or mark the major and minor support and resistance levels. Setting notifications or alarms for your entry and exit signals would be a great idea and to safeguard this you need to make necessary arrangements to easily identify these signals when received, using a visual or audible method.
A plan to exit
Traders passionately concentrate on how to enter a market, but they don’t concentrate on when and where to exit, which is equally important as the entry level. Better make a proper plan for the exit before entering a trade. Traders don’t sell off their positions if the market is going against them as they don’t prefer to be in the stage of loss. A trader must be very confident and he /she should get over the loss and move forward. More comparingly, traders tend to lose more than winning, in the field of trading. So by managing the money, traders do make profits at the end.
Maintaining the data for the trades your won & loss is another good practice a trader must follow. Note down the entry & exit points you choose, open & closed positions of the market at that time, the targets that you had set for the support & resistance levels, and even the Overseas market updates. Equally important is the data & conditions that landed you in a loss will enable you to understand the factors that went against you and those which can be avoided and taken care in the future. Keeping a track of all your trading strategies will make you a successful trader.
Taking into consideration all of the above points if followed sincerely will lead your way towards a successful trading career. Nobody can guarantee that every trade will be profitable, it is your efforts and skills in studying the market along with your presence of mind that will lead your way. No matter what happens you should not be driven by your emotions while trading. Trading on paper and real money trading are two different things but yes surely practicing more will give you some extra confidence to take a brave step as you have already tested it on paper.
We Alfa Financials one of the regulated forex brokers in UAE offers access to many forex trading pairs through your trading account.
Pillars of Forex Tradingsubmitted by alfafinancials5 to u/alfafinancials5 [link] [comments]
Forex trading is the act of speculating on the foreign exchange market, with the intention to make more money profitably. Forex trading in otherwise said as FX trading, foreign exchange trading or currency trading. Let’s see the pillars of forex trading here. The pillars are listed down as,
TRADE ENTRY STRATEGY
The foremost thing to talk about trading strategies is, you need to know the simple methods. Many traders do not even realize what their strategy is or cannot easily define it, because they are trying to bring a bunch of different messy ways together best forex broker in uae. This will put the trader in trouble and trader will find difficulty in making money. So having a plan for the entry would help to succeed.
Fundamental analysis is a process of evaluating security to assess its intrinsic value, by analyzing economic, financial, and qualitative and quantitative factors. Understanding why the currency is moving and what makes it move is called fundamental analysis. The currency market is different from the stock market in fundamental analysis. Even though the currency market and stock market involved in the analysis and understanding of the intrinsic value, the approach, and methodology in calculating and concluding the intrinsic value varies.
Sentiment analysis denotes the risk appetite that occurs in the financial market. Traders are more keen on taking a risk which leads them to have higher returns which carry great risk. But without any risk traders cannot see any high returns forex trading uae legal. In Forex, Sentiment analysis plays a specific role among all the other pillars. It clearly makes us understand which currency is in demand and thus understands the flow of capital from one currency to another. Here are 4 common indicators that examine the sentiment risk in the market.
Technical analysis stands as a third pillar. It is frequently discussed in forex trading. Technical analysts believe that analyzing the movement of prices is more significant to make trading with top forex brokers in uae. Once a trend has aroused, future price movement is likely to follow the direction of the trend than going in the opposite direction. The chart patterns are based on the notion that history tends to repeat itself, and technical traders leverage on this information to trade the market.
Risk management expresses more than just deciding your trading. It includes how you manage your risk exposure, dealing with the market, protecting your capital, and how you manage your profit potential based on your risk profile. In Risk Management, control of your downside so that the upside will be at no risk. Risk management differs from individual to individual. Focusing on different key components of risk management would help. In short, risk management teaches us, how to make the potential of your capital to blot without losing the market.
Money management is the process of saving, investing, spending, and overseeing the capital usage of an individual or group. In two ways money management can be practiced to succeed. A trader can take many frequent small stops and try to get profits from the few large winning trades, a trader can choose to go for many small gains and take infrequent large stops. Each and every trader in this universe must follow some money management skills to succeed
TRADE EXIT STRATEGY
Having an exit plan before entering is important. Traders spend hours developing their entry strategies but then they end up in taking bad exits. Normally, people lack effective exit planning. Entering is an easy part, but where you get out determines your profit or loss.
The above mentioned are the important pillars with each having a different role in forex trading. Altogether can make you achieve success in forex trading when followed with an aim to gain profit.
[Gold] is tracing out five waves down from the $1255.61 high on October 21.The decline will either be part of a fifth wave, which when complete may mark the end of Minute wave v (circle) of Minor wave 1, or it will be part of Minor wave 3 of Intermediate wave (5), a longer and deeper selloff. Both views are acceptable and both views indicate further selling pressure over the near term. Sentiment is extreme, again. The Daily Sentiment Index (trade-futures.com) is now at just 4% gold bulls, which is the lowest percentage since June 20, 2013 (3%). The extreme last June led to a 2½-day sideways consolidation and then a resumption of a gold decline that erased another $89 from the price. The same behavior does not necessarily have to repeat, but the near-term wave structure suggests gold is not at a significant low. Short term resistance is solid in the $1181-$1195 range. http://myforexforums.com/showthread.php/1310-Gold?p=12104&viewfull=1#post12104
Trading forex (currencies) in the United Arab Emirates is popular among residents. While recommended, forex brokers are not required to become authorised by the Securities and Commodities Authority (SCA) to accept residents of the United Arab Emirates as customers. The Securities and Commodities Authority is the financial regulatory body in the United Arab Emirates. Website: ... Online forex brokers regulated by the DFSA include FxPro and HYCM. Trading in the UAE. When looking for an online broker to trade forex or CFDs with, make sure to choose a well-regulated broker that has a strong reputation with clients, since they should be suitable for entrusting a margin deposit with them. For our review of UAE forex brokers, Pepperstone ranked on top of our star scoring system because it’s the perfect fit for Muslim traders and professional traders alike. You can start forex trading with low spreads, competitive commissions, easy-to-use trading platforms, fast order execution speed and a wide range of tradable instruments. Don‘t miss the chance to claim your FREE demo ... Forex Trading in Dubai with UAE Forex Brokers - Find our list of the Best Regulated Forex Brokers in UAE to start your Forex Trading in the region. 24/7 Forex Support within UAE, our office is Located in Dubai. Forex Brokers in UAE. UAE and its known center Dubai is the fastest growing world region that became a major financial Middle East center, where the population has a high-income level and continue to search for investment ideas.. This matter increases the interest of the Gulf, especially UAE people in Forex trading and attracts many Forex Brokers to the region. Who regulates forex brokers in the UAE and in Dubai? The main regulatory authority with finance market oversight is Central Bank of United Arab Emirates or shortly just CBUAE. In Dubai there is Dubai Financial Services Authority ( DFSA ) state regulatory body which is responsible to regulate all forex trading companies located in Dubai. Right now, many people are making huge profits by trading in the UAE forex. A computer, phone and internet are enough to start trading in this global virtual market. With ForexDubai.ae you will choose the best Forex brokers in Dubai, and this will have a huge impact on your overall performance. » If you are just starting out with forex trading we highly recommend you to start trading with a demo account where you can’t loose any money – as you probably know, forex trading is highly risky and you can loose money in matter of seconds. All of the best forex brokers in United Arab Emirates also enable CFD trades. This are high risky and ... Is Forex Trading legal in the UAE? This is a commonly asked question, the answer to which is positive. Yes, forex trading is legal and permitted in the UAE which is comprised of 7 independent Emirates.. Typically UAE forex brokers will register in Dubai since it is a special economic area within the UAE and home to some of the areas most respected regulators the DFSA. Which is the Best Forex Trading Broker in the UAE & Dubai? Oanda Oanda is one of the world’s most elite online brokers based in New York and with a global reach that few brokers can compete against. What we like Their unparalleled global reach 5 different platforms. What we don't like High fees and commission A limited selection of assets in some jurisdictions Their unparalleled global reach ...
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