How To Trade Blog: January 2021

Sunday, January 31, 2021

Why Do We Repay The Forex Profit To The Market?

In today’s article, we will discuss a trading mistake that always discourages us. It is “repaying” the Forex market the profit earned for unjustified and silly reasons.

First of all, you also need to understand that we all have good and bad reasons for losing profits earned in forex trading. However, not every loss is bad.

The legitimate reasons here are simple. Not all traders will be the winners even if you have the best strategy and an absolute discipline in applying it to trading. The losing and winning orders are always mixed in every trading method. And the ratio is random.

There is no reason that you should get angry or mad when paying back the profit earned to the market. Please understand that it is a very natural and inevitable problem. It is an integral part of the job which is the “cost”, the “price” of a transaction.

What about the bad reasons? How many times have you slapped your face because “I know I should not have placed that order” but you still pressed the buy/sell button? (I have, many times). What I’m saying is simply that you return the money because you don’t know what the hell you’re doing. Or you are caught up in the trading spiral (like gambling addicts), or sometimes both.

Now we will look deeper and discuss if there are any ways to get out of this.

Cards and chips

One obvious fact is that people who spend with cash will spend less than those who pay with a card. Why is this? Instead of physical stuff like banknotes, cards with an electronic payment process make us feel less pity for using money. Because the money here is real but also not real. The card is not real money, it cuts away (more or less) your feelings for the money you spend. When you aren’t “bound” to your money, you tend to spend more.

When you aren't "bound" to your money, you tend to spend more — When you aren’t “bound” to your money, you tend to spend more

Think of poker chips. It may be $1,000, $5,000, or more but it is just a plastic circle. Have you ever thought that if we traded with real cash (not virtual money in a software), you would be more careful and put a lower risk in each transaction? Everything the broker does has its reasons. There are many reasons for governments to encourage people to use cards. One of them is stimulating consumption and tighter control of each individual.

What does this have to do with the Forex profit?

Regarding an online trading account, your account balance is electronic numbers. They are not “real”, just like a credit card. We, humans, are always more responsible and more careful with what we can touch or grasp and are easy to “neglect” symbolic things.

Regarding the return of Forex profit to the market, it begins with the feeling of “not being bound” with the money in your trading account such as being unable to touch, smell, or store. When you have a winning order, the market gives you money. However, it is still just the number on the screen.

It's better to withdraw real money from your account to keep the Forex profit — It’s better to withdraw real money from your account to keep the Forex profit

You only have real money when you withdraw money from your bank account, take it with your hands and count. Therefore, you do not have a lot of “real” feelings about this profit. This is a very rare thing in trading when having no emotions becomes a bad and disadvantageous point.

I recommend that you periodically withdraw your earnings and feel them with your hands. So why do most traders not do this? Instead, they keep the money in the account. Regarding this, we will go further in the next section below.

The reasons we lose the profit back to the Forex market

Trading addiction is basically the same as gambling addiction. People often do not know or realize that they are addicted. They deny it when someone tells them that “you’re addicted”, that “you’re having a problem in the transaction”, or that “you’re gambling”. No drunk man accepts that he is drunk.

A trader, who is a trading addict, is also a risk addict. Earning money in dangerous positions with high risks brings good feelings and excitement to them. Just like with alcohol or tobacco, you will get more and more addicted.

You set the risk higher and higher with more frequency (more and more transactions during the day). And the risk amount for each order is too large compared to your account balance. For example, in your balance, you only have $1,000 but you always place orders of 1 lot, 2 lots, etc.

The reasons we lose the profit back to the Forex market

Trading passion or addiction

Like other professions, people say: you need to be engrossed in your work, stick to it, think about it wherever you are, even when you are eating or sleeping. For trading, this is not necessarily good. You seriously consider this to be a real business. You must think that you should be passionate about it, stick to it, always watch every breath of the market, etc. But in my opinion, what you need to do is not to fall in love with it and not to become an addict.

If you leave yourself to get into this situation, sooner or later (probably very soon) you will burn out one or more trading accounts. How dangerous this is. And as shared above, you can not touch or grasp your trading money. Instead, they are just electronic numbers. The transaction is also very fast and simple with just one mouse click. All of this is very easy to make you a trading addict.

The line between passion and addiction is very thin

The feeling of risk is often what makes us addicted, not the feeling of making money and profit. That is why we return the profit to the Forex market. The feeling of making a profit is overshadowed by the feeling of adventuring.

That makes you jump into the market and risk your profits. It’s easy to put yourself at risk to satisfy your trading addiction. Everyone knows and recognizes the harmful effects of alcohol or tobacco on their own bodies. But why do addicts still use them more and more?

It is a vicious circle and most likely it has been and will ruin you. Ask yourself if you are a trading addict. Stay away, stay alert, and make an effort to counteract it.

Summary

I personally was also a crazy trading addict. I have burned out many accounts and have also made all mistakes in trading. That is also one of the reasons I write for this forex trading blog. This is like a record and self-criticism which helps us learn from the mistakes and from our own experience.

You will definitely lose money to learn what you need. I just hope and wish you not to be discouraged with the way you are on. Don’t get depressed when you have not earned money with forex trading.

I will write, write a lot to help you, and myself. See you in the following posts.

The post Why Do We Repay The Forex Profit To The Market? appeared first on How To Trade Blog.

source https://howtotradeblog.com/why-do-we-repay-the-forex-profit-to-the-market/

Thursday, January 28, 2021

The Key To Succeed With Forex Trading

Today’s article will address the question: “How much do you want to succeed with Forex trading?” Are you willing to exchange anything for it? Even if it means you have to change your perspective or the way you think about trading.

Most people find it difficult to change and they are also very afraid of it. There are many things related to this such as ego, personal narcissism, laziness/fear of change, etc. But if you are losing money, take it seriously. Change is inevitable if you want to survive in this tough market.

In this article, you and I will discuss why and how you need to change your mindset to succeed in Forex trading. I believe that if you read all the posts in this blog and change yourself with good habits, you will reap the rewards.

First, you need to change your way of thinking about trading

One of the things that brings a lot of difficult problems to trading orders is that you are too “tied” to them. In fact, you should sing the emotionless song in your head when (intended to) enter a trading order.

You should not expect any trading order that it will win, or lose. You can be very confident in your trading method (actually having an exceptionally high win rate). However, you cannot be 100% sure that the order that you have placed will be profitable or at a loss. Because in trading, there is still a random ratio of winning and losing orders, regardless of your trading method.

Don’t misunderstand. I am not saying that an order will have an X% number of winning rate. I am talking about a long enough series of transactions. In this case, you can expect to win X% of the time. (X = 60 for example). A lot of traders get confused when they think that the order they just entered will win, or the order that they have entered will have a 60% win rate. In fact, this is not so simple.

Change your way of thinking about Forex trading is the 1st step to succeed with it

I want you to think of a glass jar with 100 marbles. 40 of them are red representing losing orders, the remaining 60 green ones representing winning orders. You might think that we have a win-lose rate of 60%-40%, right?

Now shake the jar, close your eyes, and put your hand in to get a random marble. You can’t tell if you’re going to get a green or red one, can you? Although green marbles are more, now you probably do not have much expectation that you will get it. Everything is randomly allocated.

Here is another example

Let’s say you’re playing a coin toss game and 4 times in a row it faces down. So the next toss, you expect that it will face up. Do you believe that will happen and bring victory to you?

Not sure yet! If you continue to toss the coin for the 5th time, the tails/heads ratio is still 50/50. This ratio is constant no matter how many times you do it. Psychologists call this model the “Gambler’s fallacy” (also known as the Monte Carlo fallacy). And according to a study published earlier this month in PNAS, our brains often make this mistake.

This is what (I recommend) you should think about trading. Even if you expect you to have a 60% win rate, you need to know that the winning and losing orders are distributed randomly. It’s always like that.

Another example about win-lose rate in Forex trading

Once you realize that every transaction has an equal chance of winning, you will no longer put much emotion into it (hope, fear, etc.). You become more indifferent in trading, and from which, your decisions will be more correct and more reasonable.

Sometimes people email me, saying that they are “interested” in these candles or those candles. They expect those signs to lead them to victory. I think you should not be so “interested”. Don’t put any emotions into trades, any trades.

When you start eliminating emotions and things “tied” to trading, you will do the right things. You will manage the risk better. You will not incorrectly “shut down” the current order (cut losses or take profits early).

Try probabilistic thinking to avoid bad emotions

During trading, you see a similar candlestick setup that has helped you earn money last time. You expect this to come again (most likely you will increase the trading volume). By this way of thinking, you are putting yourself at risk of frustration and emotional “hurt”.

You forget that any order will follow a random win-lose ratio, which has nothing to do with previous orders. Although the candlestick setup is 99% like the one of the last time you won, the result for the order you are going to place will still be random.

No matter how confident you are in your method, no matter how good your past performance is, don’t allow yourself to be affected by the results of last orders. This is the most important key to succeed in Forex trading.

Don't allow yourself to be affected by the trading results is the key to succeed in Forex — Don’t allow yourself to be affected by the trading results is the key to succeed in Forex

One order does not affect or has any connection with the others. If you lose this order, the following order might be a win (or loss). And if the next order wins, then the following order may be a losing (or winning) order. If you have a 60% win rate, remember that this ratio is based on a series of orders (not just 5 or 10 orders). You are quite likely to have 5-10 consecutive losing orders.

Your goal is not to let yourself get affected emotionally when trading in the market. Trading is not really just winning or losing. Try probabilistic thinking. If you have time, you should learn more about Poker. This is a game quite similar to trading, and a great supplement to trading. Win, earn money, take it as normal. Lose, cost money, feel okay.

How to get rid of trading mistakes and start making money with the Forex market?

Dead accounts are the results of a series of non-stop trading mistakes. You are too “passionate” with an order having candlestick setup which brings about a “high” win rate. You double, triple your risks, in the hope of earning really fast and a lot.

Unfortunately, you lose that order. You get disappointed and depressed. You go crazy and angry when losing money. Then, you aggressively try to take revenge and jump into the market with an even higher level of risk to recover the loss and “teach” the market a lesson. So on, until your balance evaporates, very fast.

These can be completely avoided, when you change the way you think about trading. By thinking properly about probability, you can overcome one of the most dangerous mistakes that cost traders money. That is the expectation.

Remember the time you traded on a demo account, you probably did it well, like most other traders. So why? It’s because you have the right “way of thinking”. You have no expectations because the amount of money dancing in front of you is virtual numbers. You also don’t care much if you lose or win. If you can do this with real accounts, I think you will make money and succeed with Forex trading in the long run.

The post The Key To Succeed With Forex Trading appeared first on How To Trade Blog.

source https://howtotradeblog.com/the-key-to-succeed-with-forex-trading/

Wednesday, January 27, 2021

How To Withdraw Money From Exness To Your Bank Account

In the previous post, I showed you how to deposit Exness using Internet Banking. Through a smooth trading process, you will make a profit from your initial capital. So what are you waiting for without placing a profit withdrawal order to enjoy the best feeling of an investor. This article will guide everyone how to withdraw money from Exness to your Bank account via internet banking.

Video on how to withdraw money from Exness account to Local Bank

How to withdraw money from Exness to local bank account

Step 1: Choose the withdrawal method via Internet Banking

On the home page, click the Withdrawal button on the left hand corner of the screen. Choose internet banking if you’ve deposited this way before.

Select Exness withdrawal method by Internet Banking

Step 2: Enter the amount you want to withdraw

Fill in the withdrawal amount. Then click “Next”.

Step 3: Enter the confirmation code

A code will be sent to the phone number you use to register for the account (it can be SMS or direct phone call). Enter the correct code and click “Confirm Withdrawal” to make the withdrawal request.

Step 4: Check the withdrawal information

Check your bank information again. If it is correct, press “Confirm”. Your money will be in your account within 1 minute.

So, I have finished with instructions on how to withdraw money from Exness account to your local bank.

Withdrawal errors at Exness and how to fix them

– Do not withdraw more than the amount allowed to withdraw from Exness. Please close all open positions in order to withdraw the total amount in your account.

– You can only withdraw money to your personal account. This is a safeguard in place to ensure financial security as well as prevent money laundering.

For example: If you deposit by Internet Banking, you will withdraw money to your local bank via this method. If you recharge with Visa/Mastercard, the money will be withdrawn to your original Visa/Mastercard account.

– Withdrawals can be done 24/7. If the withdrawal is not processed immediately then the transaction will be processed within 24 hours. If it is over that time, please contact the support staff immediately to resolve.

The post How To Withdraw Money From Exness To Your Bank Account appeared first on How To Trade Blog.

source https://howtotradeblog.com/how-to-withdraw-money-exness-bank-account/

How To Deposit Exness Broker With Internet Banking

With online banking payments, it has never been easier to deposit your Exness account. Simply open an account at a local bank affiliated with Exness. Then, follow the detailed instructions in this article to top up Exness broker with Internet Banking.

Video on how to deposit Exness broker via Internet Banking

How to to deposit your Exness account step by step

Step 1: Select Deposit and Internet Banking

After logging into your Exness account, from the main screen select “Deposit” in the left corner of the screen. Select payment method by Internet Banking.

Step 2: Enter the amount you want to deposit in the box “Deposit Amount”

Enter the amount you want to deposit into Exness broker

Step 3: Check the amount again, if correct, select “Confirm Payment”

Check the amount and click Confirm Payment

Step 4: Select the bank you have the internet banking account

For example, here I choose Techcombank.

Step 5: Click Pay to complete the deposit

Step 6: Login to your Internet Banking account

The system will send you to the Banking payment gateway. You need to sign in with your account and password.

Check if the amount you want to transfer from your Internet Banking account to Exness broker is correct or not. Choose confirm when everything is correct to your requirements.

Step 7: Complete the requests from the bank

You will then receive a 6-digit OTP sent to your phone number or in the bank’s application. Fill in the correct OTP to confirm the transfer.

So you have completed the process of recharging your Exness account with Internet Banking.

Complete the deposit to your Exness broker account — Complete the deposit to your Exness account

Step 8: Check your deposited amount

Once the transfer is completed from Internet Banking, within a few minutes the money will be deposited into your Exness account. Then check again.

Check your Exness broker account again to confirm — Check your account again to confirm

Things need to notice

– The balance in your bank account must be greater than the deposit amount.

– No need to convert to USD, Exness did it at certain rates.

– After completing the deposit, your account will receive the money immediately (up to 3 hours).

– Contact Exness support immediately when you face any problem to get it resolved quickly.

The post How To Deposit Exness Broker With Internet Banking appeared first on How To Trade Blog.

source https://howtotradeblog.com/how-to-deposit-exness-broker-internet-banking/

Tuesday, January 26, 2021

Out Band Candlestick And The Best Trading Strategy In Olymp Trade For Beginners

In the early days of knowing Olymp Trade and starting to trade on the platform, perhaps you have tested the Fixed Time trading strategy using the Out Band candlestick with the Bollinger Bands indicator in Olymp Trade. Most of you then realize that this is just an ineffective trading strategy and soon cause you to burn out your account.

If you do not know this strategy, You can review it here:

+ How to trade in Olymp Trade in the most simple way for beginners.

What is an Out Band candlestick? How to trade effectively in Olymp Trade with it?

In today’s article, I would like to give some personal experience of using Bollinger Bands when trading in Olymp Trade so that you can upgrade the simple trading strategy with Bollinger Bands that I mentioned in the first part. It is these little tips that helped me make money in Olymp Trade with only the Bollinger Bands indicator strategy.

Out Band candlesticks are candlesticks that have the closing price outside the Bollinger Bands indicator. In the online courses, the “teachers” will tell you that when you see an Out Band candlestick, you just need to open reversal orders to win. Some bet the next candle to have the opposite color of the Out Band candlestick. Others open reversal orders with an expiration time of 3 or 4 times the candle time period. They all make the Fixed Time trading strategy in Olymp Trade with the Out Band candlestick go bankrupt.

Out-band candlesticks strategy in Olymp Trade

My trading strategy is also with the Out Band candlestick

This is my trading result in 1 day with Out Band candlesticks based on the Bollinger Bands indicator in Olymp Trade. There were 5 wins, 1 draw, and 1 loss. Therefore, can I say I have already known how to trade effectively with an Out Band candlestick? What is the difference between me and you when trading in Olymp Trade?

Trading results in Olymp Trade with Out Band candlesticks

To understand that, perhaps we will need to analyze each trading order. Then you will grasp some tips to upgrade this trading strategy. Accordingly, you can turn it into something that can help you make money in Olymp Trade.

Notes to remember when trading with the Out Band candlestick in Olymp Trade

Note 1: Consider the price trend every time opening an order

This is an order that I won easily with the Out Band candlestick. The price went sideways and had no clear trend. And then, the Bollinger Bands really came into play.

On the contrary, please continue with my other order.

This is an order that I luckily won in the last seconds. According to my trading strategy, this order is not allowed. This is because the price just broke out of a level and continued to go down. If you open an order in this case, you will probably lose. Or else, you will have to use Martingale to recover the loss.

Note 2: Previous Out Band or stick-to-the-bands candlesticks are a bad sign to open a reversal order

What do you see in this situation? Before a red candlestick appeared out of the lower band, there were 2 candles including an Out Band candlestick and a green candlestick that closed a small distance from the lower band. In this case, you can only stand outside and watch. If you place an order, be prepared with good psychology because you will need to use Martingale to recover the loss.

The more candlesticks that are close to the bands like this, the less effective for the later signals that the Out Band candlestick gives. It indicates that the price is being crushed and is following a strong trend. If you use the Classic capital management method, ignore these situations.

Note 3: The Martingale capital management method is only effective when there is no news or strong market volatility

As warned above, in case there is a candlestick appearing next to or out of the bands before, if you open an order with a later Out Band candlestick, you will most likely have to use Martingale to recover the loss. And below is a case in which I had to use Martingale.

Using Martingale capital management is essential when trading with Bollinger Bands

5 warning candles had appeared before the Out Band candlestick appeared. And as expected, after the green Out Band candlestick had formed, the price continued to rise. I lost the 1st order and broke even on the 2nd one. Only until the 3rd order with the increased investment did I earn some profit in this situation.

If this was a day with strong news or strong volatility, I must have lost heavily on using Martingale. Therefore, do not overuse this capital management method. It’s like a double-edged sword. On the one hand, it will help you recover the loss quickly. On the other hand, it will burn out your account.

Note 4: If you are someone who likes safety, only open orders with Out Band candlesticks when the market goes sideways

That is really the most effective trading strategy using the Out Band candlestick. When the price goes sideways, it will immediately turn around when it encounters stiff levels or readjust around the middle band of the Bollinger Bands. And that is the best time for you to make money with this Out Band candlestick.

Let’s take a look at another win of mine when the price goes sideways.

If you are someone who likes safety, only open orders with Out Band candlesticks when the market goes sideways

Summary

Up to here, you may have understood the difference between me and you when using the same Olymp Trade strategy. It does not lie in knowledge, in the capital, nor that I am more careful than you. Maybe, because I have stumbled enough on this path, so now I can take it easy.

However, please don’t be discouraged. Go ahead and improve yourself. I and this blog will always be with you on that journey. Goodbye and wish you a successful transaction.

The post Out Band Candlestick And The Best Trading Strategy In Olymp Trade For Beginners appeared first on How To Trade Blog.

source https://howtotradeblog.com/out-band-candlestick-best-olymp-trade-strategy/

Monday, January 25, 2021

Fixed Time Trading With The Double Top Pattern Strategy

In this article, I will introduce to you how to open effective Fixed Time orders in Olymp Trade based on the signals of the Double Top pattern trading strategy. This is a pattern that is often used a lot in Forex trading. However, in Olymp Trade, you can completely use it to find exact Fixed Time transactions with small time frames.

What is a Double Top pattern?

If you have ever learned and traded Forex, perhaps the Double Top pattern is no stranger to you. This is one of the most popular reversal patterns in Forex. And if you have never known this pattern, we will learn a bit about it together.

A Double Top pattern is a type of reversal pattern from bullish to bearish. This pattern shapes like two equal mountains so it is called the Double Top pattern. The horizontal line connecting the bottoms of the pattern is called the neckline. This line acts as price support. When the price breaks out of it, the pattern is confirmed and the price will drop sharply afterward.

In trading, Double Top is favored by traders because it is easy to recognize and offers very accurate reversal signals. In some cases, after breaking out of the support level, the price may return to retest before plummeting. This is also a very good entry point for opening a DOWN order that you can take.

I have already had a detailed article on this pattern. If you want to learn more about the Double Top pattern, you can review it here:

+ What is a Double Top pattern? Trade Forex with a Double Top pattern.

Fixed Time Trading With The Double Top Pattern Strategy

As mentioned above, with a Double Top pattern, you may have 2 safe entry points. The first is when the price breaks out of the support and the second is when the price retests the support level. Compared with the break-out point, when the price retests, it will give a more accurate signal. However, the price does not always retest. Let’s analyze the trading orders below. Take a close look to fully understand how to open orders with the Double Top pattern.

How to open orders in Olymp Trade with the Double Top pattern

All orders were opened with the 5-minute candlestick chart. Opened orders with an expiration time of 15 minutes or above. In general, the signal that the Double Top pattern brings is very good if the market fluctuates not too strongly.

1st order: GBP/AUD currency pair. After breaking the neckline of the Double Top pattern, the price then retested with a Pin Bar with the tail pointing up. Opened a DOWN order. The result was winning.

1st Fixed Time with the Double Top pattern trading strategy

2nd order: GBP/USD currency pair. This was still an order opened at the price retest point after breaking out and confirming the formation of a Double Top pattern.

3rd order: CHF/JPY currency pair. It was still another retest point that offered the correct signal. After adjustment, the price continued to decline strongly with a long red candlestick. This was a sure win order with a payout rate of 80%.

The 3rd transaction in Olymp Trade with the Double Top pattern

4th order: NZD/CAD currency pair. This was an order opened according to the break-out point of the price. As soon as the price broke out of the support level at 11:52 a.m, I opened an order with the expiration time ending at 12:05. As a result, the price plummeted after breaking out of support without a retest point.

Notes when trading with a Double Top pattern

It can be said that the Double Top pattern is a good trading strategy that you can use to open Fixed Time orders. Recognizing this pattern and how to open orders is easy to do. However, for each currency pair, the Double Top pattern appears not much.

Therefore, to be able to reach the desired profit, you can search for it in different frames and with many different currency pairs. However, be careful with Forex pairs with strong news. At these pairs, the signal may no longer be correct.

Summary

As soon as you finish reading this article, you can log into your Demo account in Olymp Trade to test the Fixed Time trading strategy with the Double Top pattern. Test it for a period long enough to convince you to trade real money with it.

The post Fixed Time Trading With The Double Top Pattern Strategy appeared first on How To Trade Blog.

source https://howtotradeblog.com/double-top-pattern-fixed-time-trading-strategy/

Thursday, January 21, 2021

Don’t Trade Forex Like A Pig

Entering the field of finance, you’ve probably heard of concepts such as “bull”, “bear”. The bull represents a bullish market, the bear represents a bearish market. Have you heard of the concept of “trade like a pig” yet?

If you’re not aware whether you’re in the market of bulls or bears, sorry to say, you’re a real pig. And most likely, you are losing money. Pigs have two characteristics that are omnivorous and greedy. These are equivalent to greed and continuous (less selective) trading.

There is an expression on Wall Street as follows: “Bulls make money, bears make money, and pigs get slaughtered”. This quote is a warning to traders or investors against greed. Please wait patiently for good opportunities to come. These two things can also be seen as one. Because if you are not greedy, it will be very easy to wait for a good price pattern to place an order. Curbing greed is a really difficult and very difficult thing.

In this article, we will discuss how Mr. Market punishes greed. Or how do we have the phrase “trade like a pig”? And how do we control and escape that situation? If you want to earn green dollars from the market rather than getting slaughtered by it, read this article.

Do you trade like a bull, a bear, or a pig?

Traders need to understand which market they are trading in (up or down). They need to stick to market trends and don’t trade too much (not too greedy). By doing so, they will (usually) make money in the long run.

I know a lot of traders trying to prove that they are correct and go against the trend. And as you know, we cannot control or drive the market to our liking. This is a dangerous trap if you do not know what a bullish or bearish market is.

And although many traders know what market trends they are trading in, they still “fight” the market many times by trading too much. Or we could take a funny image of an omnivorous pig.

So what you need to aim for is to be a bull or a bear in every market, not a pig. Bulls or bears depend on the trend of the market you want to trade. The bullish market is tied to the image of a bull (do you often drink Redbull? It rams upward). The bearish market is tied to the image of the bear (bears always scratch their claws down on the ground).

For example, in a bullish market, you just need to look for signals (candles) that give us an opportunity to buy. And you should only place a buy order. Never go against the market with sell orders. If you do not see any positive signal, keep on waiting. Remember that not trading is always better than losing money.

Excessive expectations

“Pigs” are always too expectant in trading. They think they have found a goldmine and would soon join the millionaire club. You can be confused with advertising banners, promises of easy-getting rich from bad websites, or online mentors. However, I can assure you of one thing that it is impossible.

Actually, if you (still) think that you can get rich really fast with this forex market, I will give you the best advice. Please withdraw money from your account. Shut it down and never read any information about forex trading again. You will certainly be better, and richer. Trying to get rich fast with Forex means that you will be poorer soon.

The faster you want to get rich, the bigger your expectations will be. At that time, you will enter more orders because you “see an opportunity” at every step of the market. And just like a gluttonous pig, you will trade and get “slaughtered” by the market. Your account will evaporate very quickly, for sure.

Do not pursue what happened

If you miss a good chance, don’t “go after” it. Quickly accept that you have missed that train, and wait for the next “opportunity train”. When writing these lines, I just missed two “trains” in a week with the EUR/USD pair. Everything seemed to be fine, but I felt something wrong so I missed the train, twice.

If you enter an order when things have been “already”, your entry point is not really good and your stop-loss will be wider. And most likely the market will move in the opposite direction of your order in a short time. The pursuit of orders is almost synonymous with greed. You cannot succeed if you try to go after every movement of the market. It is also unrealistic to get profits with any market movement.

Accept what you have missed and wait for the next opportunity

All you need to do is to “catch” 2 or 3 good market movements within a month. It’s all that you need to get a relative profit.

What is the meaning here? Trading forex is not for everyone. If you are still struggling with daily life, do not participate. You will definitely lose money during your first time (tuition fee for the market). And it is lucky if you lose money, not make a lot of money by certain luck.

So what does “trade like a pig” mean?

It is pretty simple. If you risk losing (stop-loss) more than the amount you feel free to lose in an order, you are trading like pigs. What you are about to face is a big loss and (almost) blow up your account, maybe in a few hours or even a few minutes.

You cannot become a true trader (let alone becoming successful) if there is no discipline in everything of the transaction. You need to have your fixed stop-loss threshold. That threshold is determined by the amount, not the percentage compared to your balance.

After placing an order (entry point, stop-loss, take-profit), turning off the computer, and going to bed, you may be still sleepless. If it is because of the money which could be lost if the market hits the stop-loss, you need to adjust the amount of the stop-loss.

Traders, who know how to manage risk, will make money in the short term and especially in the long term.

Traders, who know how to manage risk, will make money in the Forex market

Conclusion

As you can see, greed is the leading assassin that kills numerous accounts, both large and small, very quickly. Warren Buffet used to have a saying like this which you probably heard a lot. “The most important factor determining the success of an investor is not his intelligence or skill, but his temperament and emotions.”

Don’t be a pig waiting to be slaughtered. Find out if you should “be” a bull or a bear to bring money home.

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