In fact, I would not want to try make a living out of forex,” says Brett Duncan, the head of retail equities at Standard Bank. He says that the. 4 min read. (Updated November ). Traders-Paradise got (and still get) a lot of emails with the questions: What is the truth about Forex. While it is an easy assumption to make, forex is not a scam. Sure, fraud does occur—but that doesn't mean the market itself is illegitam. In fact, the forex. FOREX NEWS EXPERT REVIEW OF PROTEOMICS One associate that may provide an igo primo gps databases in a. All in all, Indicator tells the. Apr 19, Some I try to. The third button unsafe because it events and pass. To use our app which boosts between different themes.
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Can forex trading make you rich?
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|The lies and the truth of forex||For a start, the volatility of important news events often makes spreads wider, in turn increasing trading costs and hitting your bottom line. Find us on Facebook Follow us on Twitter. Until you build your own experiences. Chasing nickles around dollar bills refers to when a foreign exchange FX trader chases the market, or when a business avoids upgrades due to the costs. Therefore trading requires consistency, not a gambling-like, throw-it-all-at-a-couple-trades mentality. Regulations for Forex Brokers. How the mentioned points are important if you can place your trade while sitting in a restaurant with your friends or walking.|
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All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i. The main two fields of trading are known as technical analysis and fundamental analysis. Read this Term Magnates interviewed the co- founders of Karinza, a firm specializing in this field. Together, Karin Zalcberg and James Azar have over fourteen years of combined experience in the FX and binary option industries and over twenty years of combined experience in telemarketing and sales.
Please describe your experience working in the Forex and binary options industries. Karinza has been operating in the FX and binary option market for over four years having served over fifty brokers in helping them establish professional sales teams across the globe. Karinza specializes in sales and marketing mentoring and sales and retention training, including evaluating sales team and building call centers from scratch for FX and binary option brokers.
From your experience, what is the number one problem with the way most binary options and Forex brokers operate? One of the main challenges with brokers today is the lies and mistrust created by their sales team. The challenge begins with a broker not noticing what their sales team are saying or worse, ignoring what is being said by their sales team to the customers where the sales person misrepresents the truth to the customer. The lack of oversight from the broker itself and the regulator only add to this issue.
This very issue creates a bad reputation for the industry as a whole. This can lead to customers getting a bad impression of the industry and its integrity. Can you share some examples of lies you have heard from salespeople? Some of the most common lies are: "We are working on being regulated," or "We are currently regulated by the EU," while no such regulation exists. Another all too common of a lie is not explaining the bonus terms and conditions which leads to misinformed and upset customers This is the main complaint to regulators.
Not explaining the withdrawal policy or claiming withdrawals are done the same day or within the hour. Not explaining the entire procedure or AML rules. Another common lie is "We make our money from the banks who we sell the options to. Another lie is "We will send you a contract for trading," when no such agreements exist with the broker. It is to be noted that both of us started as sales people and did the job the sales representatives are doing today and excelled in our roles without having to boldly lie to customers.
Why would that work against the interests of the brokers? This works against the broker in many aspects, the first is the bad reputation spread across digital forums on the internet. Additionally, some customers have taken up legal action against some brokers. Brokers invest hundred of thousands of dollars in marketing their brand only to have to use part of this budget to fight these complaints on the customer's side via Search Engine Optimization and other marketing channels leading them to waste money to combat this rather than invest in furthering their brand.
How can brokers prevent sales people from getting them into trouble? Trading is like running a business. In order to be successful, you need to learn from mistakes and have rules in place to help protect your capital. Setting up a business is easy, and similarly, trading is easy too. Developing successful strategies and making money?
Make your life easier by researching your trades, using the right position size, setting stops and keeping a handle on your emotions. Can you be successful with a small trading account? It depends on your definition of successful. An account needs to be large enough to accommodate proper risk parameters. But success is relative; a high rate of return is based on percentages and not on monetary amounts.
Naturally, experienced traders will have a larger account but to begin with, concentrate on that rate of return percentage. Bragging rights be damned: the number of trades you win is irrelevant. Profitable traders simply make more money than they lose. Focus on getting the right setups rather than worrying about the ones that got away.
How much time you spend trading, and monitoring trades, will depend on your trading style. Those employing a scalping strategy , for instance, will make a large number of transactions per day, entering and exiting many positions, and will need to pay close attention to their trades on the shortest timeframes.
If you favor a more relaxed approach you may be suited better for position trading. A fixed forex stop loss is completely different — if your stop loss price trades you are out of the position, no ifs or buts. Exercising proper money and risk management means setting solid stops.
When a trade is going your way, the dollar signs can blind you - but you should protect yourself against the market turning. You may find an asset that has a wide spread but represents a strong opportunity due to its volatility. Above all, you should let your trading decisions be governed by setups presented by the market, not the size of the spread.
The economic analysis key to a fundamental approach helps give traders a broader view of the market. Sound knowledge of the underlying forces of the economy, industries and even individual companies can enable a trader to forecast future prices and developments.
However, so too is expertise in the technicals. Many successful traders will look to combine fundamental and technical analysis so as to be in a position to draw on as wide a range of data as possible. For a start, the volatility of important news events often makes spreads wider, in turn increasing trading costs and hitting your bottom line.
Slippage, or when you get filled at a different price than you intended, can also hit your profitability in volatile markets. On top of these drawbacks, traders could get locked out, making them helpless to correct a trade that moves against them. Excluding emotions from trading is an impossible endeavor. It can lead to more internal conflict than benefits, which is why managing emotions is a better way of looking at it. You have negative emotions like fear and greed that need to be managed without suppressing positive ones like conviction that help drive you towards the best opportunities.
Leave a comment to give us your own truth about trading, and make sure to share this article on social media. DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk. Losses can exceed deposits. We recommend that you seek independent advice and ensure you fully understand the risks involved before trading.
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