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Quick in. Quick out. I don’t bite I scalp.
So I see most people are traders for a couple of years but there is many factors to becoming an experienced trader. When do you graduate to becoming the guru of forex? Is it a time thing, a profit factor, or just losing your shirt so many times that you have learned. Who can you trust to get some facts from, the right advise so to speak. I know the first thing that comes to mind is well they make money. Well you can make money just at a normal job but that may not mean your a guru so to speak. I don’t know maybe its the way people talk about forex that makes you a pro. The fancey lingo for all the different terms to forex. There is so many people who hide behind a wall of smarts but really they are a con. So I ask, ‘Are you an experienced trader?’
Its all of the things above,,mostly time on the charts and money management,keeping greed at bay and study .And read Trading In The Zone 25 times till you think like a top trader when you have been constant + $ for 12 months,, then you are on your way You must love trading to get threw all of this .If Its just about money I promise you this,, go do something you love you will make more money faster with less stress..
When In Doubt Stay Out !
Quick in. Quick out. I don’t bite I scalp.
I think your right. I believe that time spent gets you to a better understanding. To bad there is not some sort of way to really deep dive into becoming an expert. I mean there is 10’s to 100’s of millions of traders out there. Why is it so hard for people to achieve results. Maybe there is this secret society of traders that none of us know of that just keep everything to themselves. I would like to just connect with real winners from the forex world. No matter where I turn or click it seems people are all just well. traders. I believe that surrounding yourself with poisitve people makes a positive world. I think there is a need for a social network for forex so people can connect with the winners or the people wanting to become winners. I don’t know you. but you could be a great trader. how can I prove that you are? If you are a great trader than why are we trading ideas and pips so to speak.
“Are you an Experienced Trader wanting to break through the barrier of your challenges and take your trading to the next level with bigger daily profits on a more consistent basis?”
“What if today’s the day you can finally take your trading to the next level and beyond, with NEW advanced trading knowledge, time tested trading strategies, and innovative trading tools, and join us to become an elite warrior trader?
…even if you’ve been trading for years and “think” you know everything about trading, or feel that you’ve tried it all but still haven’t reached the success you want.”
Hi there. I’m Ross with Warrior Trading. We’ll get to know each other better and I’ll tell you more about my story as an experienced trader below.
Now, there are only 3 types of experienced traders in the market, and you either fit into one of these types or you might be in a transition between two types. Let’s see what type you are…
You’ve been trading for months or years, and you’ve lost more money than you’ve profited. No matter how much you want to be succeeding, you don’t know why you’re not or what to do so that you can finally be profitable after all this time…
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“Roller Coaster Trader”
You’ve been trading for months or years, and you’re profitable on some days or months, but you also have losses. When you see your trading statement at the end of the day, you’re barely breaking even (or maybe you’re even in the negative) so you feel like you are on a roller coaster going up and down with no consistency…
You’re one of the very select individual traders that have been trading for some time now , and you’re trading profitably on a consistent basis, but you know that there’s more room for you to grow with bigger daily profits, advanced tools, and new, up-to-date proven strategies that our Warrior Traders are using to give them an edge in the market…
“Which Type Best Describes You as an Experienced Trader?”
Whether you are a Down Trader , Roller Coaster Trader, or Veteran Trader , each of these types of traders are at different parts of their trading journey and have a unique set of challenges and obstacles that are unknowingly holding them back from being a successful trader, achieving bigger goals, and living the life they want… so i t’s not your fault that you haven’t gotten to where you want to be.
The good news is that there are resources that will help, and you might just be one new strategy or change away from whatever you want to achieve through trading. You can finally break through your obstacles, reach the next level of trading, and gain more clarity and direction in the markets. I’ll cover this in more detail below.
“What Group Am I In And Why Should You Listen To Me?”
I’m a veteran trader, but even more so, I’m a Warrior Trader . I’ve been trading for almost a decade now and I am always sharpening my trading knowledge, skills, tools, and strategies.
I’ve been able to distill my process into a unique trading system that allows me to maximize my profits and minimize my losses.
Although I’m not trading millions of dollars a year…
And while I could brag about my own trading success of earning $250k-500k/year as a trader or having built the largest trading community with over 500,000+ traders that follow our community… that’s not why you should listen to me.
You should listen to me because… I’ve had every real life trading experience and made every mistake in the trading bible…
I’ve lost tens of thousands of dollars, researched all the info on the web and have even been scammed by so called “trading gurus.”
But most importantly, I know what works and what doesn’t to become a Warrior Trader, so that traders just like you can finally have control over their lives… be financially secure… and take care of themselves and loved ones…
Isn’t that what you really want to achieve with the thousands of dollars and endless hours you’ve already put into trading?
Well, I’ve walked down the most challenging roads in trading so you don’t have to…
I share my best and worst days of trading because transparency in an educator is most important…
The decision that you’ve made to become an experienced trader with the goal of living your dream and having complete freedom in terms of time, money, and location was a hard, but necessary one.
You’ve probably been mislead by so-called “trading gurus” on the internet making outlandish promises about fancy cars, boats, women, millions of dollars, and how you can achieve all that…
I hate to be the bearer of truth and transparency (as much as I bought into it when I first started), but most people that buy into those ideals will FAIL, which means your belief and skepticism are correct.
DEEP DOWN, you and I both know that it’s a nice dream to have but only the 1% of traders that succeed are able to live this lifestyle that’s the cream of the cream of the crop !
BUT there are much more achievable goals.
BUT there are much more achievable goals. We’ve help honest men and women earn a supplemental, part-time, and even a full-time income with our unique trading system. They aren’t looking to make millions of dollars overnight, but simply carve out a little bit of profit from the market each month.
By setting realistic goals, success becomes easier to achieve.
Now let’s talk about what’s holding experienced traders back…
“The Challenge for Experienced Traders”
Experienced traders have tried to trade the market and kind of know how to be profitable, but generally lack an ability to maintain consistency and maximize trades while minimizing losses.
I’ll personally show you how we overcame these challenges with our trading system, and I’ll share the techniques we’ve used to achieve increased accuracy.
We provide experienced traders with an accelerated, structured trading system so you no longer have to question which direction to take next.
We make it clear by giving our traders a framework and a foundation that allow them to support their career for life as traders.
We have a thriving community of traders from all walks of life, ages, and ethnicities from all around the world that support each other like family. This type of connection is truly an invaluable experience.
This is a career you could be doing for the rest of your life, and the mastery of skills you develop is truly priceless. That’s why it’s so important to focus on an accelerated trading system – “the missing bridge” that has helped students in our Warrior Pro Trading System be more confident traders.
“Average Traders on the Market”
Most experienced traders don’t have a strategy they can adopt, and instead trade the market through trial and error causing them to lose thousands of dollars and time they can never get back.
Experienced traders lack a proven trading system to follow that provides them with direction, confidence, and experience. We’ve seen so many experienced traders that have traded for years, but are missing the key piece. This is why over 90% fail.
The average experienced trader gives up less than 2-3 years after starting. Trading has a very high turnover and the reason why is because most blow up their accounts, and then give up even when they are just one trading strategy away from success…
Only 10% of all experienced traders in the market will actually be able to make a full time career of it. The remaining 90% give in to frustration and quit.
Now that we’ve established the differences and probability for success between an average trader in the market and a Warrior Trader that follows our road map for trading…
The good news is even if the probability of making millions from trading is very SLIM, it’s much more achievable to make $100 profit a day trading the markets (most experienced traders aim for $400-500/day).
That’s what you as an experienced trader should start with. When you start with a realistic goal, you’ll be able to take it step by step and achieve it.
In our chat room we have traders who are in their 80s. These are individuals who have built an entire career out of day trading the markets.
For those who master this skill, you have the potential to be doing this job for the next 30+ years. At the rate of $200k/year, you’ll be doing really well by most financial standards and have the potential to make even more.
But, you will never get there if you can’t first achieve consistency. We’re going to tackle this challenge together as we work to help you build a foundation that can support a lifetime of trading success.
As you continue your journey as an experienced trader toward more profits, I will teach you the fundamental concepts every profitable trader already knows. I will show you what a failing trader looks like, and then I’ll show you what a successful Warrior Trader’s lifestyle is like – a life of freedom and trading only 2 to 3 hours a day .
I’ve been both types of traders! That’s one of the reasons I’ve become such a popular teacher. I made every mistake in the book before I had my breakthrough on how to be successful, so I’ve built a step-by-step system you can follow.
When you start learning from me, you aren’t learning from one of those gurus who claim to have it all figured it out. You are learning from a real trader. I’m not different from you, I’m just a little further along in my journey as a trader.
“Potential Daily Profits Targets for an Experienced Trader & What Their Milestones Should Be”
Experienced traders often struggle with 4 steps forward (4 profitable days) and then 1 monster step backwards that gives back all the profits.
We’re going to teach you how I’ve minimized draw down and began taking 4 steps forward, 1 small step back, and then 4 more steps forward.
We focus on helping experienced traders like you start becoming profitable and more consistent. If you already are, then great!
Let’s focus on increasing your daily profits with new strategies, advanced tools, and with more clarity and confidence so that you can spend more time with loved ones, pursuing your hobbies/passions, and doing what you want in life…
We want to give you the time to spend with your families, travel, or do anything else that your newfound freedom allows. Wouldn’t it be nice to not have to worry about money?
“How to Consistently Increase Daily Profits as an Experienced Trader”
Learn our unique Warrior Trading strategies through our system that is backed by years of historical data and successful traders.
You’ll discover how to reduce unnecessary losses by becoming more disciplined, following a structured learning path, adhering to strategies that work, and finding your unique edge in the market.
How have we helped our students succeed?
We’ve done this by focusing on the simple goal of $100-200/day instead of aiming to be the 1/1000 that can buy a $250k Aston Martin and blow their money.
Yes, not everyone will be successful and that’s the truth…
Anybody that tells you otherwise is lying to you and selling you a false sense of success and wasting your precious time, energy, and money.
We value you and your time, money, and energy because we are just like you. We are simply farther along the path and willing to share our road map to success.
It is up to you to take the first few steps with us. Some will stray from the path, but those that stick with us and become successful will be able to work less and even have the opportunity to work from home.
“Steps to Success for an Experienced Trader”
Get the Warrior Trading Ultimate Experienced Trading Kit ($467.00 Value) FREE BELOW
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Discover New Innovative Tools, Strategies, & Our Unique System
(Month 1) Transition into the Warrior Pro
(Month’s 3 to 6) Master the Warrior Pro’s Accelerated Trading System
(Month’s 6 to 9) Practice your new strategies for & prove your discipline in our simulator where we can monitor your trading results & progress
(Month’s 9 to 11) Participate in our chat room where we trade alongside you & join our live mentor sessions where we provide feedback
One Full Year to Graduate to Trading with Confidence, Clarity, And Freedom
“Join Our Warrior Trading Community of 500,000”
Join thousands of other traders like you that started on the path to trading from home and making a living trading the markets. Most of our students trade the markets for only a couple hours each day, giving them the flexibility to control their own schedules.
This means many students are able to work full-time as they learn to trade the markets. Instead of attempting to trade through trial and error, our students are participating in a structured trading system designed to teach them everything they need to know to be successful traders.
They are no longer wasting a TON of their hard earned money on trial and error methods that result in a 90% failure rate.
Warrior Trading is a community of traders that share your same goals and fears, hopes and doubts, and that you can trust and rely on. Being a day trader means having the flexibility to control your own hours. Being a Warrior trader means having the confidence to know when to buy or sell a trade at any given time.
You are about to become part of the largest community of traders, who are learning, trading, and profiting. More importantly, you are working toward the freedom to choose how you want to live your life – now and tomorrow.
We’ve Gotten Real Results from Real People Just Like You
Before I started trading, I would make $1000 in 2 weeks. Now after taking the warrior trading course, I can make that in a single day, at 26, I now own my own house and I am fully independent, thank you warrior trading for everything you have done for me, my future looks brighter than ever!
I had a job I didn’t really like and I was forced to live five thousand miles away from my home Country. After joining Warrior Trading, I can trade from anywhere and my income is more than doubled. Thanks to this community, it now feels like I’ve been given the keys to absolute freedom.
After 3 years of trading as a student my portfolio has net more than $230k. For year 2020, in less than 6 months I’ve net more than 140k. With Warrior Trading’s mentorship and my investment knowledge prior to coming on-board, I developed my own short term swing trading strategy.
On January 24th 2020 I started with $690 in my account. In March I made $4,433.89 and by April, my account was up 1,000%. I’d made $6,900 in 42 trading days.
I think trading is the only place in life where I can say I am totally responsible for my outcomes. That’s huge in a world where previously waiting on someone else to make decisions about my income felt like a prison. I now have full autonomy.
Warrior Trading Ultimate Experienced Trader Kit
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If you do not agree with any term of provision of our Terms and Conditions you should not use our Site, Services, Content or Information. Please be advised that your continued use of the Site, Services, Content, or Information provided shall indicate your consent and agreement to our Terms and Conditions.
Warrior Trading may publish testimonials or descriptions of past performance but these results are NOT typical, are not indicative of future results or performance, and are not intended to be a representation, warranty or guarantee that similar results will be obtained by you.
Ross Cameron’s experience with trading is not typical, nor is the experience of students featured in testimonials. They are experienced traders. Becoming an experienced trader takes hard work, dedication and a significant amount of time.
Your results may differ materially from those expressed or utilized by Warrior Trading due to a number of factors. We do not track the typical results of our current or past students. As a provider of educational courses, we do not have access to the personal trading accounts or brokerage statements of our customers.
Available research data suggests that most day traders are NOT profitable.
In a research paper published in 2020 titled “Do Day Traders Rationally Learn About Their Ability?”, professors from the University of California studied 3.7 billion trades from the Taiwan Stock Exchange between 1992-2006 and found that only 9.81% of day trading volume was generated by predictably profitable traders and that these predictably profitable traders constitute less than 3% of all day traders on an average day.
In a 2005 article published in the Journal of Applied Finance titled “The Profitability of Active Stock Traders” professors at the University of Oxford and the University College Dublin found that out of 1,146 brokerage accounts day trading the U.S. markets between March 8, 2000 and June 13, 2000, only 50% were profitable with an average net profit of $16,619.
In a 2003 article published in the Financial Analysts Journal titled “The Profitability of Day Traders”, professors at the University of Texas found that out of 334 brokerage accounts day trading the U.S. markets between February 1998 and October 1999, only 35% were profitable and only 14% generated profits in excess of than $10,000.
The range of results in these three studies exemplify the challenge of determining a definitive success rate for day traders. At a minimum, these studies indicate at least 50% of aspiring day traders will not be profitable. This reiterates that consistently making money trading stocks is not easy. Day Trading is a high risk activity and can result in the loss of your entire investment. Any trade or investment is at your own risk.
Any and all information discussed is for educational and informational purposes only and should not be considered tax, legal or investment advice. A referral to a stock or commodity is not an indication to buy or sell that stock or commodity.
This does not represent our full Disclaimer. Please read our complete disclaimer.
Citations for Disclaimer
Barber, Brad & Lee, Yong-Ill & Liu, Yu-Jane & Odean, Terrance. (2020). Do Day Traders Rationally Learn About Their Ability?. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2535636
Garvey, Ryan and Murphy, Anthony, The Profitability of Active Stock Traders. Journal of Applied Finance , Vol. 15, No. 2, Fall/Winter 2005. Available at SSRN: https://ssrn.com/abstract=908615
Douglas J. Jordan & J. David Diltz (2003) The Profitability of Day Traders, Financial Analysts Journal, 59:6, 85-94, DOI: https://www.tandfonline.com/doi/abs/10.2469/faj.v59.n6.2578
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Becoming a Better Trader – How to Handle a Drawdown
In this webinar, we discussed the inevitable drawdown (in fact, your account spends a large swath of time underwater), and how to handle both the ‘normal’ variety which occur regularly, and more importantly, the ones which fall under the ‘problematic’ category.
We understand the difficulties of trading, which is why we’ve put together a variety of guides designed to help traders of all experience levels.
Drawdowns are a natural part of trading…
Part of trading is losing, that’s just a fact that everyone must accept straight away. So, naturally, experiencing drawdowns is also going to be a fact of the business one must accept. As you can see below, a trader spends a large amount of time in a drawdown, even during extended periods of profitability.
A lot of time is spent drawing down even during periods of profitability
Difference between a ‘normal’ and ‘problematic’ drawdown
There are a couple of different types of drawdowns – ‘normal’ and the menacing ones considered to be ‘problematic’. A normal drawdown is one which results from the ebb and flow of trading and a function of the business. During these periods your losses are well controlled and it doesn’t take much to return to setting a new high in your account balance. These are not to be overly concerned with as long as you are doing what is right according to your trading plan.
But these can turn problematic, where the losses begin to pile up to the point of causing distress. These are almost always a result of poor trading behavior. It is during these times that is it becomes extremely important in how one handles the drawdown, as serious mistakes mount into damaging losses of both actual and mental capital.
Whether you are a new trader building a foundation or an experienced trader struggling (happens to the best), here are 4 ideas for Building Confidence in Trading
Handling ‘normal’ drawdowns
First off, drawdowns are a simply a function of probabilities and an uneven expectation in returns. Results tend to cluster. For example, you could have a 50%-win rate, but that doesn’t mean you won’t run into a string of losers over time just as you will run into a string of winners. It’s just as a result of probabilities, clustering (think of flipping a coin).
Then there are other manageable drawdowns which stem from other areas such as game-plan execution and market conditions. Handling a drawdown really boils down to understanding that you might not be trading particularly well or that market conditions may not be conducive for your strategy, and that you may need to lay off a bit. For example, a trader trying to trade breakouts during a range-bound market will struggle and need to acknowledge this by taking a step back. Often times, drawdowns involve a combination of difficult trading conditions and minor errors.
In any event, we can’t be perfect and is fine as long as you recognize and acknowledge (self-awareness) the situation. It’s always a prudent decision to reduce your trading size if uncomfortable with what is happening. The old saying, “when in doubt, get out”, is always applicable to trading. Having the discipline to stick to this principle, alone, can go a long way towards halting a drawdown. This is a good time to check yourself and see if you are taking proper trades and handling risk appropriately. Whether you are trading well or poorly, it is a good idea to consistently review your trading and make sure you are acting in accordance to what you set out to do.
One of the most common and clear-cut reasons for poor results is over-trading and poor risk management . Those are the first two areas to begin taking a look at when things aren’t going your way, because these you have control over and can be remedied right away.
Bottom line, it’s important to have self awareness as to what is driving your trading results and then address any issues which might need to be handled.
Handling ‘problematic’ drawdowns
When the losses get uncomfortable, ‘out of control’ so to speak – this is when you have to take extra care as this is when a drawdown has gone from the ‘normal’ to ‘problematic’ category. The last thing you want to do is compound an already difficult situation, so the very first thing to do when you recognize that you’ve taken it too far is to ‘get out of the fire’ . Stop trading for a period of time, a few days or longer if need be (weekends don’t count).
Closing out existing positions and taking a little time off will not only stop the bleeding, but do your psyche wonders. Even though the losses are still there, this first step will help bring immediate relief. It can be difficult to do the first time around, but once you do it you will recognize later on when to do it sooner and thank yourself for having the discipline to walk away and stop fighting. This is one of those times where working harder will work against you.
Once you’ve had some time to recuperate, then start looking at what actions got you into a sticky position in the first place. You will likely already have an idea as to what got there, but looking at your trade history, journal, and any other records of your trading will help you identify most accurately what went wrong. Often times, it boils down to poor risk management and over-trading. That is, trading with too much size, poor risk/reward, and taking too many low-quality trade set-ups.
Once you’ve identified the culprit (often times more than one), and have a fix in place, you should resume trading with minimal size; trading with no more than 50% of max size, 25% or less is even better. The idea here is not to make back all your losses at once, but to restore your confidence and get moving in the right direction.
Reducing the risk of a drawdown, preventing problematic ones
Obviously, we want to avoid material drawdowns as much as possible, but how is this possible? We can’t control market conditions, but we can control our own process of trading. We’ve talked about this at length before, but utilizing a checklist , whether mental or physical, can be an excellent way to keep you on track to making those trades which fit within your game-plan . Tighter risk management parameters will obviously mean it will take longer for losses to pile up. Bottom line, we have to be vigilant about taking only those trades within our game-plan and doing so with risk we can handle.
If you are experiencing a personal issue, it’s a good idea to lay low until you’ve resolved those matters. We all have things going on in our lives from time to time, acknowledging that the market isn’t the place to look for solace will prevent you from compounding an already difficult situation. Step away, resolve your other issues first. Remember, the market will always be there when you’re ready to return.
For the full conversation , please see the video above…
Enjoy the video? Join Paul or any of the team’s analysts live each week for webinars covering analysis, fundamental events, and education.
—Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at @PaulRobinsonFX
9 Things You Didn’t Know About Successful Forex Traders in 2020
What is it about successful Forex traders that sets them apart from the rest?
A well-known figure in the Forex world is that 90% of Forex retail traders do not succeed. Some publications quote failure rates as high as 95%.
Regardless of the actual number, having interacted with thousands of traders over the years, I can tell you that those figures aren’t far off.
So what is it that sets the 5-10% apart?
We’ve all heard the typical reasons such as experience, discipline, and strategy. While those may be factors, there are other less obvious differences.
The bottom line is this…
Successful Forex traders think differently from the rest. They aren’t concerned with needing a high win rate or trying to trade every day regardless of market conditions.
In this post, I’m going to share with you nine of the top qualities that the best Forex traders in the world possess. What follows is a combination of lessons I’ve learned since I began trading in 2002.
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So without further ado, let’s begin!
What Does It Mean to Be Successful?
Before we get into the nine attributes, I want to clarify how we will define success in this article.
Any story about a successful Forex trader must include consistent profits. I think we can all agree that most traders use profits to benchmark the success of another.
However, success in any endeavor is about more than just money. It’s also about the joy and passion it adds to your life.
This is one thing I can’t teach. I can offer help in drawing key levels, determining trend strength and price action signals. However, I cannot teach passion.
You either love trading or you don’t. There is no in between. So the question is if you don’t have a passion for trading, can you really be successful?
Think about that for a moment. If you don’t absolutely love what you’re doing every day, can any amount of money make you content?
I would argue that it can’t.
So as you’re reading today’s post, remember that it isn’t just about the money. If your only reason for trading is making money, then you may want to have another look at your chosen career.
It’s your passion for trading, not money, that will push you through the tough times. Without passion and a love for trading, no amount of money can make you a successful Forex trader.
So Who Are the World’s Best Forex Traders?
Stanley Druckenmiller has long considered George Soros his mentor.
In fact, the two worked together at the Quantum Fund for more than a decade.
He was even there during Soros’ famous Black Wednesday trade in which they “broke the Bank of England” when they shorted the British pound in 1992.
The duo reputedly made more than $1 billion in profits from the single trade.
Stanley Druckenmiller left the Quantum Fund to start his own fund, Duquesne Capital.
Duquesne Capital Management is famous for posting an average annual return of 30 percent without a losing year.
However, Stanley decided to close the fund on August 18, 2020.
He indicated that the “very large sums” of money were making it difficult to make big profits for investors.
He’s known for turning $12,000 of inheritance money into $250,000 while still in college.
He did this by investing the risk capital in his free time.
However, nobody is perfect, and Bill is no exception.
Shortly after turning $12,000 into $250,000, he made one bad investment decision that nearly cost him the entire account. He was back to square one.
But instead of throwing in the towel, he used that loss to fuel his passion for learning.
Lipschutz joined Salomon Brothers in 1984 as part of the newly formed Foreign Exchange Department.
One year later he was making $300 million per year for the firm.
Here are four key tenets from Bill Lipschutz himself:
- Time is a risk factor. A three to one reward to risk ratio is acceptable for trades of 48 hours or less, but longer duration trades require a five to one ratio.
- The game is the “thing”. According to Bill, a truly successful trader has got to be involved and into the trading; the money is the side issue.
- Know pain, but don’t fear it. You have to feel the pain of a bad trade, or a wrong trade. If you don’t and are numb to it, then it’s over.
- Insane focus is a must! Bill Lipschutz once said “when they call you crazy, you know you are on the right track. He was referring to the work ethic and insane focus required to succeed as a Forex trader.
Now that we’ve covered some of the world’s best Forex traders, let’s discuss the nine attributes they share.
1. They Don’t ‘Lose’
Before the emails start pouring in, let me explain…
No Forex trader is without losses. But there’s a distinct difference between how the beginning trader loses and how the best Forex traders lose.
What’s the difference?
Most starting out in the Forex market view a loss as a bad thing. It’s a way of signaling that they did something wrong.
And doing something wrong is bad. At least that’s what we’ve come to believe over the course of our lives.
However, the successful trader doesn’t view a loss as a “bad” thing.
It’s also not something the market did to you. The Forex market doesn’t know where you entered or where your stop-loss order is located.
Unlike you, the market is always neutral. So when you lose, it’s a matter of reflecting on what you could have done better.
Don’t get me wrong, nobody likes to see a trade go against them. I don’t care if you’ve been trading for one month or ten years, it’s always more enjoyable to make money than to lose it.
That being said, just because a trade doesn’t go your way doesn’t mean you should take it personally. Thinking this way will only dig you a deeper hole.
The successful Forex trader has the mindset that a loss is simply feedback.
It’s the market’s way of disproving a trade setup. That’s the only thing the Forex market has the ability to do because it doesn’t know anything about you or where you entered the market, nor does it care.
Losses can be a powerful way to learn. Just remember that even a trade that ends up as a loss can be the right decision.
How is that possible, you ask?
If you’ve defined your edge, and the setup met all of your criteria to enter the market, then you did all you can do. The rest is up to the market, and some days the market just doesn’t play along.
Next time you have a loss, take it as constructive feedback. Analyze the situation to see how you can improve the next time. Keep in mind, though, that even an A+ setup doesn’t always work out.
I’ve had many trade setups that didn’t work out that I would gladly take every single week.
That’s because I know that my edge will win over time and put money in my account. In fact, a good exercise after a losing trade is to ask yourself, “would I take this same setup again next week if it presented itself?”
You should always be able to answer this question with a resounding “yes”.
If you answer with a “no”, you need to take a step back, determine where things went wrong and correct it for the next trade.
Start seeing trading losses as business investments rather than upsetting events. Each loss is an investment in your trading business and ultimately your trading education.
The money you put at risk on any given trade, whether it’s $5 or $500, is an investment with the best Forex coach in the world—the market. Keep an open mind and it’ll show you everything you need to know.
2. They Use Price Action
Every successful Forex trader I’ve met uses price action in some way, shape or form.
This doesn’t mean they’re using price action in the same way I use it, but they are using some form of price action as part of their trading strategy.
Whether a trader is using raw price action or simply using it to identify key levels in the market, price action plays a major role in any strategy.
That’s because it serves as a representation of the psychology within a market. It gives us some insight into the minds of other traders.
Having some idea of where buy and sell orders are located in the market is critical to becoming the best Forex trader you can be. It can strengthen any trading strategy by providing areas to watch for potential entries as well as profit targets.
Trading Forex without using some form of price action is like trying to drive a car with one eye closed. It can be done, but I wouldn’t recommend it.
So even if you are developing a strategy based on indicators, it would behoove you to learn about price action. If nothing else, it will provide a solid foundation from which you can design and develop other strategies.
3. They Have a Defined Trading Edge
I see a lot of talk on the internet about the need for a trader to develop an edge and define it. And, if I’m honest, most of what I’ve read out there is pretty alarming.
It’s little wonder why so many traders struggle to understand what an edge is and how they can develop one of their own.
So what exactly is a trading edge and why is it important?
An edge is everything about the way you trade that can help put the odds in your favor.
It’s a combination of the time frame you trade, the price action strategies you use, the key levels you’ve identified, your risk to reward ratio, and other factors. It even includes your pre- and post-trading routine.
How do you handle losses? What do you do when you win? These are all things that make up your trading edge.
Think about it like this…
What allowed Brazil to win so many World Cups in soccer (football to most of the world)?
Was it the passing? Maybe the shooting?
It was everything. Brazil had the “total package”, as they say. It was their passing, shooting, dribbling, movement of the ball, set plays and everything in between that gave them an edge over other teams.
Your trading is no different.
Although there are dozens of factors that make up your edge, you don’t have to master all of them at once. Nor do you have to master all of them to start putting the odds in your favor.
It’s better to master one set of factors and then slowly expand to others to further define your edge. Not only is this a natural progression, it’s the preferred way to learn.
Have you heard the saying, “jack of all trades, master of none”?
If you try to master too many of these factors at once, you’re setting yourself up to become good (not great) at a lot of things. That isn’t what we want.
Instead, master one thing at a time. For example, become an expert at identifying key levels. Then expand your skill set by learning how to determine trend strength. After that, set your focus on learning about pin bars.
Those three things are all you need to witness a rise in your profit curve. Continue to expand your skill set in this manner and soon you will have a trading edge of your own.
The key is to only tackle one or two factors (at most) at a time. Using a slow and steady approach will get you on the road to becoming a successful Forex trader in no time.
4. Successful Forex Traders Don’t Try Too Hard
But trying hard is what it takes, right?
This might apply to other ventures in life, but Forex is the exception. Successful Forex traders know that trying too hard is a sign that something isn’t right.
This is different from studying hard. As a new trader to Forex, studying the market is highly recommended.
For instance, you can’t spend too much time learning the ins and outs of the various currency pairs, or how to draw key levels. The harder you try to learn those particular topics, the better.
However, trying to make a trading strategy work will only lead to destructive behavior, such as emotional trading. Similarly, trying too hard to find trading opportunities is a good way to lose money on subpar setups.
Jack Schwager, the author of the Market Wizards series, said it best when he wrote, “good trading should be effortless”.
I’m a big fan of this book series. In fact, I wrote a post that features several of his books.
When I first started trading Forex, I remember spending countless hours studying setups over the weekend. I would often come back to my trading desk multiple times on Saturdays and Sundays.
Then on Monday, more often than not I would end up taking a completely different trade setup only to watch the original trade idea move in the intended direction without me.
Does that sound familiar?
It happened because I was trying too hard. As soon as I stopped over-analyzing trade setups and trying to make them work, my profit curve started to rise.
Now I spend maybe 20 to 30 minutes per day looking at my charts—the exception being the charts I post on this website, of course.
As counterintuitive as it may seem, learning to not try so hard was one of the things that completely changed my trading career for the better.
Successful Forex traders have taken note of this, which is why they let the market do the heavy lifting for them.
5. They Think in Terms of Risk
It’s often the smallest things in life that generate the greatest improvements.
The concept of thinking in terms of money risked, as it applies to Forex trading, is no exception. It’s an extremely simple concept that can have a huge impact on your journey to becoming a top Forex trader.
I’ve never met a successful Forex trader who doesn’t calculate their risk before putting on a position.
You may think that’s an obvious statement, but a surprising number of traders don’t think about how much money is at risk before opening a trade.
This is because they’re using an arbitrary percentage to calculate risk, such as one or two percent of their trading account balance.
Think about your last trade for a moment. Did you define the exact dollar amount at risk before putting on the trade? Or were you more focused on the number of pips and the percentage of your account at risk?
The convenience of Forex position size calculators has made it so that we never have to consider the dollar amount being risked. This convenience has caused a huge oversight.
Don’t get me wrong, I use the position size calculator at the link above before each and every trade.
However, I’m just as interested in the dollar amount at risk as the percentage of my account balance.
Aren’t those the same?
Obviously, 2% of $5,000 is $100. In that respect, the 2% and the $100 are essentially the same things.
However, in terms of the way our mind perceives these two figures, they’re at opposite ends of the spectrum.
I wrote an article a while back called, Pips and Percentages Will Only Get You So Far. In it, I talk about the need to think in terms of money risked vs. pips or percentages.
This is because pips and percentages carry no emotional value. So when you define your risk on a trade as a percentage only, it triggers the logical side of your brain and leaves the emotional side searching for more.
When you calculate your risk as a percentage only, you’re defining your risk but you aren’t accepting it.
As soon as you convert that percentage to a dollar amount, your mind is able to visualize what $100 looks like. This enables you to determine if you’re prepared to lose that $100. In other words, is the trade setup in question good enough for your $100?
It’s much easier to risk 2% without fully accepting the potential loss because it doesn’t carry the emotional value that money does.
The best Forex traders know this. That’s why they always define their risk in terms of a percentage and a dollar amount.
6. They Don’t Need the Money
There aren’t many guarantees in the Forex market. But one guarantee I can make is that there’s no successful Forex trader who is trading today for money he needs tomorrow.
In other words, trading Forex to gain a certain amount of money within a specific time period.
I’m not saying that you can’t generate the majority of your income from trading Forex and do it full time. Such a statement would contradict my own experience.
What I am saying is that no successful Forex trader needs a win today to pay the electric bill tomorrow.
No trader can sustain that kind of pressure and become consistently profitable. That type of environment will only foster destructive emotions such as fear and greed.
This topic takes us back to the notion that the best Forex traders don’t try too hard.
If you need the money from trading to pay bills, odds are that you’ll feel pressured to win. If you’re feeling pressured to win you’ll most certainly be trying too hard instead of allowing the market to do the heavy lifting.
The bottom line is this…
You should only trade with money you’re prepared to lose. Don’t trade with the money you need to pay rent or provide for you or your family.
Similarly, don’t allow the money to be your sole reason for trading. The desire for money is probably what attracted you to trading in the first place, but don’t let it be your only desire.
Embrace the challenge and focus on the journey to becoming a successful Forex trader and the money will follow.
Let money be the byproduct of good trading.
7. Successful Forex Traders Know When to Walk Away
Of course, I’m referring to taking a brief hiatus, not walking away for good.
All successful Forex traders know when to walk away and take a break. Those who are truly passionate about trading Forex know how hard it can be sometimes to walk away from the market. Still, it’s necessary in order to become a successful trader.
Walking away can be especially difficult following a trade. This is because our emotions are running high and often get the best of us. But that’s exactly what makes walking away at this time so beneficial.
After a profitable trade
After a win, we’re feeling good about ourselves and our trading strategy. It feels like things are finally starting to click.
Walking away at this time can be tough. The natural tendency after a winning trade is to continue trading.
However, that’s precisely why you should walk away.
Taking a break after a win will allow your emotions to settle. After the win, you’re feeling excited and proud of yourself, and you have every right to be.
But as you may well know, pride and excitement can get you in a heap of trouble, and fast.
So the next time you have a winning trade, pat yourself on the back and then walk away. By the time you come back to your trading desk, your emotions will be under control and you’ll be ready to approach the market with a neutral mindset.
After a losing trade
What do you do immediately following a loss?
I can’t speak for you, but I know what I used to do. I would immediately start going through all my charts looking for a new setup with the intent of recovering what I just lost.
Whatever you do, don’t do this. It’s just your ego drawing you into one of the most common and costly traps in the Forex market.
If you’re doing this, it means your emotions are getting the best of you.
Instead of seeing a loss as a reason to hop back in the market, take it as a signal to look at what you could have done differently. Remember, it’s just feedback.
One reason the failure rate is so high in the Forex market is that traders haven’t learned to lose.
Your emotions will always try to outweigh your logic after a loss; it’s human nature. The key to becoming successful isn’t about eliminating emotions after a loss, it’s about channeling them in a way that will make you a better trader.
Top Forex traders know this and have learned how to control these emotions. The very first step in controlling your emotions involves walking away for a bit.
One thing I’ve found helpful after a trade is to close my trading platform until the day closes at 5 pm New York time.
Not all brokers offer New York close charts, but you can go here to get access to the same style charts I use.
This is when I do the bulk of my analysis anyway since I trade the daily time frame, so it makes sense to take a breather until then.
It’s a simple, yet incredibly helpful, way of controlling your emotions.
8. They Don’t Focus on Wins and Losses
You can’t visit a Forex site these days without seeing an advertisement for some strategy that promises a 98% win rate.
Why is that? Is it because a high win rate is needed to become a successful Forex trader?
They do it because it sells. People love to win, there’s no denying it. If you’ve ever played sports or watched your favorite sports team on television, I’m sure you can relate.
Those behind the so-called strategy that produces an advertised 98% win rate know this and exploit it to make money.
Nobody is going to be enticed to spend money when they see a headline that promises a 50% win rate.
But what if it’s a strategy with a proper risk to reward ratio that aims for $300 for every $100 risked?
At a 50% win rate, that’s a 20% gain on a $5,000 account over the course of 10 trades.
Successful Forex traders know this. They have realized long ago that it’s not about winning a high percentage of the time.
It’s about maximizing the amount of money made on wins and minimizing the amount of money lost on losers.
As George Soros once said…
“It’s not whether you’re right or wrong, but how much money you make when you’re right and how much you lose when you’re wrong”.
9. They Never Gave Up
Although this one is last on the list, it’s by far the most important to your success as a trader.
I’ve found over the years that many people, including Forex traders, lose sight of this very simple fact. The only way you can fail at becoming a successful Forex trader is if you give up.
This sounds obvious, but it amazes me how often I see perseverance and grit left off the list of reasons why a certain trader became successful.
You can’t fail if you don’t quit.
That brings us back to the first section of this post where I mentioned passion. You can’t expect to achieve Forex success if you give up, and you can’t expect to persevere if you don’t have a passion for trading.
You must have a burning desire to want to succeed as a trader. Not because you want more money, but because you love trading.
Of all the ways to make money in this world, trading is arguably the worst choice.
That may surprise you coming from me, but of all the things I’ve accomplished in my life, none have come close to being as difficult and unforgiving as becoming a successful trader.
I don’t say this to discourage you, but rather to prepare you for what’s ahead.
In all honesty, although trading has been the most challenging endeavor I’ve ever undertaken, it’s also been the most rewarding
Whether you’ve been trading Forex for a month or five years, I hope the nine attributes of successful traders you just read will help you in your journey.
The most important takeaway from today’s post is that there is no secret to successful Forex trading. Sure, there are various tips that can help you, but those who have achieved consistent profits are not untouchable.
In other words, there’s nothing they do that you cannot eventually replicate.
However, if you intend to climb the ranks and join the top 5% of successful traders, you should be prepared to put in the work and devote the time necessary to succeed.
Embrace the journey, because there is no finish line. Even those who have achieved consistent profits have more to learn. Anything less wouldn’t be worthwhile.
I think the better question is: can you become consistently profitable trading Forex? The answer is a resounding, yes! The key is to focus on the process and forget about trying to strike it rich. Focus on the process, stay disciplined, and the profits will follow.
That depends on how you define “successful”. For instance, is a billionaire who works 16 hour days and is generally unhappy more successful than someone who makes six figures a year but only works 6 hours a day and loves what they do? The second individual is more successful in my opinion.
In my experience, having the patience to wait for the “A+” setups and do nothing else in the meantime is the number one trait of successful traders.
Did any of the traits above come as a surprise to you? Can you think of an attribute of successful Forex traders I left out?
Leave your answer, question or comment below. I’d love to hear from you!
Leave a Comment:
Dear Justine thanks a lot for such an eye opener!!
Your analysis and advises are gems of knowledge and wisdom.
You’re welcome. Let me know if you have any questions.
Thanks for your inspiration
Thank you very much Justin this is great staff picked up a lot in the easiest way possible thanks to this article.
You’re very welcome.
Dr Bennett Sir
I call you Dr because whenever I read your article something get cured and I become more healthier trader.
Always when I read your article I get excited and it doesn’t matter how many times I go through it every time its like its my first time reading it. I might sound like I’m exaggerating to those who hasn’t followed you long enough. Your teaching are life changing and bank account changing. I love you man. God bless you.
Wow, thanks for the kind words. Glad to know posts like this keep you inspired. And from my perspective, comments like yours keep me going as running a website this large is no easy task.
Thanks sir Justine bennett
You’re welcome, Sumantra.
how can i become a successful trader as a beginner? that wants to impact knowledge on other people.
Being a beginner at anything means you have a steep learning curve ahead of you. Trading is certainly no exception. As I mentioned in the post, don’t focus on making money or being successful right out of the gate.
Instead, hone in on one thing at a time. Become a master at identifying key levels. Then study pin bars until you know them inside and out. Keep building on each aspect of good trading and you’ll eventually be a well-rounded trader. Trying to learn too much at one time is a recipe for disaster.
I just want to say a big thank you to you Justin. I have been following you for some months now yet I am deeply burried among the 95% unsuccessful fx traders but you know what, you exposed me in this post. I am making amends and soon will share my story. God bless bro.
Always happy to help. I look forward to hearing your story.
Justin, my Mentor you’re a cut above the rest. You making an impact in the way I trade. Keep the good work.
That’s great to hear, Collin. Let me know if you have questions.
Thanks for the valuable summary. The only good thing I dare to say great of the 9 is never give up. Getting the other 8 slowly but surely. Now, the more I trade the more I like myself because I am honest to face myself.
Hey Justin, can you recommend trading books to read! Also, thanks for the Market Wizard recommendation!
You can consider reading ” trading in the zone”
Thanks a lot justin for your insight and posts . I have been noticing more on candles , patterns, forms and some situations ever since your free “pin bar ” lesson. I can say it 70% accurate. if only i am not trying so hard to get in all the Hi and Lo ^^,) I’m in between no.6 and 7
is there any other best wayout when made a bad call besides Hedging?
Someone said that when in doubt first step of survival is don’t panic just find the exit sign ^^,)
Paper trading, utilizing very small lots, a big desire to learn from your mistakes and sticking to the same strategy and improving on its execution and management skills are key ingredients of success
Coach what about the desire for more informative material not just irrelevant information that is up on google and other sites in the internet?
I’m new to your site and fairly new to trading (about a year). I learned trading Forex at Online Trading Academy. Do you have any opinion about them and their method? I just want to know if I’m on the right path. I’m not looking to expose them, just confirmation on the path ahead. Thank you!
Thank you Justin. You are an amazing forex educator
Thank you Mr Bennett, I always love your posts and set up because no matter how experience you are, you will surely lean and gained from the post.
I’ve had my losses in the past because I started trading live without learning the ins and outs of FX trading fully dependent on what my broker wants me to do…but I never gave up. It was only recently that I’ve done my reading on fundamentals, risk management and technical analysis of some indicators…with more practice using a demo account and gradually to a live account with a small investment on it…monitoring my progress using my profits over my losses as my indicator of success…and following through all your emails and setups. Thanks Justin for sharing your thoughts and daily setups….
Thank you Justin, I read the article and I see many things reflected from the experience I have had in these three years operating, I follow it a year ago and my way of thinking and operating has taken a total turn and most importantly productive. Thank you illustrious for your valuable advice and teachings.
Translated by Google
Very good write-ups. I am glad I had overcome some of the attributes that you mentioned. My perseverance, passion and determination have assisted me a lot. The process and procedures to trade correctly have somehow made me a better trader. No longer I feel pain, frustration and revenge when I lose in a trade. I had already learned what you given, that is, structured your thoughts of dollar value one can forgo as a loss thus there is no pain but seen as an expense into the business. Thank you for sharing such a wonder article.
I have been reading your posts for sometime now, learned a lot to be able to decide whether I would start my trading career now that I am retired from work. Thanks for the insights and looking forward to more understanding of trading the forex market!
Very informative and helpful guide that any one venturing into trading must know beforehand. Thank you Justin.
I have been following you for quite sometime. Since March 2020 I have engaged in going through all the free post and weekly setups. The information you put out is authentic and very helpful always gain so much in every post. On the other hand getting ready to join the community which I am happy to know I will be able beginning of October 2020 to complete the journey.
Thank you so much Justin. Your articles really rekindles hope in us. All that is left for me is the discipline to practice these great tips from your blog. God bless you real good
Good, this is an encouraging wake up message, well educative, now I have hope of becoming a successful Forex trader.
What left is to work towards it which I will try my best.
Thank you for the good job.
thanks very much. of all articles i have ever read from you this one has indeed left me speechless
Thanks a lot for your advice, I wish I know one of your trading strategy, God bless you.
Words are not enough to express how I feel reading your post, I’m really grateful
if someone can hardly maintain discipline plus others,can be sure successful.i am trying to be gain goal,thanks sir
thank you so much for this wonderful piece of writing, i have learned so much from it. The fifth one came as surprise to me, i too used to think of risk in terms of percentage not the dollars, i will be sure to subscribe to this new mindset. My favorite trait is the eighth one i am very positive that my trading will improve.
Much love from Windhoek-Namibia
Sometime, l marvel at your wealth of experience. I really enjoy reading your writeups.
I am still in forex trading because of my passion. I pray l get the required skill sets to start profiting.
Simplicity is the key to success in Forex trading but the quantum of information available to traders confuses them. I think this is deliberate. It is my wish you continue to make understanding forex simple to most of us determined to take it as a profession.
Thank you for sharing with us what you know and are helping you to be successful.
hi , six years ago I took an interest in forex after a while I purchased a course for £5.000 and I was taught about every indicator ever invented also every winning system one could think of , but a haven’t won a thing in that time ,now at 85 I find you and you have shown me in just a few short days the best way to trade , if its any help to anyone starting out now in trading please remember this keep it simple and do not suffer like me with information overload , good trading ,and thank you Justin —-GEORGE
thanks a lot for your nice tips,, i really like it, keep going, i lost a lot of my money because i didn’t study Forex,, i only give some brokers to trade for me, but now am studying Forex charts and every things about Forex,, even the emotion things. and as you said “to use money that i will never need”, this will reduce the stress. thanks a gain and wish you a good luck
WHAT A GREAT PIECE OF DIRECTIVE. THANK YOU JUSTIN
Thanks a lot Bennet for the great eye opener.
Those could be the missing pieces to many traders.So candid.Thanks for the article.
You’re welcome, John.
From my experience as a forex trader , my most successful trades come from maximizing the opportunity of volatile news . I place stop orders on both sides of the market . Not always , but usually it results in a win . I check the charts and decide what is the stop entry order , what is take profit and what is stop loss with trailing stop .There is risk that entry will be delayed as well as stop loss because the market is moving so quickly . But just as the market may move past the stop loss , it sometimes moves past take profit .
Thanks for sharing.
the 9 attributes are true but what if ive been trading price action properly arcording to my knowledge and im still on a loosing streak
I can’t give you a specific answer without knowing more. But I’d say it means you need more practice. I will say that it’s usually the mental game that prevents most traders from becoming profitable.
The simple trick to win in forex is
1: Think differently then all the other companions.
2:Market is will never be in your favour, so think like the market it self, there is a point where ppl start buying, you’re supposed to start selling.
3: Learn about the trends of the market, always trade towards trend.
4: Think like a devil, like what will you do to trap the other person, this is the way the market works.
5: Learn to do averaging.
6: Take the loss if market is going against as you planned, having something in your account is better then having nothing.
7: Avoid hedging as much as possible, it will confuse you and you will lose alot.
8: Finally just think different then others, a normal person thinks that it is the last two years low i should buy from here take a long term profit, but these are the points where the markets drop. Its just a game they are playing with ur emotions and mind. Learn this game.
This is the very powerful inspiration thank you
I learned many things from these package thank you for sharing ❤
this article is so helpful, thank you so much
You’re welcome. Glad you found it helpful.
So simple and effective guide. Bit it needs a lot of practice to bring these attributes in your trading habit .
Wonderful article – really insightful. Totally agree that not focusing on winners or losses is key to success. Changed the game for me.
Thanks, Natalie. Glad you enjoyed it.
Brother justin thanku for valuable article looking forward to apply
You’re most welcome.
Scriptures from the bible of Forex my friend…thank you again Justin for your wisdom.
I don’t know what to say! I guess there’s a lot of things you must go through and attain in order for you to become successful in Forex trading. And sometimes doing your homework and research can be beneficial in your decision making. I’ve used FxLeaders for the last 2 months now and so far been doing well. I would like to share my experience and answers if you have questions.
Thank you for your words Justin, you inspire me. I’ve been trading the daily chart and my reward to risk ratio is 2:1 and sometimes break even. I need your help. I just joined your telegram page.
You’re welcome. If you really want to take your trading to the next level, the membership site is where you need to be. Everything else like Telegram will simply give you what’s on the free site.
Just Perfect, Thanks for this post
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How about fundamentals
Beautiful Article, Here is a Thank me later quality Setup channel @ Telegram, Please Join. ( @obflashcards )
Terima kasih Justin Bennett.
Sir whats ur Strategy winning Percentage? Per month
I wanto learn forex
Well, you’re in the right place.
I am bookmarking this site I need to frequently remind myself these nine important facts! Thank you very much, Justin! You are THE BEST! KEEP UP THE GOOD WORK!
Thanks For Sharing, learning so much from you.
Helpful article! Before starting currency trading. we have to study Economic information: Macro data like GDP trends, Money supply, inflation data, and interest rates. Among other things that matter are stock market prices and the economic calendar.
Hello there i want to know is it possible to make a consistent 5 to 6% a month of you total money every month with wins and losses in that month 60% to 72% a year?
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