Forex traders that start trading forex expect to make lots of money quickly. This is one of most common errors made by more help forex traders. Forex trading online can be volatile and swiftly-moving. You could lose money.
Kuala Lumpur Malaysia hosted a three-day intensive and comprehensive training in foreign currencies. One of our Malay trainees is determined to create wealth, attain financial freedom, build his business. A beginner to forex trading is desperately in need of money due to his current unemployment. He anticipates being able to trade for income within a few weeks and having financial freedom. How will he achieve this? This currency trader expects to make 200% a year from trading currencies.
After one month forex trading online, I reviewed this student trader’s trading results. Guess what? He is losing a lot in his forex trading account. He stated that his capital was not large enough to use the money-management theory and risk management method for currency trades. We are just curious about his progress towards his goal to earn 200% per month. However, he has not yet mastered technical analysis and is still making small profits from consistent trades.
It is possible for forex traders earn 200% on volatile forex market, but it is not achievable for all forex traders, particularly beginners. Forex traders should have a tried and true forex trading strategy that gives them at least 70% to 80% success rate over a prolonged period of trades in foreign currency markets. If they are conservative and have low risk money management, the goal for beginner foxtraders is to make 10% per month. The risk management level should be kept at 1%. Trades in the lucrative currency markets should be limited to a few hours per day. A winning strategy should only be used for one currency trade if it is a 70%-80% win rate. A total of 20 trading sessions will result in 14-16 wins and 4-6 losses. After subtracting losses from trades and calculating the average monthly gain, you’ll receive an average of 8% to 10 percent. For beginners, this trading strategy is simple and easy to follow. Once you are consistent you can trade forex for your living.