seantrade
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Posts posted by seantrade
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Gold trading has been profitable since years back, but only few people take up the opportunity to make money from gold trading; I started online gold trading some months back on Profiforex, I was about to turnover a 30% profit from trading.
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The major participates of the trillion dollar forex market are the investment banks, the broker and the traders that do the buying and selling of the currencies.
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Some brokers make money from spread which is the difference between the bid and the ask prize, while other brokers make their money from charging commission for each trade you place; I prefer brokers that make money from spreads to commission.
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I am not used to trading exotic currency pair, but some traders think that exotic pairs are more volatile and it is easier to make short time profits from trading exotic pairs.
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How much you can make depends on your capital and lot size of your trades; personally I set a goal to make at least 100 pips in profit every month.
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The martingale system works only if you have a large capital and it is the fastest way to loose your account with time.
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Why making out tips to become a millionaire also consider the capital factor because you can’t start with just $500 and hope to become a millionaire over night. Am just being realistic.
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I don’t see the need to create multiple accounts with the same brokers, since you will still be getting the same price quote for the 2 accounts. But I know some brokers allow traders to have multiple accounts on their platform; I know some friends that maintain 2 accounts on the Profiforex and Oanda brokers. Personally, I keep 2 accounts with various brokers so that I can take advantage of the different price quotes.
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Scalping is more or less gambling; you run into the market to catch like one or two pips before you run out of the market. That is why most brokers prohibit scalping on their platforms.
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This trading system looks workable but I noticed some slight loop holes on it, will try it out on a micro account I got with Profiforex and see how it works in a real live trading account.
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If you already have an audience, or a large number of followers, you can venture into affiliate marketing; but the its forex trading that can guarantee you more financial freedom if you have a winning trading strategy.
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I don’t see a need of opening multiple accounts on the same broker platforms; since you will be getting the same leverage, currency pairs and spreads no matter the type of account you use; Instead I prefer to maintain an account with different brokers the benefits are better because personally most times, I may wish to trade a currency, than I see a 2 pips difference from my Oanda platform and 1 pip difference from Profiforex platform on the same currency pair.
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Gone are the days when you need to have over $10,000 to start forex trading; though large capital base helps you especially when your trade is going against you to avoid a margin call from your broker, many brokers now allow you to start a live trading account with much less than $25; Profiforex an ECN broker allows for as low as $1 with their micro account from which you can trade with few cents.
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My best pair has always been the EUR/USD, though the USD/JPY has been raking me some serious pips these few weeks, which I know is simply because of the Japanese recession.
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I will choose a broker that offers me an MT4 platform since am not used to the MT5 platform; also gives me very low spread which should be variable not fixed, as low as 0.1 pips. Then the payment and the withdrawal method should be with ease; these were the reasons am still with the Profiforex platform.
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Scalping to me is just gambling and a waste of time; what else does entering a trade to make 3 pips and leaving the market sound like if not gambling.
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There is always this temptation for most traders to stay in the market if the market condition is god in order to grab all the much profits he or she can. The only way to control this is to have the discipline to follow your trading plan through and leave the market once you have reached your targeted number of pips.
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Etoro.com has such service, where you copy the trading plan of experienced traders and trade as they trade. The service is good for newbies but you have to check the trader’s winning rate and also have a good risk and money management plan.
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if you have other sources of income to maintain yourself bills, I will suggest you leave your profit and trade with it; when I started out as a newbie with Profiforex, the first profit of $500 I made, I withdrew it cause I was so anxious to get my profits, I was paid the profit within 24 hours. Whenever am not in a pressing need for money, I leave my profits and trade with it.
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in brief a successful trader is one who’s prediction of the market is accurate most times; the trader who ahs more win ratio to losses is said to be a successful trader. Some count their success in terms of how many pips the person makes; which ever way, as long as you are making profits, you are a successful trader.
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Binary option works like forex too, but it also includes stocks of big companies and options. The good thing about binary option is that the platform is very easier and does not require a lot of technical analysis to get started.
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The best way to control greed in forex trading is to know when its time to exit the market. Before you start trading each day, set a goal for yourself.
For instance, I may set a goal to leave the market once I make a 5 pips profit. This way I know that immediately I achieve that
I have no business staying over in the market unless am prepared to take a bigger risk.
Why I always have stable spreads with MercerFx?
in General Forex Discussions
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