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The Dark Side Of Forex Trading - Business - Nairaland

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The Dark Side Of Forex Trading by therealjack(m): 11:48am On May 10
Here's a fun little activity for you today…

Open up google on your phone and search for: ‘forex broker'

Now, start counting how many brokers are available to you as a Nigerian

I guarantee that you'll find at least 50 brokers that’ll allow you to sign up and start trading immediately you’re able to make a deposit.

And that’s on page one alone!

Sweet right?

After all, everyone should be free to make as much money as they can.

The only issue here is that a lot of traders don’t know there’s something sinister hiding behind that veil of ease and simplicity.

You see, the system is designed to get you up and trading faster than you can think about what you’re getting yourself into.

Most advertisers have even turned trading into a game… imagine telling people to ‘just copy and paste and you can raise money to buy a car’

Or ‘just draw support and resistance lines and you’d be able to find good trading opportunities’

It’s all a big fat lie!

Which is why there are a lot of failed traders… and most new traders are looking for a way to ‘cash out’.

The reality is that to be truly successful in forex trading, you’ll need two of these 3 things:

- Good money to spare
- Above average skills
- Tools

Now, almost all the guru traders on the internet talk about skills and new strategies but no one really talks about the tools you need in this trading game.

In this post, I’ll be revealing some of the tools you’ll need to make trading work for you, how much they cost and why you need them

Let’s go…

1. VPS (Virtual Private Server)

Imagine this: you're in the middle of a trade, and suddenly your internet decides to take a break.

You quickly switch to another device but you don’t have control of your trades yet.

God forbid you haven’t set your stop loss before it happens. You may end up blowing the entire account before the internet comes back.

A VPS acts like your personal backup plan ensuring your platform stays online 24/7, no matter what happens to your internet connection.

What do they cost? You need anywhere from $10 to $100 (or more) per month depending on the provider.

2. Market Scanner

You might think you can keep an eye on all the markets by yourself, but let's be real, there's only so much one person can handle.

You can be checking out AUD/USD and at the same time, another golden opportunity is slipping off your fingers up on USD/JPY

A market scanner is like having a team of experts working day and night to spot potential opportunities for you.

Good scanners cost 100s of dollars per month.

3. Indicators

Look, I know your guru has probably said something like ‘you don’t need indicators’ ‘you only need support and resistance’

But the truth is that trading without indicators is like trying to find a black goat in the middle of the night.

Indicators are like a map, guiding you through the noise of the market and pointing out potential entry and exit points.

The good thing is that some indicators come with your trading platform but if you want the good stuff, you have to be ready to cough up 100s of dollars.

I can’t list them all here, but there are many other tools you need…

For example,

You’ll need a charting software, backtesting software, sentiment analysis tool and much more

But there’s a problem…

Personally, I find the whole thing to be a lot of work and I simply don’t have the time to commit to acquiring the skills and tools necessary for successful trading.

Which is why I have come up with a deceptively simple plan…

A plan that allows me to enjoy all the financial benefits of being a skillful trader without ever learning how to trade or buying any software.

Want to know what I do? It’s simple…

All I do is to copy trade calls from the best of the best…

aka people who have invested a lot of time and money into becoming masters of the game.

I search everywhere for their trading calls (aka signals), pay whatever they ask for, trade their calls and collect my profits every Friday evening.

Why Friday evening?

You sef! Weekend flexing is a must grin

But I don't just copy and paste signals like everybody else…

I have a system for checking which trades are worth entering and which ones are a waste of time.

It's the most reasonable and risk free way to trade signals if you ask me.

if you'd like to know more about it, just click on username and follow the link on my profile.

I’ll show where to find signals like this, how to trade them, what to do before trading them and many other things I do to ensure that the signals are not a liability to me.

Good luck
Re: The Dark Side Of Forex Trading by MMempire(m): 12:05pm On May 10
Why is everybody dropping links and not the full lecture/info?
Re: The Dark Side Of Forex Trading by therealjack(m): 12:13pm On May 10
MMempire:
Why is everybody dropping links and not the full lecture/info?

the truth? it's just easier man. easier than pasting the entire content of the pdf under each post over and over. even you will get tired of me

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