₦airaland Forum

A wonderful week , with an outcome of 4.1% on our trading portfolio using a strategy with a very low risk just the way the professionals do it

Good morning all
.. Let's keep working like the professional by controlling the risk instead of chasing the profit
Have a wonderful week ahead

Hello everyone ,
Result for this week : Profit / loss = 0.6%

i will post my weekly result here ....lets see if we can learn one or two things from it ...Watch out

i have not done binary options before

gdeebom:
what about binary, what do you advice?

Good morning , you can share with the rest of traders here the reason why you think you have not been successful in Forex business ...Thanks

How do you define success? For some business leaders, success is defined by monetary rewards, while others say success is having a positive impact on others.

Most of the Forex traders including me have failed miserably because they have failed to approach the global market in a professional manner , i will be discussing the factors that have caused the failure and still leading more than 95% of traders that are not ready to follow the right path , the following describe some of the factors why most Forex traders are not successful :

Lack of trading plan : If a you does not have a trading plan you are planning to fall for anything your mind come across on the trading platform, which means you are only gambling in the financial market, majority of traders that fail fall in the category of not having a trading plan

Lack of Discipline : Discipline set in automatically when you are always sticking to your good trading plan, a trader without a trading plan has nothing to do with being disciplined . Most traders will not succeed because most of the orders they placed would not give them rest of mind because they are over trading which will eventually lead to FEAR , this kind of traders would be emotionally in-balanced because of GREED.

Taking High Risk/Not Having Good Money management : money management should be the first thing to consider if you have ever dream of becoming a successful trader , most traders chase the profit instead of controlling the risk, when you use a proper money management trading plan even when you are making some mistakes in the market you tend to have chances of correcting yourself till you are able to get to the right channel . Most of us get the wrong information of getting rich quick trading the Forex which led almost all the Nigeria traders to be failure in this business also virtually all the fund manager s failed to deliver to the investors as promised , the most painful part of it is that i still read on this platform where some so called traders / signal providers still pass the information that traders can get rich in few months with just little capital trading the Forex and also they tell us that we could make couple of pips daily without talking about the risk that is attached to it .

I urge all Nigeria traders to please approach the Forex market the way the professionals do it and also our Forex investors should invest wisely with the mindset of getting to know the amount of risk they are willing to take in terms of money , having it in mind that this is what they can afford to loose...Maximum drawdown should not exceed 5%

Another factor that kill Forex traders fast is aiming for unrealistic expectation , most traders gamble just because they want to get rich over night , we need to be wise by now , if it is really working out this way everybody should be rich today . When setting your goal as a trader or investor make sure you are not aiming for unrealistic expectation that will lead to taking some risk you can not afford to take as the fact remains that you will never win all your placed orders . When a trader or investor is aiming for 1% - 5% profit in a month thats realistic expectation , to my greatest surprise i still see some traders and investors aiming for 50% , 100% , 1000% profit in a month which are unrealistic expectation , i call it GAMBLING and this is the mistake we all made then ...

Thanks
Olubunmi Rashidat

the things you need to consider before you get yourself involve in this

Get a trader thats successful in forex trading
it is then and only then you should think of learning
fact : 95% of traders are not successful even in this forum
you can carry out your investigation
Thanks