How to Become Rich with Online Work?

People who lost money due to their own ignorance often tell others about the ‘dark side’ of Forex. But these things are not truthful at all, and the reality can argue with false myths. Still, some impressive newbies believe everything they hear. In this article, Justforex team will reveal all secrets and myths about Forex to you and tell whether they are true or false.

1. ‘Forex is scam/gambling/pyramid’. We bet this myth won’t die even if one more hundred of years will pass. If you are a newbie, you’ll hear that Forex is like a big casino for approximately a million of times. In fact, trading on Forex is more serious than gambling. It’s just a market like any other one, food or property market. At the same time, many scammers came here to cheat people, that’s why this myth appeared. It’s not a pyramid either, because pyramids don’t require any logic and experience. In Forex these things have paramount importance and you just won’t be able to make money without them.

2. ‘Choose: Forex or your job’. Many people consider that you’ll have to be glued to your monitor waiting for a signal to open a trade. Fortunately, it’s just a myth, and you can easily combine your job and trading on the Forex market. This legend appeared because of short-term trading. It really requires maximum concentration of a trader. But deals usually are too short, up to 10 minutes. If you are a long-term trader, you’ll need just 5-10 minutes for checking your transactions. Remember that it’s no guarantee that 24-hours trading will make you profitable. Statistics says that 90% of traders combine their work and Forex successfully.

3. ‘Any broker wants to deceive a client’. Though there are really some scam brokers on the market, not all companies want to deceive a client to have some little one-time profit. The benefits of such an approach are unpleasant and small. If you have some issue, you can send a complaint to the regulatory authority. Here is a short list of regulators: Belize – International Financial Services Commission (IFSC) China – China Securities Regulatory Commission (CSRC) Hong Kong – Securities and Futures Commission (SFC) India – Securities and Exchange Board of India (SEBI) Indonesia – Commodity Futures Trade Regulatory Agency (CoFTRA) Latvia – The Financial and Capital Market Commission (FKTK) Malaysia – Securities Commission (SC) Russia – National Association Of Securities Market Participants (NAUFOR) Switzerland – Financial Market Supervisory Authority (FINMA) The UK – Financial Conduct Authority (FCA), Financial Industry Regulatory Authority (FINRA), National Futures Association (NFA).

The Importance Of Setting Trading Targets In Forex Trading

Even the most seasoned of traders can never guarantee with certainty the direction of a market. They can always place predictions on the market. However, to be successful in the long run, the effort has to be from the traders’ end, who figure out different methods of forex trading in different market scenarios and overcome the various hurdles.

The key to making the best returns out of a position is to stay in the market as far as one can and not a moment longer. Traders should always develop the discipline and set targets for their forex trading activity before entering a competitive market like Sri Lanka.

What should be the trading goals that a trader operates with?

Goal 1: Traders should never trade with money that they cannot afford to lose. This is vital to ensure that they do not go bankrupt after a few online trading losses. They should always start with a corpus that can be afforded to be lost while trading.

Goal 2: Setting realistic profit targets should be paramount. Traders should be clear on what they intend to accomplish with their trading account and how they intend to go about it.

Goal 3: Traders should also be clear about the trading volumes they are going to engage in the market every day. They should ensure that at any time only a fraction of their account is exposed to the forex trading market.

Goal 4: Traders should hold a detailed documentation of their trading activity and ensure that every tiny detail of it is carefully scrutinized. This helps traders discern patterns in their trade activity.

Goal 5: It is important for traders to stay on the side of the market momentum and ensure that they derive the maximum gain from it. To accomplish the same, they will have to look out for the trends meticulously and know how a market may sway.

Setting goals while online trading is the hallmark of a seasoned trader. For novice traders, bringing this aspect into their trading routine is highly vital as it aids in long-term success in competitive markets. They can also approach reputed forex brokers in Sri Lanka like WesternFX for the right guidance in developing these attributes.