简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:Forex is a short term for financial market. Forex simply means buying and selling of currencies of different countries of the world. Forex is one of the largest markets in the whole world with about 4 trillion dollars turn over daily. Despite this larger amount of money in Forex, only 5% becomes successful in this profession.
Forex is a short term for financial market. Forex simply means buying and selling of currencies of different countries of the world. Forex is one of the largest markets in the whole world with about 4 trillion dollars turn over daily. Despite this larger amount of money in Forex, only 5% becomes successful in this profession. Most Forex trainers will teach you the art of trading without telling you how to be among the top 5% that makes it in Forex. financial market has been a great Avenue to be financially free but only few individuals in Nigeria knows about this great opportunity. The irony of the whole issue is that, even among the new traders in Nigeria, only 2% are successful. I'm going to dish out some of the costly mistakes of new Traders and also the old Traders and how to avoid such mistakes.
1. Poor Orientation About Financial Market:proper orientation is very vital for any business to succeed. You must know how a company works for you to be successful. Having a large amount of money to invest in forex market is not a enough reason to start trading immediately. Most Traders fails because of erroneous information been passed to them my fellow Traders who are also failures in the industry. Some of the bad orientations are: turning $100 to $2000 within a week, two days of forex seminar is enough to be a professional forex Trader, nobody makes it in forex market and lastly going on live account without practicing on demo account. As a new Trader, you should do enough research about the industry before starting the journey. Because, if the foundation is destroyed there's nothing you can do. This orientation can be acquired from a reputable forex broker, mentors and reading books on Forex. In Nigeria, some Forex brokers offers free seminars and you can make use of the opportunity to ask them questions about the market and how it works. This will give you an edge as a new Trader and to be successful.
2.Spending Limited Time on Demo Account:demo account is meant to help you practice and perfect your trading strategy before moving to Live account. Most brokers do offer a free demo account for their clients. One of the major mistakes new traders make is to spend just few days or weeks on demo account then move to Live account immediately. Demo account helps you to get familiar with the trading application and the business environment. Apart from getting familiar with the market environment, you also perfect your trading strategy before going live. Even old Traders that are intending to develop a new strategy, should use a demo account to perfect it before using the strategy on live account. It also helps to build and develop a strong psychology that will be of a great help when you start trading Live account.
3.Poor Trading Plan:Forex is like any other business that requires a concrete plan. Before you start a restaurant business, you need to plan the location of your restaurant, the kind of meal that you'll be offering your customers, types of chair and table to use in the restaurant, and other stuffs. The same thing applies to Forex market. Forex is a serious business and it should be treated as such. Your training plans should consist of the strategy to be used, entry rules, exit rules, risk management and personal journal to record all of your trades. Most Traders lack the ability to develop an effective trading plan and to follow the plan accordingly. Without a trading plan, all you will be doing in the market is gambling. Without entry rules you might enter the market late or without exit rules, your positive trades my turn to negative. Also, without proper risk management, there's 90% chance that you will blow out your account. Before each trading day, go through your trading plan to avoid mistakes. It also helps you to keep your emotions in balance. I will advise you develop a strong trading plans before trading.
[About The Author]
Dr. Aaron Akwu is a Professional Forex/Indices/Stock Trader and also a Medical Doctor with years of experience in financial market. He has trained hundreds of students who are now profitable forex Traders across the globe. He specialized in pure price action using Elliot Wave Theory and Marketsmakermethod.
WikiFX App is a third-party inquiry platform for company profiles.WikiFX has collected 17001 forex brokers and 30 regulators and recovered over 300,000,000.00 USD of the victims.
It, possessed by Wiki Co., LIMITED that was established in Hong Kong Special Administrative Region of China, mainly provides basic information inquiry, regulatory license inquiry, credit evaluation for the listed brokers, platform identification and other services. At the same time, Wiki has set up affiliated branches or offices in Hong Kong, Australia, Indonesia, Vietnam, Thailand and Cyprus and has promoted WikiFX to global users in more than 14 different languages, offering them an opportunity to fully appreciate and enjoy the convenience Chinese Internet technology brings. WikiFXs social media account as below:
Facebook:
Singapore Area:https://www.facebook.com/wikifxsingapore/
USA Area:https://www.facebook.com/WikiFX.US
Nigeria Area:https://www.facebook.com/WikiFX.ng
LinkedIn:
Nigeria Area:https://www.linkedin.com/company/31506916
Twitter:
Nigeria Area:https://twitter.com/WikiFX_NG
More details about how to download WikiFX App:
Please download WikiFX APP from links below or scan QR code :
Google Play:https://play.google.com/store/apps/details?id=com.foreigncurrency.internationalfxeye
App Store: https://apps.apple.com/us/app/fxeye/id1402501387?l=zh&ls=1
Wiki Forum Forum Function:
In order to help more investors, WikiFX has launched the “WikiFX Forum” forum, which aims to provide urgently needed and professional services to Nigerian forex investors.
The exposure function of “WikiFX Forum” includes the following features:
1: Allow investors who have been defrauded by illegal broker to complain directly in the forum (as shown in the screenshots)
As long as there is sufficient evidence, a review panel and an executive team will contact the broker to discuss the complaint or expose it directly through the media. Here are the exposure channels:
2: Block low score brokers from entering the forum
3: Monitor suspicious communication in real time, and directly spot and deal with suspicious fraud;
4: Negotiate with highly reliable brokers selected by WikiFX in the secure environment of WikiFX Forum.
WikiFX APP exposure channel: https://activities.wikifx.com/gather/indexng.html
Information page to understand forex scam and exposure channel: https://activities.wikifx.com/gather/indexng.html
Website exposure channel: https://exposure.wikifx.com/ng_en/revelation.html
Worried about missing out latest trends in the volatile market? WikiFX ‘News Flash’ is here to help!
With 24-hour real-time update of forex market data by minute, you can seize the opportunity of every bullish market! Bookmark the link below and follow the market trends immediately!
Singapore Area:https://live.wikifx.com/sg_en/7x24.html
USA Area:https://live.wikifx.com/us_en/7x24.html
Nigeria Area:https://live.wikifx.com/ng_en/7x24.html
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.