Tim Bong

1616517069

How To Be A Successful CFD Trader

What is the secret for being a successful CFD trader? In my opinion, a successful CFD trader is one who treats trading seriously like a business as opposed to a hobby or the infamous quick to be rich scheme. There are 3 segments in this business - trading strategies, trading psychology and money management. In this article, I would like to focus on money management and discuss some best practices based on my experience as a CFD trader.

Before I proceed, allow me to stress that money management is an important segment in this business. But can you guess which is more important, trading strategies or money management? I guess many amateur traders will say trading strategies and this explains why they spend most of their time to look for the best trading strategies. On the other hand, I believe the answer from professional traders will be money management as they have already accepted the fact that no trading strategy will guarantee making money forever. As a result, it makes more sense to spend time on creating rules that help to preserve trading capital. There is a saying that a person has to quit trading as soon as his trading account balance is nil.

So, what is money management? As this term suggests, it is about how we manage our own money. One golden rule in investing is that we should only invest the money we can afford to lose. Novice traders tend to ask how much they should put into their trading accounts as initial capital. My answer is “it depends on individual traders.” Why? It is because regardless of how much money a trader will use for trading, he must be prepared for the worst case scenario, i.e. even if he loses the entire sum, his current lifestyle would not be affected.

Although a trader can start trading as soon as he has funded his live account, it does not mean that he should immediately start placing trades. Let’s use Tom (a hypothetical trader) as an example. Suppose he has $10,000 in his account. His first task is to figure out how much money he can use for each trade. This is absolutely critical in my opinion for all CFD traders to follow. Now here is another golden rule in CFD trading - we should use only a fixed percentage of our capital for each trade. Personally, I use 3%. Suppose Tom has decided to use 3% as well. The maximum risk he can take for his first trade will be $300 ($10,000 x 3%). The next task is to determine how many lots Tom can trade. In this respect, Tom has to look at the chart to decide where to place the entry price, the stop loss and the profit target; and determine the distance between the entry price and the stop loss.

Let’s say Tom has determined the distance between the entry price and the stop loss to be 50 pips and each pip is worth $1. Tom can trade up to 6 mini lots. If the trade goes against Tom, he knows that his maximum drawdown is $300 and he still has $9,700 in his trading account.

I know amateur traders may find this a pain as they may think that it is too slow to make money in CFD. This is why I never say that CFD trading is a quick to be rich scheme because it is not. The problem is that an amateur trader tends to focus on the reward if the trade goes the right way. On the other hand, a professional trader focuses on the risk and asks how much he will lose if the trade goes against him. I hope you can get my point here.

The final best practice I am sharing here is an interesting one. We should not take more than one trade concurrently when they are correlated. Let’s say we are looking for two currency pairs to buy. Many traders will buy both and there is nothing wrong if they follow the strategies. However, they should be aware that if they were to do this, they would be risking 6% of their accounts. If both trades are losing trades in the end, they will lose 6% of their accounts. Can you see the problem now? What should you do? Choose one of these pairs to buy and not both so that you will be risking only 3% of your account. Remember as a trader, your job is to preserve your trading capital.

I hope you will benefit from these best practices I have shared in this article. As a reminder, money management is an important segment in CFD trading business.

#cfd #broker #trader #strategies

What is GEEK

Buddha Community

Brian H

1627257576

Thanks for this post.

Brian H

1627825907

Thanks for this post.
Just want to add my few cents http://getfirststep.com/
I have had a bad day but a good week and this is the mentality you require to succeed. Perfect for absolute beginners like me who know nothing about trading market, it covers everything one has to know before entering the market and he covers them in detail making sure I understood everything before moving on.

Tim Bong

1616517069

How To Be A Successful CFD Trader

What is the secret for being a successful CFD trader? In my opinion, a successful CFD trader is one who treats trading seriously like a business as opposed to a hobby or the infamous quick to be rich scheme. There are 3 segments in this business - trading strategies, trading psychology and money management. In this article, I would like to focus on money management and discuss some best practices based on my experience as a CFD trader.

Before I proceed, allow me to stress that money management is an important segment in this business. But can you guess which is more important, trading strategies or money management? I guess many amateur traders will say trading strategies and this explains why they spend most of their time to look for the best trading strategies. On the other hand, I believe the answer from professional traders will be money management as they have already accepted the fact that no trading strategy will guarantee making money forever. As a result, it makes more sense to spend time on creating rules that help to preserve trading capital. There is a saying that a person has to quit trading as soon as his trading account balance is nil.

So, what is money management? As this term suggests, it is about how we manage our own money. One golden rule in investing is that we should only invest the money we can afford to lose. Novice traders tend to ask how much they should put into their trading accounts as initial capital. My answer is “it depends on individual traders.” Why? It is because regardless of how much money a trader will use for trading, he must be prepared for the worst case scenario, i.e. even if he loses the entire sum, his current lifestyle would not be affected.

Although a trader can start trading as soon as he has funded his live account, it does not mean that he should immediately start placing trades. Let’s use Tom (a hypothetical trader) as an example. Suppose he has $10,000 in his account. His first task is to figure out how much money he can use for each trade. This is absolutely critical in my opinion for all CFD traders to follow. Now here is another golden rule in CFD trading - we should use only a fixed percentage of our capital for each trade. Personally, I use 3%. Suppose Tom has decided to use 3% as well. The maximum risk he can take for his first trade will be $300 ($10,000 x 3%). The next task is to determine how many lots Tom can trade. In this respect, Tom has to look at the chart to decide where to place the entry price, the stop loss and the profit target; and determine the distance between the entry price and the stop loss.

Let’s say Tom has determined the distance between the entry price and the stop loss to be 50 pips and each pip is worth $1. Tom can trade up to 6 mini lots. If the trade goes against Tom, he knows that his maximum drawdown is $300 and he still has $9,700 in his trading account.

I know amateur traders may find this a pain as they may think that it is too slow to make money in CFD. This is why I never say that CFD trading is a quick to be rich scheme because it is not. The problem is that an amateur trader tends to focus on the reward if the trade goes the right way. On the other hand, a professional trader focuses on the risk and asks how much he will lose if the trade goes against him. I hope you can get my point here.

The final best practice I am sharing here is an interesting one. We should not take more than one trade concurrently when they are correlated. Let’s say we are looking for two currency pairs to buy. Many traders will buy both and there is nothing wrong if they follow the strategies. However, they should be aware that if they were to do this, they would be risking 6% of their accounts. If both trades are losing trades in the end, they will lose 6% of their accounts. Can you see the problem now? What should you do? Choose one of these pairs to buy and not both so that you will be risking only 3% of your account. Remember as a trader, your job is to preserve your trading capital.

I hope you will benefit from these best practices I have shared in this article. As a reminder, money management is an important segment in CFD trading business.

#cfd #broker #trader #strategies

Vishal Gouda

Vishal Gouda

1626610440

Trader Commissions Review - 3 Steps to earn passive income?

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Cfd Trader

1622797750

Why has Cfd Trader mining gotten so attractive?

Cfd Trader principally on the grounds that the inventory of Cfd Trader is restricted to 21 million. After which, no new Cfd Traders can at any point be created. This makes Cfd Trader even more important. Cfd Trader mining is an approach to procure enormous prizes for the digital money in one-go We comprehended that when an excavator tackles a computational issue, a prize of Cfd Trader square is granted. This square of remuneration has changed over the long haul. In 2008, when Cfd Trader was first designed, a square contained 50 Cfd Traders. The Cfd Trader organization is to such an extent that this award gets divided like clockwork or 210,000 squares. This implies that in 2012, the award of a square is decreased to 25 Cfd Traders. In 2016, this prize was additionally split to 12.5 Cfd Traders. Presently, in 2020, the Cfd Trader splitting will yield a prize of 6.25 Cfd Traders per block.

#cfd trader

Emily Moore

1621328597

What Are the Main Keys to a Successful Life?

Description: For many people, the ultimate goal in life is to be happy and prosperous. A successful life will mean living each day, having achieved all the desires of your heart. Every person has an idea of what this means to her, but ultimately life is meant to be stress-free and full.
How to be successful in life is a goal that all humanity shares despite differences in individual desires. For example, a rocket mogul can desire to create a settlement on the moon, while a monk wants more people leading a simpler living. When each achieves their goals, then they lead a successful life.
However, achieving a successful living is an uphill task, and most people give up on the way to the top. Why? It’s because the journey is loaded with challenges that can make you quickly lose track. Focus is one of the essential parts of a successful life.
Without remaining on track, it won’t be possible to achieve that dream or lead an existence you want. With many failures along the way, there are several keys you can use to lead a successful existence.

7 Keys to a Successful Life
1. Always be grateful
Not everything you want will happen as you envisioned, but it’s essential to be grateful through it. Most times, we get caught up in failures and stress that we don’t realize we need to be thankful for such situations. Specific steps to become successful in life exist, and being grateful is at the top of the list.
When you learn to be grateful no matter what, then success and happiness follow you closely. As you seek ways to make it in life, watch how you respond to everyday living, and make gratitude a driving force.
2. Be goal-oriented
To live a happy and successful life, you need goals that drive you. What do you want to accomplish? What are your short and long term goals in all areas of your life? By focusing on these goals, you can remain on track no matter what challenges lay ahead.
Waking up in the morning and just going about the day without any goals leads to a wasted life. There has to be something that pushes you ahead, no matter what. By keeping your goals close, you get closer to living a successful life each day.
3. Be a risk-taker
Life is not meant to be safe each day that passes by. When you opt not to take any risks, then you won’t accomplish much. Being goal-oriented goes hand in hand with taking risks to attain your set goals and dreams.
You are playing it safe, and it always groups you with everyone else who yearns for a better existence but does little to achieve it. Living a successful life demands, you learn how to take risks and cope with the results you get. Not every risk leads to rewards; some come with essential lessons to learn.
4. Divide your goals
Having one big goal can seem impossible, so it’s crucial to break it down into achievable daily tasks. For example, if you want to earn a degree, start by registering for the course and attending the first class.
Dividing your goals into daily tasks makes living a successful life achievable for anyone. Each job that you accomplish gets you closer and closer.
5. Master patience
Indeed, Rome wasn’t built in a day. For many, patience is elusive when you want to lead a successful existence right now.
You must learn to be patient and wait for life to unfold, getting you to your destination. Patience is a virtue emphasized in all successful life books, and you must master it to succeed. By rushing the process, you won’t achieve a complete dream.
6. Take care of your body and mind
Physical and mental health is as much part of a successful life as any other action you take. If you don’t take good care of yourself, you won’t lead the life you desire. Your health is a crucial part of the puzzle, as witnessed in many successful life examples.
7. Take different courses
What are your goals in life that will lead to a successful life? Check out different courses you can take to help you achieve this ambition. For example, studying the successful life of an entrepreneur reveals all the required lessons needed to achieve success.

Conclusion: You can lead a successful life by following these 7 keys. The journey is full of challenges and failure, but by not giving up, you’ll make it.
Have any questions or comment, leave it down below and we’ll get back to you.

Author’s Bio: Emily Moore is a health and wellness coach with years of experience. She hosts seminars across the country on the topic of success.

#successful life #success #key #life #feature

CFD Trader | CFD Trader Reviews | CFD Trader Signup and Price

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