Introduction and questions

hello everyone and hopefully you are having a great day wherever you are in the world. My name is David and I live in the Philippines…originally from United States and retired here…I just got interested in forex trading (with my wife’s constant prodding) to supplement my retirement income and am in my third month of schooling with babypips…now, to my question: can anyone help me with “checking out” thoroughly a couple of brokers here…I have already been through an adverse situation with one particular broker named FXUnited/rjjfx (United Global Holdings Ltd)…here is what I have experienced with FXUnited/rjjfx: I opened an account a year ago and they had a “special” program called “cgat” (CAPITAL GAIN AUTO TRADING) with a 12% guaranteed income every month and we made some money each month and then 6 weeks ago they shut down and said the balance of my money won’t be returned to me and my wife until February 2018…many of our friends are also in this dilemma and with no regulatory agency here in the Philippines we have no where to turn for help, we do know that FXUnited was “under” another brokerage holding company, however, we are attempting to ascertain the validity of that, any help or guidance in this matter would be greatly appreciated and followed up on immediately The other broker is known as mbatrade here in the Philippines and we do know they are licensed but have no FCA or PRA listing and the broker told me that another company, NBG (Republic of Georgia) UK (United KIngdom) office is a brokerage solution company is a main holding for MbaTrade, I ran a check with FCA and PRA and there is no listing of NBG… Please help and thank you.

David,

Welcome to the site. I would like to say my heart goes out to you. I hope you and your wife get the balance of your account back soon. Unfortunately, it looks a bit bleak for you at this point. It may be hard to track these people down. The broker I use is Oanda. As far as I know, they are licensed in every country where they have an office. Whatever broker you go with, it is important to make sure they are located in a jurisdiction with strict over site. Hope this helps.

Hello David, You are interested in forex trading. This is good idea. Because forex trading is the best option for money income.

Welcome to learning and educational forum.

Why do more than 90% of people lose money from it, then?

There are some fundamental mistakes humans make that boom their chances of loss:

Inappropriate money control practices:

Most buyers and buyers do not completely realize or use the most appropriate cash control strategies, so that they don’t know whilst or while not to count on threat, nor how a great deal money to chance on any given alternate. A reasonable choice you can method is risking best 1% to two% of your general account stability on any given exchange, with a maximum of 10% on all of your open positions. This method will can help you lose only 1% to 2% percent of one hundred%, so that you will nevertheless have the relaxation of ninety nine% to 98% percentage to alternate day after today if you are incorrect. This will ensure your survival in the markets, and come up with manipulate over your chance.

Maximum buyers hazard a small component of their trading account, usually 1% to two%. This could make sure which you have price range available to exchange the following day.

1:2 threat-to-reward ratio

Apparently, even though maximum profitable buyers become having extra losing trades than triumphing trades, they still are capable of win cash in the end. That is due to the fact they recognise that capital protection is an vital component to their fulfillment, and they use an appropriate threat-and-praise stability. Inside the first area, adopting a minimal 1:2 threat-to-reward ratio on a exchange is the correct manner to offer yourself some respiration space. A 1:three hazard-to-praise ratio is the only you ought to try for. This ratio entails risking a loss of a pip or $1 and seeking out at least 3 pips or $3 of capability income. This approach will let you be proper one time out of 3 and nonetheless damage-even.

Most traders will attempt for a 1:3 hazard reward ratio. That means you threat $1 to make $3. This method will assist you to be right one time out of three and nevertheless ruin even.

Low begin-up capital

It has by no means been easier to begin trading within the financial markets. Very low preferred requirements have made trading available to anybody, making some humans suppose that it is a get-wealthy-short scheme. Most brokers do no longer have a minimal-deposit requirement, and people can begin trading with a starting capital as low $10 in the event that they so preference. However be careful with this—trading requires money with a view to make cash. Maximum serious new traders deposit $1,000 to $10,000. This widens your possibilities and lets you diversify your portfolio of trades. If you do determine to start smaller, continually remember that you must not chance greater than 2% on any given trade. This is a superb guide to have and will permit you to understand your recommended settlement length and danger.

A low starting capital may want to restrict your general performance.

No longer sufficient know-how or training

Some buyers and investors lose cash due to the fact they do now not nicely understand the actual marketplace, and that they essentially near their eyes and fly blind, ignorant approximately what it’s far they’re absolutely doing. We are able to competently finish that the ones traders and buyers who do now not have sufficient education will always lose cash, no matter their intelligence or aptitudes.

With out right schooling, revel in and information, maximum traders are doomed to failure inside the economic markets.

Following the “crowd”

Similarly, it’s miles turning into famous for buyers and buyers to follow the equal techniques as those of the “crowd,” which means that those traders do no longer are searching for their own method and thoughts. That is some distance past logic due to the fact authenticity is a virtue that topics noticeably for a hit buyers. It is straightforward: no one is the same and exclusive humans will react differently to sure conditions.
You may run into humans (other buyers) who’re satisfied that a certain enterprise’s proportion is going to growth in price and that you can purchase a few stocks. You would possibly just do that however nonetheless lose cash, as you might have exited the exchange early. However, the person who shared the info with you would possibly have made cash—he knew why he was in that change, and those reasons might also have prompted him to exit later. No one knows the direction of the markets, and simplest you have got the very last choice for your investments.

Research from the professionals, but adopt your personal ideas and techniques for your trading.

Buying and selling without a strategy

While people exchange with out a approach, they’re essentially making a bet as opposed to making an investment. Having no buying and selling plan and buying and selling on the pass is a certain course to monetary suicide. The first-class way to keep away from this is through growing a complete trading plan so one can let you know precisely what to do, how to do it and when to do it, leaving all feelings aside.

Plan ahead. Create a comprehensive buying and selling method to manual you.

No manipulate over your feelings

Greed. Panic. Hope. Forex signals Trading is a curler coaster of human emotions, and also you have to discover ways to pick out and manage them. Greed, panic and wish are much like wild animals that need to be tamed. Be sincere with your self approximately your emotions. Realize whilst you are being grasping, and discover ways to allow some of your trading positions cross.

Don´t let greed, panic, and desire cloud your judgment.

Not accepting your losses / refusing to be incorrect:

Human beings are stressed in all approaches to be proper, and being wrong is not nicely considered in most cultures. Losing is a part of trading. The earlier you comprehend this, the less difficult it will likely be to simply accept it. You cannot win money with out dropping part of it within the technique.

Take delivery of your losses and analyse from them.


Avoid this mistake and Risk free successful in Forex trading.