INTRODUCTION
Behind every success story lies a lot of determination and hardship, and most important a precise goal that motivates and leads every successful person to strive and achieve his dreams. Saying that it is also important that while setting the goals we should adopt a realistic approach and not just set them too high and then feel demoralized when not able to achieve them. So it would be better if we pursue them in small sections, which means creating stages for reaching the ultimate goal. The smaller division would be easy to achieve rather than aiming for higher goals.
“CONSTANT EFFORT TO HAVE CONTINUOUS SUCCESS”
Let us see the goals a trader must have in his life to make his dream, a reality.
A HABIT TO TRADE WITHOUT EXPECTATIONS
Trading without expectations will give you the confidence to trade even after a loss also. It is advisable to have a demo account and trade to learn the tricks and tips of trading rather than making money there are many brokers will provide the best trading platform for beginners in UAE. The process of learning will make you a better trader to trade perfectly. You can start trading for money once you learn the tricks of trading.
PART-TIME TRADER
Become a part-time trader when trading for full time don’t serve you the best results. For time being, consider trading as a part-time business and have another source of income until you become the best trader by learning the strategies and risk management. You can step into the market as a full-time trader when you are confident and capable of managing the trade market and make profitable output.
TRY MORE TO OBSERVE THE MARKET RATHER THAN EXECUTING TRADE
The motto here is to earn money later by observing in the first stage. At first, start observing the market from outside and learn the strategies to trade and then only step into the market to trade to gain profit. Being in the market all the time is not leading you to make money, it leads you to over-trade. More traders lose money by over-trading. You will need more patience to sit back and watch the trade and step in when it is the right time. Only this will pave way for you to make money constantly in trading.
“MONEY IS MADE BY SITTING NOT TRADING” - Jesse Livermore
MAKE IT YOUR PASSION AND LIVE FOR PASSION
Traders who make money are not bothered about money and profits. Whereas, people who don’t make money in forex trading always think of money. people who love trading make money because they are passionate about trading and love trading. They take trading seriously and work for it. So follow trading as your passion to make a profit. In other words, if you have passion you can step into trading.
CONCLUSION
These are a few goals which a trader must have to have an upgrade in his life via trading. Following all this goal consistently and repeatedly will allow you to become a successful trader. Make profit by developing the skills and setting goals.
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“THE GOAL OF A SUCCESSFUL TRADER IS TO MAKE BEST TRADES. MONEY IS SECONDARY” -Alexander Elder
Behind every success story lies a lot of determination and hardship, and most important a precise goal that motivates and leads every successful person to strive and achieve his dreams.
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Most brokerages nowadays offer investors with some of the other automated trading systems. Automated Trading includes a computer program that is able to create and execute orders in a quick-paced and hassle-free manner. There are many kinds of automated trading available in the market which consists of Social Trading, Algorithmic Trading, Copy & Follow Trading, and Automated Robots. Trading currencies, CFDs and Futures Trading through Automated Trading Systems can supplement your income so that you are never lacking in funds.
There are of course risks when you start out, but that's the case with all FX investments. You can set your own specifications and let the program monitor the markets in order to scout for buying/selling opportunities as per the criteria. However, with all the automation, you will also require some human intervention as scams and fraudulent companies are here a dime a dozen too. Hence always maintain caution before signing up for ATS websites, check reviews, thoroughly research a company and if required don't hesitate to call up and clear any doubts before you go on to sign up with them.
The best ATS is free to set up, have competent trade copiers and a proven track record – so you are confident that they are likely to generate a profit for you. Any reliable ATS will work with licensed brokers and will be totally customisable.
One such automated trading software available for Alfa Financials clients that are certainly worth looking into is Meta Trader 4. MetaTrader 4 is a dependable, validated, independent automated trading interface.MT4 users can avail the following:
Advantages of Automated Trading Systems
There are manifold advantages to adopting a hands-free approach to your trades and having a computer track the markets for buy/sell opportunities & execute them seamlessly. Let us discuss some of them:
*No room for emotions: *
ATS curbs emotions throughout the trading process and makes it easier for you to stick to your trading strategy. There isn’t any scope for you to be unsure about the trade or overtrade as everything is automated.
Trading discipline:
Even during times of market volatility trading is executed as per the set plan & discipline is maintained as everything is performed on autopilot mode and the trading plan is executed in toto. In non-automated trades, discipline is often lost due to emotions like fear of losses or the greed to make more and more profits.
*Back-testing: *
In automated trades all rules are inflexible and the computer has to be spoon-fed on what it exactly needs to do. By back-testing various market strategies on historical market data, you can find out their viability and fine-tune your methods before risking any of your money in live trades.
Portfolio diversification:
By the use of ATS investors can trade multiple accounts or several strategies all at once. Thus you can spread your risk across assets and diversify your portfolio while hedging against losing trades. Thanks to ATS many orders get executed instantaneously by a machine whereas it may not be humanly possible to multitask at such a level. Your computer can scan market orders across a range of markets, execute and monitor them with effortless ease.
Consistency and speed:
A 100% failproof trading plan simply does not exist as losses are a part of trading. But losses can be psychologically disturbing. So, a trader who has two or three consecutive failures might get cold feet before the next trade. However, if the next trade would have been a winning one, the trader has already nullified that possibility by backing out. In ATS traders can achieve consistency by trading the strategy. Also, market movements are dynamic and proper timing is invaluable for success in your trades. Automated trading enables you to enter and exit market positions much faster and more accurately so that you never have to miss any profit-making opportunity.
The downside of Automated Trading Systems
Despite their advantages, automated trading systems have certain pitfalls too of which traders need to be aware. If there is a mechanical failure or if the Internet connection is lost an order may not get executed or it may result in errant orders and duplicated entries. It is also not uncommon to find anomalies between theory and practice. Being adept at ATS should be a part of any trader's learning curve. It is wise to start small until you master the techniques. Besides automated trades need constant monitoring due to system failures. If supervised such issues can be fixed without delay.
In non-automated trading like forex trading, you can readjust your strategies so that you can devise the most suitable trading plan. But in case of ATS, a trading plan which seems fabulous hypothetically might fail miserably when applied in actuality and there is no way that you can improve it. Though ATS can perform sophisticated tasks it is beyond a computer to come up with a creative trading solution.
Concluding remarks:
Owing to their relative ease and wide appeal automated trading systems have gained popularity amongst investors. It is highly tempting to just sit back and let an automated trading robot trade on your behalf without your inputs. But that can hardly substitute a meticulous trading plan.
It is only a seasoned trader who can distinguish between the right time-frame and an ill-timed one. All said and done, ATS is a great way for novices to learn how trading professionals navigate the markets. Also, it is impossible for you to keep a tab on your trades 24/7. But, an ATS can do it without any resentment. Mostly, trading plans are created to be feasible in certain environments and there is hardly any one-size-fits-all approach that is well-suited in all market conditions. The best bet is to recognise the type of environment where each strategy works well and then apply the method to an identical market for the best results.
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