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Forex Trading

Written by ForexCult Team
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Forex Trading As you may or may not already know, there is information that shows that in order to be successful at forex trading you have to have three different character traits. In the following article I would like to tell you about the three character traits that are tied to forex trading so that you are able to see if you possess them individually. Overall you will learn that there are three different character traits that you need to acquire in order to be able to be successful at forex trading and there are some people out there that are not able to possess the character traits. It is very important that you take the time to learn everything that there is to know about forex trading because it has been said that ninety percent of the forex traders will lose because of their lack of knowledge when it comes to forex trading. Forex Trading and Accepting Responsibility The first character trait that you must possess as a forex trader is that you must be able to accept responsibility. When it comes to responsibility and forex trading, all you need to do is make sure that you learn the material that you need to know about the forex market and then understand how the forex market works and why it works in that particular way and then take the information that you learn and actually apply it to the market itself. However, there are many traders that don’t take the time to do this. The main reason that most of the forex traders don’t do this is because of the fact that they think that following the news stories and also chatting with the brokers that they have hired they are able to have success in the end but this is not the case at all, this is simply a recipe that is known for failure. The reason that this is actually a recipe for failure is because of the fact that if you as a forex trader are not able to accept the responsibility for your own actions as well understand why your individual trading plan will actually work in the forex market, you are actually lacking the next character trait that you must possess and that is known as confidence. Forex Trading and Confidence When you follow in someone else’s footsteps, you are not going to possess the confidence that you need so that you are able to trade when times are bad. It is important that you understand that your individual trading plan will work in a longer time frame so that you are able to stay with the trading plan that you have and so that you are able to understand how it works and why it can in turn be successful. If you lack confidence about yourself as a forex trader as well as confidence in your trading plan then you are sure to lack discipline as well and that is the next character trait. In order to be able to succeed in the forex market you must have discipline, even though discipline is talked about a lot in the forex market there are not that many people that understand it or how they are able to possess it as well. Even if you are a trader that has a trading method that is sound and stable you must have discipline so that you are able to recognize that even a sound trading method can lose and it will in the forex market. Forex Trading and Losing When you are participating in forex trading, it is very easy to blame anyone when you run across a losing streak but you can’t just blame someone else for the things that are happening because it doesn’t serve any purpose and you need to be able to stick to the forex trading system that you have so that you are able to turn that losing streak into a winning streak. You will learn as you become more experienced with forex trading that discipline actually flows from the ability to accept that there is no one to place the blame on and that you are the one that is responsible for knowing the system that you have well enough so that you are able to stick with that particular forex trading system and make it work in the long run. Forex trading doesn’t have to be hard to understand, if you take the time to really learn what forex trading is all about you will be able to succeed well in the forex market and succeed well in forex trading.

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Which is the Best Forex Broker you have traded with?

Interview with Matthew Sheppard

Senior Forex Advisor at XForex

1. What is your name and position?

Hello, my name is Matthew Sheppard and I am a senior forex advisor at XForex.

2. What is your experience and professional background?

In the last 6 years I had filled several positions in financial institutions such as a stock broker, a foreign exchange desk manager, a financial consultant and in my recent role I serve as a senior Forex advisor for XForex which is an online forex company.

3. What type of clients you deal with?

We deal with clients on all levels from the beginning stages to the more advanced trading levels.

4. Does most of your business activity come from the online or offline world?

Because of our high presence on the web, most of our business comes from the online world.

5. Why should a trader pick XForex from all forex brokers?

Aside from all the benefits that XForex offer like commission-free trading, 24/7 online support, high leverage (200:1), XForex offers educational and learning trading experience that you won’t find anywhere else..

Our team of experts and financial trainers provide personal assistance and guide clients to financial success. We provide daily analysis and market reviews to our clients giving them a better understanding of the market and helping them trade profitably.

6. From your experience, what advice would you give a person who wants to enter the forex world?

My advice to the beginning trader entering the Forex world is as follows:
  • Learn the market and understand what you’re getting into.
  • Research and find the broker that suits your needs and wants. Look for a good offering but more importantly customer service, don’t go for the low rates offer without being certain they have a good customer service department. From my extensive experience in the Forex world your key to success will be your client-broker relationship. I can honestly say that at XForex they put an emphasis on servicing clients, which is so important.
  • Invest smartly and calculate your risks.
  • Always know when to get out of a trade.

Broker of the Month

5_small_logoUFXBank provide up-to-date charts and news feeds, coupled with an easily navigated trading platform. UFXBank traders can access the biggest market in the world 24 hours a day with ease.

By keeping their platform, site and deposit process simple, safe and secure, UFXBank have become the web’s premier online forex trader.