And so you’ve been dealing with some quite confusing trading indicators and also trying to make sense of various news releases and what exactly they actually mean. But suddenly you’ve really hit with one saying that if you simply take only ten pips out of the forex market each day and also keep up a hundred per cent winning rate, then earning money in fore is going to be easy and simple. For sure, it all certainly sounds very straightforward and simple in theory, but is this kind of trading system truly viable? Unluckily, it is not so simple and easy. Thus due to our article, you are going to find out how exactly to earn good money in the modern forex market.
First of all, let’s talk about the problem with that type of simple and easy trading system. In fact, it is a widespread myth that you definitely need only a quite high winning percentage to actually make a lasting foreign currency trading income. Besides, forex robot marketers are certainly quite good at playing on that particular fantasy of some high winning percentage trading system and very often advertise ninety per cent and even ninety five per cent winning rates in the advertising material. Without any doubt, it is not necessary for you to have that high winning rate to earn good money in forex trading in the long run. Thus the more profitable foreign currency trading systems actually tend to have a winning rate of around forty to sixty per cent.
Moreover, there is one more characteristic of really profitable foreign currency trading system: they certainly tend to have bigger wins than losses. Well, that’s exactly how they obviously make up for a bit lower winning percentage. However, there is no sense in trading for only some small profits, because you definitely need as much profit as just possible to pay for all those inevitable losses which you are going to encounter. In addition, if you actually limit your own profits to only ten pips per day, sooner or later you are going to encounter fifty pips and even one hundred pips losing day. Thus you are going to wipe out many weeks of profits simply like that.
And finally, let’s talk about how exactly to earn good money in the modern forex market. Of course, there isn’t such thing as so called no loss trading robot. That’s why you should forget about one hundred per cent wins and ten pips per day. Well, this is an exact formula for your disappointment and failure in your foreign currency trading. You should do listen to this if you are actually not doing well in your trading and you also lack a profitable trading system.
There are 2 ways you can make money on Forex.
OR you can hire professional traders to manage your account and they will trade for you. Read more about forex investment.