Forex market in 2020 and the choice of broker
Forex is a huge global financial market. Its rules are well studied and described. So why 80% of new traders lose their first money instead of making a profit? Let us share the opinion of Onlinemarketshare broker experts. This article touches some essential aspects of forex trading, which affect the currency exchange market and personal success in trading. Besides, we will talk about choosing a broker, a significant step for a beginner.
Why do people decide to do forex trading? Onlinemarketshare reviews show that often beginners want to make money fast. Many of them naively believe that by investing several hundred dollars, they will receive millions in a month or two. However, experienced traders know that this is not possible. According to onlinemarketshare.com reviews, the initial capital can be doubled, tripled, or increased several times if you set reasonable goals. Good forex income is one that exceeds 10-15% per month. Yes, you can do 30% and 50%, but not all the time, and your average score can differ from month to month. Promotional banners promising a permanent income of 100% or more are a scam, according to the Onlinemarketshare broker.
How traders make money on Forex with Onlinemarketshare
Let’s make a simple calculation to understand how a trader’s income is generated. Suppose a trader opens a deposit with a good broker - for example, with Onlinemarketshare broker - and the amount is $ 2,000. In the first week, the lucky trader increases the deposit to $ 3,000. So, the trader earned $ 1,000. Of course, the trader can withdraw money to a personal account and spend it. However, the next week can be less successful. The deposit of $ 2,000 decreases - along with the chances of returning to the previous turnover. Therefore, Onlinemarketshare experts recommend withdrawing profits only when the deposit amount has risen significantly so you can withdraw the summ that exceeds you starting deposit. For example, if you have trippled your amount, one-third part remains as the basic deposit, the second third covers the possible losses, and only the third part is a profit to spend..
By the way, a trader may encounter a payment system commission when withdrawing money to a personal account. Trusted brokers such as the Onlinemarketshare broker do not charge a withdrawal fee. But payment systems usually charge a percentage of the transfer. Another catch a trader can face is income taxes. The taxes vary in different countries and are a subject of your jurisdiction. Anyway, it’s your own decision which payment solution to use and how to pay your taxes.
It is not surprising that after calculating the final profit, after all the necessary payments, the lovers of easy money fell disappointed. They begin to claim that their broker, for example, Onlinemarketshare broker is a scam. However, this situation reflects the inability to build a financial plan and develop a trading strategy more than any conclusions about the broker itself.
How to build a trading strategy
Some traders prefer to trade with minimal risk, opening small trading positions in a calm market. They are the guys who make a 10% average profit per month. Another category of traders takes more risks and trades during periods of volatility, opening positions for significant profits. Sometimes they do lose money, but with luck and some risk management skills, they earn a lot more than the calm traders. However, there is no need to go extreme way: many traders build their trading strategies in the middle between the two poles.
Each trader is looking for his middle ground, his Grail. Onlinemarketshare review writes that the most successful traders try to pre-develop a strategy and follow it. Neither quick success, nor failure can lead them astray. Controlling emotions is an important part of the trader’s work, but let us return to the development of a personal trading strategy.
A universal trading mechanism does not exist. Low risk does not bring big profits, trading on volatility is fraught with a loss of deposit, and compromise options allow many differences. In the beginning, the Onlinemarketshare broker recommends setting a daily limit for open positions, a loss limit, and a profit limit. While the trader reaches one of these limits, the trading should be stopped. Yes, sometimes, the trader can earn more if he or she opens an additional position in the right direction. But more often, a violation of the personal strategy is a mistake that leads to losses.
Also, you need to consider your financial strategy. Decide what financial results you want to achieve and set the time frame. Critically evaluate your current successes. Calculate how long you need to make your business goals if the trading dynamics remain the same. Your trading chart should be most clear and understandable for you so the market cannot bring you surprises.
The most common trader mistakes
The two most common mistakes of a trader are the following: the refuse to determine an acceptable risk threshold, and the inability to keep the emotions under control. For example, the emotionally unstable traders use to declare that Onlinemarketshare forex broker scams after every failed transaction - and any other broker too. The problem is that most people prefer to follow their emotions or rely too much on their minds. In practice, it may look like this: the trader has an upward position. He or she waits for the upward movement of the selected currency pair. But the trend reverses and goes down. The amount that a trader can lose becomes larger every minute. The emotional trader hopes that the trend is about to unfold, and the loss decreases or turns into profit. But he or she has set no limits for the trade. So there’s just a falling with no chances to stop it. This is a typical situation that, unfortunately, ends with money loss. After that, the trader starts claiming that Onlinemarketshare forex broker is a scam.
Another common mistake is excessive confidence in trading signals and automated trading systems. There are tons of additional software utilities on the forex market that analyze the course and make a forecast. However, you can evaluate the quality only after the purchase, installing it to your trading terminal, and using it for trading. In this case, the trader may become a victim of unfair advertising, warns onlinemarketshare.com. Reviews show that scammers often state that their self-made program is the best in the world. As onlineemarketshare.com reviews, when you buy an indicator or trading robot, you have a chance to lose money twice. The first is when you purchase a low-quality program. The second loss occurs when this program leads you to zero deposit. Therefore, do not hope that the simple software solution will earn you a fortune: it only works for its author. The erroneous belief that opening position on the wrong advices outweighs the benefits of a long-term strategy leads you to the wrong choices. The result is money loss, disappointment claims to the broker, and statements that Onlinemarketshare forex broker scam.
How Onlinemarketshare Broker Helps Trader Minimize Risks
Choosing a good broker is critical for a new trader. You can learn to trade in the forex market without significant financial loss in a reliable brokerage company. It’s one thing important to remember and take measures about in advance. The option to open a demo account will be a significant plus for a newcomer to the forex market. Onlinemarketshare offers this option to its clients. On a demo account, a trader sees real prices, can open and close positions. Still, he or she uses a virtual deposit that cannot be withdrawn from the account. Thus, such type of training does not require investment, but it also does not give profit. When a trader feels confident enough, he can transfer money to a deposit and start trading with the Onlinemarketshare forex broker.
The unique offer of the Onlinemarketshare forex broker is a risk-free period for new customers. When a trader makes the first deposit money, he or she can declare the use of a risk-free period. The period lasts two weeks. If the trader loses money on any deal due to an unsuccessful transaction, during the risk-free period, the company covers them with insurance funds. A risk-free period provides a new trader a kind of protection from market volatility.
As you know, the reputation among the market participants can say a lot about the company. Spend some of your time studying reviews. Onlinemarketshare forex broker has a well-deserved reputation with experienced traders and beginners as a trusted broker. The company is democratic and client-oriented, the working terms are flexible, and the protection of customer data and money meets the highest industry standards.
A flexible approach to the client is another key feature of any good broker. Modern brokerage companies offer different types of trading accounts for deposits of various sizes. Some companies even consider the custom beliefs of the client. They provide exceptional options, like the Islamic account with the Onlinemarketshare forex broker. In this way, the brokerage company strives to make the trading process as convenient as possible for customers.
Also, the Onlinemarketshare broker assigns each client with a personal account manager. For any difficulties or problems, the client can contact the manager to get a quick result. Such customer care demonstrates the human-centered business processes in the company.
How to increase your chance to earn money with Onlinemarketshare broker
The first advice is the following: improve your account management and trading skill. Learn the theory of the market, the basic terms of the forex market - Onlinemarketshare broker offers a special glossary in Education section. Learn to use the news and predict market reactions. Find some lessons from experienced traders and try to benefit from them. Nowadays, there is a massive amount of opportunities for self-education in any field, and Forex is no exception. Knowledge will help you to make the right decisions at the right time.
Secondly, use a proven trading platform. Onlinemarketshare forex broker offers the Metatrader4 trading terminal to its customers. In the software market, this is the best solution for trading financial assets. The platform is reliable, fault-tolerant, and it protects data from unauthorized access. Also, MT4 allows the trader to customize the work, from the favorite indicators and charts to color schemes.
Indicators allow you to see specific patterns in the movements of exchange rates and make a correct forecast. However, do not overload the trading platform with indicators. Each trader goes through a period of keen interest and active experiments with Forex indicators. Onlinemarketshare forex broker believes that most of them are not helpful in everyday work. Build only the most necessary graphs to see the essential information. The less data noise you have on the screen, the easier it will be for you to make an informed decision.
As you can see, these tips are quite simple, and it’s easy to follow. If you realize that Forex takes too much time, there is an opportunity to make money with the Onlinemarketshare affiliate program. The broker offers the following process to become a partner: discuss participation with the account manager, get a set of promotional materials, and post them on popular sites on the Internet. When new customers arrive at your recommendation, the Onlinemarketshare broker pays you a reward. The more customers you can attract, the better.
We wish you successful trading!