There are at least five reasons of why over 85% of Forex traders failed in making stable profit. —
First, the psychology behind the traders. Emotions and greed play a lot in this business. The more dominant the emotion and greed, the more money they might lose.
Second, the money management implemented in the trading. Most traders take too many lot in their trading volume. Both in number of positions or number of lot per position.
Third, the trading plan. Most traders do not follow the rule of "Plan Your Trade and Trade Your Plan". Some of them even do not have any trading plan.
Fourth, the trading time-frame. Most traders – especially scalpers – focus on quick profit, not stable profit. That's why they prefer to use lower time-frames like M1 and M5 which more likely provide the most frequent fake movement and causes false direction since the lower time-frames have much higher volatility.
Five, the trading tools they use. Most traders use the wrong trading tools which provide wrong trading decisions.
The fifth reason is the easiest to solve as the traders just need to find and use proper trading tools suggested by experienced traders.
Below are some of trading tools most recommended by professional and experienced Forex traders.
1. Agimat FX
This Forex indicator is designed for scalper and day trader. The software is created by Dennis Buchholz, a Germanian trader and the CEO of FX Tech Group. Today there are three variants of the software, including: Agimat FX, Agimat FX Ultra and Agimat EA. The last one is not an indicator but an Expert Advisor for MT4. What makes Agimat famous are the indicator has a good review in Forex Peace Army (a universal traders’ forum) and the indicator has a good average winning rate of over 75%.
2. Wallstreet Forex Robot 2.0 Evolution
This is an improvement of Wallstreet Forex Robot the first edition. What makes this trading robot special is it's distributed on Clickbank with a good gravity and reputation score and it's trading history is connected to MyFXbook so everyone can look into the robot's performance before they decide to buy this trading tool.
3. Forex Diamond
This is the forex robot specially designed for scalping trading. With the ability to differ the real impulse to the correction, this robot provides a good equity growth in backtesting for the last 10 years in the major pairs like EURUSD and GBPUSD. The basic concept behind the algorithm inside the robot is counter-trend position, in which the robot will detect and execute positions in the beginning of new trend with the purpose of gaining higher potential profit with lower risk.
With the proper tools plus good mind and money management, trading Forex should be much profitable and Forex traders should have a good stable income, especially in this economy which many other businesses fall down.
To learn more about Forex and Stocks trading tools, please visit https://mytradingtools.com.
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