Forex. For some it’s a name that excites and to others it is perturbing because they have either not heard of it or only heard some rumors about it. Some fear Forex and other desperately study it in order to make their riches. Here’s my take on what you can learn about Forex as well as my review on Capital Markets Trading, a broker that has helped me a lot on becoming a profitable trader in no time.
I want to show you that Forex is nothing to be feared, in fact it can be an excellent source of income; full time or part-time.
Right now, I am a part-time trader with beginner experience. It’s my hopes to absorb as much knowledge as possible, apply it and educate you about it. I’m excited for this journey, and I hope you enjoy it too.
- Name: Capital Market Trading
- Owners: Founded by Traders for Traders
- Website URL: www.cmtrading.com
- Overall Rating: 87/100
- Quality of the Training: 3/5
- Value of the Program: 4/5
- Quality of the Support Team: 5/5
- Price: Minimum Deposit of $250 To Be Used For Trading
Why Trade Forex? – Gain Financial Freedom & More
You may either already have idea of why you want to trade Forex, but there lies a truth in the question. Your identity as a trader should already be determined before you start trading. Identity leads to your strategy and a firm foundation of rules will be established that will ensure you do not make unnecessary mistakes.
The Forex Market passes trillions of dollars in a day. Imagine it as an ocean whose waves you catch at just the right moment, taking a profitable earning every time you ride the wave out successfully. With a trillion dollar flow of cash, even small to moderate earnings are easy to extract. As you grow in experience, you’ll be able to progressively increase your income. This is a given.
Forex trading can be a full time job, but nothing stops the average person from trading every few hours, once a day or even longer. It’s more passive than you think. With the automation of trades through instruction, the application of your strategy following signals and attentively watching economic news is what you’ll mostly do during a single trade.
Now, if you’re new to this or cannot commit enough time to apply a thorough analysis, you’ll be glad to know that through Capital Market Trading you can copy successful traders with the same strategy as you. This application or platform is known as CopyKat. I’ve been using it as an additional ongoing source of income in times when I cannot actively trade.
There is a true feeling of achievement when you’ve broken free from financial bondage. Whatever it is that holds you back to enjoy life, a form of income like Forex can definitely achieve that. Imagine finally being able to work your own hours and plan that holiday that was eons away due to your work schedule.
Of course there are countless other reasons why Forex is an option for you to consider. These are my reasons and I am certain that I am not the only with similar ambitions and dilemmas.
What Skill Does It Take?
There is a considerate amount of knowledge to be gained from trading Forex. Don’t let it scare you off though. You do not need to know all of it in the beginning to succeed in smaller manageable trades. Remember, baby steps can turn into strides the more you commit to studying it. Every trader began with knowing little to nothing about the Forex market and you too can become a master trader with the right guidance.
If it is your first time trading Forex, you can consider to trade passively by copying other traders, placing your own trades on your own as you learn the strategies. Otherwise, you can commit all your time and climb that steep learning curve to ease. Time and immersion will allow you to master Forex faster and detect the small intricacies of trend following that would’ve been invisible otherwise to the untrained eye.
What I’ve discovered should be at the core of your training is to be able to follow trends and predict it to the best of your skill. Fundamental analysis is a skill that you’ve been training ever since you became socially engaged. Catching up on news is already trained within every person, so you should be able to ease in to fundamental analysis with a little of research on how a Forex trader approaches it.
A very important, never to break rule is to never ignore the economic news. You can be trained to apply the most fireproof strategies and know for certain in which direction the market will move, but if you ignore economic news reports, you will fail miserably. News always trumps analytical analysis.
You can be taught like a parrot how to follow strategies and get from A to B, but if you do not ask where these strategies come from or how they were discovered, you will forever be reliant on other people to ride out the bigger waves with greater profit and be satisfied with the moderate post-profit gains of people who do not innovate.
But if your not keen on going in-depth, you can copy other traders with the most basic of knowledge on the market, simply by using CopyKat. More on that in the next section.
CopyKat – Copy Successful Traders
If you become part of the CM Trading Community, you’ll get access to the social trading platform, CopyKat, which as the name states, allows you to copy other successful traders.
Find The Right Trader To Copy
This is especially useful if you are just starting out and still learning the ropes of Forex trading. There are thousands of traders to choose from, each person with their own strategy and risk level. Your evaluation determines which trader you copy and if you’re not happy with their trades, you simply uncopy them and move to the next trader that fits your expectations.
Trade Anywhere, On Any Browser
CopyKat offers real-time data on the browser of your choice. Yes, you do not need to download an application to use it. Simply go to CM Trading’s website and log in to the online trading platform, Sirix. From there you can trade as if you are using Metatrader and copy other traders.
Do Not Only Copy Other Traders, Analyze Their Strategy
Another great feature about CopyKat is that you can view other traders’ portfolios. Their open positions, closed positions, currency and commodity trades are all open to view and analyze. Along with this, you can also view their profit rise and fall.
Assess Yourself On Your Portfolio
But wait, don’t just analyze other traders. Look at your portfolio as well. You can analyze which strategies are working and which need improvement. You get overall insight into your trading strategy. All this information is shared with other traders as well, albeit anonymously. Each trader is assigned a pseudo name and a random profile picture to easily identify each other. Nothing else.
What Did I Gain By Copying Other Traders?
I can say with certainty that you get exposed to real-time trading faster and the learning curve plateaus faster due to your continuous evaluation of the trader you copy. Not only do you learn the different trading styles but you also start to create concepts and ideas for your own future strategies.
While I’m learning fundamental and technical analysis and back testing strategies on my demo account, I can comfortably copy other traders and let them make a profit for me in the interim until I am ready to apply my knowledge to the market.
Guardian Angel – The Back Office Assistant
You didn’t think that was all, did you? The brokers at CM Trading know that even the brightest minds need to know that they can fall back on sound advice, am I right? So, to create an even safer environment to trade in, CM Trading is offering you an assistant to notify you when you need to redirect or amend your trades so that you don’t make unnecessary mistakes.
This is apart from the already excellent service that they deliver one on one to you to make sure you can experience this best the market has to offer.
Guardian Angel runs in the background while you are trading and gives recommendations based off of your actions as well as predictions of your future trades. This allows you to alter your course towards a greater profit.
Start Your Forex Account With CM Trading
I want to start off by saying that I have experienced excellent service with the brokers at CM Trading. There were times when I needed expert advice and within an hour of sending my email regarding my query, a broker called me to assist me as well as ensure that any further queries were addressed.
CM Trading may be Africa’s best broker, but their staff are from all walks of life, across the globe. Each person that I have worked with delivers great value of service as well as a good opportunity to network towards a better relationship.
Educational Material – From Beginner To Advanced
There are many ways to learn Forex Trading but in my opinion, the best way to keep up with the steep learning curve is through the online videos that CM Trading offers. They discuss many topics such as social trading through to the actual trading strategies. Key topics are discussed that will remove the fear of trading recklessly and educate you on avoiding the pitfalls new traders make.
How Do You Withdraw Money?
CM Trading takes their users security seriously. When you withdraw large amounts of your hard earned profits from your account, they will confirm it with you first. Secondly they won’t pay it out unless it is a known account. Your money is safe with them.
- Credit Card
- Wire Transfer
- Fasa Pay
- China Union Pay
If there is a specified withdrawal method, be sure to ask you personal borker if it is possible.
What Mindset Do You Need – The Psychological Approach
There is a definite mindset to consider, albeit a dynamic one. This mindset is directly correlated to your personality and the trading personality you develop from it. As a trader, you have to acknowledge that you have to follow certain principles in order to succeed.
Here are some pointers you can take into consideration:
- Do Not Trade Subjectively – A trader that approaches Forex emotionally will not only experience money as a loss but will also have to deal will unnecessary mistakes that is derivative from attaching emotion to trades. On the other hand, a logical, objective approach will ensure you can make important decisions and have a strategy in place for almost every outcome.The thing is, the Forex market is a movement of numbers and patterns with clearly defined processes and measurements. Learn it well and you climb the ladder of knowledge quickly.Yes, the news and media are very important emotional influences on the market, but by eliminating your emotion from the equation, you ensure less risk on your trades in the long run
- Know Your Market – Do not trade with reckless abandon. Research each currency pair you are going to trade. Carefully select your currency pairs use what you know to your advantage.For example, know the range of movement on each currency pair or discover that if the value of the Euro falls, the US Dollar will rise and vice versa; otherwise known as hedging.
- Thoroughly Research Your Strategies – Ensure that your strategy works for the currency pairs you’ve selected. Do not limit yourself to one strategy as each strategy works for different variables. For example one strategy would warn against opening a trade while another would allow it but with different parameters. With Metatrader 4, you can save multiple templates or strategies and cycle through them on each interval or currency pair.Do not assume that your strategies are perfect. There will always be room for improvement. Apart from research, you can also play with indicators on your own and even develop your own strategy from scratch.
- Do Not Overcomplicate Your Strategy & Your Approach To The Forex Market – Take a look at a simple view from Metatrader 4. Most the data you need to succeed are already displayed. Add data as you deem necessary, but don’t make it too complex. Allow yourself to comfortably get used to everything Metatrader 4 has to offer.
- Get To Know the Person You Are Copying – This is if you are using CopyKat. By analyzing the trader you are copying you get to know more of their strategy as well as their limits. This allows you to make quick decisions if your trades are going in the wrong direction.I for example took a few weeks to see how the person I copied functions and processes trades. I discovered his or her limits with each lot size invested and I discovered that he/she like to keep their trades open for long periods, even if it is going in the wrong direction. Hence, I decided to close these open trades if it reaches a certain threshold. Sure you lose a bit of profit but it allows me to trade consistently.It is the patterns that you discover that turn your copied trades into your own personal trades.
- Declare Your Intent From The Beginning – Declare it to the public, to your friends and to your family. Let them keep you liable to reach that goal and make it a challenge. I believe in Dan Lok’s approach to setting goals. By declaring your intent, your results will follow. Do not hide it, unless you want to keep your dreams just that, dreams!
When Do You Start?
There is no better time to start trading Forex than right now. It is the fear of the unknown that stops us from taking the first step. If you are here and your interest has been piqued, then take the step to open a demo account with CM Trading
Leave regrets behind and do not fear the future towards a better life.
When you are ready to commence the step to trade with actual money, again do not hesitate. You are your own worst critic.
I am currently making a consistent profit by just copying one person. My first month saw my deposit grow by 1000% but I had to remove negative trades that wasn’t going in the right direction. This cost me some profit but I learned from my mistakes and now my profit is consistent.
I’d like to ask you a question. It’s life changing question, but only if you commit to it.
Where do you see yourself a year from now?
Post it in the comments, share it with your closest circle of friends or make it a personal goal, just commit to it. That’s my challenge to you.
Do you see yourself free from financial bondage; the typical 8 to 5 work day. Or do you see yourself still stuck in the same routine you are living now? Is this routine bringing you happiness and if not, what will break the pattern and allow you to be happy?