http://spectretrading.com One of the biggest mistakes that many Forex traders make is that they don’t treat their Forex trading like it’s a business. Instead, they treat it like a trip to the casino, and many of them end up behaving like drunk gambling addicts instead of calm and calculating traders. If you want to succeed as a Forex trader, you have to think of it as a serious business, because it is.
There are costs to being a Forex trader, just like any other business. Your goal as a trader is to try and bring in more money through revenue (winning trades) than you have going out through your costs. If you can do this, you will make a profit. However, if you let your costs (mainly losing trades) get out of control, you will lose money and your Forex business will go under (you’ll blow out your trading account)
The cost of doing business in the Forex market
Just as you have costs in any other business, you have costs as a Forex trader. Your costs as a trader are the losing trades you have, the commissions and spreads you pay, computer and other office equipment, etc. No matter how hard you try to avoid losing trades, you are always going to have them, and they are the biggest cost that you have as a Forex trader. Sadly, many traders don’t think about trading like this, instead they think of trading either is a trip to the casino or they view it as something they can become “perfect” at and never have any losing trades.
The reality of being a trader is that you will always have losing trades, no matter how hard you try to avoid them, you will have them. So, that’s your number 1 cost of doing business in the Forex market. What you’ve got to do is what every other business does; make sure that your revenue offsets your costs enough for you to make a profit.
http://spectretrading.com the world's first broker-less platform offers forex, smart options and cryptocurrency trading with award winning trading platforms, tight spreads, quality executions, powerful trading tools and 24-hour live support. SPECTRE, short for speculative tokenised trading exchange, is a dramatically different approach to the classic, fraud-ridden financial trading model where brokers regularly tamper with platforms, engaging in unethical behavior with financial traders and clients. Examples of this behavior include tampering with price feeds, freezing withdrawals and trading on the client’s behalf without permission. Instances of fraud are rife across the binary options and FX industry with regulators across the globe struggling to contain the problem. SPECTRE, built ground up on the Ethereum blockchain, removes the financial broker out of the equation and through the creation of novel, private escrow smart contracts along with a decentralized, autonomous liquidity pool, removes the need for deposits as well. This means that traders around the globe can engage with the financial markets, be it binary/digital options or trading FX and other asset classes, without human intervention. Ethereum blockchain allow us to disrupt the classic trading model and remove the broker out of the picture entirely. The conditional, decentralized and autonomous liquidity pool that is owned by the public (not us) and rewards the public in the form of dividends, brings a new era of transparency into global financial trading. Traditional financial trading scenarios see traders trade directly against the broker’s balance sheet, creating a range of conflicts of interest and moral hazards. Financial fraud in trading is a multi-billion dollar problem each year. The Spectre platform solves this problem.
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