position trading, the pros: Dont need to spend much time trading because your trades are longer-term Less stress in your trading as youre not concerned with the short-term price fluctuations A favorable risk to reward. In this case, you are not being hired by a prop firm usually, rather you are being hired by a company to work on their trading floor (a division that trades company money). Another common reason for failure is that the trader is undercapitalized ; meaning, he or she doesn't have enough money to take on the risk and absorb the inevitable losses. While there may be the rare case where a trader manages to make a huge amount of money in a short time, that's not the norm. Because youve seen traders make money with different forex trading strategies. Do I have realistic expectations? This, unfortunately, means you are no longer surrounded by other successful traders when you start out.
Prop traders are not usually paid an hourly wage or salary and don't receive perks like health care. So, you wait for EUR/USD to come to Support before taking your position. This model is prevalent in the. Well, the idea is to enter a trade on the lower timeframe, and if the market moves in your favor, you can increase your target profit or trail your stop loss on the higher timeframe. Some only trade a few times a day for bigger gains. This means you must trade the lower timeframes and spend more hours in front of the screen. Heres the thing: Ive seen traders wasting many years on trading strategies that dont suit them (right from the start). Day traders who are allowed to work from home are typically experienced with a history of success with the firm, or are hired as experienced traders with a proven track record. 4: Keep It Professional and Friendly! Also - be aware that r/ forex is not your trading journal.