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Why You Should Trade on Your Personal Account

7:50 AM Mar 26, 2020
7279
For beginners

Today, Forex offers a myriad of options for making money: trading with signals of other market participants, automatic copy trading, accounts kept by money managers and so on. But still, the best prospects are from your own trading in your personal account. Today I will try to convince you to choose this particular way of earning.

You Make All the Decisions

When you trade for yourself you become your own boss. No one can tell you which transaction to open, how much to risk, when to stop trading, etc. You can manage your time and decide when you can take a day off. The thing is that this is your own money and it is up to you how to manage it. So, if you are tired of depending on someone else’s decisions personal trading is the perfect solution.

You Don’t Have to Share Your Profits

Of course, when using the signals of other traders or using the services of a money manager you don’t need to spend time trading and even learning. However, part of your profit will go to third parties. Imagine that you pay a commission and a spread to a broker, then give part of the profit for the signals, and then the percentage goes to taxes. And what remains in the end?

Personal trading will not save you the need to pay various fees, but the rest of your profit will still be yours.

No Need to Report to Anyone

Imagine for a moment that you have achieved such success in trading that you decided to become a money manager and manage the accounts of other traders. It seems to you that this is a new step but in terms of the freedom you have stepped back. Now you have to report for each of your actions to the investors whose money you are managing.

Yes, managing large amounts and the percentage of profit is an additional income but in this case, you will again have the bosses that you wanted to get rid of so much. It is better to focus on profits in your personal account and gradually increase capital, getting more and more profit. In this case, you will only answer to yourself.

Losses Might Be Beneficial

Even professional traders still face losses. Success is determined by your overall performance. The main thing is that profits exceed losses. At the same time, often the number of losing transactions can still exceed profitable ones. It happens as with proper risk management the profit on each individual transaction is twice or three times the loss.

Now that it’s clear to you that losses are just part of the process, let's find out how to make use of them. It's all about learning from your own mistakes. If you keep a trading journal, you can analyze your transactions in order to improve your trading skills in the future and make useful changes to the trading plan. When someone else is trading for you, you don’t get the details for each position and you can’t perform such a useful analysis.

You Make All the Corrections

When someone else is trading for you or you are just following the signals, it is not you who decides which strategy to use. Even if you stumble upon the best trading system in the world, you cannot force your signal provider or money manager to use it. You can’t make any adjustments to it either when the strategy suddenly starts to malfunction.

When you trade on your personal account, you build your own trading plan:

  • Choose a strategy
  • Pick the best indicators
  • Keep up to date with programs and systems

You Can Diversify

Among the main advantages of Forex are profit, self-employment, free schedule, and so on. At the same time, no one says that trading can significantly improve your life by influencing you personally:

  • The development of self-discipline. As you learn to carefully follow a trading plan and keep a trading journal, you become a more disciplined and patient person as a whole.
  • Making new good habits. Many traders get up earlier, begin to meditate and sleep more, as all this affects their trading. But it also benefits in real life.
  • Learning to control your emotions. Negative feelings, such as greed and anger, are the sworn enemies of the trader. During the trading process, you will learn to control these emotions and that will help you in communicating with others.
  • General development and improvement of memory. The brain is a muscle that needs to be constantly trained. During the start-up and further Forex studying, you will learn and remember a lot of new things. You will constantly expand your horizons and become a more erudite person as a whole.
  • The Forex market is simply awesome. Few people think about how interesting it is to observe the development of the market, its reaction to various events. Only when trading on your personal account you will learn to understand and feel the market.

To Summarize

Each way to make money on Forex has its own advantages. If you are not ready to pay due attention to training and trading itself, then you should not try to earn money yourself and leave it to professionals. However, if you want to experience all the benefits from this article then open an account and enjoy it.

 

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to reward ratio trading calculator trader’s age emotion control stop-hunting false signal trading session New York session Asian session non-farm payrolls fed rates decision central banks mentor teacher Forex education Forex books candlesticks bonuses tradable bonus no deposit bonus deposit bonus cashback pending orders counter-trend trading risk-to-reward ratio 1-2% rule uptrend downtrend news releases slippage emotional trading stop orders limits orders trailing Stop correlation Correlation Matrix EURUSD EURJPY RSI Overbought/Oversold indicator doji morning start candlestick pattern liquidity London session gap requote US dollar greed excessive trading Expert Advisor trading instrument Twitter Trump euro Canadian dollar Japanese yen Mexican peso currency pairs Fed China economic news currency wars USA interest rates trade agreement H1 H4 D1 sell trade buy trade price level trading system COVID-19 coronavirus lockdown checklist Default mode network Nonfarm Payrolls intraday traders lot size Stop Out margin breakeven pip point entry price chart candles weekly candle daily candle engulfing candle Doji W1 fears money management trading signals Charles Dow Dow theory primary trend Relative Strength Index signals market noise trading volume oversold/overbought corrections candle M30 GBPUSD GBPJPY pending order fundamentals Interbank order Stop order Limit order Standard account Interbank account liquidity provider M5 chart gold XAUUSD Chinese yuan flat US Dollar Fed Interest Rates inflation level XPTUSD platinum XAGUSD silver USDCNY Chinese Yuan instruments swap trading hours Buy Stop Sell Stop Average True Range ATR range sideways range price level trading scripts Excel tables entry point equity balance applications highs and lows RSI Fibonacci terminal server proxy OS Windows XP self-trading Forex advantages gap trading Fibonacci levels USDJPY Buy Limit Cherry Blossom market cycle mark-up mark-down consolidation distribution long positions short positions double bottom triple bottom double top triple top pattern signal presidential cycle Elliott wave Kondratiev wave Forex terminology quote standard lot mini-lot micro-lot cross pairs exotic pairs counter-currency terminology Margin Call long position short position buy sell candlestick chart bar chart line chart range market channel high low ADX OHLC patterns profit level martingale aggressive EAs VPS demo account EA tester trading signal chasing the market clicking the button oil trading lot EUR cent account Forex mentor novice trader emotions control fear psychological level round numbers Key Levels indicator MetaQuotes iOS Android mobile trading mobile terminal VPS server financial portals day trader position closing short timeframe fast trading news site news portal FXStreet Investing.com Forex Factory ForexLive DailyFX CPI PPI economic indicators Non-Farm Payrolls monetary policy FOMC retail sales inflation rates program installation intuition apps ECN brokers market makers financial 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market cryptocurrency market figures diamond divergent triangle symmetrical triangle reversal signal financial intelligence financial education long-term investing triangle ascending triangle descending triangle risk control stocks Forex mutual fund EUR/AUD AUD Australian Dollar Australia ECB RBA demo live live account spike bearish spike bullish spike breathing techniques meditation unusual trading tips useful habits nutrition intermittent fasting Three indians pamm mam expert advisors start-up capital business Forex business oversold overbought reverse signals 15-minute chart full-time trading discipline drawdown inflation devaluation IDR LAK export Russia regulations regulators Central Bank quantitative easing quantitative tightening Donald Trump Joe Biden coins indexes DXY ICO Mrs. Watanabe beginner trader carry trading young traders women traders productivity self-discipline rectangle sideways channel trend figure Alexander Elder John Murphy Jack Schwager limit order leaving Forex 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losing streak perfectionism consistent profits starting capital initial investment market psychology japanese candlesticks PAMM trust management money manager holidays market sentiment CHF CAD Great Britain pound Swiss Frank reserve currency averaging morning routine initial capital potential profit reverse pattern rounded bottom rounded top saucer inverse saucer IB Program IB Commission Sharing reversal patterns deposits payment methods payment systems local transactions trader’s block market balance