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Thread: Withdrawing in Forex Trading

  1. #1
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    Withdrawing in Forex Trading

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    An article by YOHAY | OCTOBER 17, 2011

    Are you trading forex to make money? Te answer is a clear yes, isn?t it? Now, the next question is: When do you plan on withdrawing your profits?

    If you don?t have an answer ready, you should make a plan for that as well. Here are the advantages of making withdrawal plans, and some ideas about how to do it.

    Unfortunately, many brokers see your full deposit as their revenue. In too many cases of unfair brokers and too many cases of reckless traders, this turns into reality. But let?s assume that your broker is fair and you are cautious, trading with a carefully made plan, executing your plan and sticking to it.

    The next step is making a strategy for withdrawals, a Take Profit point for your account as a whole. This has several advantages:

    • 1
    Seeing the bigger picture: It provides a framework for your trading. You can see the bigger picture for your moves, the greater goal ? not just trading for the sake of trading.
    1. 2
    Putting losses into proportion: When you lose a trade, it?s not a tragedy but rather part of pattern of winning some and losing some, with the bigger goal getting closer.
    1. 3
    Motivation: It helps you remain motivated, especially if you have plans for the profit you are about to take.
    1. 4
    It helps you from becoming overconfident. If you hit a winning streak, you might feel that you can ?beat the market? and start enlarging your position sizes or trading less cautiously. The result is usually erasing your profits and quickly diving into losses. Putting some money aside will let you enjoy your profits and keep you focused in your trading.
    I?m sure you are able to find more advantages for having a withdrawal point.

    Now, how can you set one? There are different targets and this depends a lot on your character.

    Withdrawing after reaching a percentage of profit: Long term sustainable forex trading means that your return on investment will be a bit better than benchmark indices (especially in bearish markets). But that?s it. Doubling, tripling or quadrupling your account in no time is a non-realistic target. Check out a good year in the stock markets and see how indices gained on average. Setting a target around these profits is a good idea.
    Withdrawing after reaching a certain account size: This is similar to the previous point, but there?s a small twist: preventing your account from growing too much will help you avoid the overconfidence mentioned earlier.
    Withdrawing on a monthly basis: The target can be remaining profitable on a monthly basis and withdrawing the profits. This will be lower and higher each month, but it will still provide a time framework ? a timely goal for withdrawal.

  2. Under 1st Post -dynamo
  3. #2
    bestforexpartners
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    Thanks for sharing good piece of info. Its true that sometimes trader lose their money because they don't have a perfect plans for the withdraws and the brokers take the advantage of the trading. I think your withdraw plan is very effective to the traders they know exactly how and when to withdraw in Forex.

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    Thanks for sharing... I am always making regular withdrawal, usually I makes once a week, no matter I get accumulative profit or not. But the ammount isn't fixed, depending on the situation

  5. #4
    padman400
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    I have never won any money so have never done a withdrawal haha. That's after about 2 years trading as well Donkey trader I suppose.

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    Quote Originally Posted by bestforexpartners View Post
    Thanks for sharing good piece of info. Its true that sometimes trader lose their money because they don't have a perfect plans for the withdraws and the brokers take the advantage of the trading. I think your withdraw plan is very effective to the traders they know exactly how and when to withdraw in Forex.
    A trader must have a trading plan in order to trade more focused, even when profit is in our hands, we would know what we should do. This is where the benefits of a trading plan.

  7. #6
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    I like to use a broker which has wide transaction system. Because, I know only good brokers have this facility. Besides, the withdrawing process of market maker brokers are much complicated. In my live account of TradingBanks, I get most quickest and useful service to withdraw my big profit. Because, I can withdraw my huge profit at any system of transaction including free bank withdrawal.

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    The obvious focus needs to be on making profits first and then worry about withdrawal. However, I do agree that right broker is the key to many things. I work with OctaFX broker and they are highly rated and trustworthy with been regulated by FCA and also have segregated account, so all his makes them very special. We also get all payments done instantly through them without commissions at all, so it works very nicely and pushes away and kind of risk.

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    dynamo - First and lasp post every thread AXITrader aff
    Forex Trading is quite a nice way to make money online, but only if you have utter seriousness in it, else you would be just wasting your time and money in it.

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