NORTH PORT, Fla., Sept. 27, 2013 /PRNewswire/ -- Dmitri Chavkerov, founder of Forex Peace Army, believes that success comes to those who have a specific monetary goal in mind and work towards it. When a person earns money just for the sake of gaining wealth without having a plan of action or objective in mind, there are higher chances for the person to lose track in the midst. Goals and targets would be the much-needed motivational factors for earning money and increasing the overall wealth.
Effective trading is all about making the right decisions at the right time and having perfect and specific monetary goals. There are several rules and regulations with regard to forex trading. However, there are some fundamental rules that need to be followed for successful trading practice. One such prime and fundamental rule is to have specific and reliable monetary goals when trading.
"One could say that the biggest secret to building a successful house is to lay a proper foundation, because without it, the house won't stand. Foundation can be called the biggest secret of a house, because it's so crucially important and because it cannot be seen by our naked eyes. It's no different with building a successful forex trading career. The roof of such a career is your trading strategy. The walls and floor are your money management and trading psychology. But in addition to all of this, you must also have a foundation, without which, your forex house will probably fall down, and you will be considered as one of those 98% of people that failed in forex. My experience suggests that this number is much higher than 98% by the way," says Dmitri Chavkerov, Forex Peace Army President.
Dmitri Chavkerov is a pioneer in the forex trading field. He has been offering trading guidance through Forex Peace Army, a reputed forex reviews website. According to him, the first and foremost rule for forex money management is to have a very specific monetary goal at hand. By creating a reliable and definite goal, it is possible to come out with manageable segments in the trade that helps towards increasing the net worth or overall profit.
"The reason I became a millionaire is because I had a very specific goal to have $1,000,000 cash in very specific bank account, and eventually it happened," says Dmitri Chavkerov.
Dmitri has personally witnessed several cases where people faced loss just because they lacked money management strategies and the next time when they had a goal to move towards, they succeeded. "I was visiting Texas, and was talking there with a guy whose name was Keith Cunningham. At one point of his life, this guy's net worth was in excess of $100 million. Then somehow he ended up completely bankrupt. He took several years off, and did some soul searching, studied all kinds of spiritual books and disciplines, and after a while got back into business, again made many millions, but this time he was able to keep them."
Forex Peace Army website has been rendering useful and insightful information and reviews on different forex trading methods and platforms. Forex Peace Army provides traders with fx schedule from time to time that helps them make important trading decisions.
Money management is one of the most important areas in the investment field and this is an important subject that traders need to focus on. Different views and perceptions prevail regarding effective money management as it comes with many rules and regulations. However, experts believe that the fundamental rule of having specific, successful monetary goals when trading is the real game changer.
"If you look all around us, the entire nature is one efficient system of taking, preserving, and giving back. Look at a tree...it first takes in nutrients and water from the Earth, it stores it in its trunk, and then uses the stored nutrients and water to grow leaves and bear fruit. Or a bear who eats as much as it can during summer, and uses all of its preserved fat during winter in order to survive," says Dmitri Chavkerov.
According to Dmitri Chavkerov, in order to increase the net worth people need to create a specific monetary goal and work towards achieving it. Having a goal would motivate, streamline the actions and thoughts of the individual in that very specific path. Becoming rich is not all about earning money and put it in the bank saving account. It is a lot more than that. The individual who wants to gain wealth and reach the monetary goal needs to understand the basic pattern for money management which is to take, preserve and give back in the right proportions.
SOURCE Forex Peace Army