NORTH PORT, Fla., March 11, 2014 /PRNewswire/ -- Forex Peace Army CEO Dmitri Chavkerov believes that traders should concentrate more on effective trading plan, rooted in fundamental analysis, rather than putting too much stress over technical indicators. Dmitri Chavkerov is a popular name in the forex trading space. Chavkerov has been a pioneer in the foreign exchange space for the past several years. Forex Peace Army, the brainchild of Dmitri Chavkerov, is a trusted online forex trading portal that helps traders from all over the world achieve success in their trading efforts.
According to Dmitri Chavkerov, it is important for a trader to know priorities and proper strategies in forex trading in order to attain success in the space. He believes that there are many distractions and wrongful directions that could bring down the efficiency of the traders. Traders need to focus on improving the chances of profit by employing calculated strategies rather than resorting to technical indicators that always lag and are always out of touch with reality.
"The less focused a person becomes on significant points of trading by being more focused on some technical indicators, the less successful he will become, because he is cluttering his perspective with less important things. I think this is the essence of a good trading strategy," says Dmitri Chavkerov of Forex Peace Army.
Dmitri Chavkerov advises traders to rely upon important trading points like important news events, such as interest rate statements, employment reports, inflation readings, and support and resistance in order to gain success in trading. Support and Resistance are often mistaken to be technical in nature but they are not. These are two of the most significant and reliable trading indicators that can be used by traders to gain a holding in the highly volatile trading space.
"Support and resistance price points are by far the most reliable and most fundamental factors that one can use to profit in any speculative market. Even when trading the news, these points are crucially important. These support and resistance points have nothing to do with any technical indicator, but they are enough to make a fortune on the individual stocks. In fact, the less focused a person becomes on these points by being more focused on some technical indicators, the less successful he will become, because he is cluttering his perspective with less important things," says Dmitri Chavkerov, CEO of Forex Peace Army.
"I know many people nowadays that are trying to trade using automated forex robots. The reason I know this is because 25% of our entire website traffic is from pages where we do live tests of forex robots. I personally do not use forex robots, but I can say with certainty that any robot will eventually blow your account. It may happen in a month, it may happen in a year, or it may happen in 5 years, but eventually it will happen. But this does not mean that you can't make a bunch of money with it," says Dmitri Chavkerov, Chief of Forex Peace Army.
"Eventually every robot will blow the account. Yes, sometimes the robot will blow your account, before you can get your investment back, other times it will blow your account on the second double-run, so you simply got your money back, and made nothing, yet some other times, it will double your account several times before blowing up. I don't know almost anything about the forex robots business, but going from a purely logical standpoint, I think it's a viable business model, if you have proper money management system in place,"
Dmitri Chavkerov states that those who wish to use forex robots needs to have proper money management plan to get the best out of it.
"If I were to use forex robots to trade my account, here is a money management plan that I would use. Let's say I had $10,000 on my account. I would first double it to $20,000, and as soon as it happened, I would withdraw $10,000, this way I got my money back. Then I would keep doubling this no risk $10,000 account, and keep withdrawing half. So $10K to $20K, withdraw $5K, then $15K to $30K, withdraw $7.5K, $30K to $60K, withdraw $15K, $45K to $90K, withdraw $22.5K," says Dmitri Chavkerov President of Forex Peace Army.
Forex Peace Army is a well-known forex trading platform that provides traders with reliable strategies and techniques. Forex Peace Army has been functioning actively for the past 8 years.
SOURCE Forex Peace Army