There is an ongoing debate whether Forex trading is halal or haram for Muslim. But thanks the professional brokerage firm for clearing out this confusion. In the past, most of the trading accounts were associated with swap or overnight carrying a charge. But things have changed over the past years and the Muslim traders can easily trade the market with swap free trading account. According to a recent study, the Muslim traders are doing relatively well in the trading industry. There are some specific reasons for which they are doing well even though the success rate is very low in Forex market. Today we will highlight the key reasons for which the Muslim traders are able to make consistent profit from this market.
They are disciplined
Most of the Muslim traders are extremely disciplined. They are more concern about their investment rather than making money on random trades. Instead of trading the market with their gut feelings, they work hard to learn the three major types of market analysis. Discipline is the key to become a successful trader. Even if you lose trade on regular basis, it will be really easy for you to make money by trading the market with high-risk reward trade setup. You can’t afford to overtrade the market as it will force you to execute low-quality trades. So how do you become a disciplined trader? A million dollar question for the retail traders. You have to understand the associated risk of this market before you start trading with your real money. Write down your trading routine and follow it very strictly. If you break your trading rules, take a break from your trading. You can’t make any real progress unless you truly understand the true value of discipline.
Learn from your trading mistake
The Muslim traders are very smart when it comes to currency trading profession. They always maintain a trading journal since it allows them to find their faults. Learning from your mistake is one of the easiest ways to improve your trading career. You might have very little knowledge of this profession, but if you start solving your problems it won’t take much time to improve your trading skills. You have to become a voracious reader to learn the complex nature of this market. Maintain a paper-based trading journal since it’s the best way to develop strong discipline. Your journal should be very neat and clean so that you can easily know why you have executed a certain trades in the market. But never make things overly complicated as it will force you to make big mistakes.
An active member of the professional trading community
As a new trader, you have a lot to learn from the senior traders. If you think that you have the perfect trading system in the world and you need no help you are making a big mistake. This is where the Muslim traders are one step ahead. Most of them are active members of the professional trading network. They always try to gain exposure of the professional trader since they can easily get valuable advice. See the trading charts of the experienced traders and you will get a general idea how they are doing the market analysis. But this doesn’t mean you will be trading the market with other people advice. No one can give you 100% accurate signals in this market. You have to do the math and deal with the probability factors of this market. Try to trade the market with high-risk reward trade setup so that you can easily make money even after losing trades.
Forex trading is extremely risky. You can’t shine in this profession unless you are extremely devoted and determined. Trade with the money that you can afford to lose. Never trade this market to become rich within a short period of time.