blog29

How One Trader Turned $4 Into Over $5,000 Profit

by with No Comment Forex

Think you have to be a financial expert to trade the markets? Think again! This is the story of 19 year old Hoa Nguyen; a small-town girl from Vietnam, who turned a $4 account balance into over $5,000 profit in just two weeks.

We often hear of success stories but seldom believe in them; turning a situation on its head seems impossible after we experience a crushing failure. But if there’s one place where amazing turnarounds are possible, it’s the ever-unpredictable and opportunity-rich forex industry. And Exness trader Hoa Nguyen is living proof of it.

Inspired by Hoa’s story? Open your account now at www.exness.com

From $4 to $5,000

After joining the Exness Tradathlon contest earlier this year and very quickly making her way to first place with $4,000 in her account, Hoa found herself on the unprofitable side of a flash crash and saw her winnings dwindle to a mere $4 overnight. Disappointed and discouraged, she stepped away from trading to clear her mind, but just a day later, determined not to give up, she decided to give it another try.

After a day of grinding, Hoa watched her $4 turn into $185 and almost triple to $500 the next. On the third day, the measly $4 had grown to a whopping $2,000 and you can easily guess how it went from there. The result? Second place in the Tradathlon contest, a ticket to compete in the Grand Final in Dubai, and over $5000 cash profit to take home!

What can we learn from Hoa’s story?

No initial deposit is ever too small;No situation is impossible to turn around;Never give up, even when your funds are almost drained;Practice patience and discipline in your trading;Stick to your trading strategy and don’t make rash decisions based on emotion;Grind.

What exactly is a grinder? According to Investopedia, “In financial investing, this describes a person who puts in significant work to bring in small amounts or profits in a highly tedious and laborious, but ultimately effective, manner.”

So for those of you just starting out in forex, don’t adopt a “get rich quick” approach. Start small, work hard, be patient, and believe in yourself and the possibilities this market can give you.

Ready to make your first deposit? Visit www.exness.com today.

You can watch Hoa share her inspiring story here.

 
 
 

 

 

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blog15

Want To Trade Forex Like An Expert? Your Trading Log Is Key

by with No Comment Forex

Why Study Your Trading Log?

Just as with keeping a journal, downloading and analysing your trading log — or the record of your trading history recorded on your trading platform — can be key to gaining valuable insights into the forex market.

You might notice, for example, that while you’ve opened many different positions on many different currency pairs over a certain period of time, only one or two (or none) turned a profit for you. This might be a sign that you are spreading your attention over too many trades and, thus, you should focus on fewer. On a similar note, you might find that you trade best early in the morning or late at night.

These are just examples, of course. The insights you uncover will, of course, be specific to you. Analyzing your past performance is key to discovering them.  

Top Tip: Studying Your Trading Log Can Be a Great Path To Growth

Your trading log can help you discover everything from the trading style that works best for you to what currency pairs or commodities you do best with. Ignore it at your peril.

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blog2-1

Bitcoin Technology: Under the Hood

by with No Comment Forex

Learn Forex Trading

Author: Andreas Thalassinos

In 2008, Satoshi Nakamoto proposed a peer-to-peer cash payment system that would allow people to transact directly with each other, without the need of financial institutions. Since then a lot has been said and written about bitcoin, the new digital currency. The purpose of this article is to shed some light on the jargon surrounding the technology and, more specifically, the computer network that facilitates the payment system.In computer networks there are usually two main models: client/server and peer-to-peer. The difference is the role and functionality of each participating computer (or node, as it is usually called).

Client/Server

In a client/server model, there are two discrete entities; the server and the clients. This is a centralized environment where the applications, files and other resources are stored on a central computer – the server. The server acts as a central authority that provides services to the rest of the nodes in the network. It shares information and resources with the clients. All clients are connected to the central server. This model is prone to security breaches, hacks and breakdowns as the server constitutes a single point of failure. If the server is faulty, it can bring the whole network down.

Peer-to-Peer (P2P)

On the other hand, a peer-to-peer network is a decentralized model – in other words, there is no central authority or server. Instead, each node acts as both server and client, where all nodes are equal. BitTorrent is perhaps one of the most popular P2P networks for file sharing. While peers are vulnerable to security attacks (which the Bitcoin network takes care of through its protocols), the advantage is that scalability is easy. A new computer may be plugged into the network and be up and running once in sync with the network.

As the network expands, its computational power expands as well. Furthermore, a faulty computer will not jeopardize the integrity of the network. All computers are interconnected and communicate with each other constantly – this way, the propagation of messages continue uninterrupted. This is perhaps the greatest advantage P2P has – it’s a fault tolerant network.

Distributed System

The Bitcoin network follows a distributed application model, where the work load is spread among the participating nodes. When “digging” into computer networks, one will come across the Byzantine Generals Problem where consensus is the goal. In order to maintain reliability in the network, consensus must be reached among the participating computers. 100% consensus is, of course, ideal but not always feasible.

Byzantine Generals Problem

A group of Generals have surrounded an enemy city. They have to attack or retreat based on the Commanding General’s orders. It is imperative for the success of the campaign that there exists consensus among the Generals. Messages are passed from the Commanding General to the Generals through unsecure and penetrable networks. Even worse, a number of the Generals and/or even the Commanding General himself may be traitorous. As long as the Commander is loyal and the number of traitors is not greater than one third of the Generals, then consensus may be reached to attack or retreat at the same time.

In a nutshell, there must be 3t + 1 Generals where t represents the number of traitors.

It is obvious that General 1 will receive contradictory information from the Commander and General 2, who happens to be a traitor. In this scenario, it is not possible to achieve consensus (which is more than 50% in favor of attack or retreat).

The Bitcoin system faces the same type of problems as the Byzantine Generals. In order to bypass it, Satoshi Nakamoto introduced the proof-of-work concept. When sending a message, the message is hashed and a nonce is sent to all nodes to verify the proof-of-work. Every message (i.e. block) is chained and as a result it is close to impossible to tamper with it.

Conclusion

Bitcoin follows a decentralized, peer-to-peer networking and distribution model. Consensus is needed among the nodes to ensure smooth operation of the network. A number of “bad” nodes are not capable of altering the blockchain due to the implementation of proof-of-work.

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