Why are bonuses not helpful in developing a career?
Traders want to use the bonuses awarded by the brokers to make their balance grow. It is not long before they find out there are many regulations. While they are given as an incentive to improve the performance and practice more, certain regulations refrain the investors from using them other than trading in a live market. This comes as a shock to the community because many people only invest to get rich with the bonuses. We know this sounds ridiculous but in this industry, diverse traders appear with goals in mind.
In this article, we are going to explain why bonuses can never be helpful to develop a successful career in currency trading. This is not the standard profession where employees can use the bonuses. As service providers want to get customers, they have to implement exceptions and make the people use the money in the market. In this way, they will get spread and even make a profit if the customers are performing expectedly. In all situations, only the skills are important to make money.
What is the goal of awarding bonuses?
Before we dig into this idea, traders need to understand brokers are not helping the people because they want to. They only give virtual money because they want to expand their profession. This is how this market is going to work. Instead of promises, investors are motivated to see the money in their account. Though it is not possible to withdraw, this increases their performance as they comprehend the opportunities. If you have any strategy to become rich by using this balance, get this out because that will never happen in Forex. However, performing successfully can have a positive impact which will help to develop the career. Remember, while dealing with the IPO, you should not be more concerned about the bonus rather you should be working hard to analyze the market directions.
I can withdraw the bonuses afterward
Why panic when I have the opportunity to manage the fund? Every person is the manager of their capital but whenever they are given bonuses, it is up to the brokers to get a certain control when they accept these rewards. For example, withdrawing the deposit is possible but with bonuses, traders need to place an order. This is required and without completing this task, the money cannot be withdrawn. The majority lose their money when analyzing the market. They have no idea how to develop a strategy and simply replicate a professional formula. They have lost the fund before placing an order. With this mindset and skills, withdrawing the bonuses is never possible.
This gives a false sense of tranquility
In an industry where every individual is trying to make a profit, these bonuses appear like a blessing. Before getting emotional, know the risks. The market is not going to be simple and investors will not get privileges. They often think as their fund has grown, they can take more risks. This is a misconception. The risk management should not be changed based on the amount. If the capital has grown from 10 dollars to 20 dollars, this does not imply a person can undertake a 4 dollars risk in every order. If the money is lost, the remaining balance can help to invest. This false understanding makes people neglect the market and they lose. Though the purpose was to motivate the participants, the effects are adverse on the performance.
Shall I ditch the bonus forever?
You don’t need to make decisions on this aspect instantly. Gradually as the career develops, traders realize when this is the best opportunity. If a person is confident of the trend and wants to place an order, using bonuses then leverage is preferable. If the analysis is wrong, money will be lost which involves the bonus balance. In leverage, the deposit is lost. Consider the situations and decide what is best for the future. Change is inevitable and exceptions can be made always.
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