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FUNDAMENTAL STRATEGY | EDUCATION FROM BROKERS Wed 28 Oct

USD/JPY update: Rising coronavirus cases, lack of stimulus, US election

A closer look at the factors affecting USD/JPY The US dollar dropped on Tuesday amid concerns of the rising coronavirus cases in Europe and US, and uncertainties surrounding the US election. How will it move against the Japanese yen in the coming weeks? On Monday, the USD/JPY gained slightly amid the US, Russia, and France seeing a second wave of coronavirus infections. New protocols have been enforced. European countries including Belgium, Croatia, the Czech Republic, France, and Germany have also recently recorded their highest daily counts since March. Hopes for another US fiscal stimulus grow meek as Washington policymakers revealed very little clues about it happening in the near future. The US dollar will delight in a negative fiscal stimulus. Despite the previous gain, USD/JPY dropped on Tuesday as bears took control of the market. The USD/JPY pair is on a downtrend for quite a while now. Margin traders would do well to closely observe the large psychological level at ¥105. According to a forex analyst at UOB Group, the outlook remains negative, and the price drop could extend further to the ¥104 level in the coming weeks. USD/JPY trajectory in the past 3 months [1D chart], SimpleFX WebTrader Support for the USD/JPY pair is now at ¥104.73 and then at ¥104.52. The pair is currently testing the ¥104.91 resistance, which can go forward towards ¥105.12 if the tide gets better. At present, USD/JPY is trading at ¥104.50 (3:17 pm UTC). The US election uncertainties add more pressure to the markets. Many traders foresee a larger US stimulus package if Biden takes the presidential seat and the Democrats take over the Senate. The spending will weaken the US dollar more. The gap in the election polls is narrowing a bit between Biden and Trump, and the risk tone can be tighter as the election date on November 3 nears. If the gap widens toward the end of the week, the markets could lean towards positive risk, which could stomp on the US dollar and push the Japanese yen further up. Trade USD/JPY at SimpleFX and make huge profits from the impending price moves. No matter if the market goes up or down, you can produce lofty revenue by speculating on USD/JPY prices. We offer up to 500x leverage so you can stretch your limit to the top! Join the USD/JPY Trading Contest this week and get a chance to cash in prizes from the $500 prize pool. All you have to do is trade USD/JPY on October 26 to November 1. Traders with the highest trading volumes will receive exciting rewards. Don't miss it! This article was submitted by SimpleFX. For bank trade ideas, check out eFX Plus

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BASICS | EDUCATION FROM BROKERS Wed 28 Oct

Money management and the rules of risk trading

The importance of money management On the market, the trader is always risking. As a rule, a beginner thinks little about it and my afford to risk without further thought, suffering critical losses. With time, when the trader gains experience, they begin to realize that there is something wrong to it. In trades, the trader loses more than earns, thought there might be more profitable trades than losing ones. Analyzing the history of their trades, they see that they make an insignificant profit, while the losses are substantial. Now let us figure out how we can reverse the trend and carry out large profitable trades, limiting losing ones. This is what money management is meant for. The main goal of money management is to save money and minimize losses. It is no secret that the risk to profit ratio must be in favor of the profit. It sounds logical, but what with the numbers? There are many opinions on this, but the optimal strategy is never to lose more than you can afford. If you cannot minimize losing positions, you need to minimize losses on them. The most widespread profit to risk ratio is 3:1. This means that of three earned points the trader may lose just one. 👉 To find more information about money management, please see this article. Example The trader opens a position on which they plan to make a profit of 120 points; in this case, their maximal loss cannot be over 40 points. The numbers may alter in accordance with the situation, but anyway the potential profit should be in proportion with the possible loss. Apart from the profit to loss ratio, there are many other rules of money management, such as risk on deposit. Ideally, the overall sum that the trader may risk at one trade may be 1%, 2%, or more. However, looking more critically, a risk of 2% per open position provides optimal trading. At the first sight, this ratio seems quite hard to keep to, but try using a calculator and seeing the real numbers. Example Imagine the trader has a deposit of 10,000 USD. The trader decides to open a trade sized 1 lot for EUR/USD (for easier calculation, let us consider 1 point of price movements equal 10 USD, this sum will differ depending on the currency pair and currency rates). Now, we have a deposit of 10,000 USD and a 2% risk on trade, which means the trader may afford to lose 200 USD or 20 points. If this risk is not in compliance with the trading strategy, the position being opened must be reduced in size. If the trade is opened or 0.5 lot, we increase the amount of points risked while the sum of 200 USD remains unchanged. Let us go on with calculations. If the trader makes a profit, they remain satisfied and things go on. However, we are calculating possible losses. If 200 USD is lost, only 9,800 USD remains on the account. In the next trade, the trader may also incorporate a risk of 2%. With the current balance, it makes 196 USD; if the risk is more, the rule of 2% will be broken. And then we go on counting this way, incorporating a risk of 2% from the balance in each trade. Another important criterion for beginner and inexperienced traders is the number of positions opened simultaneously. One or two positions opened at once will be the best decision. More open position will make risks much harder to control. Apart from what we have mentioned, there are many other options of minimizing losses and trading without excessive risks. For example, even before they start trading, the trader can define the conditions that will make them close all operations for today. Such criteria may be: Time for trading - 3 hoursSum earned - 600 USDOverall losses during a trading session - 200 USD (based on the ratio 3:1)More criteria may be added, such as the number of opened orders or something else. If any of the conditions is fulfilled, it is recommended to stop trading for today. 👉 More profound information about models of money management you can find here. Bottom line Regardless of the sum that the trader has on the deposit, money management will help if not fully eliminate losses then minimize them and remain with a profit. Analyzing the statistics of successful traders, we can see that even they cannot avoid losing trades, so you should keep calm and control your emotions. This article was submitted by Dmitriy Gurkovskiy, Financial Expert and Author at RoboForex Blog For bank trade ideas, check out eFX Plus

BASICS | EDUCATION FROM BROKERS Wed 28 Oct

Why you should be trading commodities

A look at commodities trading CFD Trading is a derivative financial instrument, and it is an abbreviation for "Contract for Difference." CFDs are of interest to traders who want to boost the amount and quality of their investments significantly. CFDs allow traders to carry out transactions on the probability of rising or decline in a financial instrument's price. The gain is determined by the difference between the price that the instrument was bought for and the price that it was sold for. Commodities Most brokers allow for the investment of an extensive list of precious metals (gold, silver, platinum, etc.), agricultural products (wheat, corn, coffee, cotton, sugar, etc.), and energy products (oil, natural gas, etc.). With access to this market through our trading platform, it is possible to trade these goods and take advantage of leverage up to 400: 1 on your investments, allowing you to trade with values up to 400 times the value of your account. What does commodity trading mean? The Forex trading term: Commodity is defined as "a good that can be exchanged for another good of the same type." Therefore, trading in commodities refers to the purchase and sale of those commodities around the globe. Many investors in global markets tend to trade commodities with CFD for various commodities since it allows profit to be made on ongoing operations with both higher and lower prices. Since CFD trading is a form of margin trading, the initial quota should be lower than it is in the case of basic commodity purchase, but there is an exposure to the risk of complete movement. The most precious commodities can be categorized into four categories: Precious metalsAgricultureEnergyCultured commodities While precious metals and energy commodities are common, agriculture includes crops such as wheat, and cultured commodities refer to coffee, sugar, and cocoa. Gold, silver, and crude oil are considered the best known and most traded commodities through CFD. Many factors affect commodities, such as 'productions,' which are significant factors in the fluctuation of prices, with seasonal changes affecting the value of crops. But the most influential factor is the offer and demand price. Storage capacity, especially with energy commodities, is considered the main factor that can affect these commodities' prices. Commodity trading benefits Narrow point difference (fixed-variable-ICN), as well as competitive prices without commissions or hidden feesOpportunity to take advantage of the rise and decline in commodity pricesControl the volume of profit and loss through take-profit and stop-loss serviceOpportunity to take advantage of international political conditionsOur clients can get information that is critically analyzed by our analysts in the real-timeMarket is open 24/5, Sunday 22:00 GMT - Friday 21:00 GMT This article was submitted by LegacyFX. For bank trade ideas, check out eFX Plus

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FUNDAMENTAL STRATEGY | EDUCATION FROM BROKERS Tue 27 Oct

US election trading playbook - Join Markets.com's live webinar

Don't miss out on understanding the impact of the US election Markets.com's Neil Wilson outlines his US election playbook and how to trade the Trump vs. Biden showdown. Perhaps one of the most hotly anticipated elections in a generation will be happening November 3rd, pitting incumbent Donald Trump vs. Joe Biden. The outcome of the election and runup to the event itself will have severe consequences for financial markets. Being on the right side of trades or knowing how to prepare is one of the most important things to consider. Join Neil Wilson, Chief Markets Analyst at Markets.com for a live webinar as he dives into the markets on the eve of the US election for a look at what different results could mean for traders. Stay Ahead of Market Volatility this November The webinar will cover the various outcome scenarios, who's likely to win and what different results may mean for the likes of the Dow and S&P 500. An additional emphasis will be paid to the outlook in each scenario for the US dollar and Treasury bonds, as well as how it might impact on oil and gold. Sponsored by Markets.com, the live webinar will take place on November 2, 2020 at 11:00 UTC. Add your details to register for this one-of event and stay prepared for what could be history in the United States and financial markets. Learn more about Markets.com's presentation and join the conversation by accessing the following webinar link . For bank trade ideas, check out eFX Plus

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TRUSTED GURUS | EDUCATION FROM BROKERS Tue 27 Oct

EuropeFX taking trading to the next level with RoboX

Take advantage of RoboX with EuropeFX Advanced solutions and technology continue to push the envelope for what is possible for traders. EuropeFX understands this and has managed to stay ahead of the curve in an increasingly competitive industry. The brokerage is now supporting RoboX, the next generation of smart trading machines. RoboX was engineered and developed by fintech Tradency. Its RoboX algorithm is based on tailored packages of smart trading strategies, designed to combine your personal trading styles and preferred assets with your personal risk management profile. The availability of RoboX has come amid popular demand at EuropeFX, having looked to offer the best trading experience on the market. The most advanced trading experience to date EuropeFX traders can take advantage of RoboX and capabilities, which is supported across all of its trading accounts. In doing so, users are able to eliminate traditional pain points in automating their trading software. Learn more about how to open an account today with EuropeFX. In particular, RoboX relies on complex bundles of data that are updated automatically in real-time as the RoboX algorithm scans upwards of 1 million different available trading strategies. With this information, the algorithm is able to match your account with strategies ideally suited for your overall trading profile. This differs notably from other retail social trading capabilities, which are far more limited in assessed trading strategies. RoboX is geared primarily at traders looking to diversify their trading portfolios. This has never been more important in 2020 given such high volatility currently seen in markets, compounded by historic levels of uncertainty and risk factors. Take your trading to the next level exclusively with EuropeFX. About EuropeFX EuropeFX is a leader in FX, CFDs on stocks, commodities, cryptocurrencies, and more. The company utilizes STP trade execution, offering live webinars and education sessions and an extensive lineup of tradable assets, markets, platforms and trading options. Risk Warning: CFDs are complex instruments and carry a high risk of losing money quickly due to leverage. 78.94% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. For bank trade ideas, check out eFX Plus

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FUNDAMENTAL STRATEGY | EDUCATION FROM BROKERS Mon 26 Oct

Volatility, S&P 500 & US elections

What to anticipate ahead of the US elections this year US Elections have been and are always expected to be an extremely volatile event worldwide. Elections, similar to other political or banking sector events, are notably treated by market participants with anticipation and speculation. Hence as the US election looms, today's article is not in regards to the outcome but in regards to current markets positioning just a week prior to the election as well as their future response to each possible outcome. While we have been facing an overall weak Dollar in the second half of the year, the proclivity for capital being safe harboured in US Treasuries means this is hinged on the global growth outlook establishing a sustainable improving trend, and that in turn may hinge on the world getting through the Covid crisis. However, the upcoming US election presents risks too, particularly given the perceived chance of the election being contested. Markets are anticipating another US fiscal package, although the timing remains uncertain, and the size and scope of it will be dependent on the election result. Wall Street narratives suggest that US stock markets are pricing in a blue wave on November 3, with Democrats sweeping the House, Senate and Presidency, which would result in many trillions of Dollars in fiscal support.  So far in October Biden's lead in the polls has deducted the risk of a contested outcome and hence supported the US Equity market to recover since September (after the 1st debate), but also drove the risk sensitive Yen. This comes in contrast with the historical reaction of Stock markets in prior elections. Historically, the stock market slows down and shows a weaker performance in the period leading up to an election, according to a study from US Bank. On average, the equity market showed a less than 6% gain during election years compared with an 8.5% gain in any other given year. How could the stock market respond to a Biden win (Democrats)? In the short term a Democratic win would support optimism as it would reflect an additional huge stimulus package. However, a blue wave outcome could also signal the prospect of higher taxes on businesses and rich people, something that could lead to a potential Equity market pullback. Biden's tax proposals are a means of paying for some portion of his spending initiatives such as health plans, housing support plans, jobs creation in the American auto industry, sustainable energy infrastructure and rise of minimum wage. Hence not everything is black and white, as tax proposals could boost economic growth while on a foreign level they would trigger a more stable foreign approach as he ambasses a more conciliatory agenda for global relations. Having all this in mind the US major indices such as USA500, for example, remain close to record highs despite Biden's tax policies, something that could imply that market participants are not necessarily sure that a Democratic victory would weigh on Equities. However, if markets fall on Biden's election this could in the near term boost the US Dollar into a rally. How could the stock market respond to a Trump win (Republicans)? History tells us that it is still possible that we will see a Trump win, even though it looks unlikely based on polls. Since 1928, the party that controlled the White House has won 90% of the time. The times that this happened the largest US stocks have risen in the 3 months prior to the election. Let's not forget that Trump's policies are geared towards American manufacturers and Wall Street (in contrast with Biden) - which could mean that Stocks could rise if the incumbent remains in office. According to CNBC journalist Nathaniel Lee: "Across the last seven presidential election cycles, average gains for major indexes such as the S&P 500 and Dow Jones showed positive returns in the six months before Election Day. The only exception was the 2008 financial crisis that rocked the stock market just ahead of November." - despite that, the stock market tends to perform on average much better during Democratic presidencies than Republican ones. As discussed in our HF Markets Q4 Outlook, markets look to have already priced in the possibility of Biden's victory even though they overall maintain an increasing cautious optimism, holding the US Dollar basket at 2018 low territory. Election-year fund flows, 1993-2020 Historically, it has been noticed that during election years, heightened uncertainty leads market participants to shift their investments into money market funds instead of the safety of stock and bond funds, as they wait it out. The year 2020 is not any different but it's been a unique one as we have seen an extreme money flow into currency assets in comparison with past election years, due to the sluggish US and worldwide economic activity as the Covid-19 crisis resumes, the truce with China  which is again under scrutiny, the lockdowns in several areas, the lack of additional fiscal stimulus from central bankers, Brexit frictions and the fear of a double dip recession in Europe. That said, cash balance into money funds spiked to $980 in 2020 as of June 30, given the large risk premia. However, as soon as the uncertainty recedes, we might see the equity market's volatility and volume spike again since they are considered to be attractive and more stable assets in periods in which there are historically low interest rates. If we focus on the medium term though it is expected that if current conditions sustain, market volatility will extend beyond Election Day regardless of the  outcome, i.e. a Biden win and Democrat majority in Congress, a Biden win but split Congress, or a Trump victory with split Congress. Meanwhile, a chart from the Wells Fargo Investment Institute shows the USA500 implied Volatility index along with the USA500 index performance prior and post-Election Day based on every election since 1988, with the 2008 recession year excluded. This chart interestingly suggests that typically the USA500 tends to ease/consolidate a bit a month prior to elections despite extremely high volatility, while the USA500 price continues its upwards move after the election day even though volatility declines significantly. This article was submitted by Andria Pichidi, Market Analyst at HotForex. For bank trade ideas, check out eFX Plus  

TRUSTED GURUS | EDUCATION FROM BROKERS Mon 26 Oct

Get passive income just by sharing the SimpleFX US election banners

Be a SimpleFX affiliate today to start your campaign Did you know that anyone can make passive income with SimpleFX? Affiliate marketing is one of the easiest ways to generate profit online. SimpleFX has the best affiliate program compared with other brokers. With up to 25% lifetime revenue share, you are sure to cash out more! SimpleFX is the go-to app for mobile traders with over 200 symbols in different asset classes and offering the highest leverage at 500x! We have grown organically for 6 years and serve over 240,000 active users in over 100 countries. Why Become a SimpleFX Affiliate? It's so easy to make money by affiliate marketing. But first, you need to have the right partner. SimpleFX offers highly attractive products for potential traders. So, making commissions by inviting traders to SimpleFX is a smooth ride. At SimpleFX, traders can easily make a trade on popular stocks like Facebook, Apple, and Amazon, and venture into other assets like gold, oil, forex, cryptocurrencies, and indices - all in a single app. Margin traders can even buy or sell instruments with a huge 500x leverage to maximize revenue potential. TheSimpleFX WebTrader is the leading mobile-friendly trading app with a clean and straight-forward interface. Anyone can trade the hottest instruments on their smartphones or computers. It has sleek charts and tools for traders of all levels. The trading conditions are also top-notch. To trade at SimpleFX, all you need to use is an email address. There are no strict KYC procedures. Traders can easily open multiple accounts, which is difficult to do in most trading apps. There are no minimum deposits required so traders are not restricted with how much they are willing to invest. The ability to trade with up to 500x leverage lets traders profit more without investing much. How Does It Work? Joining the SimpleFX Affiliate Program takes only seconds. All you have to do is create an account at SimpleFX. Don't worry. There are no financial obligations. You will only need your email address to create an account, and then you can access the SimpleFX affiliate dashboard. So what's next? Once you are registered, go to the SimpleFX affiliate dashboard, and find your unique referral link. Share this referral link to your friends or social media followers. When someone signs up and makes a trade at SimpleFX, you will earn up to 25% lifetime revenue share for direct invites and another 5% from those invited by your referrals! Easy right? You don't even need to do trading to get affiliate revenue. SimpleFX also runs a number of promos and provides amazing banners for affiliates for free. These banners can be used on blogs and websites and can be shared on Facebook, Twitter, Telegram and other social media platforms along with the affiliate referral links. SimpleFX Affiliate Dashboard Aside from our awesome affiliate rewards, our SimpleFX affiliate dashboard is also free and transparent. You can see real-time stats on the numbers of clicks your referral links have. You can see geographic data and most importantly your conversions. SimpleFX Affiliate Dashboard You can easily access the promo banner ads available in different sizes to suit your needs. You just need to download it on your computer and start sharing, or you can easily embed the banners on your blogs or websites. You have many options to choose from. What's more, we allow you to generate individual promo codes to offer limited-time discounts. Now Might be the Right Time to Start SimpleFX is in the last phase of the $2000 SimpleFX US Election Trading Cup where traders can win from the $2000 prize pool by trading the hottest instruments during the US election period. The trading cup runs until November 1. Now is the perfect time to encourage everyone to participate in the contest while earning affiliate revenue on commissioned invites. Access your referral links and the US election banners and start sharing today! More affiliate banner ads are available. Learn how to access them here. Be a SimpleFX affiliate today! Sign up with your email address and start your affiliate campaigns. Collect your revenue via a traditional transfer or via cryptocurrency transferred directly to your wallet. Don't miss out! This article was submitted by SimpleFX. For bank trade ideas, check out eFX Plus

BASICS | EDUCATION FROM BROKERS Mon 26 Oct

3 ways to spot an unethical forex broker

How to identify red flags in a broker Recently, director of Forex Brokers Limited (FBL) Russell Maher was indicted by the SFO (Serious Fraud Office) for scamming clients in Auckland, New Zealand. The story reminds us that the financial markets are filled with conflicts of interest. Countless forex brokers, many unregulated, lure inexperienced traders in by misrepresenting their services or charging preposterous commissions. Traders just starting out are the most vulnerable to these tactics. Companies willing to blur the line of ethical practices take advantage of inexperienced traders who aren't well-versed in market conditions (yet). These unethical practices give brokers and the industry a bad name. Although their dubious practices are largely controlled by more stringent regulatory bodies, they do still exist.  So traders have to stay vigilant when they're selecting the broker they want to trade with, and that means learning to spot the red flags signalling a broker could be untrustworthy. 3 signs you're dealing with an untrustworthy broker As a retail trader, it's important for you to be aware of any suspicious signs from your broker BEFORE opening a trading account with them. Ethical brokers avoid misleading traders. They are transparent and forthcoming. They clearly communicate their regulatory guidelines, warn of the risks involved, and enforce strict measures to protect their traders and partners. So how do you know if a broker's untrustworthy? Here are the 3 off the tell-tale signs. They are unregulated. Regulatory bodies enforce strict rules and guidelines on brokers that help protect your interests. Unethical brokers fall short of complying with these rules and therefore operate without any regulatory oversight. These unregulated brokers expose traders (and their capital) to unnecessary risk. Therefore, always check a broker's website for their regulatory licenses.  Trustworthy brokers are usually regulated by at least 2 credited regulatory bodies, and they will display them prominently on their "Regulations" page. You want to see certifications from CySEC (Cyprus Securities and Exchange Commission), FCA (Financial Conduct Authority), or ASIC (Australian Securities and Investments Commission). These are particularly difficult licenses to achieve so any broker regulated by ASIC, CySEC, or FCA is a safe choice. They don't show up in forex directories and review websites (or other popular trading websites that list authenticated brokers). Credible brokers are listed in forex directories to promote their services and make sure anyone looking for them can easily find them. These directory/review sites also provide sections for traders to get insight into the quality of services brokers provide, by reading peer user reviews. Most of these sites are legitimate however, there are a few unethical sites that either post fake negative broker reviews and demand payment, or unsubstantiated positive reviews for a price. To make sure you don't stumble on one of those sites check to see if the page promotes forex news site/education resources but has a long list of forex broker reviews on their homepage. If it does, then the site probably profits by listing fake reviews. You can't easily get in touch with them (or they don't respond for days). Ethical brokers respond to you quickly. They provide dedicated support from expert traders and are easy-to-reach and always available to provide valuable knowledge when you need it. Unethical brokers will say they have expert support, but many don't actually have the resources to support that claim. So when you're choosing a broker it always pays to reach out to them by email, chat, and phone to see how long it takes them to respond on each channel. That's usually a good indication of how available they'll be for you when you're trading with them. The Bottom Line As a trader or investor, you have the power to choose a broker who not only offers you the best trading environment and resources but also operates with integrity, within an ethical operational framework. To make sure you're choosing a trustworthy broker, first, make sure they're regulated. Regulators enforce strict regulatory guidelines on a broker's operations that protect your interests. Second, check to see if they're listed on credible directory and review sites. And lastly, make sure they're available when you reach out to them, and that when they do, they provide friendly and knowledgeable support. This article was submitted by Royal. For bank trade ideas, check out eFX Plus

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BASICS | EDUCATION FROM BROKERS Thu 22 Oct

Insider secrets of forex trading for newbies

What are some of the things you should know when starting to trade Every new trader wants to find the best way to trade the forex market. For many, finding that way is a deep secret that is hard to understand. However, the secret to trading is quite simple; it is not a game of luck or chance. Trading requires you to take a serious approach and not just thinking of making a profit. Nevertheless, your success in this market requires several components. Don't think that it is only the novice traders that want to absorb all the possible secrets they can. Interestingly, even professional traders keep searching for that perfect grail that will revolutionize their trading. For them, the grail will unfold all the secrets they need to know in trading the largest financial market of the world. With this, they can increase their earning in the shortest period with consistent profits. Learning the secrets of trading can be the determining factor in succeeding in your trading journey. Using the right knowledge, you can minimize your trading risks and increase your profit. Well, not all traders have the opportunity or time to analyze the market; hence, they rely on trading signals. Importantly, the quality of a signal provider will greatly influence your overall success in this market. Dealing with Forex Signal Providers Trading requires accuracy in each signal, and once that goal is defeated, the outcome won't be palatable. Therefore, if you are a new trader thinking of using a signal provider, it is essential to choose with results proven. Reliability is very important when you consider the number of scammers on the rise. However, trading signals won't be 100% accurate, so you shouldn't be deterred with little loss. In choosing a signal provider, the important fact is not about the frequency of their signals, but it's accuracy. Consistency is crucial, which is why you should engage a forex signal provider that has been on the forex market for a couple of years. The longer they are in trading, the better it would be for you to use their signals. Never told Inside Secrets of Forex Trading There are secrets that most traders won't tell you in trading forex. You might have heard about them but never given a thought to it. Here are some of the deep secrets you won't hear professionals talk about in the forex industry. Trade with a purpose - A large part of your trading requires your emotion. Therefore, you don't have to trade because you feel like doing that. Trading is a risky adventure, which is why you need to risk only money you are willing to lose. If you want to enter the market, do that with a purpose and not just random trading.Don't rush your trading - You don't have to rush your trade because you have time to trade again. The market always exists; so take your time to master your art on a demo account before considering going live. Learning this the hard way as most newbies did is not a wise decision. Additionally, if you can afford it, you can take courses and training to fine-tune your trading.Track your trading journal - If you want to know if you are making progress or not, keep a journal for your trading. It doesn't matter what approach or trading style you decide to use, keep a log of your trading. With this, you can know what works and doesn't. Furthermore, you can make any corrections if you find out a particular strategy doesn't work.Run if it sounds too good - Here is where many new traders are lured. They are enticed with outrageous offers such that don't consider the negative aspect. It doesn't matter if it is an indicator or signal; if it promises you a lot of money with no risk, you better run away. There is no shortcut to trading the forex market. Be wise!Be patient - The financial market isn't as easy as many think. At first, you might hear about the good part, but once you jump in, confusion begins to take the best of you. Trading takes time to master just like any profession. You don't expect to be a doctor or a pilot in a single year. You need time and patience, even when things aren't going the way you expect. It would be best if you were patient when you place your trade. You need to have patience even when the market is against you. Trading is patient. Closing Remarks: Let's face reality - generating consistent profit in your trading isn't a straightforward task. It does require a certain effort from you. There are many ways to make the process easier. You can decide to invest in 1-on-1 trading with experts who have advanced knowledge of the market. Furthermore, if you want to use forex trading as a source of income, you can buy trading signals. It is not rocket science knowing how to input your signals in your MetaTrader 5 or trading platforms. This article was submitted by LegacyFX. For bank trade ideas, check out eFX Plus

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TRUSTED GURUS Wed 21 Oct

Lessons from a 30-year career in markets

Lessons from Jon Boorman, who died today The wife of Jon Boorman, the President and CEO of Broadsword Capital, revealed that he died today after a battle with brain cancer. Awhile back, he wrote a post about the things he learned in 30 years in financial markets. It's a great read. Lots of it you have surely heard before but at such a volatile, uncertain time in markets, it's a good time to remember the old lessons. I am responsible for everything that happens to me.Everything. Good and bad, but this mostly comes into play for something bad. You won't find me blaming the Fed, QE, HFT, or any conspiracy nonsense if my portfolio performs badly. The outcome is a result of my decisions. That bad trade was my stock selection, my execution, my choice of broker, all my decisions that led to that outcome. He didn't know he was dying when he wrote his last lesson, but it sure rings true today. When you're young, you have so much time but never enough money. When you're old you have money but never enough time.How you perceive and value time and money will change many times throughout your life, but at the end there's only one you'll want more of, would give anything for, but it won't be available at any price. Cherish it while you can.Health is wealth. Take care of yourselves.

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