How to be Successful Forex Trader

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Successful Trader vs. Unsuccessful Trader

August 10, 2017

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Successful Trader vs. Unsuccessful Trader

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How to do Trade Forex

How to do Trade Forex A Forex Market is the largest in the world, offering many trading opportunities for beginners. To boost the chances of making a profit you need to know how to trade Forex before probing into the most liquid market in the world. The main principle to understand when you learn Forex trading is the similarly as any investment; buy low, sell high. There is more to it than that though, as our guide is to how Forex works will explain. Basics of Forex Trading The first thing to understand when learning the basics of Forex Trading is that currencies come in pairs. If the trader believes one currency will rise in value, they will buy that currency while selling the other at the same time. For Example, A trader thinking the USD will strengthen would buy the currency, while simultaneously selling their Euros. The USD will then probably rise in value before the trader closes their position and sells the USD at the higher value than they first bought, making ...

Currency Correlation Explained

Currency Correlation Explained Have you ever mentioned that when a particular currency pair rises, another currency pair falls? Or how about when that same currency pair falls, another currency pair seems to copy it and drop also? • If the answer is “Yes” you have just witnessed currency correlation in action. • If you answered is “No”, do not worry, because we are going to start with the basics and break it down. Correlation: Correlation means a relationship between two things. Currency Correlation: In the financial world, correlation is a statistical measure of how two securities move about each other. Currency Correlation then tells us whether the two currency pairs move in the same, opposite, or totally random direction, over a period. When the trading currencies , it is important to remember that since currencies are traded in a pair, that no single currency pair is ever totally isolated. Unless you plan ...

Are you forcing trades?

As a trader, you must have felt like the market is easily out to get you. Sometimes every trade you make goes against to you and every time you place a trade it instantly goes into a loss and then never recovers. You take your pain with your stop and then almost immediately after you are out it moved in your original direction and had you extended your stop the trade would have come into a profit. Basically, at times, nothing goes your way. We have probably all been there in that position, I know that I have, what do I do? 1. Firstly, I take a step back. I may take a few days break from trading to regain focus. 2. What I do NOT do is revenge trade. (For further information, please read some of the articles in the TRADING ESSENTIALS area of the website). If you revenge trade, you will more often than not be forcing trades. Rules, TRADE PLANS , RISK MANAGEMENT which is all crucial, critical success factors for trading go out of the window. You have to remain cal...

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Successful Trader vs. Unsuccessful Trader

Successful Trader vs. Unsuccessful Trader

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