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Forex Trading Key FactorsImportant factors that if well approached, will ensure your long term success. Forex trading is a popular form of investing that involves buying and selling currencies in the foreign exchange market. As with any form of trading, success in forex trading requires a deep understanding of the market and the key factors that impact profitability. In this blog post, we'll discuss some of the most important factors that traders need to keep in mind when trading forex. Liquidity: The Lifeblood of Forex Trading Liquidity refers to the ease with which a trader can buy or sell an asset without affecting its price. In forex trading, liquidity is crucial because it ensures that traders can enter and exit positions quickly and at a fair price. Traders should look for currency pairs that have high trading volumes and low bid-ask spreads to ensure they have access to liquid markets. Void Gaps: Managing Risk and Protecting Profits Void gaps occur when there is a sudden and significant change in the price of a currency pair due to unexpected news or events. These gaps can be dangerous for traders because they can cause losses or missed opportunities. To avoid void gaps, traders should use stop-loss orders and other risk management strategies to protect their positions and profits. Mindset: Discipline and Focus are Key Forex trading requires a disciplined and focused mindset. Traders must be able to control their emotions, avoid impulsive decisions, and stick to their trading plan. Common psychological traps that traders should be aware of include fear, greed, and overconfidence. By developing a disciplined and focused approach to trading, traders can improve their chances of success. Selecting the Right Trading Sessions: Timing is Everything Forex markets are open 24 hours a day, five days a week. However, not all trading sessions are created equal. Traders should select the sessions that align with their trading style and goals. For example, traders who prefer short-term trading strategies may find the London and New York sessions to be the most active and volatile, while those who prefer longer-term strategies may focus on the Asian session. Patience: The Virtue of Successful Traders Patience is a virtue in forex trading. Traders should avoid the temptation to jump into trades too quickly or exit them too soon. Impatience can lead to costly mistakes, such as entering trades that don't meet the trader's criteria or closing profitable positions too early. By exercising patience and waiting for the right opportunities, traders can improve their chances of success. Execution: Putting Theory into Practice Executing trades properly is essential for success in forex trading. Traders should use stop-loss orders, position sizing, and risk management strategies to protect their capital and maximize their profits. They should also be aware of the potential impact of slippage, which occurs when the price at which a trade is executed differs from
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by Hartiva
10 THINGS TO DO DURING BEARISH MARKET SENTIMENT!!Hello everyone, here is my second educational post for the community. First of all, thank you so much for constantly supporting me and be with me in this whole journey. Hope you guys like this article and learn from it. As you see the current market condition is bearish from past several months. So I was thinking that what we should do in this kind of market condition. So here is my 10 thoughts:- 1. The First and the most important thing is to ‘SURVIVE’. Number one rule is to protect your hard earned capital and always have spare cash ready to be deployed when opportunity arrives. 2. Speaking of Opportunity , learn patience and the art of doing nothing. Don’t jump on any random $ALTS that people shill as a gem. There will always be opportunities in Crypto so don’t waste your entire capital before real opportunity presents itself. 3. It is hard to accept but the Market is ruthless and doesn’t care about your any coin Fundamentals. $BTC going down will drag each and every other $ALT with it so better to accept the loss other than HODLING something just because it has solid Fundamentals. 4. Looking to buy your favourite coin just because it is already down 90% ? You’ll be delighted to know that it can go down another 90%. Most of the coins won’t survive after a Bear Market. 5. Found an $ALT that is constantly under development ? Team is really building even in harsh conditions ? The Roadmap is being followed ? The Project is generating revenue ? This is the kind of $ALT that you should look to buy once you see ‘signs’ of bottom forming. Don’t go all in on anything. Learn to DCA. 6. There are always new trends in Crypto. Learn to identify these trends and ride the hype train until it lasts. Fighting the trend will only result in you losing the opportunity. 7. The best place to invest in during a Bear Market is yourself. Learn new skills, spend time on improving yourself. Practice as much as you can and prepare yourself for the next bull market. 8. Don’t keep all your Funds in one place. Learn to diversify in everything. Don’t use a single wallet to keep all your funds, don’t deploy all your funds into a single coin. 9. There are tons of other ways in Crypto to make money. Hunt Airdrops, apply for moderator roles in new Projects, good with graphics? - start making infographics, good at researching? - tons of people on CT and many websites are looking to hire researchers. Crypto is still an evolving industry , the opportunities are abundant. 10. This is something I wished I learned sooner - Interact with people, form groups, share your knowledge. Having people around you with a similar mindset will push your growth more than you can imagine. The last thing is to Learn from your mistakes , make notes and don’t lose hope. Stop trying to be rich overnight and start hustling. If you think these things will help you to survive in a bearish market conditions then hit the like button. Also, share your views in the comment section. Thank You!
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by CoreCrypto1