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Trading as a Business: How to treat your trading like a businessMany traders approach the markets with a hobbyist mentality, looking to make quick profits without putting in the necessary effort or treating trading like a serious business. However, if you want to be successful in trading, it is essential to treat it as a business. Here are some tips for treating your trading like a business: Set clear goals and objectives: Just like any business, you should have clear goals and objectives for your trading. This can include targets for profits, risk management, and performance metrics. Develop a business plan: Create a business plan for your trading, outlining your strategy, risk management approach, and rules for trading. This will help you stay focused and disciplined in your trading approach. Monitor your performance: Keep track of your trading performance using a trading journal or spreadsheet. This will help you identify patterns and areas for improvement. Invest in education and training: Just like any business, investing in education and training is essential for success. Attend seminars, webinars, or take courses to improve your knowledge and skills. Stay organized and professional: Keep your trading records and financial statements organized and up-to-date. This will help you make informed decisions and present a professional image to potential investors or partners. Treat trading as a long-term investment: Successful businesses are built over time, and trading is no different. Focus on developing a consistent and sustainable trading strategy, rather than trying to make quick profits. In conclusion, treating your trading like a business can help increase your chances of success in the markets. By setting clear goals, developing a business plan, monitoring your performance, investing in education, staying organized and professional, and treating trading as a long-term investment, you can build a profitable and sustainable trading business.
Education
by glorias3972
GBP/USD Technical Analysis and Key Events to WatchThe GBP/USD currency pair recently reached the 1.25240 resistance level, leading to uncertainty in the market. In our previous analysis, we identified potential supply zones at 1.25240, 1.25648, and 1.26252. The currency pair remains technically bullish, as the price is above the 20-day exponential moving average (EMA), and the MACD line is above the zero level. A bearish divergence is visible on the 4-hour chart, with the MACD signal line indicating bearish control. On the 1-hour chart, the MACD has crossed the zero level, and bearish pressure is evident. The direction of the GBP/USD pair will depend on whether the trendline support holds or breaks and later retests as resistance. Key fundamental factors to watch next week include the ZEW economic sentiment, Euro Area inflation print, and hawkish rhetoric from the European Central Bank (ECB). These events can impact the GBP/USD pair, making it crucial to monitor them for a better understanding of the market's potential direction. The following economic events may also influence the GBP/USD pair: Empire State Manufacturing Index Claimant Count Change Average Earnings Index 3m/y CPI y/y Unemployment Claims Philly Fed Manufacturing Index FOMC Member Waller Speaks Existing Home Sales Retail Sales m/m Flash Manufacturing PMI Flash Services PMI To navigate the uncertainty, traders should stay informed, use technical analysis tools, employ risk management techniques, practice patience, and learn from experience. By monitoring key events and employing these strategies, traders can optimize their approach to the GBP/USD market.
by ClintOnos
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Brexit Bill time bomb timeline after bat bearish gartley Brexit bill timeline: Feb. 20-21 Members of the House of Lords hold a two-day debate on the bill. Peers can raise concerns about possible amendments, although they won’t be voted on at this stage. Feb. 27 and March 1 This the committee stage when proposed amendments are discussed in more detail. March 7 The peers debate the final wording of the bill and vote on any possible amendments. These amendments go back to the House of Commons for its approval. The bill is passed back from house to house – the so-called ‘ping-pong’ period until they both agree on the details of the bill. There is no exact timeline for this, though the Lords expects to send the bill to the Commons for the final time on the week of March 13. The government has said it expects to trigger the Article 50 formal departure by the end of March.
Short
by FiboWarrior