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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
Education
by Hartiva
GOLD on 4h timeframeHi Guys, Are you wondering what's next on gold ? here you go : Gold is definitly for sell for next period up to next september on a long run which means we're buying sometimes from some good supports but our vision will be more bearish we'll start selling gold now until it breaks the supporting trend line then we'll buy for a retest with precaution after the retest is done around 1955 we'll start shorting again until 1880 levels where we expect the gold to change the trend so we'll buy until a second retest at 1991 LEVELS then that will be the best huge move down where we'll be 100% bearish big bears we'll then focus on selling gold until next september ! i hope this analysis will help you and guide your for this period ! follow our chart and make good profits ! trade safe !
TVC:GOLDShort
by TRADER360DRISS
How To Succeed In Your TradingFocus on one single trading strategy One thing that many people try and do is switch between strategies constantly. This is setting you up for failure, and if the concept of probabilities is truly understood, you will comprehend the reasons why a single strategy will work. Any strategy is not going to have a 100% win rate, so first you should attempt at getting 50% of your trades right. After that mastering a 2:1 Reward to risk ratio is what will make you profitable. Trying to juggle many strategies will have you working tirelessly, but not moving forward in any particular one. Less trading, more education Many people have the conception that spending countless hours in front of the screen looking for potential set ups is how it should be, however that is completely wrong in my eyes. I spend minimal time now looking at charts and set ups, I highlight key levels I want to look at, along with alerts, and simply wait for the market to head there. Time spent looking at charts should be simply for education and mastering your strategy through back testing or simply understanding previous data. Approach the market from a neutral position Anyone that knows me knows how big I am on trading psychology and how I believe it is the most important aspect of trading. Emotions in trading can be one of your greatest enemies as it can lead you to failure even after your success. There are scenarios where you can take trades and be in positive which will lead you to feel over confident, happy, and those will ultimately will lead to irrational decisions if you let them. Those emotions will make you believe you are better than the markets, or that you can outsmart them, ultimately leading your successful trade to turn into a failure. The same can happen when you feel the opposite and lack confidence to enter another trade due to a loss, or think have feelings of doubt. This is why the market needs to be approached by a completely neutral position. Once you understand that for every person on one side of a trade, there is someone on the opposite side, you will begin to understand that the market itself is just a whole bunch of neutral information moving in nobody’s favour. Write your goals Affirmations are great and something that has helped me in every aspect of my life and not just trading. It is very important to write down your goals in order to manifest them into reality. All ideas first begin in the mind, and then come into the physical. Your goals need to be solidified, definite, and written down in order for your mind and yourself to know exactly what you are going after. Every single day, you need to read your goals aloud, envision them in your mind with every bit of detail possible in order to bring them into the physical. In order to achieve a goal you need to arrive at the destination first in your mind. Relax There is no need to rush a single thing in your trading journey, and believe me take it from my experience, every time I tried to, I failed. People attend university for years before going out into a career which then takes many years before mastering it, yet people want to master trading in a year. Patience is required in all aspects of trading, whether it’s on the charts themselves, or with your strategy, or with your learning curve. It all requires patience. If you are going after trading as a serious life career which you aim to remain in, then relaxing and taking your time is the first step. Nothing great comes from rushing it, especially the markets. Know how to handle your trades Based on your strategy and the concept of probability there are a number of things needed in order to appropriately handle your trades. Firstly, don’t touch your stop loss. I cant say this enough, but stop losses are determined as the final barrier before the trade is invalid, and they are determine before entering the trade. If you find yourself moving your stop, ask yourself why. You will find out mostly its out of fear of losing your money, which is one of the 4 fears of trading. Accept your loss and let the trade stop out, you had it there for a reason. Also, don’t leave trades behind out of fear. If you have a strategy that you have confidently developed, you should understand that the overall should be a greater number of winners than losers, and you should not leave trades behind out of fear, because they can be the ones that perform the best and make up for the losers. Another thing to have in place is an appropriate strategy for exiting your trades. Many people have trades that are in profit, however due to the lack of knowledge on how to exit their trades, they still end up not profitable. You need to have a system on how to exit your trades appropriately and at what levels. Always remember, the profit running on a trade is not yours until its closed. Risk management Yes, I know you have heard it and read it a thousand times already, but you have no idea how important risk management is until the day you master it and recognise it was the single greatest thing holding you back from success. People can have amazing strategies, the best reward to risk ratios, but with the inappropriate risk management trust me it means absolutely nothing. I have seen people overleverage on a trade simply because it “looked too good” compared to other trades, only for it to be the worst of the bunch. I have seen people lose tremendous amounts of money and one thing I can promise you is not a single one of these people lost 100 trades in a row at 1% a trade. Every single one of them lost their entire accounts due to ONE trade that they married. Risk management should be one of your main areas of focus, because believe me if you have mastered it, even with an average strategy you are doing much better than someone with an exceptional strategy with no adequate risk management. Keep track of your performance The only way to improve in any aspect of life is to first recognise what needs change and then work on it. It is very important to actually understand your positives and negatives and have them all tracked. A journal is one of the first steps in order to look in the mirror. Being completely honest is the only way a journal will work, and lying is only lying to yourself. If you are after serious improvement you need to appropriately identify all your flaws in order to better them. You should never feel down or behind, remember trading the markets is one of the biggest psychological challenges one can face, and that is exactly why not everyone is suited for them. Instead see it as a challenge to better yourself and achieve the perfection and discipline you have always desired on and off the charts. Trading the markets will teach you lessons that you will carry with you throughout your entire life and not just on the trading floor.
COINBASE:ETHUSD
by opes_trading_group
🏆 10 Trading Rules For Success 🏆🏆 Accept the losses . Losses are inherent in trading. There is no earning trader who will not suffer a loss from time to time. In the case of trading, a mistake involves a loss of capital, which can be painful at the very beginning of learning, but as you develop your skills and expand your range of competencies, you begin to understand that it is impossible to successfully win against the market without occasionally incurring a cost for this struggle in the form of losing trades. 🏆 Don't Risk Money You Can't Lose . Playing the financial market involves constant risk in which the most at risk is our capital which we trade. We can't afford to bet with money we can't lose, by which I mean money meant for living, savings, family money, selling usable items to fund an account with a broker. There is always the temptation that if only we had a bigger trading account we would play better and take less risk, which is of course nonsense. No matter how much money we trade with, whether it's hundreds, thousands or even hundreds of thousands we will always be tempted to play with even more money to make profits even bigger, unfortunately, most likely the only thing that increases is the loss on the trading account. Each of us must find the right amount of money for him, I would suggest at the very beginning to operate with money that we are able to recharge the broker in a few weeks, for some it will be 10% and for some 30% of monthly income. 🏆 Treat Trading Like a Business . Trading is such a business venture of ours, starting with the capital we have to put up to get into it, then developing a strategy that will bring us profits, after protecting ourselves from losses, including costs such as (cost of opening a trade, swap, spread), taxes. We can't treat trading as a hobby or as a job from 8-8. Profits on the financial market are not so predictable that we can say with a clear conscience how much we'll earn next month, and what's more, it may turn out that instead of earning, we'll lose. As for the fact that trading should not be considered a hobby, I can only add that trading requires much more focus and commitment than typical hobby activities, inherent in it is the theme of making and losing money, which for most is a very emotional subject. 🏆 Control Your Emotions . Control of emotions is a key issue in any field if we talk about the master level, from many interviews of professionals in their fields we can repeatedly hear about how control of emotions is of great importance in their field especially on the results they get. As trading is a competitive field. Someone wins someone loses. As our earned money is at stake, I don't need to stress that this doesn't make the whole thing any easier. The most important thing is to realize that emotions will occur and instead of suppressing this fact we should accept it. In order to control emotions, the most important element is to realize that we are under its influence. Because taking action under the influence of some extreme emotions is simply a mistake and it is best in such a case to step away from trading for a day and sometimes even a week to simply cool down. One of the best ways to reset your emotions is to sleep, take a nap and even meditate, and for all those who think that meditation is not for them, but only for tree huggers, I would like to introduce you to one of the famous personalities from the world of investment, which is Ray Dalio, who since 1985 has served as co-head investment director of the world's largest hedge fund Bridgewater Associates. Whose fortune amounts to $19.1 billion and has repeatedly mentioned that transcedental meditation was the best investment he made in his life. 🏆 Manage risk . Such a broad topic that I will prepare a separate post for it, in short, we need to determine what % of capital we can devote to one concluded transaction, in my opinion we should not risk more than 1 to 2% of capital per position. In my opinion, we should not risk more than 1 to 2% of capital per position. We must also take into account the possibility of correlation, because what does it matter if we open 10 transactions with a rate of 2% if all of them are concluded on correlated markets such as forex or stocks. Then our risk is no longer 2%, but in the worst case 20%. 🏆 Stay disciplined . Learning to trade should be perceived more as a marathon rather than a sprint, on our way we will meet many disappointments and failures that are inherent in learning any field, we must not give up, we must remain disciplined and focused on the final result, in trading there is no room for distraction and making decisions on the spur of the moment. Markets are not forgiving of any mistakes or distractions, sometimes one moment of absentmindedness can affect the state of our portfolio. As traders, we must remain in a constant circle of learning and acquiring new skills. We will not achieve any results if we approach trading once a quarter. Taking up trading should be considered in the category of a future source of income about which we want to learn as much as possible. 🏆 Know your strategy . We need to know and understand perfectly the reasons and the way to trade, we need to be 100% aware of when to take trades and when we are remote from the market. We need to know what risks we can take on a given taransaction when we close it and what we will have to do (if). 🏆 Forget The Holy Grail . Just forget about it, if you are still looking for an idle indicator that will only give you profitable signals with your only right parameters, forget about success. Trading is something much more broad and deep than just the intersection of two moving averages. There are so many factors at work on traders' decisions that affect price movement that we can't even comprehend with our brains. I'm not saying here that it's not worth using indicators or fundamental data. I mean only not to base your decisions on them and not to get stuck in a vicious circle of testing a new strategy every week. 🏆 Trend is Your Friend . I'm not going to elaborate here. You simply have a higher probability of success playing with the trend and that's it. 🏆 Never stop learning . Never but never stop learning, read everything that falls into your hands and you find valuable at any given time. Watch, listen read about trading meet other traders ask questions and never stop learning. Remember follow my profile fits perfectly into the circle of continuous learning :D 🏆 Like the post? Follow my profile for more!
Education
by InvestMate
5