A trading journal highlights all your successes and failures. By keeping a journal you can avoid repeating mistakes and increase your performance level.
We know the importance of the strategy but the implementation is just as important. If you apply your strategy in the right way you will succeed, if not you´re bound to fail.
Some people with obsessive tendencies become obsessive traders. That´s obviously not the right way to trade but there are techniques and forex strategies to help them overcome this “pathology”.
All financial instruments have certain behaviour during certain months. The USD is usually weak during April months in the past... while the GBP is particularly strong. But will they follow similar patterns this April?
The market environment has changed over the last two years and the volatility has increased immensely. Consequently, we must change our forex strategy and widen the targets to avoid whipsaws and to give our trades breathing room.
Our article about creating a trading plan was so popular that we decided to add a Part 2. In this section you will learn about building risk-free trades, taking the first step and building up the confidence to "pull the trigger" and open trading positions, placing winning trades, and even how to deal with "losing out" and learning when to accept the loss. Learn how to "step in" when following your strategy and plan, in order to make maximum profits!
It is common knowledge that new Forex trader's fail 80% of the time. This is because many beginners start trading without a clear plan. A premeditated plan is crucial when you trade. Trading without a plan is like going to war without an attack and a defense plan. Before you go into a battle you assess your capability, your strengths, and your weaknesses. The same logic applies to Forex - you prepare a plan that helps you base your trading on your strongest features and avoid the weak ones.
The trader’s personality is very important. You must discover your trading personality before choosing what trading strategy to use.
In the first part of this risk (money) management series, we discuss the common sense tactics that each trader should be aware of. These include leverage, risk/reward ratio, exposure to trades, and keeping up-to-date with information, etc.
Different traders have different personalities. It is important for both impulsive and conservative traders to match their trading strategy to their personality in order to get the best results from their trades.
Currently, the global economy is pretty weak and the safe haven currencies are reaping the benefits. We expect the economy to pick up by mid-year causing the risk currencies to strengthen.
In this article we will explain the techniques that have been developed by traders, economists and analysts, which are essential to understand and make part of your trading in order to minimize risk.