When it comes to trading, a goal is paramount to success. Different traders establish different goals to coincide with why they started trading and what they expect out of trading.Traders like Shawn Lucas, for example, trade for their sole income and his goal is to make a certain percentage of his account in about one hour. This allows him to live on just trading. Other traders prefer a longer term investment approach and set money that’s currently not needed into a market so that when the time comes, that money will have grown substantially and can be used for retirement. There are many goals in between these and finding yours is the first step to becoming a successful trader.
Developing a set of skills takes practice and perseverance. Trading is no different. There are a few different paths you can take to develop your trading to get it where it needs to be. Programs like Trader on the Street and Apiary Fund have the goal to teach individuals how to develop their trading through a multitude of ways. These include things such as backtesting, indicator knowledge and application, and market knowledge through experience. Being able to utilize these three will help you develop your strategy and trading to the levels you hope to achieve.Backtesting is one of the most common tools and easiest things you can do when you first start your trading to get the best results. There are many ways to backtest, with the most common being applying all the settings to your chart you would use to trade and looking back at recent data to see how it performs. For example, say a trader is using a SMA crossover technique. The two SMAs would be applied to the chart and all the previous crossovers would be analyzed. How many pips on average occurred after each crossover? How long did each run after the crossover take? Are these trades worth the time for the gains currently or should I switch markets? This can be applied to any entry method, and with those questions asked, traders can maximize their return by strategy and pair.
Winston Churchill once said, "Success is walking from failure to failure with no loss of enthusiasm." Trading is no different than success with these words in mind. Any great trader or person striving for success in any field needs to be prepared for loss before growth. Traders like Shawn Lucas, Warren Buffet, George Soros, and many more started off trading with losses, not immediate wins, and that’s one of the most important things to remember when starting to trade.
Every year, thousands upon thousands of individuals partake in a ritual dating back around 4000 years with the Babylonians. This ritual? New Year Resolutions! Now, those resolutions were promises to the Gods in hopes that the Gods would give the Babylonians a good year. Today, these resolutions are for personal fulfillment and betterment. However, the idea stands that these resolutions are to make the year better. Among the top of the list for modern day resolutions is to become more financially sound and save more. If this is the goal you set on December 31st, becoming more financially sound and building a savings is never a bad choice. One of the easiest and quickest ways to do this is through trading. Programs like Trader on the Street and Apiary Fund teach individuals to trade for just that reason.
An extremely popular, and usually first, question individuals ask when they’re looking at getting into trading is, “What broker should I use?” or even “Do I need a broker to trade?” Short answer, at least with FOREX. is no. You don’t need a broker to trade currencies. The longer answer is yes, though. FOREX trading is really just saying “I want to make my Canadian Loonies into Japanese Yen, then to U.S. Dollars, then back to Loonies and hopefully, I will make money in that process.” Banks and international airports usually have a teller where you can walk in and do this. For that, no brokers to worry about. Instead, you just have outrageous conversion fees. If you’re looking to get into trading as a professional and not just add a cool-looking 100 yen bill to a shadow box at home, you need a broker to trade through like Apiary Fund. Review these tips before making a decision.
When it comes to trading, everyone has an opinion on the best tools to use. “Best Tool” is an extremely relative term when it comes to anything, especially trading. Depending on your strategy and timeframe you look at while trading, each trading tool will be different. Here, Apiary Fund reviews some of the most common trading tools and how to use them in your trading along with our YouTube channel at youtube.com/apiaryfund.
Trading can get a bad rap at times. But anything that takes time to learn, any skill that can be acquired, and any goal that one looks to achieve will take practice and perseverance. With trading, individuals who typically talk about it in a lesser light haven’t tried it or tried and failed without ever retrying. When you first learned to tie your shoes or ride a bike, you didn’t quit after your first failure; you kept trying until you succeeded. This is the mindset that should approach trading. Apiary Fund and Shawn Lucas help individuals learn from their mistakes and how to turn the negatives into positives.
When it comes to trading, you want the latest and greatest. Traders who make a living on their accounts, like Shawn Lucas, will rely heavily on the features of their trading platform to make money. There’s so much to account for when looking into platforms. There’s questions raised like:
Back in 1921, the Soviet economy was failing. Hardships from internal and external war was running a toll on all aspects of the economy. Vladimir Lenin proposed a plan 98 years ago today, called the “New Economic Policy” (NEP). This was proposed near the end of the Russian Revolution where the leading Bolshevik party was running the country on the economic principal of “war communism”, or basically, anything that was more than the bare minimum for citizens was to be given to the government for the war. This War Communism was not an exceptionally popular economic method and when the New Economic Policy was proposed, it was widely more popular, especially with the farming towns in the South.
The Federal Open Market Committee (FOMC) is the body in charge of Monetary Policy for the Federal Reserve. Currently, Jerome Powell is the Chairman of the 12 member board which is composed of 7 board members and 5 Reserve Bank presidents out of the 12 total reserve banks. The FOMC releases many critical announcements for the U.S. economy and its growth. Today, the release will be 8 times per year interest rate announcement and rate statement along with a quarterly Economic Projection.