Working towards a hefty goal becomes a lot easier once you see real examples of people who have attained a similar one. I'm excited to present a great example to you today! Jim Davis recently stepped into the first funded level of Beeline to Funding and I had the pleasure of hearing his story--his struggles, triumphs, strategy, and more.
As we've mentioned before, capital is the life blood of your trading account. The Forex account types you trade will affect how you first protect, and then grow that capital. A trader wishing to open a new account can generally choose between 3 types of Forex accounts: Standard, Mini, and Micro (Nano). These accounts differ in provided leverage, and, depending on the broker, different minimum deposits required to open that account.
Lots of investors prefer different markets for lots of reasons. There’s not really a single answer for why any market is better than another, but today I thought I’d share three advantages of the Forex market:
With Christmas behind us, most people are turning their attention towards the new year. Many will make New Year resolutions to better themselves and their families. Others, to visit or experience new things. If one or more of your New Year resolutions for 2017 are financial related, we encourage you to consider seven possible resolutions to help you avoid your own personal fiscal cliff.
7 Financial New Year Resolutions:
When it comes to trading foreign currency, most investors have at least heard of the two main camps that most forex brokers fall into. There are Electronic Communications Networks (ECNs) and Market Makers. Let me begin by first introducing each of these.
If you think about it, following a trading plan is really just creating trading habits. A habit is a tendency or customary practice like turning off the lights when you leave the room, waiting 30 minutes after you eat to brush your teeth, surrounding a trade when you see the start of a consolidation phase, or even placing an order when you see a candle cross the end of your Bollinger Bands. A big part of trading forex is just developing profitable habits.
There are some common pitfalls that forex traders need to beware of. As traders, we are all susceptible to natural pitfalls (just ask Shawn about his experience with quicksand). However, knowing what they are and how to recognize them makes them a lot easier to avoid. We asked Brian, one of our instructors here at the Apiary Fund, the top five pitfalls of a forex trader.