A trader needs to have an understanding of information that can’t be extracted from usual price charts. So, they use technical analysis tools to gain additional insight. Although the tools can give information and suggestions, they can sound almost like a foreign language. It’s so important for a trader to have a basic knowledge of these tools. And once explained, they truly help traders make better-informed trading decisions, giving them ammo to aim at the market.
The terms Bearish and Bullish are often the terms used to describe general actions and positions, either of an individual asset or of the market as a whole. Bear and bull markets have been named after how each animal attacks its prey. A bull typically attacks with its horns swiping upwards and a bear attacks with its claws swiping downwards. To give you a better understanding of what bearish and bullish means, I’ll start by saying that a bear market refers to a decline in prices, usually for a few months, in an asset or single security, group of security, or market as a whole. In whole, a bull represents when the market prices are rising.
When you get into trading Forex, it’s really hard not to imagine what your future will look like as a professional long-term trader. But it is possible to trade Forex for long-term and make a lot of money when you're taking your education and journey seriously.
Being too eager in Forex markets can cause you to lose not only a lot of money but also a lot of motivation to continue to further your trading career. Being aware of your trading transactions and noticing how it can resonate in a series of future losses is so important so you don’t ruin your chances at being profitable when trading. It’s very common to fall prey to your own impatience in the hopes of making some “fast cash.” Trading is usually an inconsistent and at times a rough environment, so it's best to step back and really think before placing trades to avoid making costly mistakes. The best route when trading is to patiently wait for the best opportunities to align themselves and then act on your trades fiercely.
Keeping a trading journal allows traders to keep a record of their trades, thoughts, and feelings throughout the day. Trading journals are a great tool to have and making your journal as thorough as possible will give you details that go beyond the statements and profile statistics most brokers will give you as you go through your trading journey.
Every trader makes their career successful in their own way and by getting plenty of practice and exposure in the markets with a little guidance along the way from those that have started at the bottom as a beginner and climbed their way to the top. A very successful trader, Paul Tudor Jones says: