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:
I’m going to discuss trading in groups and why this can be beneficial for your journey when trading Forex. Trading in a group setting can benefit you in many ways by having other people around that are going through the same Forex process journey as you are, because not only can it be comforting because they know how you are feeling, it also just feels good to know you’re not alone in times of distress.
The markets are an ever-changing depiction of a country's strength against another. As the strength of a currency rises and falls, some traders will prosper while others will lose their profits previously gained. While these changes will at times be unfavorable for a country, they can also be unfavorable for a trader. Depending on your trading style, what is “unfavorable” will change. This is one reason Apiary Fund teaches a variety of styles: so that when it's unfavorable for your trading, you can try a different setup and hope to make profits from that.
With all the difficulties that a new strategy can pose and the ever fluctuating markets in the foreign exchange market, backtesting a strategy when you start a new one or when looking at a new pair is important. You don’t want to have the win to loss ratio ratio or the best take profit and stop loss range for a pair with your specific strategy present itself only after you have entered a trade and had it run its course. Backtesting a strategy on a pair gives the ability to best suit your trading, this is the primary reason Apiary Fund puts such high stress on the idea of backtesting. Backtesting gives the opportunity to help a strategy grow and find ideal profits for your trading.
The Forex market is rapidly growing in popularity because the Forex market is accessed easily with the potential and opportunity to make money wherever you are all over the world, and that is very attractive to a lot of hopeful traders! The time-consuming days really depend on the trader and what they as individuals are willing to allow to dedicate towards achieving success. Even expert traders who have been trading for years still dedicate a significant amount of time utilizing their Forex trading school, practicing in their demo account browse trading education online, consistently practice trading strategies and market trends.
Everyone has that one pair. The first one they look at when they look at their platform for the day. The last pair you look at before signing off for the day. Or, if you only trade one pair, it is that pair. Everyone, whether they realize it or not, has a favorite pair. The favorite pair you have may just happen to be the only pair you’ve traded or one of the few pairs you’ve traded and was the most profitable. No matter how your favorite pair came to be or what it means for your trading, sometimes a little change can do a trader some good, especially when your trading maya be in a slight funk. While Apiary Fund has 29 pairs to choose from, looking at them all can be overwhelming, so having a favorite, or favorite few, can be beneficial.
Asides from the FOMC interest rate and rate statements, Non-Farm payroll is one of the most sought-after trading announcements. This announcement details the amount of people employed in all the non farming job sectors. The breakdown goes down to the detail about people employed in retail vs mechanics, vs medical, etc. While most traders do not care so much about the breakdown by industry, the amount of people employed is a major mover in the FOREX market. This is one of the reasons you will see the Non-Farm announcement traded at the Apiary Fund.
Holding trades over long durations of time is a very strategy based question. As you’re looking into whether or not to hold your trades over time, looking into what your strategy has to offer is a big part of that. Apiary Fund does offer strategies that allow for those longer term trades, but it is a matter of finding if those types of strategies are for you. If you scalp or do shorter term trading and it works well for you, then don’t feel the need to hold your trades longer, because you may turn out less profitable. Looking into a longer term strategy may be what you need to take your profits to the next level.
Just because getting into Forex is easy doesn't mean that your due diligence can be avoided. Learning about Forex and understanding Forex is so important for your chances at being successful. The majority comes from experience and live trading but even with as much practice as possible, you can't be perfect because the market is unpredictable.
Being a young adult doesn’t mean you have more or less of a shot at becoming successful and or profitable more than someone middle aged or older. Truthfully, I don’t think your age has any merit on your success at all. You will know how determined and focused you are to accomplish your goals, and if you have a goal set to learn all you can about trading and either trade part-time or replace your job with trading and become financially dependent on trading, then I believe you will chase that dream.