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.
When it comes to trading FOREX, everyone wants every advantage they can get. This advantage can come in customized indicators, auto-traders, or at times, trading multiple pairs at once. Trading multiple pairs can be done for a variety of reasons. You’ll see traders do it just to have a little extra income on top of the pair that they are usually trading, or you will see traders using multiple pairs that can foreshadow a similar pair. When it comes to the latter, knowing what pairs you’re looking for similar movements and what pairs to look at for opposite movements becomes very important.
Humans are creatures of habit, as the saying goes, and traders are no different. If anything, a trader is much more a creature of habit than anyone. Crossover, buy; breakout, sell; new crossover, sell; etc. We fall into the habit of looking at one thing to trigger a response for us to execute a trade or set one up for later. These habits can be good or bad depending on how out there they are. Apiary Fund reviews hundreds of trading accounts and sees good habits and bad habits alike all the time. Here are some of the trading habits Apiary Fund has seen that makes for a successful and lower risk trading account.
Having goals is an important part of achieving success in anything and helps you stay focused on what you want to accomplish. When learning to do something completely new to you, it’s hard not to be overly optimistic and get carried away with all the possibilities! It's important especially as a beginner trader to remember that the goals you set for yourself should be realistic so you can focus on the goals themselves and not apply too much pressure, causing the goals to fail completely.
When you're just starting out trading, there are a lot of things to consider. While trading is not the easiest thing to start up with, it's also not the most difficult. Either way, knowing what you're getting into and how to deal with everything that will come up in trading is important. Apiary Fund goes over the basics of trading throughout the Beeline to Funding program, as well in a lot of the additional classes that are taught. Here are some prime examples of information traders should look into and learn as they start out trading.
With the stigma around FOREX, there are factors to consider. Now, these factors are not to fully dissuade anyone from trading in the FOREX market. An important thing to note is that with most negatives, there's a counterpart that works to your benefit. When considering the positives and negatives, it's important to keep in mind that one person's positive won’t necessarily be your positive, and someone else's negative won’t necessarily be your negative. You have to consider what is realistic for the situation you're in and how you're going through with the trading strategy you've set up.