The best traders sharpen their skills through a lot of practice and a lot of discipline. The best traders learn how to keep fear and greed out of their entire trading system. These are just a few of the skills and Forex trader should be striving towards. Money management is a huge part of trading and so is the determination of entry and exit points.
Forex trading has emerged into popularity due to its high liquidity 24/7 availability schedule and easy accessibility. Currency is the most important factor in the world. Currency trade exchange is liable and important for foreign trade and the import and export business. It’s also largely appealing to “be your own boss” while being able to work anywhere in the world, such as your own couch, office, kitchen table, while on vacation, from your mobile phone etc.
2020 is not a new year but a new decade! How exciting of time and as a Forex trader, we need to realize how important it is for us to come together as a community and share what we know in order to continue to grow in our trading journey. The market is constantly changing and evolving, so in order to be successful, we also need to continue to emerge into the Forex industry more mature and with the tools required to be successful. Even if you have a bit of experience in the Forex market, it’s wise to continue to educate yourself and practice different strategies. Here’s a list for you to go over and help educate yourself in 2020.
A range-bound market is a scenario where there's price blockage within the range on the price chart. Which means the general price action is situated between two specific levels, the high of the range, and the low of the range. You might hear some traders refer to range-bound market trading as “price consolidation,” “congestion phase,” or “flat market.” When the Forex pair is not going either up or down, it is considered to be in “consolidation phase,” or “horizontal phase.”
There are a lot of people out in our big world who have probably heard about Forex trading, maybe from a family member, a friend, read an article, or seen an advertisement online, etc. Most likely, it has piqued your curiosity but you’ve never really pulled the plug on learning more. So, this article is for those of you who can relate to that, or for beginner traders who may feel they’re a bit in over their heads.
The instability and spread size of the market means there may be opportunities for you as a trader to achieve huge profits and also suffer from huge losses if you’re not prepared and careful. The most difficult task for a trader to grasp is how they can predict the direction of the market as close as possible. The key secret to becoming a successful Forex trader is to always strategize and analyze your trades. You also need to embrace some specific qualities, one of the most important ones in passion.
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.
Many people will attempt Forex trading with the hopes of having a successful and profitable journey. However, not everyone will end up becoming a trading sensation earning huge profits. Why is it that some traders manage to be consistently profitable and some traders are flat out broke and burnt out in a matter of months? Why do some traders take the challenges of Forex in stride and others feel the disappointment of every loss? There are no simple answers to these questions, but I can tell you a little of everything that will tie it all together.
Signals can be a very polarizing subject. On one side, you have the person who believes their strategy proves itself enough that no aid is needed or that a signal will not help you learn and is a waste of time. On the other hand, some traders believe that getting a trade entry and exit to place can help identify trends in the market at that point that they may not have seen or that a signal can be a great confirmation for a preexisting idea in the market. Either way, signals are a big thing in the trading world, but what are they?