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.
Previously, one thing we looked at was Picking a Favorite Market to Trade. When you are looking at trading, there are a lot of things to consider and one of them is what you are going to trade. A lot of traders have a currency or pair that they identify with. Shawn Lucas, for example, is a EUR/USD trader. This is actually the pair that most traders connect with in the world. Looking at the pairs everyone trades, including the EUR/USD, there are lesser known pairs that don’t get attention but are still great for trading. So, here are a few different currency pairs that can be tried in trading.
First, let me start this article by saying “an inspirational quote a day can keep the negativity away!” Reading inspirational quotes can help anyone having a down day and if you try to make reading inspirational quotes a daily habit, it's far easier to keep a positive frame of mind when something in life happens. And knowing how life is, a trial of some sort is bound to happen, often. It might be a case of road rage, (I suffer from road rage myself and completely understand!) someone shorted you the wrong amount of change, it could be a loss of your job, social media rage, a loss in the market, etc. Everyday annoyances and trials have a lessened negative pull if you instead focus on the positive inspirational message. If you have been trading the currency market, then you know it can be very fruitful, although traders that have been trading professionally for years have days in the market of total losses. So, it's natural to wonder how they can continue to keep not only making money but keep their spirits up when they have these losing days. As a trader myself, I keep quotes pinned to the wall that I can see when I’m trading.
Scalping and swing trading are very common ways to make your profits while trading. Each has advantages over the other and they have their disadvantages, too. No matter the type of trader you are, the other trading style still must be recognized as it can move markets in its own way and can catch movements that the other side would not catch. So, whether you trade like Shawn Lucas and scalp or if you do a longer term swing trade approach, knowing the difference and what they can add to your trading is important if you're adapting to the new strategy.
Demo accounts are great for many reasons. They offer the opportunity to try a strategy without risking everything and they allow for traders to try out a platform without having to commit their investment capital. However, depending on who you trade a demo account with, you could be preparing yourself for unrealistic expectations. Whether you are looking into a new broker and trying out their demo account to see if you want to invest money or if you are just going back to practice a new strategy, there are a few things to keep in mind when it comes to trading a demo account.
When it comes to trading FOREX, one of the most important things to know is what causes a currency to rise or fall. Knowing this, along with having a rough idea of what a news announcement will say is one of the best ways to make profits. This is one of Shawn Lucas’ favorite ways to trade: scalp the news and catch the movements early on. So, what all in all constitutes some of the biggest strengthening, or weakening, movements in the U.S. Dollar, along with other world currencies.
Most Forex financial traders that are profitable and successful are building their careers in silence, but there are a few traders that have stood out to me personally as being very popular and amazing people you can look up to if you’re wanting some inspiration on what trading Forex can do for you and your life. Here are a few of those professional traders you can look up to and learn more about how they got to where they are today.
Candlesticks are the most commonly used method for trading in the FOREX markets. They show the most vital four analytical points when trading. The only thing they are missing is the volume of trades being pushed through. Although, there are Volume Candlesticks that do present that information for you. However, with the FOREX market’s lack of centralization, an accurate measurement on volume is near impossible. So, with FOREX, candlesticks show the vitals: High, Low, Open, and Close.
When you are trading, or learning to trade, in the FOREX market, it can at times be overwhelming. It is especially overwhelming if you are going into the process with no help. Help in the forex market can come in many forms from joining an education company, like Apiary Fund, or having a personal advisor help you out, like Shawn Lucas. Either way, the path is not necessarily an easy one, but having an advisor is more likely to get you where you want to be faster and help you build your plan in ways you may not have thought.
As a beginner trader in the world of Forex, you want to make sure you can say you did all you could to make sure you were going to be successful. Part of what that looked like for me was reading as much as I could about Forex because I like to be able to go back to that book and find what I’m looking for when I feel like I’m stuck and need some extra guidance. I have always loved getting books about what I’m researching at the time, whether that's self help books, diets, recipes, books about my special needs daughter, etc. So, I have gone to bat for all the books lovers out there that are interested in looking into some quality Forex books that will help further your knowledge about trading! The first book I recommend checking into is called: