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:
Regardless of your strategy, the end all goal of trading is to make money. The best way to end in the positive and accrue profits is to have the best price points you can and to do so in a time that allows for you to focus as much or as little as you need on the trades you place. This is where finding the ideal price and time targets for a trade come into play. Finding these areas can reduce your risk give you more time to go about other activities while your account is at home making profits.
Some people say a trade war is a necessary evil to get a point across as a nation. Others may think that a trade war is an unnecessary attempt at a show of strength that hurts a country more than helps it. Regardless of what your view on trade wars are, the fact remains that it does change the worth of a currency on the trade floor. The U.S. has been involved in quite a few trade wars in the past from the Banana Wars to the Boston Tea Party, and many more. The trade war with China won’t be all that different in the fact that we will more than likely see some fluctuations in the USD. So, whether you’ve traded your fair share of trade wars like Shawn Lucas or this is your first, here are some things that could cause a change in the Dollar.
Knowing how to balance your time trading effectively is so important as a trader so you can become profitable and manage your financial goals successfully. I am going to give you some tips on how to make sure you manage your money efficiently and effectively. You can start by making sure you have the correct trading philosophy or style with your personality type. There are often times beginner traders, especially, will waste a lot of time going through the wrong style of trading for them and their lives. If you are antsy and don't have the best history with patience, then it makes sense to focus on short term strategies. If you find you are more of a patient type then you are most likely more suited toward long-term goals. Whether your personality type fits towards short, medium or long-term trading philosophy all depends, but it should absolutely be the first step you take to figuring out your trading performance, and fitting that philosophy within boundaries of time you have available.
Failure is bound to happen in your trading; not failure in that trading will not be a viable outlet for income, but failure in that some trades will lose. This is not something to be deterred by. No trader is perfect, trades are always lost. George Soros, Shawn Lucas, and Warren Buffett have all had a trade lose at one point or another. As the phrase goes, “It’s not how many times you fall that matters, it’s how many times you stand up.” Not everyone decides to stand up on that final fall, though. Those people are the ones who do not reach success in the FOREX world. But what are some of the reasons why traders fail?
Money management is a core ideology in the trading world. This money management comes in both the form of managing your profits correctly, and correctly managing your losses. Managing your losses can come in many forms from cutting them short to stopping trading from the day. Managing your wins can come in similar forms, such as proper take profit placement and stopping trading after certain criteria have been met. Regardless of your management method for both wins and losses, having a system in place is required for your trading to progress to the level that allows for you to live off of your trading and even to have it just as a secondary income-generating stream.
Having quotes from profitable, successful, and professional traders can be motivational when you’re feeling down on your luck. I like to read quotes when I’m feeling unsure or down on anything in life. So, I thought I would gather some of the best quotes I found to help give your confidence a little boost in the right direction!