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.
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.
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.
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.
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.
As a individual going through the journey of becoming a successful trader, you need to embody your own trading “persona” I should say. I say persona because when you take the plunge and decide to be a successful trader you need to change certain character traits of yourself in order to be successful. Some people are visual learners, some people learn by actively doing the task themselves, and some people learn by reading all the information they can about the task.
If you’ve been reading and somewhat keeping up on the articles that Apiary Fund has been releasing, a lot of them have been talking about how while trading is a difficult field, but it is somewhat easy at the same time. The transition from that hard to that easy feeling is really just finding a nice strategy that you can execute with the time you have and the goals you want to reach. These can take time to find and reach yourself when starting out, but can be more quickly discovered by working and talking to someone who has been trading for quite some time and has gone through many strategies.
In this article, you can expect to see some key traits I will point out that will help you determine who has been in a traders shoes for a bit longer, or the ones that have decided to just put the shoes on. There are traits that all traders share, however, regardless if your'e a beginner or an expert.
Trading can be really complicated, but once you identify your target strategy and gain experience, you'll notice how much confidence you begin to develop. Trading foreign currency is easy, trading it well enough to be successful and profitable is challenging. Here are some steps to share with you so trading comes as naturally as possible.