In today’s world, trading Forex with a busy schedule can seem like a really difficult thing to balance. But, you can do a few things to help manage your time commitment and profits along with your everyday life to make things run smoother because not every trader can commit all their time it. Trading needs a schedule because we know the markets move very chaotically, and it’s easy to get lost without a reasonable schedule to follow. So, I recommend getting started on a trading schedule so you're more comfortable trading and have less anxiety and nerves holding you back.
A position trader is a Forex trader who will hold a position in a trade for a long period of time. The “holding” period can last anywhere from hours to months to even years! This kind of Forex trading is typically used only by extremely patient traders and requires a good forex education and understanding of the fundamentals. My trading education and experience comes from The Apiary Fund and I am so thankful for my education because without having a thorough education under your belt.
Divergences are one of the most popular trading concepts because they offer very reliable and high-quality trading signals when combined with other trading tools and concepts. Although indicators are somewhat lagging, just as price action is lagging as well, when it comes to divergences, this lagging feature is actually going to help traders find better and more reliable trade entries! Divergences can not only be used by reversal traders but also trend following traders can use divergences to time their exits. Let’s dig into what a divergence is so you can get comfortable with using it in your strategy successfully.
With all the difficulties that a new strategy can pose and the ever fluctuating markets in the foreign exchange market, backtesting a strategy when you start a new one or when looking at a new pair is important. You don’t want to have the win to loss ratio ratio or the best take profit and stop loss range for a pair with your specific strategy present itself only after you have entered a trade and had it run its course. Backtesting a strategy on a pair gives the ability to best suit your trading, this is the primary reason Apiary Fund puts such high stress on the idea of backtesting. Backtesting gives the opportunity to help a strategy grow and find ideal profits for your trading.
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.
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.
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.
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.
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.