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Monday, 26 September 2016

The Importance Of Patience In Forex Trading

WHY IT COULD BE DAUNTING AT FIRST

UNDERSTANDING how the FOREX market works means that one has to immerse himself/herself into a sea of business trends, technical analysis, and opinions. It could be pretty daunting stuff in the beginning. The mere understanding of the business jargon is just the tip of the iceberg. It is vital to hold on to one’s patience as it takes time to acclimatize oneself in understanding how to be consistently profitable in a constantly changing environment.

The Importance Of Patience In Forex Trading

PATIENCE IN TRADING
PATIENCE in FOREX trading eventually pays off as it allows you to sit back a bit and wait for the right trading setup. Most traders are too eager to jump in and trade whenever any opportunity arises. This is probably due to our human nature and the eagerness to make a “quick buck”. But if there is one thing that ensures a high probability of winning, it is having the patience to grasp all the necessary information before you trade. This apparently will take time as there are many factors involved in it, such as the forming of trends, trend corrections, highs and lows. Impatience to look at these matters could result in loss of money. It could be helpful sometimes to take a break, allow oneself to have the time to look at the bigger picture, instead of focusing too much on one aspect. Remember that a single transaction might resonate in a series of future losses if executed at the wrong moment. It takes time and patience to wait for the market correction, before you commit to a trade.

BUT IT TAKES TIME… Some traders fail to realize that to be successful will take time. They often fall prey to their own impatience in the hope of earning fast money. It could be a rough environment, and charts might be hard to read, so it is wise at times to step back in order to avoid costly mistakes. Don’t rush things out, or try to enter in a trade at all costs by just following your gut. The market could be quite tricky and often does send out the wrong signs. Wait patiently for the best opportunities to align themselves and then act mercilessly.

 FAILED IN THE PAST
ANOTHER THING that urges a trader to lose patience is when a trading signal had failed in the past. This pushes traders to be emotional and over trade in an effort to regain a loss. If there is one thing failure teaches us, it is to be more careful the next time. Act suddenly and the losses will not only double, but triple or quadruple… Avoid impatience at all times. It would help to let things slide for a while, take your time, and always bear in mind that good returns in trading as in life will take time. It would be fatal to invest and expect positive results right a way. That is one of the main reasons why beginner traders lose money in trading.

AS WHEN writing a business plan, trading requires a clean perspective, focus, and eventually coming up with a plan for action. As mentioned, trading could be full with surprises (pleasant and unpleasant ones). These unexpected events could really test one’s patience. It is vital to understand and follow the game plan. Impatience among traders, with income generation always at the back of their minds, could throw them off the strategy. Needless to say, this could result in a loss of money. Some traders suffer one loss after another. Such a losing streak is comparable to a gambling atmosphere, where one becomes more aggressive each time, always looking forward to avenge a financial loss without taking the necessary steps in understanding the situation. Impatience makes us forget how important it is to know why we have made a mistake in the first place. A trader ought to take the time to look into the details of things, and why the mistake had been committed. Some skip this step and look forward to the next transaction to make. A hasty attitude is highly likely to lead us into a losing streak. A businessman follows a clean business plan. A trader must do the same- follow a strategy not your gut feeling. Finally, one must at all times and stakes follow his/her own trading rules.

WHY PATIENCE IS IMPORTANT
UNDERSTANDING WHY patience is important in FOREX trading is totally different from making it a practice. Some traders are so self-confident in their trading decisions that they forget to follow their trading plan and keep emotions out of the way. This could be a big waste on what could have been a great start, or a long trading career. To stay away from these errors it is important to always practice patience daily. Make it a habit to motivate yourself, especially if you had just recently been through a losing trade. Motivation is key in getting back up and being in the right mindset. Never make business decisions out of pure emotion. All business decisions should be made with a clear head after having analyzed charts, trends, and price action. If one leans too much on emotion, instead of being rational, it would not be surprising to start losing. This will lead you to overlook important factors that surround a particular trading decision. You could become too close-minded, and it would help a lot to relax and take a step back. Remember that you don’t need to make a decision right now, and there is always time for everything. Up trends could eventually reverse and forecasting these patterns would be highly unlikely, if not impossible, with an impatient mind. You would not be able to see if a new developing trend without leaving space for corrections or reversals. Some patterns that take place could be messy at first and take time to develop on the Daily time frame. Some trends break too early, and it is unwise to just quickly jump in a trade without properly observing the ensuing highs or lower lows.

They don’t last on the trading arena in the long term. It is vital to keep in mind that it is perfectly fine to miss a trading set up as long as you stick to your plan. If you are not sure about the trend, it is right to take your time and let things properly unfold. If you miss the initial stage of a trend, wait for the correction. This way, you can at least be with a peaceful mind that you are on the right side of the market. It takes time to become a successful trader, versus an emotional gambler. The most important thing is to have the right mindset and strictly follow your trading strategy. It is vital to be motivated not just by the thought of making money but also by deriving pleasure from learning new things and improving your risk management skills.

 PERSONAL TIP:
When I am feeling that I am acting on a gut feeling instead of strictly following my trading rules, I go out for a walk. If I don’t tick all of the boxes of a trading setup, I just don’t take a trade. There are a few other things that help me stay away from making emotional trading decisions: eat healthy, do sports and travel the world. Don’t be fooled that money can buy you happiness. Sometimes the really simple things in life like eating a fresh cold watermelon will do the trick- especially in the summer! Enjoy your life and do what makes you happy!



Full Credit To Colibri Trader and FX Street

Thursday, 22 September 2016

How To Make Money On Facebook-5 Tips

Facebook is becoming a profitable tool for people to make money with. And if you don't want to fall behind, here are some ideas for making money on Facebook. 

How to make money with Facebook? Is it really possible to make money with facebook? It seems like making money with facebook is on everybody’s mind these days. If you are one of those people who want to know how to make money with facebook, here are some ideas to help you get started in making money on facebook.

These methods don’t require you to buy anything or pay someone to tell you the “secrets”. As a matter of fact you can start making money with your facebook right now without having to spend any money at all. These are no “secrets” for making money on facebook. Simply some very basic methods that people use to make money elsewhere, but with a little work and patience you can apply the same methods to make money on facebook

 How To Make Money On Facebook-5 Tips

Of course, like any other method to make money, you need a market for it. In this case the market would be facebook friends. The more facebook friends you have, the more chance you have of making (more)money. What if you don’t have much facebook friends?…Fortunately it’s very easy to create a massive market (friends for facebook) simply by searching and inviting others to be your friend. But, if you want to take it to the next level and automate the finding and adding friends process, there are some software that can do just that.

Ok, lets get to the point and see how you can make money on facebook. Here are some proven ways you can use to make money on facebook.

Showing ads on Facebook
With all the facebook applications that make it easy and a snap to start showing ads on your facebook, there is no excuse for not taking advantage of this method, specially if you are popular amongst your facebook friends, and have a big audience to show your ads to. Using adsense, chitika and other PPC advertising companies you can easily setup your ads and customize it to your liking. Make sure to set it somehow that it serves ads related to product and services that you know your facebook audience is interested in.

Writing a Facebook book (How To…)
Facebook is attracting more and more members everyday. And lets face it, not all of these people are facebook savvy. And even though getting started with facebook for you and I might be simple and quick, many people have problem with the basic things. Write a small and to the point e-book about facebook and how to use it. Maybe a simple step by step instruction for getting started with facebook. Or an e-book about how to use different application to make facebook experience a better one. There are many possibilities. With the huge amount of facebook apps and all the new ones that are added daily, this can be quite big. You don’t even have to pay to promote your e-book, simply use your own facebook or better yet create one for your e-book and start promoting it.

Affiliate marketing on Facebook
It’s the same idea as showing ads, but in a more direct way. Register for free with affiliate networking sites such as clickbank, Maxbounty and etc, and pick a product relevant to your facebook audience interest to promote. You will be provided a simple code which is a link with your affiliate id embedded in it. Whenever someone clicks on that link and buys the product or service, you make money by getting a commission.

You can create an entirely new facebook for that product and start promoting it there. A friend of mine is actually doing it for 4/5 different weight loss product. He created a facebook page for each product and started adding friends to his facebook. He writes short posts about the product and posts it on his facebook with his affiliate link in it. Hi is making a couple of hundred dollars a month doing this. I know it’s not much, but for something that doesn’t cost you a dime and takes about 30 minuets to setup, and takes about 20 minutes or so a day to run, I don’t think it’s a bad deal.

Blogging about Facebook
There are already some people doing it. But there is always room for new voices. Get a free blog over at blogger and use Google adsense (which is already integrated in blogger, so even if you don’t know how to show ads on your blog, you can set it up with couple clicks) to show ads on your blog and make money that way.
When you established yourself as an authority and a trusted person for anything related to facebook, you can get some sponsor and maybe use affiliate networking sites to find and promote facebook related product.

Create and sell a Facebook application
If you are savvy enough and know your way around, why not use your skills to make a facebook app of your own and sell it to facebook users? Again, once you made it, you can use the same strategies mentioned above (blog or a facebook page for the app) to promote your app.

There you have it, 5 ideas you can use to make money not only on facebook, but you can also apply the same ideas to Myspace, Twitter and other social networking platforms to make money. 

Monday, 19 September 2016

7 Forex Tips For Forex Trading Success

New forex traders can have difficulty building their own forex trading system. This is because forrex trading strategies requires good knowledge to begin developing a strategy. Here is given important tips to help new traders to achieve success in forex trading.

 7 Forex Tips For Forex Trading Success

1. Use a weekly chart: using weekly chart can give clearer view of the trend. Trends that are going big are visible on the weekly chart. Weekly charts are also more useful for long term traders and can help to define the support and resistance levels. So it is a good idea to begin with it.

2.Don’t trade too much: many traders get failed in trading forex because they trade too much in any given period. Most traders think they can achieve success by their efforts and how often they trade. This is not true because the forex market is fluctuating and need the right time to decide when trade and when not. Therefore, when trading forex, be careful in your decision.

3.Increase your risks for any featured trade: This tip is overlooked by most traders. Many forex trading sites recommend risking no more than 2% of the overall account. This is true for very large accounts. But if your forex account is not too large, say 10 k dollars, you can risk 10 – 20%. This way you can achieve more profits. To make meaningful gains you have to take risks.  If you don’t like taking risks don’t trade forex.

4.Make one trade at a time: if the trader has a small account, he must not make many trades at any time. Instead he must concentrate on one trade only. This will give more opportunity to success in the deal entered.

5.Determine a profit target for your trade: going to know where to stop losses is common to all traders but knowing the profit target can be overlooked. The traders must look at all factors when trading and not only on the losses. This will not make the trade to be based on strategic plans.

6.Build proper strategies: new forex traders need to build the trading strategy. Even old traders can try new strategies to see if there are better ones. One of the important factors inside the strategy is the analytical tools used to determine the trend. These analytical methods must not e complicated. Often two or three methods can be sufficient. Don’t use more than three analytical tools to know the trend. Chart analysis strategy also must not be too simple to make good prediction for the trend.

7.Use adequate leveraging: each forex broker determine the leverage value to be used. Very high leverage can be against you depending on the account size. Small accounts must use lower leverage to be able to stand high currency fluctuations. Large accounts however can use higher leverage because it will stand more fluctuation but the losses can be higher. New traders must begin of course with  the lowest leverage value because the accounts they begin with will be small

Monday, 12 September 2016

Forex Volatility

The solution is in the devil within. The traders who win are those people who are effective at executing their own trading plans with discipline as well as accuracy, and most importantly, they are able to cope with the VOLATILITY associated with forex trading.

Forex Volatility

Traders within the forex market are actually a knowledgeable lot. Nearly everybody in the forex market these days are self trained in reading through charts, or a person associated with some type of high technology software in order to industry the forex market. Some have managed to graduate while using simple technical analysis to the brand new fangled sophistication associated with nerve organs system forecasting and artificial intelligence. But yet a great majority of these professed specialists fall short within their buying and selling, taking a loss using their trading rather than making profits. Why do so?

Theory is if you can determine volatile actions, actually if they are small, and execute trades with these volatile movements, purchasing on the lows and selling them in the highs, a person are in position to help to make large profits. Nevertheless, in practice, numerous volatile movements are too quick as well as tiny to become identified in time to be traded viably. Wherever bigger volatile actions tend to be identified, it is error within view and the rate associated with delivery from the deals which decrease the quantity of earnings.

When I was doing research in to composing a study how an investor can recoup his losses following a horrendous period of poor buying and selling, I was amazed by a experienced investor who explained he was a lucrative investor from day one associated with his starting trading. This really is in no way an incorrect claim, because this flamboyant investor happens to be known each for their huge ability in trading and for being anything however good about their abilities and the capability to make the right calls in the market.

Becoming astonished, I asked your pet that which was his occupation prior to he or she became an expert investor along with a trading trainer. His solution added i'm happy to report, because he explained, ” I was a professional texas holdem participant and the runner up within the Aussie poker championship!”.

Therein lies their positive results as a forex investor too, because when a poker player along with a champion player at that, he or she was accustomed to getting calculated risks. The secret in order to trading his design ended up being to consider determined dangers in the forex buying and selling. For instance, if you have determined a trade, and you've got placed a industry, don't place your puts a stop to too close to the entry price since the odds favor the actual puts a stop to becoming hit more often than not.

Rather, you are able to evaluate the odds as well as probability from the stops becoming strike before you place them. Once again, when a trade presents itself, and you can compute how the odds of successful is in place rather than dropping, it is then that you could improve your trades. In the event that you desire to earn big, learn to calculate the actual odds of winning, and such as the successful poker player, bet large when the odds are in your favor and avoid the industry where the chances show you'll lose. This is where forex traders may measure their risk-reward ratios for their favorite trade installations and can identify which trade set up can lead to bigger earnings with lower dangers. This can be a skill that you need to learn how to become more profitable.

Tuesday, 6 September 2016

Currency Trading Mastery - 5 Tips to Master Your Emotions in Forex Trading

Many people lost money in forex trading not because they do not have a good forex trading system, a forex strategy or a set of rules they do not follow, but it's the psychology barrier that they have to get over it. They cannot beat their emotions and that caused them to make wrong decisions and lose their trading capital in a flash.

Currency Trading Mastery - 5 Tips to Master Your Emotions in Forex Trading

Forex trading psychology is the most important factor for trading success or failure, but it's sad to say that many traders do not have that factor as priority and instead keep looking for better forex trading strategies.

1. Do what you are supposed to do. When the trend is weakening, you should take steps to protect your profits regardless of the forex systems that you are using. Remember that in forex trading, you should be thinking how to minimize losses first and not thinking how to win. 

Even a breakeven trade is considered a successful trade because it's not a loss. Likewise when the trend goes in your direction, you will want to set a higher level profit target and on the same time protect your floating profits.

2. You do not like, hate or fall in love with your trades. The currencies pairs are not your friends in the forex market and your only friend is forex trading psychology. Trading with a plan is the #1 forex tips because when a trader is already in a trade position, he/she tends to see the market differently from the first time of analysis. He hopes that the trade will move in favor of him and neglect the factors which may change the market conditions.

3. Increase your position size accordingly. Increase your position size when you have an increase of maybe 10% of your account, this is to build up your trading capital. Likewise, you should reduce the lot size that you are trading when your account have reduced by 10%.

4. Expect the unexpected. In forex trading, always be prepared for both good and bad things. Understand those events and be prepared, so that you can take necessary actions when it happens to you. A good forex trading psychology is where you can take into consideration things that are unpredictable in the forex market. 

For example, if the trade is going in your direction, you must have a mental preparation that it can go against you anytime, so that you will not be surprised if that really happens.

5. Remain emotionally detached. A good forex strategy is that you don't check how is your trade going on every now and then. If you keep watching it, you are going to make wrong decisions I can guarantee you! This is because greed and panic may happen and therefore you adjust the trade. Just leave it to the market to hit stop loss or profit target once you have traded.