Currencies are traded in dollar amounts called "lots". One lot is
equal to $1,000, which controls $100,000 in currency.
My father, who owns a small parts store and garage for vintage
British sports cars, called me up recently and droned on and on
about how he is getting killed by the Euro. Confused as to how
the Euro could possibly be affecting his small and seemingly
insignificant business, I asked him how.
Foreign exchange market, or better known as FOREX, is the world's
largest and most prolific financial exchange market originated on
1973. Bearing the status of largest and most prolific currency
exchange market, FOREX is the center stage where a vast majority
of the currency trading or FOREX trading takes place, with a
total daily turnover of currency worth more than $1.
Do you think adaptation to the realities of the market is the
most important thing? Many times in the past I've written about
the need to adapt, the need to be able to change your behavior
relative to the market because the markets are ever changing.
I've stated that mechanical systems may be workable, but for only
a short time relative to the life of markets.
There are some common mistakes I've seen traders make in the area
of money management. First, let's understand what money
management is all about.
FEARING LOSSES? There is a huge difference between being risk
averse and fearing losses. You must hate to lose.
One of the best kept secrets in trading is that of reduced margin
spreads. You cannot name a trading method that provides more
safety or a greater return on margin than does a reduced margin
spread, while also being one of the least time- consuming ways to
Consider the following: As a trader you are in a business. Your
strongest opponent has plenty of capital.
Throughout our course on futures trading, we have tried to point
out to you that there is a great difference between having an
investor attitude and being a trader. There are also many
The following situation happens quite often to many traders. Look
it over and see if it has been happening to you. You have been
faithfully following your trading plan and the rules you've set
RULE #1) ~ Cut your losers; let your winners ride. One important
thing that every new trader must know before entering this highly
profitable business is that life is not perfect, even in FOREX
land, and you should always know one fact: YOU WILL HAVE LOSING
To make a profit, in the FOREX, a trader can enter the market as
a *buy position* (known as going "long") or a *sell
position*(known as going "short"). For discussion, let's assume
you've been studying the EURO.
If you want to be a successful trader, you must make sure you do
not deny reality in any phase of your trading. You cannot deny
losses, price direction, mistakes you make, being
undercapitalized, or a whole host of things you would rather not
"Is it important to be creative in your trading?" I'm not sure I
can describe it in terms of importance. The creative process is
somewhat of a mystery, even to scientists who study it.
One way to acquire discipline in trading..
More Tips & Articles from the Currency Trading Information Channel:
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Mon. January / 21 / 2019
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