Post by traderAllen on Jan 1, 2017 11:38:37 GMT -5
One of the first things that aspiring traders need to is who they are trading against. If you're going to be trading in the Forex market you need to know who is taking the other side of your trade. You not only have the normal adversaries of other traders and investors, but you also have corporations purchasing currencies for their businesses so you need to know when those transactions are going to take place, we call this housekeeping. But most important you need to understand that your Forex broker is not your friend they are directly trading against you. It is imperative that you understand this so you can plan your trading accordingly. Have you ever noticed every time there is a major news release the markets swing wildly in both directions this is how Forex brokers clear the books of the aspiring traders and all those highly leveraged traders. Hedge funds and prop traders do not lose a dime on these heart beat moves. I often say there are only two ways to trade scalping and long-term trading. If your scalping you should never be holding a trade into a news event if you are long-term trading your protective stops must be wide enough not to get taken out by these heart beat moves.
As you begin trading or learning to trade in 2017 given mind that you should be focusing 90% of your time on studying and understanding the market you want to trade. Focus on only one market. In Forex you should be trading a pair where one half is your home currency. The other 10% of the time should devote to fine-tuning your entry and exit methodologies. But understand these are the least important it is more important that you understand the market your trading, how it moves, how it reacts to news events, and its highest probability of direction. Good trading in 2017 to all, TraderAllen
As you begin trading or learning to trade in 2017 given mind that you should be focusing 90% of your time on studying and understanding the market you want to trade. Focus on only one market. In Forex you should be trading a pair where one half is your home currency. The other 10% of the time should devote to fine-tuning your entry and exit methodologies. But understand these are the least important it is more important that you understand the market your trading, how it moves, how it reacts to news events, and its highest probability of direction. Good trading in 2017 to all, TraderAllen