A successful forex trader knows his financial limits and understands the sensitivity of his portfolio in the market and the fact that currencies are priced in pairs, and no single pair trades completely free of another.
Trading has always been an unpredictable market, with all the news and current events taking place, how does a trader manage to make it work? Does he just sit back look at all the charts and plan his moves out or does he simply bet on what’s to happen next?
No matter how much you might have advanced as a trader, at certain points in your career you’re going to wish you had a proper teacher or someone in the forex trading Olympus to help you out when you’re in a sticky position. Well, we’re here to bring you five tips from the experts so you don’t have to beg and suck up to the ‘big’ guys yourself.
Herd instinct is as a word an inclination in people or animals to behave or think like the majority of people around them. In trading this means that first observing and then following whatever the entire market as a whole is doing, there are several ways this type of behavior can be explained.
Trading can be a difficult business if not dealt with properly, it’s easy to lose your money all in one go and unfortunately for all the math whizzes out there, there is no complicated, quantitative formula that can be used to attain success while trading, to really get a deeper understanding of trading - especially forex trading- you
Rules are everything, this statement may sound tedious and overused but as a trader, the faster you realize this, the better off you will be.