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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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Neno
Neno
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Posts : 10936
Join date : 2012-12-17
Age : 59
Location : Lone Star State

Company News Empty Tips for Understanding the Foreign Exchange Market Part 1

Post by Neno Sun 23 Nov 2014, 5:04 pm

Tips for Understanding the Foreign Exchange Market Part 1

Monday, November 17, 2014 2:14:27 PM America/Denver

Company News Forex_Part_1

The foreign exchange market (forex) is the official platform for trading foreign currencies with the intent of making a profit and it is one of the fastest growing markets in the world. Those who truly want to succeed with forex need to have a thorough knowledge of it. To help you get started, we’ve put together a two-part blog post offering tips for entering the market.

Not a Get-Rich-Quick Scheme
Too many people enter forex thinking they will have wild success immediately. However, triumph only comes with patience, perseverance, and a thorough knowledge of the market.

As a result of the get-rich-quick mentality many novice traders have, beginners often make the mistake of starting with big, busy trades. However, true success comes from starting small and working your way up. Though the profits will be small initially, you will learn much more and have greater returns over time.

Learn Your Market
Success in the forex market comes with doing what you know. Because of that, you need to know as much about the market you’re trading in as you can. Know how each foreign market intercorrelates, reacts to global events, and how they impact each other.

To help you get to know your market, start with a single currency pair. This will limit your focus, allowing you to make smarter choices as you dedicate all of your time to learning one market without other distractions.

Know Your Strategy
To make the most of your trading experience with forex, you need an overall objective and a plan for each trade you make. Take into account what types of currencies you plan to deal with, how much time you can commit to the project, and the amount of leverage you will use for each trade.

For every trade you make, have a good exit strategy. Know when you should close positions and take the profits. Also, know how long you should hold a position before closing it. All of this will take ample research, study, and experience to get it just right, but once you have a set strategy, stick with it.

Rely on Discipline
Your strategy won’t do you any good if you don’t have the proper discipline. You need to rely on consistent actions in order to be a successful trader. With that in mind, recognize how your emotions impact your decisions and remove them from the equation. Emotions will cause you to second guess and make impulse decisions that you will regret later.

As the markets shift, it may be tempting to move past your “take profit” point and hold out for a higher return. However, the markets are so unpredictable, you could easily find yourself suffering a huge loss because of this impulse decision. To help you get your highest returns, have the discipline to stick with your strategy.


These are the first four tips in our two-part series on understanding the foreign exchange market. Check in later for the second installment with even more tips to help you find success in your trading endeavors.

http://treasuryvault.com/blog/forex-trading-tips-part-1/
Neno
Neno
Admin
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Posts : 10936
Join date : 2012-12-17
Age : 59
Location : Lone Star State

Company News Empty Re: Company News

Post by Neno Thu 04 Dec 2014, 5:52 pm

Tips for Understanding the Foreign Exchange Market Part 2

Monday, November 24, 2014 2:18:32 PM America/Denver


Company News Forex_Part_2

A week ago, we posted four tips for understanding the foreign exchange market (forex). This article will feature the next four tips to help you get started in trading foreign currencies.

Effectively Manage Money
Success in the forex market comes with minimization of losses and maximization of profits. However, if you don’t have a sound knowledge of money management, that will be a hard goal to achieve. The temptation will be to gamble with your hard earned profits, even though that is rarely successful.

Instead of gambling, always stick to putting a set percentage of your profits back into the market. Doing so will ensure that you never lose money based on foolish actions. The real distinction between novice traders and experts is their money management skills.

Avoid Overusing Leverage
A unique aspect of the forex market is the ability to trade on margin, which is a concept better known as leverage. As a beginner, always remember that the less leverage used the better.  Traders can expect to use leverage in accordance with their experience, meaning that seasoned traders are able to use a good amount of leverage to their greatest advantage, while too much leverage can be a novice trader’s downfall. So, as a general rule, the more time and success you’ve had in the market, the more leverage you can use.



Know When to Close Positions
Because of the ever-changing nature of the forex market, it can be difficult to know when you should close a position and take the profits. The unpredictability of the market requires you to be consistent and predictable with your positions. If you have a losing position, don’t hold out in the hope that the market will lift again. The risk that it will continue to decrease is too great, so instead, count your losses and get out the moment the market has hit your stop loss point.

Likewise, it may be tempting to close a position too early, making you lose out on profits you could have gained if you had stuck with it. Financial markets can react violently to increasing interest rates and financial news, making novice traders so nervous that they pull out too soon. Try to avoid this if you want to maximize your profits.

Take Notes and Don’t Give Up
Keep a journal of your successes and failures. Note key decisions that may have made all the difference in certain transactions. This knowledge will continually increase your success and power in the financial markets.

Also, don’t give up on this endeavor too soon. Though the forex market is not for everyone, many people who could have been successful in the long run pull out too soon because they weren’t making what they wanted right away. Remember that repeated failure is often the keystone to success.

With these tips for understanding the foreign exchange markets, you should have a good grounding on where to begin with your trading journey. Remember to play it safe and smart, and stick to your strategy. To get started, take a look at our foreign currencies.


http://treasuryvault.com/blog/forex-trading-tips-part-2/

    Current date/time is Sat 26 Nov 2022, 1:58 pm