Browsing Tag

foreign exchange market

Investing

The Top 6 Forex Trading Mistakes To Avoid At All Costs

forex trading tipsIndividuals who get into forex often make at least a few mistakes before the first day of trading is done. That’s to be expected. When you’re learning something new, you don’t have the benefit of experience. At the same time, you don’t want to burn through your trading capital making stupid mistakes every day. Here’s what you need to avoid to make sure your lessons are good ones.

Know When To Cut and Run

A lot of traders stay in a trade too long. This happens because they don’t set firm rules before they start trading. This is an uncomfortable thing for most people to get used to, but you absolutely need to write out the rules for your trades before you open up your trading software.

Things like profit and loss targets, stop losses, and entry points for the day should be some of the first things you define. Having a set of definitions like this makes it easy to trade because all you need to do is play your trading “by the book.” There’s no emotional response to a market correction or a temporary setback. Trading becomes objective instead of subjective.

Continue Reading

Investing

There Are Shortcuts – But Not Everyone Can Take Them

foreign exchange marketWhen you read blogs like this one – they’re great for encouraging you to save money and be as frugal as possible in your life in healthy ways that help get you free from debt.

There’s absolutely nothing wrong with that – it is a lifestyle to be commended as long as it doesn’t become a needlessly penurious one, of course.

But then you see around you plenty of other people who seem to live quite a “high rolling” existence and seem to enjoy that life too.

This isn’t for everyone; many of us still wouldn’t be buying penthouse apartments and flashy cars even if we could. But at the same time – it would sometimes be nice to switch off from sweating the detail in saving the pennies.

One way some people manage this is through trading. Now trading can refer to pretty much any kind of market. There are people out there buying and selling goods online, others running market stalls – and each knows his or her business and how to profit from it.

Continue Reading