Currency trading is not for everyone. It requires a strong sense of discipline, keen equity management and of course the understanding that it is not an overnight get rich scheme in which one merely sets a trade and hopes the market goes in their direction.
There are two types of traders, fundamental and technical traders. Fundamental traders analyze economic data such as news reports. They believe that the market moves based on economic and political conditions. A technical trade analyzes charts, studying pass data to predict what the future market movements are likely to be.
A few key points to remember are; not all trades will go in your direction no matter how good a trader you are. Always remember to put your stop loss in. Before taking the trade, know exactly how much you are willing to lose should the trade go against you. Always run with the big dogs, go with the trend. In an uptrend or Bullish markets buy. In a down trend or bearish market sell.
Inst this like gambling? But it sounds interesting. When i have some money in the future i might try it out.
ReplyDeletehey this information is really interesting
ReplyDeleteAs DJ Romeo would say ... " This is food for the brain - the rest is like chewing gum." Good job Gaealove!
ReplyDelete--Praetorian
What would you say are the qualities of a good trader
ReplyDeletehmmmm.....you've got me thinking!
ReplyDeleteColeen.
Re:qualities of a good trader
ReplyDeleteMy dear friend as stated before. A good trader must have discipline. Practicing good equity management and sticking to one trading technique. For example a technical trader will know what time frame he trades off. If his trading style dictates he trades the one hr charts then he will not be taking trades on 30 minutes 5 minutes or 1 minute timeframe but taking his entries on the set time frame. Usually the larger the timeframe …the better the trade.