What Financial Traders Can Learn From the Game of Golf
Golf and Trading - This post describes parallels between golf and financial trading. it will give you insights to help improve your trading performance.
This post aims to describe parallels between the game of golf and financial trading. I hope it will give you some insights to reflect on and key takeaways to help improve your trading performance.
So, it’s happened… I’ve taken up golf. Yes, being middle-aged, I realize it is a cliché. But, like hundreds of others forced into isolation during the COVID-19 pandemic, golf was for some time one of the only sports that could be played outdoors.
I paid for a few lessons with a golf pro, and some of what he said to me has really resonated with my trading. I found there to be many parallels which I thought it would be insightful to explore and share.
Dominating the World of Risk – How to reduce your trading risk
How to reduce your trading risk?- In a market environment full of uncertainty, those are the tools that will help traders dominate risk.
Without a crystal ball or some other clairvoyant lens into the future, you can’t expect all (or most) of the changes in the market. Still, you have to be providing a steady income and reduce your trading risk, if you want to make it as a professional trader.
In a market environment full of uncertainty, what tools can we give traders to dominate risk?
Eliminate the gambling factor
The first step in dominating risk is to accept that it will always exist and that it needs to be managed. Risk management will greatly help you reduce the gambling factor from your trading and ultimately give you a better edge in how you operate in the turbulent uncertainty of the market.
Four Ways To Detect Trends In Forex Currency Pairs
This guide will explain different ways to detect trends in forex currency pairs, a trading strategy that research proves it can be very profitable.
Trends In Forex Currency Pairs - There’s an old saying “The trend is your friend, until the end when it bends.”
In a trend, a move from one price to another leads to profits and losses for the trader. Generally, there are four significant factors that can trigger these trends. These include supply and demand, a change of government policy, speculation and expectation, and international transactions.
Let’s say we’ve developed an edge that involves paying attention to the economics and politics in country X and we’ve formed an opinion on the future direction of country X’s currency.
To do this, we’ll probably have an understanding of all four of the above factors, and now we want to take advantage of the change of what we think will happen. We can do this either on a swing trade or long term basis.
Do you really have what it takes to be your own trading boss? - This article will help you be an independent Forex trader.
Imagine the freedom of being your own trading boss. You get to work when you want, how you want, and where you want. You’re free to take risks and chances without the peripheral gaze of overbearing authority. Everything is planned, implemented, and followed upon by you. But while this is true, it might not be as glamorous as you imagine.
The reality is many people who become their own bosses as traders, immediately fall into a well-laid trap. The most successful and disciplined traders have devised effective plans to work for themselves but the truth is, most of us don’t have what it takes to self-discipline, self motivate, and self-correct in a profession that can be incredibly lonely and unsure. No other skill job would require its occupants to go it alone without coaches, trainers, and experts to constantly rely on. But trading is different and exceedingly lonely. It doesn’t take much for ill-prepared traders to end up lost in their own heads and ultimately failing.
How the Results of this US Election may Affect the US Dollar
Historically, US economic performance tends to improve under a Democrat candidate, Will the election results affect the US dollar similar this time as well?
While accounting for the ongoing worldwide impact of coronavirus, the one news item that has dominated the global agenda during Q4 is the US Presidential election. Even now that Democrat candidate Joe Biden has been declared the winner of the election, the protestations of the Trump administration have meant that transition of office has not been as smooth as in previous years.
This has only served to exacerbate the uncertainty being faced by both domestic and global financial markets, with the US Dollar (USD) particularly vulnerable to the election and its macroeconomic impact.
Of course, the election of Biden may cause even more market volatility in the short-term, particularly given his apparent desire to hike taxation for large corporations. Trump’s refusal to accept his electoral college defeat also exacerbated uncertainty in the markets, despite the lack of success for any of his legal challenges to date.
For those watching and waiting on the eventual outcome, it’ll be an uncertain period of time, not least for traders and investors looking to plot where USD moves next in response. But how will Biden’s win impact the US economy and the greenback?
What You Should Know About the British Cable Pound
The UK is the world’s sixth-largest economy, and spectators have watched the British Cable Pound with interest for a while now.
From the country’s adamant refusal to join the Euro Zone to the stark drop in the pound’s value following Brexit, there’s certainly plenty to discuss here!
What does the GBP/USD forecast look like for 2021? I don’t have a crystal ball, but I do have plenty of data and research to inform my thinking.
Keep reading for a brief overview of the British Pound’s characteristics and history, alongside an analysis of recent trends and a prediction for what the future could hold. This is a huge topic, but I’ll do my best to keep it brief!
Understanding the buying power of leverage and lot size in your trading account - The5ers Leverage
n this video, we explain what is leverage in forex trading and how to calculate it. The leverage is the buying power given to a forex account. At the5ers we use the leverage of 1:6 for the low-risk programs and 1:30 for the aggressive ones.
The Lower Hanging Fruit - Forex Money Management Strategy
After struggling for a few years in forex trading, I hadn’t managed to find a solid trading concept that made sense to me or a forex money management strategy that helped me.
I did everything in my power, everything about trading that I could, but even with all that effort, I was still struggling for consistency.
I became obsessed with finding the right strategy for trading. Everything changed when I found a trader, who opened my eyes. There are a lot of people who find trading complex and boring, but if you take the time to learn it, you will find that it is quite interesting.
The lower hanging fruit is a forex money management strategy you should try to learn and use to turn a profit.
Trading Strategy as a Reflection of your Personality
How to find your perfect trading strategy, and be on your way to trade under conditions that are ideal for your personality and style.
A big reason many traders are unprepared for this profession is that they enter the job with one tunnel view set ahead of them.
They jump into the market because they want to make money.
The sole desire to make money prohibits many traders from looking deeper into the trading profession in order to find that there are many more layers than just buying and selling in order to turn a profit.
The layers and complexities beyond this binary fantasy give way to unique and challenging ways for each and every trader to craft personalized trading strategies and methods of trading according to their own strengths and weaknesses.
