Those wishing to learn to trade must realise this at the outset. It’s when unrealistic expectations fail inevitably to be met that we can so easily turn our backs on what has the potential to be a profitable and rewarding journey.
So, with that in mind there are some fundamentals that need to be put in place at the start.
The first thing is to develop a realistic approach to trading. This means understanding that there are no guarantees, that winning and losing go hand in hand and that quite often the best set-ups will go against us. The market is not tameable.
Therefore, given the unpredictable nature of the market it has to be approached with diligence. What does that mean exactly? Well, amateur trading is often characterised by impatience, wanting to get on with the business of trading and making money; casting around for what look like opportunities to trade and then ‘jumping’ in. It’s quite possible that this approach may yield a few wins, but in trading it’s about the long term, and this approach will not yield long-term profit, in fact quite the opposite. It will only be a question of time before the entire account is lost.
To make a success of trading as an ongoing, long-term means of growing capital a clear-cut and disciplined approach is required. There are three cornerstones that must at all cost be adhered to: A trading plan, an understanding of risk management and the discipline to implement consistently your trading plan and its associated rules. In a way the last, discipline, sounds the easiest and most straightforward, but arguably it’s the hardest of the three. Read More
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REPORT: Trading improvements - Learning Center
REPORT: Reasons to Not Quit Trading - Yohay Elam
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Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
USD/JPY goes on a roller-coaster ride prompted by geopolitical risk
USD/JPY whipsaws lower and then higher on alternating risk-on risk-off caused by Middle East tensions. Governor Ueda talks about defending the Yen from further weakness and currency-induced imported inflation. USD/JPY price chart shows bearish Hanging Man forming, boding ill for future price action.
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.
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