Hello traders! This week’s newsletter is coming to you from Sacramento, California. While this is my first time to this center and meeting these students, the questions and experiences of this group of sixteen is basically similar to every other forex trading class that I have ever taught. This class has the typical diversity of students in it, from a couple of people in their mid-twenties to a couple that are about seventy years old. Some are married, some single. There are a few wealthy and a few middle class. A few are already retired while most have regular jobs. A couple are even transplants from other countries.
Each of the students has their own set of challenges in the forex marketplace. A few are brand new to forex trading, not even sure what a spread is (difference between bid and ask). A few have been trading for a while, but have been on the losing side of the profit and loss equation. A couple are making a little bit of money, but like many traders end up giving back too much in profits after a series of wins. So, what is the point of all this?
Many new traders, and even new students to Online Trading Academy, think that their own issues/experiences in the forex trading world are unique. Nothing could be further from the truth! After teaching for ten years now, with several thousand students coming through my classes, I think I have heard just about every issue that exists in the world of trading. If not all of them, then a good 90%+ of the issues out there. In fact, I have actually experienced first-hand in my own forex trading history many of the challenges that exist! Here are just a couple of these issues: taking myself out of a profitable trade too early, then watching it go to my original profit target (micromanagement of trades); moving my stop loss the wrong direction when the trading price approaches the stop (breaking the rule of following the original plan on a trade). Either of those issues sound familiar to you?
There are two main points I’d like to make with this article. The first is the fact that the vast majority of issues that any trader faces HAS BEEN FACED BEFORE AND CONQUERED, often, by tens of thousands of traders before you. If they can fix their issue who says that you can’t fix it too?
The second main point I’d like to make is that identifying these issues, and their easy fixes, is often something you can’t do on your own. Just like listening to your own voice sounds odd to most people, trying to self-diagnose your trading problems can be difficult. My recommendation for anyone facing trading challenges is to hang out with successful traders, either in person or online. If you are a golfer and have a problem with your swing, is it easy for you to identify and then fix a terrible slice? Usually, no. Same rings true with trading. Anyone facing challenges should find mentors, teachers or at least someone who has faced the challenge and conquered it before, for aid. Don’t be stubborn or proud! Trading can be extremely profitable, but only if you can get past the (not) unique challenges that every trader faces. Once the “lightbulb” goes off and you get that “aha” moment, put your ego in a drawer and get help.
I often say in class that I learn something new every week in trading even though I’ve been doing it since 1997. It doesn’t matter to me if someone has been trading for a year or a hundred years, we don’t know it all and can learn from just about anyone. Swallow that pride, accept the help, and make a lot of pips!
This content is intended to provide educational information only. This information should not be construed as individual or customized legal, tax, financial or investment services. As each individual's situation is unique, a qualified professional should be consulted before making legal, tax, financial and investment decisions. The educational information provided in this article does not comprise any course or a part of any course that may be used as an educational credit for any certification purpose and will not prepare any User to be accredited for any licenses in any industry and will not prepare any User to get a job. Reproduced by permission from OTAcademy.com click here for Terms of Use: https://www.otacademy.com/about/terms
Editors’ Picks
AUD/USD pressures as Fed officials hold firm on rate policy
The Australian Dollar is on the defensive against the US Dollar, as Friday’s Asian session commences. On Thursday, the antipodean clocked losses of 0.21% against its counterpart, driven by Fed officials emphasizing they’re in no rush to ease policy. The AUD/USD trades around 0.6419.
EUR/USD extends its downside below 1.0650 on hawkish Fed remarks
The EUR/USD extends its downside around 1.0640 after retreating from weekly peaks of 1.0690 on Friday during the early Asian session. The hawkish comments from Federal Reserve officials provide some support to the US Dollar.
Gold price edges higher on risk-off mood hawkish Fed signals
Gold prices advanced late in the North American session on Thursday, underpinned by heightened geopolitical risks involving Iran and Israel. Federal Reserve officials delivered hawkish messages, triggering a jump in US Treasury yields, which boosted the Greenback.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
With all eyes peeled on the halving, Bitcoin is the center of attention in the market. The pioneer cryptocurrency has had three narratives this year already, starting with the spot BTC exchange-traded funds, the recent all-time high of $73,777, and now the halving.
Billowing clouds of apprehension
Thursday marked the fifth consecutive session of decline for US stocks as optimism regarding multiple interest rate cuts by the Federal Reserve waned. The downturn in sentiment can be attributed to robust economic data releases, prompting traders to adjust their expectations for multiple rate cuts this year.
RECOMMENDED LESSONS
Making money in forex is easy if you know how the bankers trade!
Discover how to make money in forex is easy if you know how the bankers trade!
5 Forex News Events You Need To Know
In the fast moving world of currency markets, it is extremely important for new traders to know the list of important forex news...
Top 10 Chart Patterns Every Trader Should Know
Chart patterns are one of the most effective trading tools for a trader. They are pure price-action, and form on the basis of underlying buying and...
7 Ways to Avoid Forex Scams
The forex industry is recently seeing more and more scams. Here are 7 ways to avoid losing your money in such scams: Forex scams are becoming frequent. Michael Greenberg reports on luxurious expenses, including a submarine bought from the money taken from forex traders. Here’s another report of a forex fraud. So, how can we avoid falling in such forex scams?
What Are the 10 Fatal Mistakes Traders Make
Trading is exciting. Trading is hard. Trading is extremely hard. Some say that it takes more than 10,000 hours to master. Others believe that trading is the way to quick riches. They might be both wrong. What is important to know that no matter how experienced you are, mistakes will be part of the trading process.