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Avoid Characteristics That Will Make You Lose Your Shirt
from:The world of forex trading is one of big money and high risks. Everybody is seeing this market as a promised land, an opportunity to earn a fortune. Nevertheless, seasoned analysts and traders alike have paid the price by being disciplined and knowledgeable; they know that certain ways of thinking will only help them leak out money faster.
Beware novice trainers, if you ever want to be successful in forex trading, avoid being these kinds of people:
The Irresponsible
You better learn how to own up to your mistakes as well as to decide on what to do so you can reach that goal. Responsibility includes learning the ropes of the trade, doing proper research on your assets and brokers and ultimately knowing that your own success lies in nobody else but yourself.
The Sheep
Sheep follow the majority and takes all of their cues from the experts. While going with the flow is not a bad thing in itself, always trusting on expert opinion has proven to be the wrong move for countless traders. A trader must develop his own style of strategy and thinking that will work for his plan and investments.
The Thrill-Seeker
Let us get one thing straight: forex trading is not a game. Serious traders do it because they want to make money. Having fun is not a feature. Sure, there is satisfaction to be earned from the market but anyone not serious about it has no place in the business.
The Impatient
While action is certainly part of the market, most of it is a waiting game. An impatient trader will jump the gun on a bid/price even though he knows the chances of a better figure will come. Many have succumbed to the impatience and recklessness of having money now instead of investing it long term. Profit from trading comes from staying updated with the current flow, knowing when to wait and when to go for it.
The Over Thinker
Some forex traders think they are a cut above the rest with complex ideas and dazzling theories. Most of that lot has failed. Keeping your strategy simple and clean-cut works best in the long run. While some traders have the tendency to over complicate their plans, reasoning that new times call for new ways, keeping track of profit and how you got it should help you to not over think your strategy.
The Over Emotional
Giving in to anxiety clouds judgment because you start to be afraid of losing money and taking risks. A lot of people forget that forex trade involves risks and it is part of the job. The ability to stay positive and being able to bounce back also makes a sturdier, more confident trader.
The Undisciplined
The biggest mistake to make out there in the market is to invest money lacking in discipline. So many traders have lost their fortunes just because they want an easy way to profit minus the hard work and study to attain it. Forex trading requires attention and understanding of the market, and such dedication to learn requires discipline.
Perhaps the most important character trait to throw away is half-heartedness. Forex trading requires a cool head, objectivity and the ability to make those hard decisions that will certainly come your way. To enjoy the fruits of your hard work, you must earn them by being a man of the trade who definitely understands what he is getting into.
Currency Trading News
Currency trading in London surges - Financial Times
 FXstreet.com | Currency trading in London surges Financial Times By Alice Ross Foreign exchange trading in London, the world's currency hub, surged as worries over the eurozone crisis grew last autumn, figures released on Monday showed. Average daily turnover for trade in global currencies in the UK was just less ... Currency Trade at a Record $977 Billion a Day in North America, Fed Says Forex Trading Volume Drops for First Time Since 2009 Global forex volumes dip, up in N.America |
UBS Gaining Market Share In Currency Trading - Fox Business
 Bloomberg | UBS Gaining Market Share In Currency Trading Fox Business ZURICH -- As it is moving towards conducting more flow business on behalf of clients, UBS AG (UBS) is gaining market share in currency trading, Tom Naratil, chief financial officer at Switzerland's largest bank, said Tuesday. UBS warns of poor Q1 after investment bank loss |
India Eases Currency Trading Limits for Some Banks - Wall Street Journal
 Moneycontrol.com | India Eases Currency Trading Limits for Some Banks Wall Street Journal By SUDEEP JAIN MUMBAI -- India's central bank has asked banks to approach it individually for relaxing some foreign currency trading limits and has already eased restrictions for some banks, a top official said Monday. "Some limits, based on their ... RBI slightly relaxes FX curbs for some banks Indian rupee snaps 4-day rising streak on importer demand |
Currency Trade at Record $977 Billion in North America, Fed Says - BusinessWeek
Currency Trade at Record $977 Billion in North America, Fed Says BusinessWeek Dollar-yen trading was the second busiest at 10 percent. Volatility escalated last year as Europe's debt crisis roiled markets and fueled concern global economic growth would slow. Implied volatility of Group of Seven currencies reached a 16-month high ... |
Two Principals of Foreign Currency Trading Firm Sentenced for $17 Million ... - LoanSafe
Two Principals of Foreign Currency Trading Firm Sentenced for $17 Million ... LoanSafe by Evan Bedard on February 3, 2012 in Scams (Source: FBI) – CHICAGO—Two principals of a foreign currency trading firm that collapsed in 2007 were sentenced to 17 years and 12.5 years in federal prison, respectively, after pleading guilty to fraud ... 2 sentenced for stealing millions in fraud scheme |
How Traders Boost Forex Trading Vocabulary with Vantage FX UK - MarketWatch (press release)
How Traders Boost Forex Trading Vocabulary with Vantage FX UK MarketWatch (press release) LONDON, February 6, 2012 /PRNewswire via COMTEX/ -- Vantage FX UK is helping traders to tell their adjustable pegs from their leading indicators with a comprehensive Forex trading glossary hosted on its website, http://www.vantagefx.co.uk/ . |
Traders on alert for yen intervention - Financial Times
 Financial Times | Traders on alert for yen intervention Financial Times And since the intervention in October the yen has traded in a relatively tight band against the dollar, with low implied volatility. “To trigger [intervention], we really need to see sudden, disorderly moves,” says Masafumi Yamamoto, chief FX ... Japan Confirms 'Stealth' Currency Intervention Yen Weakens Against Most Majors |