Category — Forex Trading Tips
Forex Trading Tips – 5 Ways to Avoid Burn Out While Making a Living in Forex Trading
Making a living in the forex trading market can be very profitable but at times stressful. The trick is to keep the perfect balance that will allow you stay sharp, make money and not go insane. There are a lot of pratfalls that you may fall victim to so here are a few forex trading tips to keep you on your game.
1. Check the economic calendar each and every day
One of the most frustrating things that can happen to you as a trader is to spend half your day spotting a trend only to see it go south all of a sudden. Maybe Ben Bernake made a negative comment or there were economic data releases that you didn’t see. Simply checking a site like Forex Factory at the beginning of your day will ensure that you don’t miss things like this.
2. Join some forums
Forums are a great way of keeping your sanity. If you are doing full time trading forex or working from home, you’re going to find yourself in a lot of lonely situations and rarely around people that can comprehend what you are talking about. By joining an economic forum, you can make use of your slow periods and bouncing forex trading tips off of other traders. You can also exchange views on different forex strategies and checking out some new forex reviews.
3. Get outside and enjoy life
When you are talking to a lot of traders, a common theme is that they spend every waking hour researching their market. You’re going to want to try and get away from this and enjoy some of the money you are making. This is not to say you’re not going to have to do your homework, but surround yourself with real people and get out of the house to have some normal interactions on a daily basis.
4. Make exercise a part of your daily routine
Exercise has an amazing effect on everyone. You find yourself sharper mentally, obviously in better physical shape and with a lot more energy. When you’re sitting in front of a computer staring at a monitor all day, you have to make sure that you are doing something to keep your body in shape and your mind sharp. Here is a good forex tip – get up early and go for a jog or take a nice bike ride after the market closes everyday and you will find yourself better equipped for battle.
5. Don’t be afraid to treat yourself
While the forex market runs a fast and furious pace, is never going to hurt you to make it a point to get up and get away from it for a few minutes every hour or so. Maybe making your goal that every time you have a successful trade you treat yourself to a 15 minute break. Even if you are doing forex scalping, you’re going to have to step away for a few minutes just to recharge your batteries and regain your focus.
by Daniel S.
About the Author:
1. Check the economic calendar each and every day
One of the most frustrating things that can happen to you as a trader is to spend half your day spotting a trend only to see it go south all of a sudden. Maybe Ben Bernake made a negative comment or there were economic data releases that you didn’t see. Simply checking a site like Forex Factory at the beginning of your day will ensure that you don’t miss things like this.
2. Join some forums
Forums are a great way of keeping your sanity. If you are doing full time trading forex or working from home, you’re going to find yourself in a lot of lonely situations and rarely around people that can comprehend what you are talking about. By joining an economic forum, you can make use of your slow periods and bouncing forex trading tips off of other traders. You can also exchange views on different forex strategies and checking out some new forex reviews.
3. Get outside and enjoy life
When you are talking to a lot of traders, a common theme is that they spend every waking hour researching their market. You’re going to want to try and get away from this and enjoy some of the money you are making. This is not to say you’re not going to have to do your homework, but surround yourself with real people and get out of the house to have some normal interactions on a daily basis.
4. Make exercise a part of your daily routine
Exercise has an amazing effect on everyone. You find yourself sharper mentally, obviously in better physical shape and with a lot more energy. When you’re sitting in front of a computer staring at a monitor all day, you have to make sure that you are doing something to keep your body in shape and your mind sharp. Here is a good forex tip – get up early and go for a jog or take a nice bike ride after the market closes everyday and you will find yourself better equipped for battle.
5. Don’t be afraid to treat yourself
While the forex market runs a fast and furious pace, is never going to hurt you to make it a point to get up and get away from it for a few minutes every hour or so. Maybe making your goal that every time you have a successful trade you treat yourself to a 15 minute break. Even if you are doing forex scalping, you’re going to have to step away for a few minutes just to recharge your batteries and regain your focus.
by Daniel S.
About the Author:
To learn how to trade forex successfully using a simple, time-tested and proven forex trading system, download my FREE 56-page “Forex Trading To Riches” ebook at http://www.forextradingpower.com.
The author, Daniel Su, is the owner of http://www.ForexTradingPower.com where you can get free premium forex trading tips and resources. Daniel Su specializes in teaching real people how to trade the Forex market for long term financial success.
October 2, 2009 No Comments
Forex Trading Tip – a Simple Powerful One for Huge Profits
Here we are going to give you a simple forex trading tip that is simple to learn, easy to use and can help you spot big trend changes in advance so here it is.
Its learning to spot bullish or bearish extremes in the market by using news stories – but your not going to be interested in the story itself just its influence on price.
Let’s look at it in more detail (and show you a live example of this tip in action) and start with a simple equation which is an essential part of any trader’s forex education:
Fundamentals + Investor Perception = Forex Prices
The fundamentals are there for everyone to see – but we all see them differently, drawing our own conclusions on what they mean and this huge mass of opinions equals the market price.
It’s a fact that as humans we are subject to our emotions when we trade.
The vast majority of traders are subject to greed and fear when buying or selling currencies. It is these emotions of greed and fear that always cause prices to spike to far away from fair value, as the investor psychology becomes to bullish or bearish.
Throughout history the most important market tops have formed when the news is most bullish and market bottoms when the news is most bearish.
What you need to look for in news stories is:
A bullish or bearish extreme in investor sentiment, then look for bullish or bearish news which does not rally the market when it’s bullish or see a sell off when it’s bearish.
Let’s look at a real life scenario and how this works.
For the last week the vast majority of traders ( around 90% ) have been expecting the Fed to cut US interest rates by 50 bps. On Thursday the Fed chairman spoke and seemed to confirm this – the vast majority of analysts then predicted a huge dollar sell off of the dollar against the euro – but it never came.
Why?
Because this news has been discounted earlier and the market hardly moved.
The euro hit a resistance level at 1.48 and this level is holding. This shows that the bearish dollar news is discounted and the Dollar has already absorbed the interest rate cut news in full.
So with the market stalling at a key resistance level, its time to look at the forex charts, for a turn down in price momentum and sell the euro.
While many in the news have been calling for a massive dollar sell off the charts are telling a different story.
Its time to buy the dollar has been pushed to far away from fair value.
We would expect the euro to trade below 1.40 in the next few months despite the vast majority of traders thinking it is going too sold into oblivion.
There is an old saying:
” If you can hold your head when everyone around you is losing theirs you probably haven’t heard the news”
In trading terms you have – but you are seeing the news in a completely different way to the majority, by drawing conclusions based upon its impact on price.
This forex trading tip will put you opposite the majority most of the time but as the majority lose that’s no bad thing. Learn to step back from the crowd and draw different conclusions, this forex trading tip can make huge profits and help you enjoy currency trading success.
by Kelly Price
About the Author:
Its learning to spot bullish or bearish extremes in the market by using news stories – but your not going to be interested in the story itself just its influence on price.
Let’s look at it in more detail (and show you a live example of this tip in action) and start with a simple equation which is an essential part of any trader’s forex education:
Fundamentals + Investor Perception = Forex Prices
The fundamentals are there for everyone to see – but we all see them differently, drawing our own conclusions on what they mean and this huge mass of opinions equals the market price.
It’s a fact that as humans we are subject to our emotions when we trade.
The vast majority of traders are subject to greed and fear when buying or selling currencies. It is these emotions of greed and fear that always cause prices to spike to far away from fair value, as the investor psychology becomes to bullish or bearish.
Throughout history the most important market tops have formed when the news is most bullish and market bottoms when the news is most bearish.
What you need to look for in news stories is:
A bullish or bearish extreme in investor sentiment, then look for bullish or bearish news which does not rally the market when it’s bullish or see a sell off when it’s bearish.
Let’s look at a real life scenario and how this works.
For the last week the vast majority of traders ( around 90% ) have been expecting the Fed to cut US interest rates by 50 bps. On Thursday the Fed chairman spoke and seemed to confirm this – the vast majority of analysts then predicted a huge dollar sell off of the dollar against the euro – but it never came.
Why?
Because this news has been discounted earlier and the market hardly moved.
The euro hit a resistance level at 1.48 and this level is holding. This shows that the bearish dollar news is discounted and the Dollar has already absorbed the interest rate cut news in full.
So with the market stalling at a key resistance level, its time to look at the forex charts, for a turn down in price momentum and sell the euro.
While many in the news have been calling for a massive dollar sell off the charts are telling a different story.
Its time to buy the dollar has been pushed to far away from fair value.
We would expect the euro to trade below 1.40 in the next few months despite the vast majority of traders thinking it is going too sold into oblivion.
There is an old saying:
” If you can hold your head when everyone around you is losing theirs you probably haven’t heard the news”
In trading terms you have – but you are seeing the news in a completely different way to the majority, by drawing conclusions based upon its impact on price.
This forex trading tip will put you opposite the majority most of the time but as the majority lose that’s no bad thing. Learn to step back from the crowd and draw different conclusions, this forex trading tip can make huge profits and help you enjoy currency trading success.
by Kelly Price
About the Author:
PROFESSIONAL FOREX TRADING COURSE
and FREE ESSENTIAL TRADER PDFS
For free 2 x trading Pdf’s with 90 of pages of essential info and an exclusive Currency Trading Course For Beginners visit our website at: http://www.learncurrencytradingonline.com
October 1, 2009 No Comments
