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What is Forex Trading Plan?

What is Forex Trading Plan?

by Amjid Afridi | Jun 10, 2020 | Forex trading

Having a well outlined and easy-to-follow strategy can make the difference between success and failure as you enter the field of forex trading where personal decisions turn into gains or losses. A forex trading strategy, simply explained, helps to keep you disciplined. Trading is a business and should be regarded as such. Just as a business has a standard operating procedure to keep things running smoothly, so you have a disciplined trading plan to remain.

Before you start trading, having a Forex Trading plan is much like having a map before you start travelling. Trading in the forex without a trading strategy can be a daunting experience even though you have experience trading in a demo account until real money is on the track. In essence, having a trading plan helps traders treat forex trading more like a business. Most people who are interested in forex trading already know that someone who runs a business usually needs a business plan to have a structured base on which to attain greater success.

A forex market trading strategy isn’t really any different from any other plan you can envision. It is a sketch of your planned trading activities, such as an online to-do list when it comes to trading forex. The main idea of the trading plan is to develop a set of rules to which you will adhere, and how you will implement them. Once you have the rules written, it is much easier to apply them as there is a clear action plan on how they need to be followed.

Your trading strategy will include a checklist that you are following; this should include items that you are searching for in the market and what you want to see before you start a trade. If you can tick all the boxes then you are joining the market, otherwise, you must hold off until your edge of trading appears again. In fact, you can formulate your entire trading plan as a checklist; this will make it a smooth format that allows you to quickly decide whether any prospective trade setup is worth taking.

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When to Take a Break from Forex Trading

When to Take a Break from Forex Trading

by Amjid Afridi | Jun 9, 2020 | Forex trading

Having an online job, forex market traders will benefit greatly from doing a digital detox. Though forex trading is a technologically inclined career, digital world exposure is much higher than that of other professions. From using smartphones, tablets to laptops or computers, Forex traders need to perform and profit from web sources and online executions. Traders are spending an excessive amount of time in front of the screen because of that. Taking a break in the long term will improve the experience of forex trading for both physical and mental well-being.

When it comes to forex trading just like any other work, it is vital and very necessary to take a break once in a while. It can be very hard for Forex traders, particularly beginners, to poll itself away from the trading platforms trying to achieve their goals as soon as possible. Being mindful of when to take a break from trading should be a part of any trading plan and any trading strategy and most successful traders know when it’s a good time to take a break.

Forex trading is a profession in which you can reassure yourself that you never do your work. There is always another chart to read, to digest an economic report, or to build or check a new trading strategy. When it’s been a while since you’ve made a winning trade, you ‘re starting to feel you’ve got to make a profit absolutely positive. But unless you’re a seasoned forex trading veteran, it will just add to your frustration to force yourself to the max. Applying extra stress on yourself does not always increase the levels of performance.

  Gold: Yellow metal trading higher in the Asian session

Whatever your situation is, if you’re ever feeling depressed or tired you can probably consider taking a break and finding a way to relax and rest so you can get rid of the pressures that bother you, you can still come back and keep trading. Often such breaks can be as short as an hour or two depends on what’s going on, but there are moments when you can take a longer break as a couple of days or even a week to refresh your body and mind.

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Should I Trade the Non-Farm Payrolls NFP?

Should I Trade the Non-Farm Payrolls NFP?

by Amjid Afridi | Jun 5, 2020 | Forex trading

Although some traders depend on fundamental analysis and others on their technical skills, others are able to make news events and economic releases in good living by themselves. There might be no more critical number for the news trader than the Non-Farm Payrolls report that comes out on the first Friday of each month. It is this number that paints the clearest image of the current state of the US economy, and while unemployment can sometimes be a lagging NFP indicator, it is also a key factor when central banks decide on their monetary policy.

Non-Farm Payrolls are usually published at 8:30 am EST on the first Friday of each month. It contains the U.S. Department of Labor employment information as part of an overall report on the state of the labor market. The monthly figure shows the change in the Non-Farm Payrolls (NFP) compared to last month, and is usually between +10,000 and +250,000 in non-recessional times. The NFP number is meant to reflect the number of jobs that have been added or lost in the economy in the last month, excluding employment related to the agricultural sector.

The Non-Farm Payrolls report causes one of the ever-growing moves of any news announcement on the forex market. As a result, the NFP number is anticipated by many analysts, traders, funds, investors and speculators, and by the directional movement that it will cause. With so many different parties watching and analyzing this report, it can cause significant rate fluctuations even when the number comes in line with expectations. Most Forex traders have the challenge of trading this move without being knocked out by the irrational volatility it can create. This is because it can be very dangerous to speculate about the direction of a given currency pair upon release.

Trading news releases can be very profitable but not for the heart’s weakness. This is because it can be very dangerous to speculate about the direction of a given currency pair upon release. Fortunately, the wild rate swings can be waited for to subside. Then, after the speculators have been wiped out or have taken gains or losses, traders may try to capitalize on the actual market move. Instead of the irrational movement that pervades the first few minutes after an announcement, the purpose of this is to attempt to catch rational movement after announcement.

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Common Mistakes in Forex Trading Market

Common Mistakes in Forex Trading Market

by Amjid Afridi | Jun 4, 2020 | Forex trading

Regardless of how long you have been trading on forex markets, you are forced to experience lapses in trading discipline whether triggered by unexpected developments in the market or emotional extremes. Even if currency trading can seem easy, and you get informed as a trader, and you follow every suggested move, there are some common mistakes and traps at some point in your career that give many traders trouble.

  Maximize Your Winners By Building Your Self-Confidence

Most inexperienced traders are diving head on the market with high hopes of profit, thinking they’ll get rich in no time. This is not the case. Sure, some people are very good in trading forex, but the majority lose their money. In any case, it takes hard work and a lot of time to achieve success. Building experience will take years, and turning forex trading into a lucrative full time job. One of the most common mistakes that day traders make is that they don’t know the time needed to be successful.

Opening up a trade without a specific trading strategy is like asking the market to take your money. If the market is moving against you when are you going to cut your losses. When do you profit if the market moves in your favour. If you haven’t decided these standards beforehand, why should you suddenly come up with them when you’re caught up in a live position ‘s emotions. Beginner traders will not have a trading plan in place until they begin trading. Even if they have a strategy made, if things don’t go their way they are more likely to reject it.

A inexperienced trader ‘s principal enemy and greatest cause of mistake is his emotions. Watching the deposit increase or decrease will result in beginners losing their minds and taking hasty measures to get more money or avoid losing it. This is not a good strategy. Decision-making should be reasoned, rather than dependent on emotion. Place a take-profit and a stop-loss in order not to raise uncertainty, and leave the market alone, do not monitor it day and night.

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How Politics Impact on Forex Market

How Politics Impact on Forex Market

by Amjid Afridi | Jun 3, 2020 | Forex trading

While many factors are affecting the path of money movement on the forex market, one country’s political conditions may help people understand some of the forex market movement. The fact that foreign exchange trading has become such a globalized operation means that the role of macroeconomic events in forex is even greater than ever before. The interbank currency market not only has an impact on economic results. Each news story can hold the potential to impact a specific currency negatively or positively.

It is now unquestionable that politics is not economics, are the main force behind fluctuations in currency markets around the world. Traditional relationships between major market fluctuations and economic activities have now come to an end and significant political developments such as Brexit, wars and elections are now in control in their place. When it comes to forecasting forex prices, the science of fundamental analysis includes taking into account several specific economic and political factors for one currency in relation to the other currency in each currency pair considered.

Political situation and economic performance of a country can influence the strength of its currency. A nation with less potential for political instability is more attractive to foreign investors, resulting in more political and economic stability attracting investment away from other countries. Also, increased international capital contributes to an appreciation of the value of the domestic currency. A nation with a sound financial and trade policy will not give its currency any room for uncertainty. But, a country vulnerable to political instability may see exchange rate depreciation.

The health of the currency of a nation is based upon the actions of its members. Consequently any change in the government of a country will affect its currency by altering the economic policies of the nation. When a policy changes then this will lead to new economic policies which can either cause the currency to rise or fall. Increasing global volatility would result in the forex market being instable. Irregular currency inflows or outflows may result in major exchange-rate fluctuations. A foreign currency’s value is closely linked to the place’s political situation. Overall, the more stable the nation is, the more stable the currency would be.

  Trade Idea: Fib Pullback on AUD/CAD

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Bad Habits to Avoid in Forex Trading

Bad Habits to Avoid in Forex Trading

by Amjid Afridi | Jun 2, 2020 | Forex trading

All behaviors are linked to instinctive behavior, according to Psychology today. Such persistent habits eventually form a habit and dictate your productivity level. It should have a good trading plan for all traders. One of the worst bad habits that a trader can have is to deal impulsively and without direction. FX Traders who take the time to make a trading strategy are much more likely to succeed but we can create poor habits even with a plan in place.

Forex Traders need to base success or failure on and trade in order to break bad trading habits on whether they adhere to their trading plans and not simply on how they make or lose money. If you do a poor trade (i.e with no disciplined trade, not one part of your trading plan), but make money on it, you always have to see it as a failure, you can’t be praised. By praising yourself, you give a small reward for something wrongly done.

One perfect way to begin changing your bad habits is to spot them when they happen. When we seek to break the old and undesirable pattern and train ourselves with the fresh and desirable pattern, we ‘re building new constructive habits. The shift is fragile. Good intentions are weak to loss of momentum, and the old behaviors and patterns can rapidly re-surface. In order to solidify the new pattern of thinking, it is important to develop habits that will help support the new approach.

Humans have an innate need to be in control of circumstances and surroundings. After all, it is the loss of control that causes emotional responses such as fear and anger through which poor trading habits grow. As a result, we sometimes do ourselves a lot of harm in trading because this need to be in control eventually sabotages our trading attempts. The need to be in control while we trade the market causes the following problems: over-trading, closing trades too fast before they have an opportunity to play out, risking too much because we believe we know what’s going to happen next, trying to prevent losses by trading without stop loss / moving stop loss, etc.

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