For many of us, making money on the FOREX market would be a dream come true, providing both financially independence and a truly flexible schedule.
Consistent gains are possible once you learn the ropes, but only if you actually invest in your FOREX education. So what exactly do you need to learn? Read on to discover the 7 best ways to do exactly that.
Building a trading strategy is obviously not easy, but once you’ve tested your trading system you can then follow it on “autopilot” – the system makes the decisions, you’re just implementing them. This allows you to be more efficient in the long-term. Why test your trading plan? How do you test it and what by criteria should you be evaluating it?
If you want to become an active trader, there are basically 2 options: become a day trader, or a swing trader. Both are seeking to take advantage of short-term movements. You can also turn to scalping, which is the most aggressive type of trading. Let’s focus here on Day Trading: its pros and cons and if it’s the trading style that fits you best.
Stress is a major obstacle that every trader must learn to manage in order for his/her performance to be constant. Stress pushes a trader to react irrationally – rarely to his advantage, and strongly influences his emotional state, concentration and motivation. Let’s see how we can better control this trading stress to earn more money.
A Central Bank is considered to be the supreme monetary authority of a country – or group of countries as in the case of the Euro Zone – and plays a vital role in the economic health of any country. Its different actions affect every asset class, including the FOREX market. What are the main functions and objectives of a Central Bank? What tools are used to reach its goals? What are the effects on the FOREX market?
When you decide to invest your money on the markets, you need to choose a broker and try its trading platform to determine if it suits you, if it’s user-friendly, whether the proposed products are the ones you want to invest in, etc. So you will first open a demo account before opening a live account and deposit funds.
Whether being a trader is your full-time job or you wish to get an additional return on your savings, investing on the FOREX market involves carefully thinking about which trading strategy you will implement based on your capital, your time horizon, your risk aversion, your money management, your psychology etc.