Forex Currency Trading Like an Expert
I want to show you forex currency trading, just like an expert would do it. I’ve been in this market for a few years now and it wasn’t always good. I went up and down, learning a lot of what it takes to win in this business. The market has over three trillion dollars a day in trades and I wanted to see that money come into my pockets. This business isn’t gambling because it really is based on strong logical and factual information to make the best decision possible in the market.
I think the best skill you can learn to develop when doing currency trading is learning to cut your losses. You’re going to have a bad trade, I guarantee that. I have bad trades. The richest trader in the world has bad traders. The difference between us all is how we end up dealing with it. Bad traders tend to rationalize hold onto bad trades with the quote “it will go back up”. It’s probably true. It will go back up, but when? Must be a horrible scenario you’re in if you’re still waiting for the US dollar to go back up. You need to cut your losses, get back at least part of your money and reinvest it in another profitable trade.
Lastly in forex currency trading, you have a very liberal time frame for trading. In fact, you can do it at 2am if you want. The problem is there is a significant difference in the volume of trades at these times. Since there is a difference in volume, it makes one time worse than the other. At 2am, there is very little people trading. The problem is that if someone makes a big trade, the currency price will take a roller coast ride. If it is at a high volume time, big trades really have no affect because so many people are trading.