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Trading Insider | 7th September 2020
Editor’s Letter Nirav Shah has been a professional trader since 2001. His keen interest in the financial markets was passed down from his father who worked for one of London’s most prestigious stock brokers. He comes from a family of traders that have worked for institutions such as ICAP, Bank of America and Citibank. In 2008 Nirav started developing his algorithm after an in-depth study alongside 3 other Institutional Traders and for 2 years he spent well over £500,000 in his research and development to create an algorithm that would actually study 18 indicators and combine them with an institutional orders flow. Nirav Shah is the creator of The Platinum Trading Methodology, a proprietary trading and analysis method. Nirav has been a commentator on CNBC about the financial markets, and has written many trading articles for some of the world’s best-known financial publications. Nirav’s trading philosophy is one of low risk, high probability trading, a style that is very patient and disciplined but brings great rewards. He is now willing to share his vast experience with anybody who is open minded enough to learn how to trade professionally.
Nirav Shah Chief Editor
Good Morning Platinum Traders, Last week we had some decent trading opportunities on our caps, on gbp/usd and the eur/usd in particular. There was also a decent bpc opportunity on usd/chf which was flagged up in last weeks PTV discussion, set up on wednesday and was executed to precision on the thursday. Looking ahead to this coming week we have a bank holiday today in the US and Canada, so the market liquidity may dry up in the european afternoon / US morning session. Highlights for the week are wednesdays BOC bank rate announcement as well as thursdays ECB monetary policy statement. Look for 4th or 5th zone reversals if trading these events whilst cutting your normal trade sizes down to either 25% or 50% of your normal sizes. As we come into summer trading conditions ( the summer doldrums ) the market caps as a consequence will be off fairly conservative levels for the time being. For the more experienced traders amongst you please continue to trade with this in mind whilst also being vigilant with opportunities off the daily update levels matching up to the buy and sell zones on the algorithm. This information will also put you on the right side of the market, both technical and fundamental wise with relevant support/resistance levels quoted on there to plot onto your charts. Once you have your directional bias, then bring your technicals into play, fibs, start buying on dips in bullish moves, whilst selling rallies into any strength on bearish plays. BPC trades should always be on your radars as wel
Trading Insider | 7th September 2020
Contents THIS WEEK IN THE FOREX MARKETS........................................................................................................................................4 Economic Data and Geopolitics Put the EUR and the Pound in Focus .....................................................................4 Dollar steadies as traders wary about U.S. stocks, look to ECB for catalysts .........................................................5 GBP/USD: Heavy, still holds above 1.32 amid Brexit concerns.....................................................................................6 USD/CAD Rate Trades in Defined Range Ahead BoC Interest Rate Decision........................................................7 The Aussie Dollar Has Risen 30% Since the Covid-19 Sell-Offs in March..................................................................8 KEY ANALYSIS OF MAJOR PAIRS.................................................................................................................................................10 EUR/USD..................................................................................................................................................................................................10 GBP/USD .................................................................................................................................................................................................11 TOP TRADING EVENTS.....................................................................................................................................................................12 COT DATA ..............................................................................................................................................................................................13 WHAT IS A FOREX EXPERT ADVISOR? BEST FOREX EA 2020....................................................................................17 TOP TIPS FOR TRADING FOREX IN 2020 TO BECOME A SUCCESSFUL FOREX TRADER.............................22
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Trading Insider | 7th September 2020
THIS WEEK IN THE FOREX MARKETS
THIS WEEK IN THE FOREX MARKETS Economic Data and Geopolitics Put the EUR and the Pound in Focus
Earlier in the Day: It’s was a relatively quiet start to the day on the economic calendar this morning. Economic data from China was in focus in the early part of the day. Away from the economic calendar, news of the U.S administration looking to target more Chinese companies tested risk appetite early on.
Out of China August trade figures were in focus following the recent trade talks between the U.S and China. In August, the U.S Dollar trade surplus narrowed from $62.33bn to $58.93bn. Economists had forecast a narrowing to $50.50bn. Year-on-year, exports rose by 9.50%, following a 7.2% rise in July. Economists had forecast a 7.1% increase. Imports fell by 2.10%, following a 1.4% decline from July. Economists had forecast a 0.10% rise. Read more...
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THIS WEEK IN THE FOREX MARKETS
Trading Insider | 7th September 2020
Dollar steadies as traders wary about U.S. stocks, look to ECB for catalysts
TOKYO (Reuters) - The dollar steadied in holiday-thinned trade on Monday after U.S. jobs data showed job growth slowed further in August, while traders shifted their focus to the European Central Bank’s meeting on Thursday. The U.S. Labour Department report on Friday showed that U.S. employment growth slowed and permanent job losses increased as government funding started running out, raising doubts on the sustainability of the economy’s recovery. Still, the jobless rate fell to 8.4% from 10.2% in July. In the immediate aftermath, the greenback rallied to its highest in a week at 93.242 against a basket of six major currencies on safe-haven buying, but later retraced its gains as U.S. stock indexes recovered. “The jobs data which showed a decline in the unemployment rate, and a rise in U.S. Treasury yields, are supporting the dollar today,” said Masafumi Yamamito, chief currency strategist at Mizuho Securities. “However, what’s weighing on the currency is a huge drop in U.S. stocks (last week).” The S&P 500 fell 2.3% last week after five consecutive weeks of gains. [.N] The dollar index =USD was little changed on Monday at 92.895. Foreign exchange trading was likely to be subdued as U.S. financial markets are closed for the Labour Day holiday. Read more...
THIS WEEK IN THE FOREX MARKETS
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Trading Insider | 7th September 2020
GBP/USD: Heavy, still holds above 1.32 amid Brexit concerns
GBP/USD stalls its bounce and drops back below 1.3200. The cable remains heavily offered amid intensifying no-deal Brexit fears. Also, weighing on the pair could be the US dollar’s sustained run-up and a lack of major data/events due on the cards. From a technical perspective, some follow-through selling below Friday’s swing low, around the 1.3175 region, will be seen as a fresh trigger for bearish traders and accelerate the slide towards mid-1.3100s. The downward trajectory could further get extended to the 1.3100 mark before bears eventually drag the pair towards the next major support near the 1.3050-40 horizontal zone. On the flip side, the 1.3255-65 region now seems to have emerged as immediate strong resistance. That said, a sustained move beyond might trigger a short-covering move and push the pair back towards the 1.3300 round-figure mark. A subsequent move up might negate any near-term bearish bias and assist the pair to aim back to the recent daily closing highs resistance near the 1.3385 region. Read more...
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THIS WEEK IN THE FOREX MARKETS
Trading Insider | 7th September 2020
USD/CAD Rate Trades in Defined Range Ahead BoC Interest Rate Decision
CANADIAN DOLLAR TALKING POINTS USD/CAD trades in a narrow range following the limited reaction to Canada’s Employment report, and the exchange rate may continue to consolidate ahead of the Bank of Canada (BoC) interest rate decision on September 9 as the Relative Strength Index (RSI) bounces back from oversold territory.
USD/CAD RATE TRADES IN DEFINED RANGE AHEAD BOC INTEREST RATE DECISION USD/CAD appears to have reversed course ahead of the January low (1.2957) as Canada’s Employment report shows a slowdown in job growth, with the economy adding 245.8K jobs in August versus forecasts for a 250.0K print, which compares to the 418.5K expansion the month prior. It remains to be seen if the fresh data prints will sway the Bank of Canada (BoC) as the rise in full-time position (205.8K) starts to outpace improvement in part-time employment (40.0K), and the central bank may merely attempt to buy time in September after delivering the updated Monetary Policy Report (MPR) in July. In doing so, the BoC may show little intentions of altering the path for monetary policy as the “Bank expects the economy’s recuperation to slow,” and the central bank may continue to carry out “its large-scale asset purchase program at a pace of at least $5 billion per week” as Governor Tiff Macklem pledges to support the Canadian economy throughout the recovery. Read more...
THIS WEEK IN THE FOREX MARKETS
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Trading Insider | 7th September 2020
The Aussie Dollar Has Risen 30% Since the Covid19 Sell-Offs in March
It doesn’t matter if you’re a developed or emerging market, Covid-19 threw a curveball at all global economies in 2020 and now it’s a matter of who can rebound the best. One country that has seen its local currency rise is Australia with the Aussie dollar rising as much as 30% since the March sell-offs. Per a recent CNBC report, the “Australian dollar has spiked some 28% since a year-todate low in March. As the country fell into recession in the second quarter, however, analysts were mixed on where the currency is headed.”
“In March, the Aussie dollar fell to a year-to-date closing low of $0.5738 against the greenback as the coronavirus crisis intensified, and lockdown measures were triggered nationwide,” the report added further. “Defying the country’s weak economic outlook, the currency continued strengthening in the past few months. It briefly broke through the 0.74 mark this week, and reached a two-year peak, according to Reuters estimates. It has since fallen back to the 0.73 level.” The article noted that the Aussie is a prime signal of strength or weakness in the global market’s risk appetite. If more strength could be had in the Aussie dollar, it could be the proverbial tide that lifts all boats.
“If you consider some of the fundamentals in Australia, you can justify valuation of the Australian dollar at current levels,” Nelson said. He also said the country is “very well positioned right now” as it provides much raw material for China’s industrial sector, which has bounced back and is “one of the biggest engines of the current global economic recovery.” Read more...
Trading Insider | 7th September 2020
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Trading Insider | 7th September 2020
KEY ANALYSIS OF MAJOR PAIRS EUR/USD
EUR/USD
EUR/USD – Weekly Closing Price: 1.1837 German CPI declined by 0.1%, the third decline in the past four months. Eurozone CPI fell by 0.2%, as deflation in the bloc remains a serious concern. Eurozone and German PMIs were in the low 50s, pointing to slight expansion in the services and manufacturing sectors. Eurozone retail sales fell by 1.3%, missing the estimate of +1.3%. German Factory Orders gained 2.8%, after a huge gain of 27.9% beforehand. In the US, last week’s numbers were solid. Manufacturing PMI improved to 56.0. up from 54.2. The Services PMI also pointed to expansion, but slowed to 56.9, down from 58.1 beforehand. Unemployment claims dropped below the 1-million mark with a reading of 886 thousand. Nonfarm payrolls slowed to 1.371 million, but was very close to the estimate of 1.374 million. The unemployment rate fell sharply to 8.4%, down from 10.2%. This marked the first single-digit reading since April, prior to the Corvid-19 pandemic. There was more good news from wage growth, which rose from 02% to 0.4%.
EUR/USD Longer Term view The Euro’s Uptrend (from its March low of 1.0640) is showing signs of “tiredness” , leaving it vulnerable to a significant correction ahead.
EUR/USD DAILY UPDATE In the short term, support Today lies at 1.1830/1.1800 enabling rally to resistance at 1.1900/1930 1.1965 max.
Trading Insider | 7th September 2020
GBP/USD
GBP/USD
GBP/USD – Weekly Closing Price: 1.3084 In the UK, the Manufacturing PMI came in at 55.2, very close to the initial reading of 55.3. Construction PMI slowed to 54.6, down from 58.1. Still, the fact that the manufacturing, services and construction sectors all posted readings in expansion territory points to a deeper recovery. The 50-level separates contraction from expansion. Consumer credit demand increased, as Net Lending to Individuals climbed to GBP 3.9 billion, up from GBP 1.8 billion beforehand. Services PMI continued to accelerate, with a read of 58.8, up from 56.5. In the US, last week’s numbers were solid. Manufacturing PMI improved to 56.0, up from 54.2. The Services PMI also pointed to expansion, but slowed to 56.9, down from 58.1 beforehand. Unemployment claims dropped below the 1-million mark with a reading of 886 thousand. Nonfarm payrolls slowed to 1.371 million, but was very close to the estimate of 1.374 million. The unemployment rate fell sharply to 8.4%, down from 10.2%. This marked the first single-digit reading since April, prior to the Corvid-19 pandemic. There was more good news from wage growth, which rose from 02% to 0.4%.
GBP/USD Longer Term view Sterling’s recovery has been contained by multi-year Falling Wedge resistance so far But sustained break above this resistance (at 1.3560) enables strong advance to then occur (onto the low 1.4000’s, initially).
GBP/USD DAILY UPDATE Today, support lies at 1.3225/1.3200, with resistance at 1.3290 (beyond this enables a test of 1.3350/1.3390).
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Trading Insider | 7th September 2020
TOP TRADING EVENTS
TOP TRADING EVENTS
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Trading Insider | 7th September 2020
COT DATA
COT DATA
AUSTRALIAN DOLLAR COT REPORT
BRITISH POUND COT REPORT
CANADIAN DOLLAR COT REPORT
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Trading Insider | 7th September 2020
COT DATA
COT DATA
EURO COT REPORT
JAPANESE YEN COT REPORT
NEW ZEALAND DOLLAR COT REPORT
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Trading Insider | 7th September 2020
COT DATA
COT DATA
SWISS FRANC COT REPORT
US DOLLAR INDEX COT REPORT
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Trading Insider | 7th September 2020
Trading Insider | 7th September 2020
FOREX TRADING ARTICLE
FOREX TRADING ARTICLE WHAT IS A FOREX EXPERT ADVISOR? BEST FOREX EA 2020
Welcome to forex, the largest financial market in the world! This dynamic market is open 24 hours a day, six days a week. This means that one can trade forex at almost anytime during the week, no matter where you are situated. As technology has developed and forex traders are able to trade from their computers or Smartphones, automated forex trading has become more and more popular. In this article, we will discuss forex Expert Advisors (EA), which is a type of automated trading system.
MetaTrader 4 In order to trade on the forex markets, you will need to use a trading platform, which is provided by a forex broker. One of the most popular trading platforms is MetaTrader 4 (MT4). The MT4, which is a trading software program, can be easily installed on your computer or Smartphone. The platform is user-friendly, which makes it ideal for beginner traders. At the same time, the platform offers features customizable charts and is totally comprehensive, which makes it an excellent tool for the experienced trader.
What Is an Expert Advisor? In a nutshell, an Export Advisor is a software program which is an automated trading system. The program can indicate to a trader when to execute a trade or it can automatically execute the trade, based on pre-programmed instructions. An important feature of an Export Advisor is that it can be run on any MetaTrader 4 or MetaTrader5 platform. A trader can use an existing Export Advisor which has pre-set parameters, or they can design their own Expert Advisor, using parameters of the trader’s choosing.
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Trading Insider | 7th September 2020
FOREX TRADING ARTICLE
How Is a forex Expert Advisor different from a Forex Robot? In forex literature, the terms “Expert Advisor” and Forex Robot” are often interchanged. However, it is important to differentiate between these two concepts. Both are automated trading programs which were developed to identify market patterns which can generate trading signals. A Forex Robot can be programmed to trade automatically and continuously on a trader’s behalf, without the trader needs to be in front of the computer during the trading. In other words, a Forex Robot conducts the entire trade – it determines the entry point, places the trade, and exits from the trade, all this without any participation from the trader. On the other hand, the forex Expert Advisor provides the trading signals, but it is the trader who decides whether or not to place the trade. If the trader likes what she sees, she will then have to manually authorise the trade.
Watch this video: The Platinum Extreme Zone Strategy(02mins 05secs)
The Platinum Trading System’s Confluence Matrix algorithm studies 18 indicators and combines them with Institutional Order Flow. It offers a simple, effective, and manageable user interface with a unique alert system that guides any trader with any level of experience to pick the perfect entry point time and time again. Embracing our Forex Trading Strategies will open your eyes to professional methods of trading, and will help you to powerfully and precisely trade the markets. Intraday, Swing, End of Day, Longer-Term? No matter what type of Forex trader you are, the Platinum Trading Academy has got you covered with our simple-to-use forex trading strategies! Would you like to receive the Platinum Trading Academy Closing Bell videos?
Trading Insider | 7th September 2020
FOREX TRADING ARTICLE
When you subscribe to The Platinum Trading Academy Closing Bell will give you FREE ACCESS to: Latest Trading Events Latest Trades and Trading Results Daily Market Wrap These videos will give you an idea on how our Traders Swing, Intraday and Position Trade.
What is the best Expert Advisor for MetaTrader? A casual search on the internet will bring up dozens of expert advisors in forex. The list can be dizzying, as there are literally thousands of Expert Advisors being advertised. How can a trader determine what is the right expert advisor to choose? One must be careful not to fall into the trap of an advertisement promising huge profits if you purchase their Expert Advisor or Forex Robot. This, of course, is nothing but a scam. How can you avoid the scammers and choose the best Expert Advisor? We do not recommend any specific Expert Advisors, but some research on the internet will help you make an informed decision. The first step is to research an independent website which has tested and rated various Expert Advisors. Some reputable independent sites include Forex Ratings, myfxbook and forex peace army. These sites provide extensive details about expert advisors and some even provide a “Top 10” list of the best Expert Advisors. However, it is your responsibility to do the necessary research and select an EA that is suitable for your needs and goals. If the description of a particular EA looks appealing, we would recommend that you conduct further research on the internet about this product. As well, you may be able to ask your forex broker about their opinion of a particular EA. There is, of course, no “perfect” Expert Advisor in forex. Don’t expect to pick a forex Expert Advisor and watch it scoop up the profits while you relax in the sun. In order to have a profitable forex expert advisor, you will need to understand how the Expert Advisor works, so that you can change the settings as needed. This means you should have a trading strategy in place before you begin making forex trades. It is important that you are familiar and comfortable with the EA software and understand how to change the settings if market conditions change since the settings will have to be changed manually. It is also important that you determine your risk tolerance so that you can choose proper risk settings on the EA, such as leverage. Ideally, your EA should be fine-tuned to settings that reflect your trading style and strategy.
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Trading Insider | 7th September 2020
FOREX TRADING ARTICLE
Backtests and Demo Accounts Forex trading carries considerable risk; therefore, it is important not to rush into trading on the live forex market with an EA before carrying out two important steps: 1. Backtests on historical market data 2.Demo account test
Backtests– The MetaTrader 4 software features a strategy tester which can simulate performance over a defined period of time. This will provide information on past performance, but keep in mind that the data may not be 100% accurate, since it has been provided by brokers. Still, this information is useful in providing a picture of how well the EA has performed in the past. If you run the backtests and the EA passed with flying colours, keep in mind that past performance is not an indicator of future results. Now it’s time to test the EA on a demo account.
Demo account - A demo account is a “practice” account, which enables a trader to simulate trading in the live market, but without any risk. In order to make the most use of a demo account, the parameters of the trade you plan to make on the live market should be duplicated, to the fullest extent possible, on the demo account (deposit type, deposit amount, leverage, currency pair, etc.) This means that the demo trade should mirror the live market trade. In addition to being risk-free, a demo account allows you to test the EA and see how well it performs on the trading platform. You should only proceed to live trading when you are satisfied with the results of numerous practice trades on the demo account.
Reasons to use a Forex Expert Advisor Let’s now take a look at the advantages and disadvantages of forex Expert Advisors:
Advantages 1. An EA doesn’t need to sleep or rest; it can continuously monitor price action on the forex markets, 24/7. A human trader is unable to function on such a schedule and cannot monitor the forex markets without taking breaks. 2. A human trader is susceptible to making a trade based on greed or fear, which could result in an irrational trading decision which could negatively impact on the trader’s account. An EA does not have any emotions, and therefore any trading move is purely rational. 3. An EA can easily be subjected to a backtest in order to determine past performance (although, as we discussed earlier, the results may not be entirely accurate).
Trading Insider | 7th September 2020
FOREX TRADING ARTICLE
Disadvantages 1. A trader may not fully understand the EA software and might inadvertently use it improperly. For example, the settings on the program might be improperly placed, which could result in the EA failing to execute trades in the manner in which you had intended. This could result in losses in your account. 2. The EA is limited to making use of programmable information. There may be other valuable information that could be useful in trading, but if it is not programmable, it cannot be used by the EA.
Conclusion The aim of this article has been to provide the reader with insights on the use of Expert Advisors in forex trading. Expert Advisors are useful trading tools which can monitor markets continuously, but it is important that you choose a reputable Forex Expert Advisor and also understand how the program works, to ensure that the settings on the EA reflect your trading strategy and maximize the likelihood of executing winning trades. At Platinum Trading Academy, we provide step-by-step mentoring and in-depth training courses, which will help make you a successful trader. Find out more about our dynamic courses.
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Trading Insider | 7th September 2020
FOREX TRADING ARTICLE
FOREX TRADING ARTICLE TOP TIPS FOR TRADING FOREX IN 2020 TO BECOME A SUCCESSFUL FOREX TRADER
Hello Traders, Coronavirus Update: In this time of economic uncertainty, some key strategies may not be as effective as they would otherwise be during times of regular market fluctuations. We simply ask that you trade with care while the world faces this global pandemic. First and foremost welcome back to the platinum forex blogs. Today instead of just talking about forex trading strategies, technical analysis, technical indicators or fundamental analysis. We want to give you tips and tricks that will enhance your ability to make profits like a professional, profitable forex trader. Don’t forget Forex trading can be a lucrative profession if you learn to trade the markets with professional traders! In the near past, one had to become a full-time financial trader and trade on the floor to gain access to foreign exchange markets. However, the time has moved on, and with the internet proliferating offices and residences the world over, the world today has become very small. Virtual offices are replacing real-life ones, and this has proved to be an advantage to individuals thinking about taking up forex trading as a profession. Rather than doing tedious office chores from 9 to 5, the world of forex trading offers exciting money-making challenges that can entice people to skip traditional jobs and opt for reliable and sustainable sources of income where you’re your own boss and get to decide how much you desire to earn in a single day. If you’re new to forex trading, here’re a few trading tips to help you master currency trading and become a good forex trader.
Trading Insider | 7th September 2020
FOREX TRADING ARTICLE
1. LEARN TO CREATE THE PERFECT WORK-LIFE BALANCE Not all forex traders trade the currency markets all the time. A large percentage of forex traders invest only a few hours each day to do actual trading. This is because many individuals prefer to trade in their free times while several trading professionals allocate fixed time for their trading activities. A large majority of traders take up forex trading to generate additional revenue streams. At our online forex trading academy, we have turned the part-time forex trader into a full-time professional trader by implementing our forex trading plan which has been adapted according to the Platinum Methodology. To trade effectively and generate profits on a regular basis or create a secondary income, you need to have a sound trading strategy and dedicate a fixed number of hours each day. It’s important to be consistent rather than spend several hours at a time and do sporadic trading. It’s very important to match your working schedule with your trading activities. A perfect balance between work, trading and personal life can go a long way in sustaining your revenue streams. At our online forex trading academy, we have turned the part-time forex trader into a full-time professional trader by implementing our forex trading plan which has been adapted according to the Platinum Methodology. Best trading tips: As a veteran trader I can tell you that You only need to make 5000 pips a year and need 10 Forex strategies that will make you 500 pips a year. Do not use forex signals as they will never have consistency use a Forex trading methodology that suits your daily structure.
Watch this video: Forex Trading Tips for beginner traders (02mins 48secs)
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Trading Insider | 7th September 2020
FOREX TRADING ARTICLE
2. Effectively utilize your trading time If you’re a retired person interested in speculating how the forex market works or you’re financially well-off, you could afford spending limitless time on the trading floor. In that case, you wouldn’t have to worry about time factors and do things as per your comfort levels. However, in real life, this does not happen. Time is always a valuable asset and people are always short of it. You need to utilize your time in the best possible manner to gain maximum productivity out of it. The same rule holds true for forex trading. The more time you can invest in your forex a and respond in time to trading tips, the more profits you shall make. So try to schedule as much possible time you can afford to spend, or rather invest, in your trading activities. If you can’t invest more hours, try to speed up work or optimize your work processes so you can gain more trading productivity out of your limited trading time. Daily Forex Trading Tips: Plan your trade and trade your plan is one of the most common pitfalls of an unsuccessful forex trader as in once a trader is successful he starts to look for more and more opportunities in the foreign exchange market and in the ends up utilizing his/her trading time in the wrong way. Do not take the easy way out by following trading tips or forex signals to learn the methodology.
3. Maintain a Trading journal and implement a trading plan Humans tend to have short memories. In addition to that, many individuals find it hard to remember numbers. Forex trading, like any other form of trade, involves numbers. To become a master trader, you need to remember all the important trades are done in your past, what mistakes you made and the things that you did right which fetched you good profits. You need data to do your technical analysis and fundamental analysis. The information that you can avail from your trading journal can also help you prepare your daily chart, understand the price action in a much better way and focus upon your favorite currency pairs. Valuable data availed in time can help to stop loss from occurring, so you can’t afford to lose it. Forex traders have two major trading tips. Either remember all-important trading events – both good and bad ones – or retain them somewhere so you can analyze them as and when you want. It’s mandatory to retain all data as you’ll need it to make future trading predictions. To be on the safer side, a trading journal can work wonders for you as you don’t have to depend much upon your memory (it can fail you if you’re overstressed or very tired) to retain all important stuff. Just record it in your trading log book so you can be complacent about your data – It’s not disappearing or going anywhere. You’ll find it exactly where you’ve kept it. Forex Trading Tips for the day: Successful Traders always maps their charts on a Sunday and prepares for the whole week in advance within his forex trading plan.
4. Practice discipline and have a proper mindset Just like any other form of sport or physical workout, you need to practice forex trading daily to become good at it. It should become a routine exercise. You need mental discipline and
Trading Insider | 7th September 2020
FOREX TRADING ARTICLE
a proper mindset to practice trading and become and proficient forex trader. After trading with some of the best traders in the financial market a major trading tip is to make discipline your primary objective. Lack of discipline or disorganized working can make you lose out on trading opportunities and deplete your profits. It’s important to capitalize on each opportunity that comes your way, so you can add on to your profits. As a part-time forex trader to earn a passive income or a consistent secondary income, It is a necessity to understand the psychology of Successful and proficient Financial Traders. Keeping the balance of good money management, utilizing the trading time appropriately and implementing professional forex trading strategies can be a handful hence the reason for you to undertake professional forex trading education is almost compulsory. Trading Tips Today: Always Practice on a Forex Demo account and gain consistency before moving on to a live trading account.
5. Think outside the box- Is forex trading just another passive income idea After many years of working with financial traders and teaching people how to trade forex, I can tell you that you have to treat this passive income idea like a full-time business. Those individuals that just see forex as a get rich quick scheme are more likely to fail as they treat this only as a means to earn extra cash. Our objective at our online forex trading academy is to create a business and not just a part-time income via our online trading courses. Investing for beginners or learning to trade forex for beginners has two initial pitfalls. Chances are you’ll have to initially invest a lot of time to understand the trading strategies and master how to trade forex. Also, you wouldn’t be making much income out of trading while you’re learning how to do it. Secondly, if you already have a main job and are trading part-time to generate additional sources of income, you will still have to deal with two professions simultaneously. The bottom line is even after putting in their best efforts, many individuals still fail as forex traders and quit. If forex trading can’t help you earn enough to sustain yourself or your family, you might seriously consider taking up some other profession to generate additional sources of revenue. Now that you have got some the top forex tips and strategies to trade in 2020, you must be thinking of your next trade. Would you like to speak to one of our Trading Experts so they can teach you how to implement these forex strategies live on the markets? The reason for trading with one of our experts is they will stop you from overtrading, over leveraging and making simple mistakes that will slow down the progress of your journey in becoming a professional trader. Our Trading Floor has the latest trading tips for the day, and if you study with us with determination and passion, you can take home over 5000+ Pips in a year. Our Professional Trader trade the markets every day and take advantage of the short term fluctuations in currencies, indices, commodities and bonds fill out the consultation form today and let us get you started in making some serious profits from the markets in 2020!
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Trading Insider | 7th September 2020
