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FOREX Trading Philosophy


Keen on starting FOREX trading? Why would you not be? Many beginning FOREX traders are captivated by the allure of easy money. FOREX websites offer 'risk-free' trading, 'high returns' and 'low investment' - these claims have a grain of truth in them, but the reality of FOREX is a bit more complex. As with anything in life, what you put in will determine what you get out.

There are two common mistakes that many beginner traders make - trading without a strategy and letting emotions rule their decisions. After opening a FOREX account it may be tempting to dive right in and start trading. Watching the movements of EUR/USD for example, you may feel that you are letting an opportunity pass you by if you don't enter the market immediately. You buy and watch the market move against you. You panic and sell, only to see the market recover.

This kind of undisciplined approach to FOREX is guaranteed to lose you money, and have you waste your time. FOREX traders need to have a rational trading strategy and not allow emotions to rule their trading decisions.

The two emotions prevalent in the above example is greed (entering the market immediately) and fear (selling when the market temporarily moves against you). Investing and these two emotions do not gel at all. Keep them out of your trading and you will see results.

To make rational trading decisions the FOREX trader must be well-educated in market movements. He must be able to apply technical studies to charts and plot out entry and exit points. He must take advantage of the various types of orders to minimize his risk and maximize his profit.

The first step in becoming a successful FOREX trader is to understand the market and the forces behind it. Who trades FOREX and why? Who is successful and why are they successful? This knowledge will allow you to identify successful trading strategies and use them as models for your own.

There are 5 major groups of investors who participate in FOREX - Governments, Banks, Corporations, Investment Funds, and traders. Each group has varying objectives, but the one thing that all the groups (except traders) have in common is external control. Every organization has rules and guidelines for trading currencies and can be held accountable for their trading decisions. Individual traders, on the other hand, are accountable only to themselves.

If you do not keep yourself in check, nobody else will. Why should they worry if you aimlessly waste your money?

This means that the trader who lacks rules and guidelines is playing a losing game. Large organizations and educated traders approach the FOREX with strategies, and if you hope to succeed as a FOREX trader you must play by the same rules. That is studying these strategies and rules before starting to trade is so important.

FOREX Trading Philosophy - Money Management

Money management is part and parcel of any trading strategy. Besides knowing which currencies to trade and recognizing entry and exit signals, the successful trader has to manage his resources and integrate money management into his trading plan. Position size, margin, recent profits and losses, and contingency plans all need to be considered before entering the market.

This may sound like Greek now! If it does, you have more reason to get to know these terms. Knowledge will empower you on any investment market, including FOREX.

There are various strategies for approaching money management. Many of them rely on the calculation of core equity. Core equity is your starting balance minus the money used in open positions. If the starting balance is $10,000 and you have $1000 in open positions your core equity is $9000.

When entering a position try to limit risk to 1% to 3% of each trade. This means that if you are trading a standard FOREX lot of $100,000 you should limit your risk to $1000 to $3000 - preferably $1000. You do this by placing a stop loss order 100 pips (when 1 pip = $10) above or below your entry position.

As your core equity rises or falls you can adjust the dollar amount of your risk. With a starting balance of $10,000 and one open position your core equity is $9000. If you wish to add a second open position, your core equity would fall to $8000 and you should limit your risk to $900. Risk in a third position should be limited to $800.

By the same principal you can also raise your risk level as your core equity rises. If you have been trading successfully and made a $5000 profit, your core equity is now $15,000. You could raise your risk to $1500 per transaction. Alternatively, you could risk more from the profit than from the original starting balance. Some traders may risk up to 5% against their realized profits ($5,000 on a $100,000 lot) for greater profit potential.

As you can see, the novice needs to get through quite a bit of education, understanding and planning before those 'risk-free' trading, 'high returns' and 'low investment' promises will come into play. What are you waiting for? Get yourself a decent FOREX Trading Education. If you need more information, feel free to visit http://www.investing-smarter.com.

Dries Cronje has a BSc (Actuarial Science) degree and is currently studying to be an actuary. He has worked as an Actuarial Consultant for almost five years.

For more information, please visit http://www.investing-smarter.com


TODAYS NEWS BY OFFICEJAX FREE ADVERTISING AND AD EXCHANGE SOLUTIONSToday's forex currency trading news updated Thu. January / 18 / 2018  

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Coindirect makes digital currency trading simple, now live in UK
ResponseSource (press release)
Isle of Man, January 18, 2018 - Coindirect.com, the easiest and fastest way to buy and sell cryptocurrencies online, is pleased to announce the initial launch of its ground-breaking platform for local currency trading. The Coindirect.com cryptocurrency ...
PRN Wire: Coindirect makes digital currency trading simple, now ...PressReleaseNetwork.com (press release)

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Metatron (MRNJ) releases BitMeet™a Bitcoin Crypto-Currency ...
GlobeNewswire (press release)
DOVER, Del., Jan. 16, 2018 (GLOBE NEWSWIRE) -- Metatron (OTC:MRNJ), a technology pioneer specializing in the accelerated release of over 2000 apps, including Cannaboids™ and Vaporized™ secure chat apps, is pleased to announce the release of BitMeet ...

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Los Angeles Times

Banks collected 2.2 bln won in virtual currency trading commission last year: FSS
Yonhap News
SEOUL, Jan. 18 (Yonhap) -- Major South Korean banks earned 2.2 billion won (US$2 million) last year in commission for providing virtual accounts to cryptocurrency investors, government data showed Thursday. The amount compares with just 61 million won ...
​South Korea mulls virtual currency exchange shutdownZDNet
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Chattanooga Times Free Press -Coinsquare Discover
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Bloomberg

HSBC to Pay $100 Million to End US Currency-Rigging Probe
Bloomberg
The Sept. 29 order referred to the criminal case against Johnson and Scott as well as a $275 million penalty the bank paid to the Commodity Futures Trading Commission in 2014 after being accused of using private electronic chat rooms to improperly ...

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Military blocks access to virtual currency trading systems
Korea Times
The Ministry of National Defense is blocking access to online cryptocurrency trading systems inside military camps. The ministry said Monday it is also considering various other regulatory measures against digital tokens ― such as bitcoin, the most ...

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(Updated) Metatron (MRNJ) releases BitMeet™a Bitcoin Crypto ...
GlobeNewswire (press release)
DOVER, Del., Jan. 10, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE-- Metatron (OTC:MRNJ), a technology pioneer specializing in the accelerated release of over 2000 apps including Cannaboids™ and Vaporized™ secure chat apps is pleased to announce the ...

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ITWeb

South Korea to ban crypto-currency trading
ITWeb
Justice minister Park Sang-ki said the government is preparing a Bill to ban trading of the virtual currency on domestic exchanges. "There are great concerns regarding virtual currencies and justice ministry is basically preparing a Bill to ban crypto ...
Bitcoin-crazy South Korea may face a ban on cryptocurrency tradingKSHB
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Young South Koreans slam cryptocurrency trading crackdownNikkei Asian Review
Seattle Times -Reuters
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The Hill

Goldman Sachs to establish digital currency trading desk: report
The Hill
Goldman Sachs is reportedly creating a trading desk to make markets in digital currencies such as bitcoin, Bloomberg reported on Thursday. The bank plans to have the desk established by the end of June, sources told the news organization. Goldman Sachs ...
Goldman Sachs to Open Cryptocurrency Trading Desk Before June 2018‎Finance Magnates

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South Korea's regulator carrying out inspections on banks' handling of virtual currency trading accounts
ForexLive
News via Reuters. It is said that they are carrying out field inspections of six banks regarding handling of virtual currency trading accounts. And that they are looking at all possible measures to curb the negative impact of virtual currency trading ...

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Business Today

Virtual currency trading could help professionalise the market
International Financial Law Review
CME Group is the latest derivatives exchange to offer bitcoin futures trading, a development many market participants believe moves cryptocurrencies further into the mainstream. The December 17 launch follows that of the Chicago Board Options Exchange ...
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NYSE files to list bitcoin ETFs, bringing cryptocurrency a step closer to mainstreamCNBC
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