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Forex Trader How to Acquire Patience For Competent Forex Trading

Forex trader helps and tips can be a big help in daily Fx trading. And the secret is to filter out the ones that are wrong or just not helpful.

forex trader screensThere is an old Chinese saying that says, “Good things take time”. And to have lucrative Forex investments do too. As a fx trader I have found out that the more patient you are the more capital you get from your forex trading adventure.

Forex strategy trading is all about making intelligent choices at the right time. In this article I would like you go over. How you can acquire the necessary amount of patience for successful currency exchange trading.

As a Forex Trader is not about quantity but the grade of your trades.

<< >> It is unbelievable how a great deal of folks out there believe that by taking more trades they will make more income. I have actually found the contrary to be true. A variety of individuals will differ in opinion with me on this but that’s OK.

I sincerely think that the more trades you take the more times you expose your account to risk. And the more room you have to commit accidents. In average I take about only 5-10 trades per month and I pay attention to on higher time frames.

For what reason?

Because the big money is in the higher time frames. All the hedge fund managers, money managers, and institutional traders are paying attention to them. Due to this fact more money can be created in a daily or 4 hour chart. Than a 5 minute chart by a smart forex trader.

I think it is very interesting how many of my colleague traders. Who trade lower time frames. Make less or the same profits I make but with about 4 times more work on their part.

Profitable currency trading can only be reached through working smarter not harder.

forex trader of currencyConcentrate on the process not on the profits. I have always thought that if you focus on how much capital you are going to earn. You will not concentrate on trading effectively and making smart investments.

The other day I was reading one of my most liked books – Market Wizards by Jack Schwager.

One of the traders he interviewed for the writing of his book. Stated something that had a very strong effect on the way I see currency trading. The name of this trader is Paul Tudor Jones. He is a legendary futures trader. And he once said, “everything gets destroyed a hundred times faster than it is built up”.

It takes only one day to tear down something that might have taken 10 years to build. This is totally true for currency trading. If you don’t comprehend what you are doing. And your risk management is off. You could blow up your trading funds (that maybe took you years to save) in a matter of hours.

This is why every forex trader has to focus on the process instead of focusing on the profits. Remember that playing a strong defense will be more beneficial than playing a robust offense.

A profitable trading strategy plus patience and discipline is all you need to be successful.

<< >> Most currency traders have a hard time concentrating on one strategy. And because of that, they lose more money than they generate. A lot of my friends and trading partners come to visit me to my office. Simply because they wish to see how I trade. And most of them are entirely puzzled after a couple of days. They hope to see me trading all day long, working hard at it, and always looking at my charts.

Instead of that they are astounded when they know that I only place about 1-3 trades per week. And monitor them as the days go by. Then the rest of my time, I am exercising, going out to places, spending quality time with my family, or taking a vacation. The reason why I am able to do this is because I have centered all of my energy. On becoming more efficient and trading smarter, not harder.

You can do this too by focusing on higher time frames, taking fewer trades, and focusing on the process rather than on the profits as a forex trader.

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LIBOR prison blues

A TRADER is sentenced to 14 years in prison for rate-rigging, armoured cars enter the luxury goods market and the British government sells down its stake in Royal Bank of Scotland

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Is mining as bad as asset-stripping?

We received the following response from Professor Paul Stevens of Chatham House, a think-tank, about a recent article in The Economist

On January 10th 2015, The Economist published an article entitled “African economic growth: The twilight of the resource curse?” The article argued that the economic outlook for many African countries looks promising despite falling commodity prices. This, it was claimed, reflected growing economic diversification by these countries away from dependence on commodities, and lessons learned about the power of good governance. It was argued that, “with better education systems, investment in infrastructure and sensible regulatory reforms, the continent could completely break the spell that has held it back so often in the past”. The article concluded that countries with natural resources should encourage their development and not be concerned about the threat of “resource curse”.

This view reflects a growing consensus away from the idea that…Continue reading

The people's QE and central bank independence

ENTHUSIASM for political outsiders is not confined to Donald Trump, Greece’s Syriza or France’s Marine Le Pen. In Britain, a formerly obscure leftwinger named Jeremy Corbyn seems on course to be Labour leader and thus potentially the next prime minister. There is plenty to be said about his foreign policy views, such as withdrawal from NATO; read this profile in Labour’s in-house magazine, the New Statesman, for the details.

But the enthusiasm for Mr Corbyn seems driven by his economic policies, notably his opposition to austerity. His maths look shaky as has been pointed out by Jolyon Maugham; he thinks the 50% tax rate would raise £5 billion when £3.5 billion is the maximum even if one assumes there are no effects on behaviour from the higher tax rate. And he assumes that £120 billion can be collected in higher taxes by eliminating evasion and avoidance when £34 billion is the theoretical maximum if one assumes, heroically, the government could collect all potential revenues (this “tax gap” has fallen, not risen, in recent years).

Perhaps the most interesting policy is that of…Continue reading

Why aren't companies spending?

ONE of the justifications for low interest rates and quantitative easing is that reduced borrowing costs will encourage companies to invest more money—building plant, buying equipment and hiring new workers. But the record has been pretty disappointing. A survey by Standard & Poor’s (S&P) funds that global capital expenditure by non-financial companies is likely to decline in 2015 for the third year in succession, even though the corporate sector has an estimated $4.4 trillion on its balance sheet, earning very little.

Admittedly, the problem this year is focused on one particular sector—energy and materials. Falling commodity prices have led to big cutbacks; S&P estimates the decline will be 14% this year. If you exclude commodities, the rest of industry will grow capex by 8%. But that is only of limited comfort. The commodity sectors were helping to keep global capex propped up—they accounted for 39% of the total in 2014.

S&P is dubious of the view, taken by Continue reading

Pakistan: The Next Colombia Success Story?

Pakistan has the potential to be a global turnaround story. I recently spent time in-country listening to a wide range of perspectives and I am convinced that U.S. policymakers and business leaders need to look at Pakistan beyond the security lens. Getting our relationship right will require deeper thinking and […]

How weak regulation is helping to build corporate kingdoms in America

“IF WE will not endure a king as a political power, we should not endure a king over the production, transportation, and sale of any of the necessaries of life.” So said Senator John Sherman, who proposed the first American law against monopolies in 1890. Merging firms, however, argue that they will rule benevolently and lower prices. They claim that savings made from combining their efforts will be passed on to customers. The problem for regulators is that it is difficult to tell how much firms are fibbing. Prices can change for many reasons—higher costs, tariff changes, consumers’ tastes—and a price rise after a merger might not directly be the result of price fixing by a newly crowned monopoly.

A new paper published earlier this summer in the RAND Journal of Economics tests whether regulators made the right call in the American beer industry. The paper looks at the 2008 merger of Miller and Coors, the second and third largest brewers at the time in the United States. Miller and Coors argued that a merger would combine their distribution networks, thus reducing transportation costs. Regulators worried that the merger would…Continue reading