Forex is a short term for financial market. Forex simply means buying
and selling of currencies of different countries of the world. Forex is
one of the largest markets in the whole world with about 4 trillion
dollars turn over daily. Despite this larger amount of money in Forex,
only 5% becomes successful in this profession. Most Forex trainers will
teach you the art of trading without telling you how to be among the top
5% that makes it in Forex. financial market has been a great Avenue to
be financially free but only few individuals in Nigeria knows about this
great opportunity. The irony of the whole issue is that, even among the
new traders in Nigeria, only 2% are successful. I'm going to dish out
some of the costly mistakes of new Traders and also the old Traders and
how to avoid such mistakes.To get more news about WikiFX, you can visit wikifx news official website.
1.
Poor Orientation About Financial Market:proper orientation is very
vital for any business to succeed. You must know how a company works for
you to be successful. Having a large amount of money to invest in forex
market is not a enough reason to start trading immediately. Most
Traders fails because of erroneous information been passed to them my
fellow Traders who are also failures in the industry. Some of the bad
orientations are: turning $100 to $2000 within a week, two days of forex
seminar is enough to be a professional forex Trader, nobody makes it in
forex market and lastly going on live account without practicing on
demo account. As a new Trader, you should do enough research about the
industry before starting the journey. Because, if the foundation is
destroyed there's nothing you can do. This orientation can be acquired
from a reputable forex broker, mentors and reading books on Forex. In
Nigeria, some Forex brokers offers free seminars and you can make use of
the opportunity to ask them questions about the market and how it
works. This will give you an edge as a new Trader and to be successful.
2.Spending
Limited Time on Demo Account:demo account is meant to help you practice
and perfect your trading strategy before moving to Live account. Most
brokers do offer a free demo account for their clients. One of the major
mistakes new traders make is to spend just few days or weeks on demo
account then move to Live account immediately. Demo account helps you to
get familiar with the trading application and the business environment.
Apart from getting familiar with the market environment, you also
perfect your trading strategy before going live. Even old Traders that
are intending to develop a new strategy, should use a demo account to
perfect it before using the strategy on live account. It also helps to
build and develop a strong psychology that will be of a great help when
you start trading Live account.
3.Poor Trading Plan:Forex is
like any other business that requires a concrete plan. Before you start a
restaurant business, you need to plan the location of your restaurant,
the kind of meal that you'll be offering your customers, types of chair
and table to use in the restaurant, and other stuffs. The same thing
applies to Forex market. Forex is a serious business and it should be
treated as such. Your training plans should consist of the strategy to
be used, entry rules, exit rules, risk management and personal journal
to record all of your trades. Most Traders lack the ability to develop
an effective trading plan and to follow the plan accordingly. Without a
trading plan, all you will be doing in the market is gambling. Without
entry rules you might enter the market late or without exit rules, your
positive trades my turn to negative. Also, without proper risk
management, there's 90% chance that you will blow out your account.
Before each trading day, go through your trading plan to avoid mistakes.
It also helps you to keep your emotions in balance. I will advise you
develop a strong trading plans before trading.
Importance of Spotting Profitable Trends-Karen Foo
Now,
spotting a trend is easier said than done. But if you are able to spot
one and ride on it, you can potentially experience a lot of untold
benefits in your trading career.To get more news about WikiFX, you can visit wikifx news official website.
The art of trend following or trend spotting is something that is not new. Traders and investors have been doing it for years.
I
have personally tried scalping, day trading, swing trading and position
trading. I prefer long term trading any day.1. It is a popular strategy
among professional traders
What
if you bought gold when it dropped during the 2008 financial crisis and
then closed your eyes from that point onwards? You would have made a
handsome profit and return just from buying and holding.
One
thing that is common among many retail traders is that they are very
technical focused and they are more inclined to get into day trading.
While day trading may be profitable for a small group of traders, theres no harm to look at what the big boys are doing.
Professional
traders are mostly fundamentals focused and they make decisions based
on leading economic indicators like surveys, housing starts & M2
money supply rather than lagging economic indicators like inflation
rates & new home sales.
Unfortunately, retail traders are
trading based on what the lagging economic indicators are telling them.
That is why they lose big time.
Professional traders hold their
trades for months to ride the trend. While this method may not be
suitable for everyone, the big trends are where the big profits are
made.
2. Less stress, less headaches
One of my favourite
aspects about holding a trade for weeks and months is that it can free
up time for me to do other things. Of course, I have to do the initial
research before I put on the trade.
But once I‘ve put on a
position, I don’t really have to stare at the charts all day, which is
what a lot of beginner retail traders do.
With that said, Ive tried scalping and day trading when I first started out as a trader.
I
find that I‘m mak ing more trades but yet my profits didn’t increase by
a significant amount. In fact, my attempt to scalp led to losses. Maybe
scalping just isnt for me.
Why are there different trading methods in the market? This is
because the effectiveness of any trading strategy is based on the
personality or characteristics of the trader, and the strategy needs to
suit the trader's personal trading style. If a trader's strategy is
contrary to his personality, the trader will definitely not succeed.
Numerous examples have proved this, and the investment circle generally
agrees on this point: the best strategy is the one that suits you, while
what is considered the best by others may not necessarily be the right
one for you! To follow the the rules of trading is to acknowledge and
respect the individualities of traders.To get more news about WikiFX, you can visit wikifx news official website.
Different
characteristics lead to different psychological states of traders
during trading. These psychological states can also be regarded as a
“psychological compound” composed of various psychological factors, some
of which are strong, while others are weak, and they are constantly
changing, rather than set in stone.
According to the characteristics of traders, we divide traders into the following 15 types:
1. Accurate traders: this type focus on the accuracy of pivot points, such as opening positions and closing positions
2.
Administrative traders: they focus on the arrangement and efficiency of
all trading links, including working time, planning, risk control, etc.
3. Artistic traders: they tend to associate trading with art, philosophy, natural laws, etc.
4.
Adventurous traders: they are more aggressive when trading and are
willing to take risks in order to obtain greater benefits
5. Detailed traders: this type pay attention to various details in the transaction and strive for perfection
6. Facilitative traders: they value personal progress, self-education and strive for personal growth
7. Interest-based traders: they treat trading as a hobby and trade just for fun
8. Independent traders: they like to sit at home and trade with their own money
9. Innovative traders: they pursue new strategies and methods, and are always exploring better profit methods
10. Planned traders: they make a complete plan before trading and execute their trading accordingly
3 ESSENTIAL FEATURES OF 'DAILY TRADING RANGE' NEGELECTED BY MOST TRADERS
We
will be discussing a very basic but highly useful resource in today's
lesson which can provide valuable information to the trader.To get more
news about WikiFX, you can visit wikifx news official website.
Essentially,
there are many ways in which you can use a pair's daily trading range
information to help you do better trades. Currency graph is the major
source of reference for traders in order for them to know or identify
the markets conditions other than the economic news. Currency graph is
divided into 2 main axes:
1) X axis: fixed data/information (time)
2) Y axis: fluctuate data/information (currency price)
These
two combinations will produce a wave presenting the change in currency
price is equivalent to the change of time. Currency volatility are
usually move in an approximately similar range according to certain
seasons.
This
range equivalence graph movement can help us to estimate our potential
trade profits or risks based on the entry point within that range
movement.
The range for each currency pair is not identical.
Some of the pairs can move less than 50 pips a day while some of them
can move over 150 pips in a day.
Daily Trading Range is defined as
the average of graph volatility within a day starting from the market is
open until it is closed.
It is measured from the lowest price
to the highest within a day. The way to use DAILY TRADING RANGE is that
you can use the TF Daily, click on candlestick one by one, plot it at
the lowest price and project it to the highest price on the same
candlestick. After that, you will find that the length of the daily
candle is almost similar to the pair.
If you gathered all the
currency pairs and arrange it according to the DAILY TRADING RANGE as
the diagram prepared by me, you will notice that the movement distance
of each currency pair is different. The diagram shown is merely for
illustration as the DAILY TRADING RANGE will change according to the
seasons.
For your information, the DAILY TRADING RANGE will
change over time. It usually changes once a month. So, if you want to
get the DAILY TRADING RANGE for today, you only need to compare the
DAILY TRADING RANGE within a month or 2 months.
Here, you can
compare which of the pairs are move faster and which are move slower. If
you are targeting for a low-risk trading, choose a pair which its DAILY
TRADING RANGE is lower. For the new traders who are just getting
started to trade, it is recommended for you to trade currency pair which
its DAILY TRADING RANGE is lower to minimize the risk of loss.
However,
if you are targeting for a high-risk trading with a rapid and huge
profit potential, you may choose a currency pair which its TRADING RANGE
is higher. Logically, higher trading risk is usually will produce
higher profit potential.
It might be stating the obvious, but your car's headlights are a safety device, and not all headlights are created equal. For a while, carmakers have been fitting powerful LED headlights to their high-end offerings, but more often than not, their cheaper cars—and particularly cheaper trim levels—get saddled with much-weaker illumination. But sometimes a commuter wants to see more of where they're going when the sun goes down. Eventually, they go looking for a solution, starting with their local automotive parts store. But stuffing aftermarket LED headlight bulbs into OEM housings designed for conventional halogen units results in dangerous glare for oncoming drivers. While LEDs can deliver more intense light at a higher end of the spectrum, most aftermarket units also create a hazardous condition.To get more news about car led headlights, you can visit iengniek official website.
The major brick-and-mortar auto parts stores know this, which is why they tend to shy away from aftermarket H11 LED bulbs, other than ones clearly marked for use in fog lamps or "for off-road use only." It's a different world online, with off-brand H11 LED bulb listings on Amazon, eBay, and Walmart websites failing to carry the same prominent warnings.
You can get pulled over for non-spec headlamps, and for a good
reason. In addition to issuing a citation, the law enforcement officer
may have the legal right to force you to remove the bulbs. More
ominously, once the officer has pulled you over, you risk a vehicle
search. With all that in mind, it would be wise to keep a set of
securely packaged OEM bulbs in the glovebox or trunk if you are running
aftermarket LEDs.
With LED technology rapidly evolving, the industry in a constant
beta-test state. While the lighting giants are incredibly cautious in
bringing new products to the market, as drivers we're all guinea pigs on
four wheels for off-brand manufacturers that spin out new bulbs like
chickens lay eggs. The lack of regulation enforcement and objective,
independent testing puts lives at risk.
Although Consumer Reports tests new vehicle headlamps, it hasn't tackled
the topic of LED replacement bulbs, despite Consumer Reports' extensive
resources. A comprehensive Consumer Reports aftermarket LED replacement
bulb test would go a long way to bring clarity to the market. Consumer
Reports' testing of conventional replacement bulbs found that while
aftermarket units can improve headlight brightness, there's much more to
it than that. "Distance and how far a headlight illuminates is governed
more by the reflector (behind the bulb) or the lens (ahead of the
bulbs). While you can change the bulb, you are not changing the
distance, i.e., not necessarily improving safety."
High-end headlights are now a must if an automaker wants the coveted Insurance Institute for Highway Safety (IIHS) Top Safety Pick+ designation for a particular model of car. While IIHS performs exhaustive headlamp testing with new cars and SUVs in their laboratory and test track, it does not have an official position on aftermarket replacement bulbs for older vehicles. The IIHS recommends that you make your vehicle purchase decisions carefully, considering not just the make and model but the specific trim level.
Automakers have embraced light emitting diodes (LEDs) in headlights, and their use is becoming more widespread. At Consumer Reports, 55 percent of the 2018 models we tested had LED headlights. Of the 2019 models we've tested, 86 percent had LEDs.To get more news about led headlights, you can visit iengniek official website.
LEDs are small and can be used in a string of lights, giving car designers more leeway in how the headlights look. But in CR's testing, we discovered that these new lights don’t offer any more illumination than traditional halogen and/or high intensity discharge (HID) headlights.
The problem for many consumers is that they’re paying more for the LEDs but not getting much bang—if any—for that extra buck, says Jennifer Stockburger, director of operations at the Consumer Reports Auto Test Center.
“Yes, they’re stylish, but drivers need lights that will make them safer, and not just make a fashion statement,” Stockburger says. “Car shoppers need to think about headlights as a safety feature in the same way they think about brakes or even seatbelts.” All headlights illuminate the road ahead in one of two ways, Stockburger says. The first, traditional way is to use a reflector to bounce the light from the bulb forward. The other way is to use what is known as a projector, where the headlights use a lens that focuses and directs the light outward.
There are several ways for headlights to create illumination. Halogen bulbs heat a filament to the point where it emits light. They’re the most common on U.S. roads, and they typically give off a yellowish tint.
HID headlights are less common, and they work by igniting a gas—most often Xenon—with electricity inside a bulb. They emit a white or bluish-white hue.LEDs are a far more advanced technology. There are two semiconductors (on a small chip) with either a surplus or a small number of electrons. When the two semiconductors have an electrical charge applied to them, atoms move toward each other and combine, and the resulting energy that's created is released as light.
LED headlights first appeared in the U.S. on the Lexus LS 600h sedan back in 2007, and they were originally found only on high-end cars. But LEDs began appearing in more mainstream models about eight years ago, and some of them impressed us in our testing.
The 2015 Cadillac Escalade’s LEDs, for example, were the best-performing headlights we had tested up to that point. Phil Leinert, a communications manager at General Motors, notes that the Escalade was the first SUV sold in the U.S. with all-LED headlights.