Currency trading made easy is the goal of all the traders out there. It isn't an impossible task, it just requires you to apply some basic rules on a daily basis to keep your trading as simple as possible.
- Become Emotionless: We are emotional creatures and we cannot change that. What we can do is control it. Emotions over the long term always lead to losses. You need to learn to control yourself. One of the most common emotions you'll get is the "gut feeling". Something inside of you is just telling you to buy, sell or even avoid. It almost seems counter-intuitive, but your emotions can really play tricks on you. Trading should be nothing more than a logical move. You need to make moves on numbers because numbers never lie. Number aren't biased and you definitely can't weasel yourself out of numbers. I find the best way to be emotionless is to make rules for a trade before you even make it. You should already know the points where you're going to sell this currency for a profit or to avoid a loss.
- Economic News: Very important to pay attention too, but many people miss it. The economic news of a country is the foundation that holds up a currency. The last thing you want to do is buy into a trade hours before the Federal Reserve is about to announce something. You need to watch out for the news related to central banks, like the federal reserve, and any other economic news like GDP, unemployment rates, etc. If you don't you could buy into a trade that goes in a completely different direction based completely on the news.
This is what I use to make currency trading made easy. You should try to follow these and apply them on a daily basis for best results.
I hope this advice will help you learn foreign exchange market trading. I'm currently giving a 7 day free forex training course. Newbies and experienced are all welcome. If you're interested in participating, check out the Casual Forex Trader.
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