Try it and See if the FOREX is the Right Market for You (business coaching training)
No commentsBy Bruce Shaw
Being successful! Does that have anything to do with choosing a market to trade? I would maintain that it does. One of the “Secrets To Success” is to choose something that fits…You. After all, if one of your goals is to achieve a certain income level or net worth figure there are a multitude of ways that someone has been successful with, but probably only a few, that might be “right” for you. This applies just as much to the financial markets as it does elsewhere.
If you’re reading this article, probably one of your endeavors is or will be some type of activity in the financial markets. Now which of the markets are “right” for you, meaning the best fit for your circumstances and your goals? Addressing this question will be far more profitable then trading the first market you happen to come into contact with. I’ll help in this process by discussing some of the relevant features of the Forex or cash Foreign Exchange market.
One of the first Forex concepts to note is that the currency you are trading is a representation of a nation’s economy. Why is this important? Because it’s notable that national economies don’t perceptibly change in a day or even a month. Contrast this with individual stocks, commodities or futures that are easily affected by daily news or even weather events. Thus the price moves of the major currencies take place against a broader backdrop than the before mentioned markets. This is expressed in the tendency of currencies to show strongly trending behavior in contrast to staying in tight trading ranges. Many will realize that tight trading ranges are some of the most difficult trading conditions while the “trend is your friend” because it is easier to profitably trade by hitching a ride. Trending markets also lend themselves to rules based technical trading systems. Do you prefer to have your trading choices laid out in advance, or do you “shoot from the hip”?
Are you planning to trade as a business or significant avocation? Do you plan to be active on a full or part time basis? If part time, are you otherwise occupied during regular business or market hours? Did you know that Forex trades 24 hours a day, six days a week? This makes sense if you realize that the Forex markets are serving the needs of nations and traders in every time zone. To facilitate this, most trading is done with online trading platforms that are considered to make an Over The Counter (OTC) market. Do your plans call for flexible or outside of regular hours scheduling?
How much capital would you like to allocate to your chosen trading activity? Someone whose trading is part time and viewed as a hobby may have a different amount of trading capital available than someone whose plan is to structure their trading as a business activity. Regarding capital requirements, the Forex market can accommodate almost any trading plan. This is possible because there are two trading unit sizes available. The full size lot is 100,000 currency units and may be controlled by a 1% or 1,000 unit margin. There is also a “mini” size lot of 10,000 currency units that may be controlled by a .5% or 50 unit margin. Dollar based traders can put the dollar sign ahead of the above figures for illustration. To translate this to trading account requirements; a “mini” account can be started for as little as $300.00 US.
The above discussion of just a few facets of the Forex market is hoped to stimulate thoughtful consideration of the best trading situation for…You, and will continue as a series of articles to consider relevant features of the Forex markets.
To Be Continued…
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Psychiatrists Make Better Traders than Economists
By Bruce Shaw
It should be noted that millionaire traders, Elder, Williams and some others are in fact professional psychiatrists. And it is not accidental that not the economists are the leaders and most successful traders, but professional psychiatrists and psychotherapists. Think about it. You will become a successful trader when you understand why it happens with Forex. You will understand what your Forex mistakes are, and why you are making them. And when you correct these mistakes you will become a trader who has no psychological barriers and obstacles on his way to better earnings in the Forex market.
So, why do the psychiatrists make better traders than economists who, as one would think, have the Forex market at their finger tips?
The economists are confused by:
- the fact that exchange rates are not always related directly to the economic circumstances in the countries. Well, do you know any economist who would be bidding for low fx rates when the economic situation is getting better and better? Or the one who admits that technical analysis of currency pairs is more important for Forex trading than the fundamental one? Any economist is confident that this can never happen because he knows all the economic dogmas. But it happens in the Forex. After all, how can a trader lose with the currencies moving up and down by the economic rules? The currency will surely react to the economic changes in the country, but who knows when and how? Here is a tip: there is the Elliott fifth way to teach a lesson to the ones who believe that fundamental knowledge is enough (before the trend turns, the currency spurts absurdly by the old trend), to confuse and draw the newbies into the game, while the experts wait for the trend to turn back.
- the lack of psychological knowledge that helps to understand the behavior of the crowd. And that is self-evident.
Are there any methods to overcome this fear?
It seems that every Forex book, every article offers efficient solutions for psychological difficulties experienced by the traders.
IN FACT NEITHER OF THESE BOOKS CONTAINS METHODS TO OVERCOME THE FEAR EXPERIENCED BY A FOREX TRADER!
But what do these books offer instead?
Almost every book of this kind consists of two unequal parts:
- the bigger part of the book narrates about traders’ problem that interfere with their Forex work and make it unsuccessful (nervousness, doubts, worries, fear, sleep deprivation, etc.). As if the traders do not know their own problems.
- the considerably lesser part contains conclusions and recommendations to the traders who are to solve their problems and overcome their fears to become successful.
The conclusions are disappointing:
Many psychiatrists realize that the new field opens before their eyes - now they may treat traders whose number amounts to millions all over the world and is growing with every day. And since most traders have a dream to become as successful as George Soros and other famous traders, this new field promises to be rather lucrative.
One thing is bad though: the overwhelming majority of these new-sprung trader brain specialists do not even know what the Forex is all about.
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How one can Gain Zero cost Blog Traffic
By Chas. McDuffie
Establishing your own blog is a surprisingly painless endeavor, but getting free blog traffic is a incredible task. Since the success of a blog revolves around the content, it’s valuable to read this article thoroughly. It’ll guide you to figure out how you can bring in significantly more targeted visitors to your blog.
Ways To Build Free Blog Traffic
Keep the content on your blog informative and fresh. Allow others to reprint your articles to gain incoming links. This would even help you get higher ratings with the search engines. Update your website at least 2-3 times in a week or even daily. This would have readers continue to visit your website, and you would maintain your ranking with the search engines. The result would be an instant gain in free blog traffic.
To establish yourself as an expert, you have to build the trust of the readers in your blog. This is a very powerful tool that’ll go a long way, and shouldn’t be taken advantage of. If your visitors value your opinion, then they’re more likely to purchase from you, rather than your competitors. Thus by building this relationship, you’ll win their trust as well as potential clients. This would prove to be a promotional tool of its own kind to build free blog traffic.
Updating your blog or blog pinging is another method you can use. Through this technique, you can go to the multiple directories available and visit their site. Type in the name of your site and the URL, and all the directories will update your blog. This should become a part of your daily routine. Also install a free and simple HTML code to your website. Besides gaining free blog traffic, your visitors can also subscribe to and have new e-mails sent to them. By doing this your readers will know that they can read new entries, and this also proves to be a great notification system.
Another way is an option which is very easy to use. It’s already built into WordPress. All you have to do is to add the URL’s and publish them on your site. They’ll show up as a Blog Roll on the side of your blog. Then you can make exchanges or treat it like a link exchange. Also contact other owners and tell them that you’ve added their blog to your roll. Ask for a link in return. This tactic would promote your website in addition to building free blog traffic.
Some Do’s And Don’ts
If your blog traffic is low, your revenues won’t be far behind. So in order to gain free blog traffic, keep these 5 simple points in mind
1) Don’t spam
2) Write content with attention grabbing key words
3) Give link exchanges a priority
4) Create a newsletter on a weekly or monthly basis
5) Join other traffic exchanges
Keep in mind the above methods, and with some effort, time and perseverance, you’ll soon be able to build up free blog traffic for your website. All the above won’t happen overnight. You’ll require a good amount of patience. But hard work always pays off, remember this.
Charles McDuffie is an article writer and businessperson for ASB Enterprises, an ongoing educational and business enhancement venture showing individuals how to generate business achievements in home-based businesses and affiliate programs. Visit his website at: http://www.legacyofwealth.com
Friday, March 26th, 2010 at 8:45 pm and is filed under business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
