The Difference Between Money and Currency (Our Monetary System Explained)

Throughout this article I will be referring to what we call “money” in today’s society as currency as this is exactly what it is, not money. The money that we use for exchange for goods and services in today’s society is just a worthless piece of paper (or plastic if you want to include GBP plastic £5 and £10 notes).
Our paper currency we use today is commonly entitled as fiat currency. The word ‘fiat’ is latin for ‘’let it be done’’. Most of you that are reading this will think I’ve lost my mind in saying this, and may find my previous statement absurd. However, I will thoroughly explain the reasoning for my statement throughout this article. Be sure to absorb all information in this article until you have understood it because if enough people can understand this system that we are living in, it can surely change our worlds monetary system.

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The Difference Between Trading and Gambling

I am sure that this is the topic that the majority of people would be interested in reading, as there are a number of individuals who still  class financial trading as ‘gambling’. I can understand why people refer to trading as gambling due to the small similarities they both have such as a stake size, however they are both completely different.

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Why Choosing Your Broker Carefully Is Crucial

This is an extremely crucial topic due to the simple fact that when we deposit funds into our brokerage account, we are putting our trust in them.

There are various brokers you can choose for spread betting or CFD services with. Please bear in mind that you are putting your trust in your broker by depositing your funds into your brokerage account.

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Trade What You See, Not What You Feel

 

This is a topic which I find very crucial, especially on my journey towards becoming a successful trader. It is extremely important to trade what you see, not what you feel and also not to listen to what other traders have to say about which direction they feel price is going. Remember, retail trading is an individual game where each individual is risking their own capital.

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Perks Of Being A Trader

Successful trading invariably comes with all kinds of perks from freedom to spend more time with your family or friends, to beneficial trading knowledge and information. Sounds like the best job ever right? I mean it is, when you have the right mentor to educate and guide you on the necessary information and techniques you have to incorporate and implement. The Foreign Exchange market collectively has a market capital of over $6 trillion if you calculate all of the currencies around the world, hence the liquidity currency trading holds – which is also the evident reason why currency trading is very lucrative and consists of a high level of frequent fluctuations.

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Risk Management

 

It is crucial to treat your trading account just like your bank account. The only significant difference is you have the benefits of increasing your account size with a controlled risk management rule. Controlling your risk is the most important part of trading, this is what differentiates the winners from the losers in the world of trading in the long run.

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Economic releases and impacts

Despite the fact that I view the markets in a technical perspective for pin-point trade entries, it is extremely vital to ensure that I am up to date with fundamental news, and most crucially when it will be released. It is crucial to stay away from entering into the market with knowledge of high impact news being announced due to the fact that market participants react predominantly from the consensus of economic releases and ultimately the actual data that is released.

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The Reason Why Mentorship Is The Fastest Route To Success

I cannot stress enough on how crucial mentorship is in any ones life, regardless of their level of success.

 

The majority of skills and attributes that you acquire right now is because of mentorship, growing up as children we are mentored by watching certain kids shows without even knowing it. In any field one chooses to embark on, learning from someone who has made the mistakes and acknowledged the right things to do, the mentality to have and most crucially the steps to take is very important.

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The Mind Battles Of Trading/Overcoming Fear

The one thing that most humans find the hardest to conquer when they start of as a beginner is the mind battles in trading. They constantly check their profit and loss status and if it is even temporarily in the red zone for 5 minutes they panic. This is something you have to learn to conquer over time. Removing your attachment to money and focusing on the consistency of the technique and skill actually working is key.

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What is the definition of technical analysis and how is it implemented?

 A technical analysis is simply analysing the technical outlook of any financial instrument.

Every Sunday evening a technical analysis should be carried out in order to prepare yourself for the oncoming week. It enables you to identify what main markets to look out for and add into your watch list for the week. You would off course begin by analysing the overall momentum of the financial instrument from the higher time frames down to the intra-day perspective.

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