The ‘Do’s and Do-Not’s’ When Trading The Financial Markets

 

The surprising fact about trading the financial markets independently is you first have to go through what doesn’t work in order to establish a method that does work! Every self-taught successful trader will tell you the same thing.

Firstly, the things not to do when trading the financial markets is attaching emotions when making trade decisions. As humans, we naturally have that attachment to money, the loss of it affects us in various ways. One of the worst ways is when making a loss on a trade without the structured risk management plan that is highly advised. This leads to the beginner losing 10-20% of their account and sometimes more. The next obvious thing in the beginner’s mind is to at least cover their loss by breaking even. As you would expect, this then makes the trader enter into riskier trades, without no set ups and worst of all still without no risk management. I mean, the ‘lucky’ ones actually manage to get their accounts back to square one (even though they suffer with potential heart attacks sitting behind their screens in the process). However, when the majority of beginners do this they begin to lose even more money – picture a mouse attempting to catch its tail.  This then programmes into their minds that trading is ‘gambling’, then why are others making ridiculously sums of money from it? 

 

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Our View on Crypto Currency

Within the last few months the crypto currency markets have been the talk of the town, everyone is speaking about it and also trading it. Some understand the world of crypto/blockchain and how it works, but most don’t. For this specific reason, I have decided to construct an article explaining the pros and cons of the revolutionary crypto currency, and the Golden Seeds FX general view on this current speculative market. Due to Bitcoin’s substantial 108,107% increase reaching highs of $19687 it has been the main crypto currency that everyone seems to somewhat be interested and eager to be involved in. This is not the only crypto currency that is available for exchange, in fact there is actually currently 1,381 crypto currencies. However, there are currently 6 main crypto currencies with the highest market cap and volume and they are..

 

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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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16 AMAZING TRADER QUOTES

 

1) Buy on fear, sell on greed

2) Keep it simple

3) Bulls make money, bears make money. Pigs get slaughtered

4) The trend is your friend

5) Amateurs want to be right, professionals want to make money

6) A trader should look at a chart for what it is, not what they want it to be

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