When you are interested in investing in the stock market one of the first things you will need is a reliable and affordable stockbroker. At one point in time, a stockbroker was seen as a very high priced person that was extremely hard to understand. In today’s world, stockbrokers have become much different, they have begun to make their services cheaper to obtain and in such a way that is easier to understand. This is an extremely wonderful change for the simple reason that you will not be able to trade in any way, shape, or form without a stockbroker.
One of the major rules within the stock market is that no person is allowed to trade within the stock market unless they are a certified stockbroker. A stockbroker, within the United Kingdom twelve million investor’s trade in the stock market, performs every trade that occurs and each one has enlisted the services of a stockbroker.
So you are probably now wondering, what exactly can a stockbroker do for me? There is a wide range of abilities and services that any stockbroker can offer you, at the same time there are also various ranges of fees that will be collected from them. Typically, a stockbroker will charge a commission, a set fee, or some combination of the two. In regards to the services a stockbroker can offer you, there are three basic levels that include only execution, portfolio management, and advice.
When a stockbroker only deals with the selling and buying of particular shares, per the instructions you give them, this is generally called execution only or in softer terms dealing only. With this type of service, they do not offer you any type of advice on any action you want perform. Typically, investors that are experienced or novice in investing will use this type of service. Execution only is cheaper and extremely efficient the fees the stockbroker charges can range anywhere between £20 to hundreds of pounds, this will depend on the specific stockbroker you choose.
Portfolio management is extremely detailed and the most expensive type of service performed and dealing with advice is typically a little more expensive than execution only, because the stockbroker will offer advice and views on what is happening within the stock market. The stockbroker at this level of service will also take the time to explain anything you may not understand very well.
Within the portfolio management service, you can separate these into two other categories these are advisory and discretionary. When under the advisory category, the stockbroker will create a proposal of a portfolio for you; however, he or she will not take any action without express permission from you. Within the discretionary category, your stockbroker will completely run all aspects of your portfolio and will give you reports as needs on how the portfolio is working.
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Forex trading involves a highly competitive, fragile and volatile market. Starting out in forex trading can be like stepping into a china shop with your pet bull on a leash. Sooner or later there’s going to be a commotion and someone just might get bruised.
If you’re a beginner in the forex market, you’ll need to prepare yourself in order to survive, let alone become successful. The twenty-four hour forex market is the world’s most high-risk market, with incredibly high trading volumes. Decisions must be made in split seconds, and there is no room for weaklings.
It is essential to master the different terminologies, concepts and processes that are involved in forex trading. An educational investment in these diverse and complicated areas will give arm you with the tools and confidence you’ll need to succeed in the currency trade. More importantly, this training will allow you to understand whether or not you are out for this highly volatile trade. This is an important decision to make, and should be made honestly and early in your career. There is no point in starting out in your trading career by losing money on forex markets, only to decide later to move on to mutual funds, stocks or commodities trading.
Succeeding in forex trading does require intense training. Beginners need to learn how to chart and analyze market movement, and determine the entry and exit points. This is an extremely important skill to acquire, as every forex trader’s future depends on his or her ability to control order flows. Forex trading means knowing when to buy and when to sell. When studying forex trading, you’ll also learn about margins, bids, order types, rollovers, leveraging and other trading basics. Be sure that you know all of this before entering the market. There is nothing more embarrassing than being at the center of the action and not understanding a common trading term.
Trading philosophies should also be studied before entering into forex trading. Strengthening certain psychological traits like discipline, commitment, patience and risk management, will help your to better handle the certain pressures of trading.
There are several ways to get acquainted with the skills and knowledge required for forex trading. Live seminars, trading books, online webinars and subscription services can all offer the training you need. Each training method has its own advantage, so be sure to research your options and choose the one that meets your needs. Live seminars deliver vital information on a one-to-one basis. Trading books provide a wealth of information that you can easily refer to anytime you need it. Online courses provide 24/7 access to trading knowledge. It’s up to you to decide which method suits you best.
The forex trading market is like a vast, unsettled ocean; there are a lot of sharks in there, and you’re either going to sink or swim. Train yourself well and you will have a better chance of success.
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When it comes to trading on the Forex market, winning is a matter of the mind rather than mind over matter. Any trader who’s been in the game for any length of time will tell you that psychology has a lot to do with both your own performance on the trading floor and with the way that the market is moving. Playing a winning hand depends on knowing your own mind – and understanding the way that psychology moves the market.
Studying the psychology of the market is nothing new. It doesn’t take a genius to understand that any arena that rides and falls on decisions made by people is going to be heavily influenced by the minds of people. Few people take into account all the various levels of mind games that motivate the market, though. If you keep your eye on the way that psychology influences others – including the mass psychology of the people that use the currency on a daily basis – but neglect to know what moves you, you’re going to end up hurting your own position. The best Forex coaches will tell you that before you can really become a successful trader, you have to know yourself and the triggers that influence you. Knowing those will help you overcome them or use them. Are you saying ‘Huh?” about now? Believe me, I understand. I felt the same way the first time that someone tried to explain how the mind games we play with ourselves influence the trades and decisions that we make. Let me break it down into more manageable pieces for you.
Anything involving winning or losing large sums of money becomes emotionally charged.
All right. You’ve heard that playing the market is a mathematical game. Plug in the right numbers, make the right calculations and you’ll come out ahead. So why is it that so many traders end up on the losing end of the market? After all, everyone has access to the same numbers, the same data, the same info – if it’s math, there’s only one right answer, right?
The answer lies in interpretation. The numbers don’t lie, but your mind does. Your hopes and fears can make you see things that just aren’t there. When you invest in a currency, you’re investing more than just money – you make an emotional investment. Being ‘right’ becomes important. Being ‘wrong’ doesn’t just cost you money when you let yourself be ruled by your emotions – it costs you pride. Why else would you let a loser ride in the hope that it will bounce back? It’s that little thing inside your head that says, “I KNOW I’m right on this, dammit!”
Bottom line: You can’t keep emotions out of the picture, but you can learn not to let them control your decisions.
To most people, being right is more important than making money.
Here’s the deal. The way to make real money in the forex market is to cut your losses short and let your winners ride. In order to do that, you have GOT to accept that some of your trades are going to lose, cut them loose and move on to another trade. You’ve got to accept that picking a loser is NOT an indication of your self-worth, it’s not a reflection on who you are. It’s simply a loss, and the best way to deal with it is to stop losing money by moving on – and really move on. Moving on means you don’t keep a running total of how many losses you’ve had – that’s the way to paralyze yourself. This brings us to the next point:
Losing traders see loss as failure. Winning traders see loss as learning.
Not too long ago, my twelve year old son told me that before Thomas Edison invented a working light bulb, he invented 100 light bulbs that didn’t work. But he didn’t give up – because he knew that creating a source of light from electricity was possible. He believed in his overall theory – so when one design didn’t work, he simply knew that he’d eliminated one possibility. Keep eliminating possibilities long enough, and you’ll eventually find the possibility that works.
Winning traders see loss in the same way. They haven’t failed – they’ve learned something new about the way that they and the market work.
Winning traders can look at the big picture while playing in the small arena.
Suppose I told you that last year, I made 75 trades that lost money, and 25 that made money. In the eyes of most people, that would make me a pretty poor trader. I’m wrong 75% of the time. But what if I told you that my average loss was $1000, but my average profit on a winning trade was $10,000? That means that I lost $75,000 on trades – but I made $250,000, making my overall profit $175,000. It’s a pretty clear numbers game – but how do you keep on trading when you’re losing in trade after trade? Simple – just remember that one trade does not make or break a trader. Focus on the trade at hand, follow the triggers that you’ve set up – but define yourself by what really matters – the overall record.
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The foreign exchange market, otherwise known as the forex, was first established in 1971. Despite being in existence for over 35 years, the forex just recently started to become a new and popular trend; a popular trend that many are hoping to become a part of.
Around the late 1990’s, the forex market reached a critical point in its history. It was then that forex brokerage firms first opened to the general public. This opening gave everyone the opportunity to trade the forex. Before that point, the foreign exchange market was only for large financial institutions, corporations (particularly those that did business overseas) and central banks. Since the opening of forex brokerage firms to the public, a large number of individuals, from all walks of life, have started trading the forex. This alone has made trading the forex one of today’s “hottest” trends.
In conjunction with brokerage firms opening to the general public, the low-cost of trading on the foreign exchange market is just another one of many reason why trading the forex market is a new trend, especially among those who never imagined themselves trading. Although brokerage firms and brokers vary, you will find that a large number of forex brokers, in the United States, do not charge transaction fees. These transaction fees are also commonly referred to as commissions. The forex also has minimal trading requirements. This not only means that you can trade as often as you would like to, but it also means that you can trade with much less money than you would in other markets. This is great for those who are interested in experimenting with the forex market without risking large amounts of capital.
Another reason why forex trading is considered a new trend is because of around-the-clock trading. The foreign exchange market has markets all around the world. For instance, markets can be found in London, the United States, and Hong Kong. Due to different time zones, the forex is open for trading twenty-four hours a day, five days a week. In the Untied States and all around the world, many individuals work a traditional nine to five job. A nine to five job makes it difficult, if not impossible, to trade the stock market. With around the clock trading, time isn’t an issue with the forex. The ability to trade on your own schedule, whether it be early in the morning or late at night, is one of the many reasons why trading the forex market is being considered one of the “hottest,” new trends today.
Of course, the ability to make money or yield a profit is the greatest reason as to why trading the forex is a new trend. The foreign exchange market or the forex involves the exchange of foreign currencies. With leveraging floating exchange rates, the potential to yield a profit is high. As previously mentioned, the forex market has very small trading minimums. That is why many individuals decide to test the forex market waters. To their surprise, many are able to make a small profit. That small profit often leads to more trades and the opportunity to yield even large profits. While there are risks associated with trading the forex, as with the stock market, many of the risks can be mitigated as long as you and other traders know what you are doing.
Speaking of knowing what you are doing, forex training courses are another one of the many reasons why forex trading is a new trend. Forex training courses, although they come in a number of different formats, are designed to educate hopeful traders, like you. Many training courses, such as the training courses offered by Fxcenter.com, rely on different approaches or phases, such as online forex training, onsite forex training, and live market training. Extensive training courses, similar to the ones offered by Fxcenter.com, are ideal as they allow you to examine and explore trading the forex at your own pace. With most forex training courses at least twenty-hours long, there is more than enough time to adequately familiarize yourself with forex trading. This familiarization is what gives many hopeful traders the confidence needed to trade the forex, which only further increases its popularity, making it a trend.
Since it is apparent to see that trading the forex is a new trend, are you capitalizing on that trend? If not, you are urged to examine trading the forex. After a close examination, you will not only see the many reasons as to why you should, but the many rewards of doing so.
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HINT: TRADE THE FACTS
The same rules apply to CFDs as they do to share trading – In essence, they’re both about getting the direction of the instrument correct. Trading on rumours is a classic investor trait, which can often lead to losses as the event never materialises and the share price falls back.
HINT: DIVERSIFICATION
Overexposure in one particular asset class can quickly lead to losses (and gains). Diversifying your risk is well regarded amongst the most successful investors as the best way to reduce risk. Reducing risk can come in a variety of guises from investing in different sectors, taking short as well as long positions – creating a market neutral portfolio and trading across different markets. The most popular way of diversifying is by taking a position in an index, as opposed to the individual constituents. This way the impact of a large movement in a particular share, or even sector, will have less of an impact. Although you should always place a stop on your positions, it is particularly prudent with more exposed portfolios.
HINT: DO YOUR RESEARCH
Most CFD trading firms provide a range of research resources including charting, news and company information to keep you informed and help you make informed investment decisions. Keep yourself informed and up to date by making the most of the research centre.
TIP: DON’T OVERTRADE
Every investor has their own style of trading and you must decide what works for you. Just because you have the ability to trade frequently, doesn’t mean you have to! With competitive commissions and a high liquidity, the FX market is a classic example of where there can be literally dozens of trading opportunities throughout the day. You don’t have to trade every one of them to have a successful day.
TIP: CUTTING LOSSES
You will have losing trades. Decide on the amount you are willing to lose before you place the trade and stick to it. If you haven’t got the self-discipline to trade out of a losing position, place a stop on the trading platform and let the system do the hard work for you. The most successful traders are those who are very regimental in their use of stops. Quite simply, they rarely lose more money than they were initially prepared to lose. There are plenty of more opportunities, as long as you have retained the capital to take advantage of them!
TIP: UNDERSTANDING YOUR MARKET
Most CFD firms provide access to a range of global financial markets for you to trade. This wide selection is not an invitation to trade every market possible – it’s to provide a choice. As well as fully understanding the market and the news and data which impact its movements, make sure you fully understand how Barclays Stockbrokers offers the instruments and under what terms. Trade what you know.
TIP: CREATE TRADING TARGETS
Every trade should be entered into with one clear exit target if the trade is profitable and another for a losing trade. Limit and Stop orders are crucial to helping you achieve this. Don’t let a short-term trade become a long-term investment by not placing a stop. Moving your stop loss closer to the market price as your position becomes profitable allows greater flexibility in setting targets. You don’t have to call the very top or bottom of the market to regularly make money.
TIP: DON’T BE EMOTIONAL
CFDs are a very exciting way of trading, but don’t let emotion take over. The market is never wrong – and don’t try to prove otherwise. Sometimes the greatest discipline is to avoid the trade altogether. Like any good dealmaker – if the price isn’t right, walk away. Plan your trade and trade your plan.
TIP: MANAGING YOUR MONEY
Thrilling, exhilarating, gripping…. but these emotions will become few and far between without a sound, business-like approach to your CFD trading. Before you even start – only risk what you can afford to lose. Once you have established what proportion of your investment funds should be apportioned to CFDs you need to further break down your collateral into how much you are willing to lose on each individual trade. Then stick to this!
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Your goal is to maximize your profits and thus your return on your trading capital. But how do you know if your trading is truly optimized or if there is room for improvement and more money to be made with it? If it could be better, is it you or your system and how can you tell?
Trading systems, like automobile engines, are never 100% efficient and there are parallels between the two that can be useful to you. There are many concepts from Mechanical Engineering which can be utilized in Trading. One in particular is the Carnot Cycle.
The ultimate engine would convert every joule of the chemical energy in the fuel to work as that is the engine’s primary purpose. In the real world, a certain amount of that chemical energy is lost to heat, friction, entropy and other inefficiencies.
For any given trading system executed perfectly, there will always be a certain percentage of trades that are not profitable and a certain portion that are. Additionally, most systems are based on lagging indicators and even “predictive” systems still rely on historical data. No system out here will pick the exact top and bottom of every market move, so the size of actual gains and losses is also a factor in the profit potential. So how can you tell what is the true potential of your trading system?
Back in 1824 Nicolas Leonard Sadi Carnot developed a thermodynamic model called the Carnot Cycle for engines which provides the maximum output that can be expected from any given type of engine. For example the Carnot Cycle for a diesel engine shows the absolute maximum work output that any diesel engine could attain.
This thermodynamic model was and is particularly useful for combustion engine design because in very clear mathematical terms, the Carnot cycle represents the ideal cycle possible. It clearly identifies and illustrates the greatest achievable efficiency for a given engine type.
Even a perfectly designed and manufactured diesel or gas engine can only hope to achieve the efficiency of the Carnot Cycle as calculated in the thermodynamic analysis. There will always be losses due to heat and entropy.
Fuel efficiency in automobiles has substantial consequence to all of us both direct and indirect as it impacts the cost of transportation for both ourselves and goods we buy.
Efficiency in Trading also has both direct and indirect consequence as it impacts both our account and our quality of life. Profitable trading provides monetary rewards and personal gratification, while inefficient trading can have a severe negative impact on our self-esteem and our quality of life.
Like the Carnot engine, you can determine the maximum potential for your trading system through backtesting it under ideal conditions, when every trade is executed perfectly in the market of your choice according to the rules and indicators of the system. Since most systems and software make use of lagging indicators, it is important to make sure that during backtesting you trade the system exactly according to the system.
During this process, you can make determinations that have direct financial benefit:
- what the true maximum profitability is for your system
- you would have a baseline or reference point for long- term planning for your trading.
- see if you’ve had reasonable or unrealistic expectations for your system and your profitability.
- if you find that your system is not capable of results that are satisfactory to you, then you need to look at possibly modifying or replacing your chosen system.
- if your system is capable but you haven’t been seeing the results you expect, then you know to look for opportunities for improvement in how you trade.
- if you find that you’ve been making specific mistakes due to emotions influencing your trading, then improving your emotional management would be the most likely way to have a substantial impact on your results.
A focus on continuous improvement is a mindset and practice that has direct financial rewards for traders that pursue it.
Regardless of the markets you trade or the system you use, emotional management is imperative to realize the most from your trading, as this is one of the most common inefficiencies.
In Trading, inefficiencies are losses and missed profits and add up considerably over the course of a year. Having a clear understanding of what your system’s possible best is, then identifying those inefficiencies in your trading is empowering and rewarding both financially and personally.
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The term ‘index of trade “refers to the trade, which may be inserted whether a particular stock market index moves up or down on any given (short) period of time. You will never own an instrument you invest in; you simply stand on a particular index move in one particular direction, either “up or down. There are many global stock market indexes are some examples: XJO (Australian Stock Exchange – ASX 200); FTSE (London – United Kingdom Stock Exchange – FTSE100); CAC (Paris – French Stock Exchange — CAC40); INDU (US Stock Exchange NYSE – Dow Jones average of Manufacturers – DJIA30).
Share trading and Index Trading “often wrongly believes the same thing. The terms” Media Center “and” Index Trading “will never be used interchangeably, although they both use the same stock market indices, they are two entirely different trading systems. Shopping process Trading in the index is based on taking a position on which way the overall market will move in a relatively short period of time, requiring minimal investment and minimal risk from the trader, as compared with the share of trade, which requires substantial investment and risk, and typically do not provide income indefinitely long period of time, usually several months or years.
The index trading, you are making a bet the stock markets’, or ’stake’ in the market, not securities, you do not physically own investments. In many countries, profits are classified as extraordinary income and, therefore, are not dutiable as part your normal income. With duty-free returns and minimal risk, this style of trading has been an interesting and lucrative opportunity for many people around the world. The index of trade requires a minimum input of time, which makes it very attractive for those who work full time and have very little free time, but need to increase their total income.
Each transaction is carried out using only a small part of your trading account, usually only a couple of hundred dollars or so. However, in cases where you only have a small trading account due to limited resources, trade (or rate) may be even lower. On the other hand, if you have a large trade account and would like to invest more funds in order to get more profit, you can certainly do that as well. This makes the index trading is suitable for a wide range of investors, depending on the individual budgets.
The process of trading is very simple. However, specific analyses of markets, to be held before a trade can occur, as a rule, are too complicated for most people assume. Therefore, in order to take advantage of this type of low-risk profits by obtaining necessary to join the prestigious company that specializes in index trading because they constantly analyze fluctuations in major international stock index, and also have the opportunity to choose a safe time to trade (or bet) occur for you. One of the biggest advantages of index trading is that you always remain in complete control of your own trading account and you can use your funds at any time. The greatest advantage of index trading is that it offers an exceptional short-term return with minimal risk and minimal investment.
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The Challenge
Consistently profitable online currency trading requires both confidence and discipline to first achieve and then maintain a reasonable level of success. For virtually all traders, these two aspects of trading are responsible for their success or lack of it: having confidence as a trader, plus the discipline to stick to their orrex currency trading system.
Most traders that struggle with their discipline do so for a very simple reason and this is something that can be very easily addressed and rather quickly.
Ask any frustrated or struggling trader what their biggest problem is and it will boil down to a lack of confidence and / or discipline in one form or another. Traders who have both are the ones the that are doing fine and enjoying their trading.
Even the veteran traders will tell you that the primary reason for any rough spells they have occasionally experienced were from when they had a lapse or breakdown in their confidence or their discipline, but once they got it back all was well.
So how do you go about building these two emotional pillars for successful currency online trading? Or regaining them if they’ve waned?
The 80/20 Solution
One of the fastest and most effective ways to give yourself that boost is to intentionally create a disruption in the UNsuccessful pattern that has been established. Now this applies whether you’ve known success and temporarily lost it or if you haven’t found it yet.
The most powerful way to disrupt the pattern is through stepping back and making an assessment of your current day online trading. Now, this doesn’t have to be a lengthy or monumental task. There are two parts to this process and it generally follows the 80/20 rule with which you’re already familiar.
Good news for you is that the first part is the 20% of your effort that will yield 80% of the results. Even better is the fact that you can do this within the next hour or two and see results that fast. Here’s what you do:
Step 1. Effort = 20%, Yield = 80%
Step 1, part 1 is to take your recent trading results and run your metrics on your current trading. So which metrics are going to give you confidence and discipline-building information?
• Your real winning percentage
• Your actual profit-to-loss ratio
• The true size of your average winner
• The true size of your average losing trades
• Your actual number of winning trades
• Your actual number of losing trades
• Your REAL ROI from your trading efforts in both time and $
• Your projected annual income from your trading – based on real numbers from your current trading
So how does this help with your confidence if the numbers don’t look so great? Especially if you haven’t yet experienced a level of success that you desire?
Well, very specifically these numbers give you a very clear reference point to work with regarding the factors in your trading that make the bottom line what it is. Rather than going on hope and wishful thinking, you now know the particular aspects of your trading on which to focus your efforts – a realize results. It brings a great deal of clarity to the exact direction for you to take.
Just this simple step alone with give you a substantial boost, and part 2 will really bring about a transformation.
Step 1 Part 2.
In this part, you simply backtest your system (whatever it is) very specifically according to the rules of the system using recent historical market data for the markets you trade.
You then run the metrics and compare the two. This information is incredibly powerful in two ways for building both your confidence and your discipline to stick with your system. Here’s how this works for you.
By backtesting your system with historical data, this can give you a very clear measure of what your forex currency trading system is capable of delivering for you. If your current trading is not delivering the profits that you want, you need to knowif the problem is with the system or if it in your execution of the system.
If your current trading results are comparable to the backtesting results, then you know immediately that you need to take a closer look at the system you’re using.
If your backtest results are good, but your current results with your system are not, then you know that you need to focus on your execution.
Most importantly, if your system doesn’t backtest well, then you know straightaway that you need to consider changes to the system you’re using, either a new system altogether or changes to the one you’ve got.
Directly for confidence and discipline, if your system tests well, then your confidence in it should go way up, along with your discipline to stick to it – because you are providing PROOF to yourself of its capabilities and limitations and with real numbers.
Plus you can see its limitations and more easily get through short losing streaks and drawdowns while maintaining confidence in your system, thus making the discipline part of sticking with it much easier.
Step 2. The More Intensive Process
If you have gone through the process in Step 1 and find that your system is good but your execution is where you need to focus and you need assistance working through other possible emotional management issues, then you need to seek out resources specifically for finding the core issues to address. Go to Inside Out Trading for resources specifically created to help you with these.
In conclusion, confidence comes from thorough understanding and successful experience. Once you have a system in which you can have confidence, then the discipline to stick to it gets much much easier.
Analyzing your current trading then backtesting your system can provide a great deal of confidence and thus make sticking to your system considerably easier by knowing the particulars of how it makes your bottom line what it is and what your system is capable of delivering.
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The forex market, also known as the foreign currency exchange market, has been around for quite some time. The reason it has become only recently popular is because once upon a time only the financial elite had enough assets and access to the foreign currency exchange market. Only major corporations, banks and opulent individuals who possessed great wealth were allowed entrance into these chambers of currency commerce. Alas, the world has evolved and a new entity has come into existence and altered the human way of life. Technology. The greatest invention being the Internet. Now time and space have practically lapsed and we have the ability to contact anyone, anywhere, at anytime. This makes the world quite different from what it used to be.
Today any individual can open up an online forex account and begin trading. He needs no qualifications, no justifications, just a suffice bank account. One can open up an online forex trading account for as little as $5000. That’s incredible. Whereas the New York stock exchange is centered in New York and has specific trading hours, the forex market is global and not tied down to a specific location. An investor may conduct trades from wherever he is on earth, no matter what the local time is. The forex trading day actually commences in Sydney, Australia. From there it progresses gradually east, sweeping through financial centers like a ghost of finest velvet. Barely tangible yet so lucrative. The average daily turnover in the forex trading market is $2 trillion US dollars. To be part of something that is so fantastic must be great, no?
Surely you have already begun to fantasize about the luscious millions you will earn overnight. Thought this is technically possible and there have been quite a few accounts of individuals who have earned great sums in the span of just twenty four hours, one still needs to take the proper precautions when investing money in such a volatile market. As high as the profit is, so is the risk. That’s why it’s not enough just to know about stocks, bonds and trading strategies. You need an in depth education.
First of all, you need to know basics. Forex trading is an automated system and so you must realize that most of the things you’ll have to learn will be part of a much greater system of signals and signs. The most basic and primary thing you should be aware of is that you buy and sell currencies, at the same time. Meaning, as you buy one currency, you are selling another. Furthermore, you attempt to purchase a currency when it’s value is low and sell a currency when it’s value is high. So far, so good.
Next you need to learn the terminology and currency pairs. You will find them listed in a different chapter on this website and they are explained in layman’s terms so that anybody can understand them.
There are so many websites and online tutorials that teach about forex trading. There are also tons of college or university classes that really teach everything you need to know. If you are serious about becoming a forex trader and understanding the automated forex system, you will have to study hard and open your mind to learning.
After abstract theories and learning the nooks, you will be advised to practice forex trading on a ‘dummy’ account. Trying to become a forex trader without this practice would be like trying to become a lifeguard without ever learning how to swim. It would never work.
The reason there are so many options for ‘dummy’ forex accounts is simple. It’s because any experienced forex trader or broker know that entering the forex trading system, especially the automated forex trading system, is not an easy task if you’ve never actually done a trade. You would not want to open up a real trading account and spend real money without having any clue how to do so. That’s why there are so many options for these ‘fake’ accounts and you should put them to good use.
After you feel you’ve experienced enough fake trading and demos, you need to decide what sort of automated system you would like to use for your trading purposes. The reason you need a system is because you need constant updates about currency values and alerts for trades you would like to conduct. Automated systems allow you to conduct several transactions at one time through creating different trading platforms. The system you choose will present you with the required charts that express the market trends that have happened within a certain time frame. That’s why you need to know not only how to read charts and understand how to manipulate them, but also which type of automated system will serve your trading needs best.
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Real addictions are a very grave matter and while trading doesn’t involve the consumption of any substances, there are those that believe that trading is truly addictive. The tremendous emotional rushes that most traders experience both prior to placing a trade and while in the middle of a big winner or big loser are an acknowledged part of trading, but are traders truly becoming addicted to trading?
Is there a need for help for traders, or is the situation one where the high percentage of traders that lose money is simply due to them still being in the learning curve and suffering the losses as a normal part of “paying your dues”? In this article we are going to investigate the matter and determine if there is sufficient evidence to support the hypothesis that trading is indeed addictive.
So what constitutes an actual addiction? There are two categories of addictions, physical dependence and psychological addiction. There is a considerable amount of information on both and certainly beyond the scope of this article, but a brief summary follows
From Wikipedia, the definition of “addiction” includes:
“Psychological addiction, as opposed to physiological addiction, is a person’s need to use a drug or engage in a behavior despite the harm caused [emphasis added] – out of desire for the effects it produces, rather than to relieve withdrawal symptoms. …. it becomes associated with the release of pleasure-inducing endorphins, and a cycle is started that is similar to physiological addiction. This cycle is often very difficult to break.”
Also,
“Psychological addiction does not have to be limited only to substances; even various activities and behavioral patterns [emphasis added] may be considered addictions if they are harmful….”
From Merriam-Webster Online, the definition of “addicted”:
“1 : to devote or surrender (oneself) to something habitually or obsessively”
So an addiction could be described as a person feeling the “need” to repeatedly engage in a particular behavior to satisfy a desire for the emotional effects that is has, the feelings that it produces. It is a desire that they have rationalized into a need, to which they have surrendered control, and they have allowed the behavior to develop into a habit. This is physiologically compounded by the endorphins released into the system that provide a physical feeling effect as well. Let’s look at some of the necessary practices (behaviors) of trading to achieve consistent profits and some of the behaviors exhibited by many traders and see if they fit the above.
One recognized critical practice for profitable trading is good risk management. At the heart if this is making sure that the risks you take are measured and calculated risks. You want to keep your losses small when they occur and avoid them all together when possible (such as NOT getting into bad trades). Key tools commonly used for controlling potential losses include risk / reward calculations and stop loss orders. Risk/reward calculations are necessary on every trade so that you know whether each trade is a sound business decision. Stops are used so that then a good trade is placed but the market doesn’t do what you’d expected. With the leverage in trading that can work for or against you, risk management is essential.
General money management is another critical practice to make sure that your trading business will still have the doors open months and years from now. It includes risk management but the focus is on a larger scale and a broader scope, such as looking at what percentage of your available capital you are placing on any given trade, regardless of the details of the specific trade.
These practices may appeal to the intellect, but how they feel is where traders get into trouble. There are several common mistakes repeatedly made by traders that bring large losses, missed profits, and ruin for many. These mistakes run in direct conflict with the known and established good practices for consistent and profitable trading, yet are made over and over again by the same traders. Since they are repeated, it would be reasonable to say that they have become habits. Let’s examine these habits from the perspective of the emotional response for the individual.
Trading without a plan, also known as entering a trade without an exit strategy for the trade. The trader doing this is usually not following a technical system and is going more on their hunches than sound calculations. This right here is an indicator that they are allowing their feelings to dictate their actions more so than their reasoning and rationale. If the market moves in their favor, it reinforces the decision to follow their intuition and feeds the ego in being right. Another very elemental factor is suspense. If one has the trade planned out and there are no surprises, it takes all the suspense out of it. Why do people love a good mystery novel or movie? They love sitting on the edge of their seats and reveling in the suspense of it all. When you know the end of the story it takes all the fun out of it and who wants that?
Refusal to use stops. The comment often heard by brokers is “No, I don’t want to get stopped out. I’ll just watch it.” This is true for initial stops and quite commonly for trailing stops after the market has moved in one’s favor. The trader is putting a lot of energy in to their feelings hope and anticipation. The ego is also being fed here, “knowing” that the market will do as they desire. As the move goes their way, they are experiencing a tremendous thrill, plus the validation they desire about them being a better trader than they truly are. When the market moves against them, the opposite feelings are amplified and only create a greater need to be validated. This also again, involves a lot of suspense and anticipation.
Over-trading regarding frequency, A.K.A. trading too often. Usually in this circumstance the trader is feeling the need to satisfy their perception of lack. They may have just experienced a string of losers or a very large loss and now feel that they have to recoup their losses and absolve themselves for the previous errors. They are feeling bad about themselves and rather than do what they know is right, they simply want to have the bad feelings go away.
Placing trades that are too large for the account. One of the more interesting aspects of this particular mistake is that besides the greed factor, people get a bit of a thrill going against the rules and particularly stepping outside their comfort zones. The simple act of rebelling or being adventurous is what many got a taste of when they first got into trading and how it is so different from what they’d ever done before. The new territory has its appeal and stepping out of the norms and standard rules has a strong gratification associated with it. Of course the greed factor is pretty strong here as well. Only risking 2-5% of your account and the prospect of a measly couple hundred dollars just doesn’t match up with the big numbers one had in mind with trading, or what’s heard often in the ads for the various trading systems available. When you’re only making $800 on this trade and you see and an that claims “I made $9,700 on my first three trades!!!”, that reasonable profit you made just isn’t very satisfying.
One thing worth pointing out right now, and it directly relates to our subject is the fact that people will make mistakes. People only knowingly repeat them when there is a problem. If you get up out of bed in the morning and stub your toe on the footboard of the bed, you wouldn’t stand there and keep smashing your toe again and again. You’d stop, unless of course there was some sort of additional response that was strong enough to compel you to do it repeatedly until your foot was completely mangled. You’d only smash your thumb when hammering a nail once before you changed how you were holding the board – unless something was wrong.
In comparing the repeated trading mistakes with the established good practices, it is in the emotional responses of the mistakes being made. Suspense, personal absolution and validation, excitement, feeding the ego, being right. These can be very powerful and provide enough stimulus for the person that it over-rides their better judgment. The actions involved in the two sets are in direct contrast regarding both the financial results and how they feel to the trader. Knowing the outcomes for a given trade, keeping the risk small, managing money wisely – these are boring and provide no suspense. Lacking surprise and done with a knowing, good trading provides a much lower emotional confirmation of a traders ability on the emotional level. When you’re good and you know your good and produce consistent results, those consistent results are not a huge celebration. When you’re a rookie and you do well, it is much more gratifying, especially if you hit a big one. That’s a huge ego feed.
There is an inverse relationship between the discipline necessary for good trading practices and the emotions involved in unhealthy trading. The discipline itself runs 180 degrees against the satisfying emotions and denies them to the trader. That is one of the primary reasons that so many traders struggle with the emotional aspects of trading. It is the way that they are trading. They are trading in a manner that fuels their emotions, and established poor habits – both active and emotional habits. If they would focus on establishing healthy trading habits and practices, follow the established wisdoms and observe themselves in their trading, do the simple things that they are supposed to do, their emotions would not flare up so badly and they could begin to break the cycle.
Trading itself is not addictive. There are a great many traders that trade in a healthy manner and enjoy the lifestyle that goes with it. There are aspects of trading that set the stage for the individual to become addicted to trading unwisely. So it is not in the activity itself. It is the focus of the individual and the habits that they establish early on in their trading that determines whether or not they become addicted and suffer.
It is up to the individual to be aware of themselves and their practice to safeguard against addiction to poor trading. Education, assistance and proper guidance would be the best recommendation for traders, and these should be pursued as early as possible. The longer the habits are in place, the longer it takes to break them and re-establish healthy trading practices.
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