You Can’t Afford to Ignore Forex Anymore

It really doesn’t matter who we are or what stage in life we’re at. You could be in school and you can’t seem to figure out the rules of global finance. You could be holding down a job but you desire to make a decent second income in your spare time.

Currency is in every facet of our lives, so why aren’t you cashing in on it?

One of the Key elements of successful trading is having a specific strategy that tells you what to do. When you follow a concise strategy, nothing is left to emotional triggers and everything boils down to following the rules of the strategy.

Even with a successful trading strategy, some traders still seem to suffer consistent losses rather than consistent profits like their peers. This goes to show that pairing a successful strategy with your personality is far more important than blindly following an established trading strategy.

There are five categories of forex traders:

1. Scalpers
Traders who like fast action. They enter and exit the forex market multiple times a day, taking a few pips each time. With the need to react to market movements quickly, scalping is most suitable for traders who can devote their undivided attention and focus on the charts for a couple of hours at a time.

Additionally, Scalpers need the ability to think on their feet and switch the direction of their trades fast if the situation calls for it.

2. Day Traders
Day Traders don’t like to hold a trading position overnight. They typically put on a trade at the start of the trading day and tend to close it before the day is over.

Unlike Scalpers who avoid the news, Day Traders love trading the news. Keeping abreast of the daily news releases actually helps them to plan their trades more effectively.

3. Swing Traders
Swing Traders normally hold trades beyond a day but never beyond a week. This trading style is most suited to part-time traders who have full-time jobs.

Swing Traders tend to be a bit more conservative that Scalpers or Day Traders. They typically wait for several confirmation signales before triggering a trade.

4. Position Traders
Position Traders have the longest time horizon of the different categories. The total opposite of Scalpers, Position Traders can sit on a trade for several weeks to several months.

Position Traders have a very strong grasp of market fundamentals and are able to spot changes that could lead to highly profitable long-term gains once trades are locked in. Depending on the currency pair, the profit potential per trade can range from 500 pips to several thousand pips.

5. Mechanical Traders
Usually beginners in the forex market, their main focus in trading the markets is not time driven but system driven.

After going through a period of trial and error, Mechanical Traders deem a particular strategy sound and focus only on the execution of that strategy based on its rules.

We are how we trade and we trade how we are. Your unique personality will cause you to trade differently from someone else.

The key here is to discover which category you are in. The FXPRIMUS Training & Education team have an online test that helps you determine just that.

Words From My YODA Robert Kiyosaki

Words from my YODA, Robert Kiyosaki says, “It’s better to understand how the Federal Reserve does business and use it to your advantage, rather than trying to change the system. With this economic crisis, can you sustain a financial hit? Have you got a gun? Do you have food stored? How long can you go without a paycheck? Play by the rules of the rich, not the rules of the middle class. The fairy tale is that you should save money. The miracle of compounding interest doesn’t take into account the rate of inflation.

  • In 1904, John D. Rockefeller took financial education OUT OF THE EDICATION SYSTEM. The reason for that is to DUMB DOWN the population so that they system can be hidden from the public eye.
  • In 1910, they designed the Federal Reserve system at Jekyll Island.
  • In 1913, the Federal Reserve was born.
  • In 1933, it became illegal for Americans to own gold.
  • In 1944, Bretton Woods spread the Mandrake Mechanism around the world.
  • In 1971, when President Nixon took us off the gold standard, the plan was complete.

Learn to create your own future and print your own money. That’s exactly what the Federal Reserve does. We now have Fiat currency. There’s no gold to back it. Fiat currency is a currency that has value b/c the gov’t entity says it has value. Throughout history, every Fiat currency has collapsed. None has ever survived. Unfortunately, right now people are trusting the people who are robbing them. All you have to do is look at the rules of the Monopoly game to see how the Federal Reserve works. ‘THE BANK NEVER GOES BROKE. THE BANKER MAY ISSUE AS NEEDED’. Again, why try to change the system when, IF YOU UNDERSTAND IT, you can make it work for you? GRUNCH wants money in mutual funds and the stock market b/c that’s how it makes money. Without financial education you are dependent and stupid. They want to DUMB YOU DOWN so you feel stupid. That’s the objective of GRUNCH. Look at how the Federal Reserve and Treasury interact. Every time they lend out money, it’s in excess of what they actually have on hand. They lend money they DON’T HAVE and PRINT $$$$ OUT OF THIN AIR. IT’S LEGAL CLIPPING and it shows up as INFLATION. A sales pitch only tells you the good side. Education states both the good and bad. GRUNCH is about to lose control because the last control they have is power/energy. That’s about to come to and end. Due to lack of financial education, the poor and middle class are just PAWNS in the game. Seek to reform the environment, not man – don’t attempt to change people. Change the environment. Solve problem through action. Change causes upset. Feedback is extremely important for change. Feedback helps you focus on the areas that require change. Every time you look in the mirror, you get feedback. You either CAN’T change or you WON’T change. Precession = If you are doing what you’re supposed to be doing, them money will come. The reason most people are not successful is because they haven’t FAILED ENOUGH. They haven’t learned through experience.”

Credit: This article is originally posted on Facebook by Crystal Han II. Go to her post at Words from my YODA Robert Kiyosaki