Have you ever felt overwhelmed by all the strategies you know? You’ve tried most of them, and each works well in different market environments, producing fantastic results for you. So many methods at your disposal, but you are unsure when to implement them.
Pip is an acronym for “price interest point” or “percentage in point”, which is a price change of 1/100 of 1% or one basis point. This represents the smallest possible change in an exchange rate.
The majority of Forex pairs are quoted up to 4 decimal places i.e. a pip is the last of those 4 decimal places.
When I started Forex trading, I genuinely thought I had to be trading for 24 hours, 5 days a week, and 240 days in a calendar year! Genuinely! I kid you not. I thought that was the only way you made money in the Forex Market.
Until I learned that it all depended on your strategy and the kind of lifestyle you sought to live.
HOW TO LOSE ALL OF YOUR MONEY TRADING FOREX! Traders with some experience may have heard of the term, but I guarantee you that a lot of traders don’t understand it.
That opening line may have scared you, but don’t worry, because the point of this is to learn how to reduce the risk of losing your capital.
If this week has taught me anything, it’s that you can never be too sure because you never know what’s coming or when it is coming. This past week we witnessed the US elections, and with that came volatility.
As traders, we love volatility. We love movement in a bearish or bullish direction.
Over the years, I’ve had many questions about signal providers. Do they work? Are they for everyone? How do you really measure their accuracy? And even, WHY you would provide signals?
The only reason I asked that last question over the years was because I genuinely believed that providing signals would somewhat take the trader’s focus off their own trading.
Correlations between currencies can be challenging to manage, but it’s not impossible. As long as you have a basic understanding of what correlation is and how it occurs between two or more pairs, strap in your seat belts for some excellent techniques!