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Brendan Hill

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Posts posted by Brendan Hill

  1. The forex market is the world's currency market. There are more than 100 currencies traded, but only a handful of the major currencies have the highest daily trading volume in the FX market. These currencies are US dollars, Canadian dollars, British pounds, euros, Swiss francs, Japanese yen, Australian dollars, New Zealand dollars. all of these currencies are the most traded currencies in the world. 

  2. Forex traders typically use two analytical techniques to analyze the market. Technical analysis and fundamentals analysis. Fundamental analysts, primarily as a tactical tool for making trading decisions based on basic data and finding the right entry and exit points. Technical analysts use price charts to make a trading decision. Whatever analysis you choose to step into the Forex market, always use Stop Loss orders for all trades and only risk a small percentage of your trading account in a single trade.  

  3. Fear is the natural reaction we show to threats that can harm us. Fear is normal. This feeling is considered essential to our survival. If you are not afraid, you will find yourself in danger, and it is difficult to escape from it. But in Forex trading, fear is harmful as it allows loss-bearing threats to cause us to make irrational and unhealthy decisions.

  4. Never trust a broker who have attractive facilities but don’t have trading license or regulation. Because Forex trading is profitable but the number of scam brokers are increasing in a high speed. Finding the right broker that’s why is very tough. But luckily, I got ForexChief broker who is very famous for providing secured trading facilities. As a regulated and licensed broker, they have higher security of funds and investments in their platform. They provide low spreads starts from 0 pips and maximum leverage up to 1:1000. They also provide 24/7 customer support to their clients.

  5. Traders should be much more focused on the quality of the trade than the number of trade because you can make a good profit every month with only 1 or 2 large trade. It's okay if you don't trade for a week, you have to understand that. Many traders have the impression that they must be trading all the time or are missing the opportunity.

  6. In the foreign exchange market, the average daily trading volume is $5 trillion, while in the stock market, there are relatively few daily traders. Stock markets tend to be more stable and volatile over time. While this is great for some trading styles, FX market volatility can create exciting opportunities for short-term traders. When deciding which is better, FX or the stock market, you need to consider your risk attitude and financial goals.  

  7. In order to succeed in FX trading, it is important to develop the ability to control emotions and suppress impulsive reactions. Emotion is far more important than IQ in the success of trading. In order to succeed in Forex trading, it is important to develop the ability to control emotions, impulses and be humble in the face of the tremendous power of the market.  

  8. Before choosing a broker, a trader needs to check the swap fee. Originally, the swap fee should be determined by the difference between the interest rate of the base currency country and the interest rate of the quote country, but nowadays, each broker collects swap fees according to their needs. Another thing in forex is that Many strategies generally fail due to trading hours as candlestick analysis appears different on different brokers.

  9. Since open positions are held for hours, intraday traders often rely on either small profits or a few large entries to build profits. Therefore, a typical intraday trading plan relies on trading strategies, risk management, and accurately determined entry levels. Therefore, a certain appraisal of trading plan strategies is needed for you to maintain profits.

  10. Research shows that you can't move forward if you keep thinking about losses. Therefore, we must accept the responsibility for loss and ensure that the blame-for-responsibility process does not go into a lengthy and fruitless process. I learn from my broker ForexChief to accept that trading is my choice and my decision, so I am the only one who loses responsibility.

  11. Even if you are new to forex trading, you've come across the term "scalping". The best Forex strategies and indicators are a bit hard to find for beginner traders, but if you're planning to trade in real-time, use Scalping Strategy.  In scalping, traders generally place a protective stop loss under the last swing row and close the trade for a profit of 9-15 pips.

  12. Successful Forex trading requires not only good knowledge and experience but also easy luck. The trading platform is convenient. MT4 is the most commonly used retail forex trading platform in the world. You can access your account in real-time through your desktop, browser or mobile. The famous MT4 has three different versions.

    • Desktop platform
    • MT4 Web
    • MT4 Mobile (Android & iOS)
  13. Every trader should know their broker's transaction fees and leverage. Most traders don't fully understand the correct use of fees and leverage. The broker offers a forex trading leverage service that allows you to spend more money than you actually invest. Leverage provides investors with the liquidity they need and helps them to invest even if they do not initially have money in their accounts.

  14. Easy to say, difficult to do. But if you want to get success in forex trading, you should make your own decisions. You are not a robot, whether your predictions were correct will definitely affect you. But trading discipline will help you to stay in the course. It is also one of the essential things in forex trading.

  15. Fundamental analysis Include business news such as interest rates, for example, in most cases, investors always want to invest in currency pairs that offer higher interest rates (longer-term). However, short-term news, such as elections can also have a major impact on the market. My broker ForexChief provide me up to date news which helps to my trading decision.

  16. Time and Investing works hand in hand to place the trading strategy. Understanding each strategy leads to measuring the estimated timeframe used for each trade, as each trade approach adjusts itself to different timelines. For example, scalpers target short timeframes, and position traders prefer long timeframes. The trader should have good knowledge of timeframe in forex trading.

  17. The market is not only in theory but also in practice. This is very important, as you have to not only read the news but also interpret it so that you have to be able to find the most favourable position so that you can earn forever and not occasionally. It's primarily a step-by-step approach that doesn't endanger you a lot of money at once, but you can still lose everything, and you can quickly lose.

  18. Not everyone can be successful in Forex trading. To become a successful Forex trader, create a trading plan, use the risk management and create a routine that suits your trading career. Once you have the foundation, you can grow as a trader and earn a stable income. It's important to remember that forex trading experiences come with a lot of stress and loss, but with passion, you can overcome bad experiences and succeed.

  19. A pro trader always records every trade. When you make a winning trade, you want to know exactly how and why. More importantly, you want to know the details of your losing trade to avoid unnecessary repeats. Make a note of the entry and exit conditions for each trade, target values, resistance and support level, daily open range, etc. Record why you made the trade and what you learned by making the trade.

  20. It took almost six months for me to see the profit. In two years, I become a full-time trader. In the context of trading, knowledge is everything. To become a full-time trader, you need to combine a high level of knowledge and experience. If you quit your job to trade full-time, you will lose regular income. That is, your attention is often focused on making a profit on every trade.

  21. Forex trading may be one of the most stressful professions in the world today, but it is also one of the most rewarding markets. Unfortunately, high-pressure stress is part of Forex trading, and anyone who seriously wants to Forex trade can reduce not only the stress load but also handle it. Stress ultimately leads to a lousy trade. To be a successful FX trader, you need to find ways to manage and reduce your stress levels.

  22. Traders need to know the best online brokers to trade in the forex market. Some brokers are known for award-winning customer service, while others are known for the lowest spread and reliable trading platforms. I am a forex trader. And I am trading with ForexChief. Moreover, it offers the industry's most advanced desktop trading platform for trading stocks, ETFs, options and futures. It also provides access to various trading tools.

  23. In Forex, success is not difficult. Many beginners set impossible profit targets and have high expectation. There is no free money in Forex trading. Don't dream about it. Many scammers advertise their highly profitable trading system, which guarantees to make a profit almost every month. Keep in mind that market conditions are always changing, whether you are a fundamental or a technical trader. Most beginners believe that the market will eventually play your way, and you will lose a lot of money.

  24. The Forex is the largest market in the world because almost all currencies are traded with each other to stabilize the economy. Now, like all types of trading and investment, learning how to trade Forex is not an easy task. For most people, it requires years of practice and dedication before they reach the point of making a profit. Most people trying to trade in Forex will fail.

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