September 16, Maximizing Your Trades. Essentially a full time income cannot be achieved without first making an equally significant investment. Forex traders could learn a lot from this in regards to their own money management. You might have an entry price and target, but what you lack is the context. In almost every case they left us in favor of jumping into live trading after only a month or two of training and practice, thinking they knew everything. Big Mistakes Michael Batnick.
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There's certainly been more and more gaming companies appearing on the Forex scene, largely due to the tax advantages offered on spread-betting in countries like the UK and the Netherlands. In places like China and the Middle East, where gambling is forbidden, you often see people trading not purely for financial gain, but also very much for the entertainment factor. How could Forex traders be inspired by gamblers?
The biggest thing that Forex traders can take from gambling is money management. If you watch a professional Blackjack player, they are always varying their bet. Amateurs will sit at a table and plunk the same 1 or 2 chips down each hand and, slowly, their pile of chips will shrink over time.
This is because, statistically, you can expect to lose 3 hands for every 2 you win. A card-counter does not literally memorize every card of a deck. They simply keep a running tally in their heads - high cards add 1, low cards subtract 1, medium cards do nothing.
The idea is to know how likely it is that you'll bust out if you ask for another card, or how likely it is that the dealer is sitting on a Blackjack.
And then you vary your bet accordingly. When chances are higher that you'll win, you put more chips in; and when things are uncertain, you bet less. Forex traders could learn a lot from this in regards to their own money management. It takes more than a good signal to trade successfully, you have to understand probability and risk: What counts is not only your win-loss ratio, but how much bigger your wins are than your typical losses.
How do you think the Forex world could become more professional? Certainly there are a lot of scams and unsavory characters out there.
But there are also lots of legitimate firms with good products, and a genuine desire to help traders or make consistent profits for their clients. The retail side of the industry is still relatively young and has some "growing up" to do, much like commodities firms were considered the "rouges" of the 70s and 80s.
Best thing firms can do to help Forex gain legitimacy is to act professionally, and treat their clients with respect. The regulators could help things along by fostering growth, new companies, and new ideas, instead of fearing and retarding change and innovation. This makes it harder for legitimate firms to enter the market and compete effectively. Most cannot afford a team of high-powered compliance attorneys, and those who can Bear Sterns, Lehman Brothers, MF Global come to mind aren't necessarily using their resources in the best interests of their clients and shareholders.
Meanwhile the scammers will continue to exist on the fringes and by and large ignore regulations anyway. What I think we need is a dialog - regulators need to be open to input from people on the ground, the ones who interface with markets and clients on a daily basis. The foreign exchange has been there since man's earliest times, and always will be. Regulators cannot change the world's need to exchange currencies, what they are trying to influence is how those exchanges take place.
In the US, there certainly seems to be a move to bring this trading back to the more traditional exchanges. People complained when Forex was limited to We are somewhat spoiled in Forex.
But I do think the regulators are somewhat short-sighted in their approach What kind of technologies do you see traders using to analyze markets in the future? Overall, I personally think the future lies in social networks. There are already many sites where you can connect with others and trade as group.
Some brokers are starting to offer this service as well, as are educators like myself. And don't forget Twitter - this simple little site is often overlooked as a way to keep in touch with other people's ideas in real-time. With increasingly sophisticated technologies, will we need an alternative to conventional technical analysis or are its basic tenets valid for the future? No, I think technical and fundamental! New technologies will not replace the need for them, they will simply change how fast and efficiently we can share it with a wider audience.
The faster your receive the data, the more actionable it is. And any trader who simply relies on other people's signals but doesn't himself understand how or why those signals were generated is at a severe disadvantage.
You might have an entry price and target, but what you lack is the context. Are there any exceptions when you shouldn't enter, even if the entry price is reached? How do you know if you need to exit early, ahead of the intended target, if some new piece of news hits the market? What Japanese martial arts were you studying? How did studying them help you in the financial markets? The main thing it taught me is patience. Let the opponent show you their intention. Another really useful skill is flexibility — not being trapped in a single, rigid line of thinking but being open to clues from the environment around you and being able to adapt your strategy as required.
Trading Forex for a Living is being published by Harriman House and will be released during January For more about Andrei Knight you can visit his website at fxKnight. This entry was posted on Friday, September 24th, at You can follow any responses to this entry through the RSS 2. You can leave a response , or trackback from your own site. Mail will not be published required. Do NOT fill this! Trading Diary Trading help, book reviews, risk management, and interviews.
How would you describe your job? Description Master the forex game with secrets used by the world's top institutional traders. It's no secret that bank traders move the markets. And once you understand their strategies and learn to think like they do, you will be able to stay one step ahead and beat them at their own game.
Trading Forex for a Living is a step-by-step guide for those looking to earn their living from trading forex, which covers topics often overlooked by other books and trading systems, including: This book will not only teach you how to trade, but will show you how to turn your trading into a full-time business.
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