Trader’s World


#Psychology

Money management 101
Looking at how people manage their personal finances can tell you a lot about them, their approach to life, their mindset and so on. That’s why to be a confident and successful trader, you need to manage your capital skillfully. This will bring you clarity and calmness – two of the things that shape your market performance. So here are a few ways to get back in control of your money:
1. Start tracking
All your expenditures, and income. Anything coming in and out. It will give you an idea of what’s necessary and what isn’t.
2. Be sensible about your money
Try not to give in to compulsive buys. Spend sensibly and frugally. If you’ve lived without something for a long time already, it probably means you don’t actually need it that much.
3. Don’t rely on trading profits to pay your bills
This is how you get into debt. Trades can go south and you can’t control that, so you need to have a cushion that will still pay your monthly (mandatory) bills. Better to figure out a regular income (job, side business etc.) to just cover the bills. Fixed expenses require fixed income.
4. Building a security layer
As we all know, nobody can say what the market will hand you month in, month out, so you have to be prepared for any outcome. Especially the bad ones. The rule of thumb is – have a layer of ‘fat’ that will cover 6 months of your monthly expenditures. This will put food on the table and pay the mortgage until trading gets back on track (especially if you don’t have any other source of income).
5. You win – you buy. You don’t win – you don’t buy
It’s as easy as that. Of course wanting things ‘for yourself’ is always fun and makes life much more interesting, but you need to be sensible. Don’t dip into savings for something you don’t really need.
6. Let your money compound
One of the fastest ways to allow your money to grow is leaving it in your account and let it compound. Do some research and you’ll see that you can get a nice return on your investments this way.
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#TraderDiary

Take some good advice from a successful trader, writer of the “Pitt Bull: Lessons from Wall Street’s Champion Day Trader” book and winner of the U.S. Investing Championship in 1984, Martin Schwartz - pause and look around.
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#FxPro

We are ending 2018 with extraordinary results!
FxPro has been named the Most Reliable Broker of the Year by Intinvestor.com! This is great news and we are very happy to be acknowledged! Thank you!
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#TradersDiary

May you have lovely Holidays filled with warmth and love. Here’s hoping all your wishes for the New Year come true!
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From all of us at FxPro: Happy Holidays!
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#Psychology

How to boost your mojo

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Trading is not a 9-5 job that finishes when you stop…it never sleeps. When you’re not trading, you’re reading and learning to get better. But there are times (if there haven’t been already) when your motivation is low… Here are a couple of ways to boost it quickly and get back on the horse!
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Set and adjust goals
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It’s always good to know where you’re going. Where is it you want to end up. It gives your work a trajectory that you then follow. But with time, the light at the end of the tunnel begins to dim and with it – the incentive. This is when you should look at your targets and either adjust them according to new circumstances, or add more milestones, so the goal again becomes more attainable. After all – everything is easier step by step.
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Talk with a mentor you admire
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This can dramatically increase your motivation and stimulate you to move forward. Seeing someone who (chances are) has been where you are now and listening to their advice is a good boost of inspiration.
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Be around successful people
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Surrounding yourself with an aspirational crowd can help remind you where you can get to if you put your mind to it and really go for it. It can be a nice bolster when you see people that you aspire to be like. So start attending seminars, networking events and such to get yourself back into the mindset of a PRO.
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Try something (anything) new
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It can be something new within the trading sphere (like investing in a new stock), or it can be as far away from it as possible (like a cooking course or dancing). The trick here is that when you try new things – it helps you be more flexible and adaptable instead of becoming rigid. And being able to ‘move’ with the market is a crucial skill in trading.
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Get the annoying thing over and done with
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Even in the most fulfilling jobs and careers there are things that are so annoying to do that procrastinating takes over and we put them off for days and days at a time. This slowly then develops into an obstacle to enjoying the thing that we were doing in the first place. The solution is to bear down and get it done straight away - like ripping off a plaster.
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These are only a few things that can get you back on your motivational track, but there are many more out there – what you need is anything that will shake up your world and give you a boost.
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#TraderDiary

Before you go into forming your trading strategy you will have a variety of trading ideas – certain set ups and patterns that you will think about and try out. As you begin to recognize which ones lead to most profit, these ideas will evolve into strategies. Be aware that staying up to date with the news and understanding the historical behavior of stocks and currency pairs is key to accurately predicting their actions on the Forex market in the future.
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#Edutainment

Identifying the key levels and trends 
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*** Look at weekly chart time frame and ask yourself - Do I have an idea of the current and overall market conditions and trends? Which way is it trending? Look at the daily chart time frame and see if you can draw any other types of support and resistance. Which way is the market trending?
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A Signal
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Look for an obvious price action signal that ‘makes logical sense’ within the current market picture. For instance if the trend is upward, you will be looking for buy signals. What you’re essentially asking is whether there is a suitable entry here. If a suitable trade set up doesn’t jump at you out on a daily, four or one hour chart time frame within a few minutes – move on, there’s nothing worth trading here that day.
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Signal +…
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Once you have a trade signal, the next question to ask if there is also a confluent trade set up, i.e. other supporting factors and not just the price bar alone. If the story of the price action isn’t coherent with the trade set up, you might want to walk away from this one.
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Exit
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Have you figured out when to exit a trade? What’s your plan? Are you exiting at a certain horizontal level or are you planning to let it run because of a strong trend? Obviously, if something out of the ordinary happens during a trade you need to be flexible but normally, you should have a pre-determined exit strategy.
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#Psychology

Everything needs a plan. If you woke up this morning and thought – I want to get rich today – you won’t. Dreams aren’t attainable, but goals are reachable. Turn your dream into a goal. Make a clear timeframe for how to reach it. Once you see a journey and end point – you will start moving in the right direction and it will be the quickest way to reach your dreams.
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#TraderDiary

Take a quick look at the 6 key elements of mastering the art of trading. When it comes to successful trading, a little attention these elements goes a long way.
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#Lifestyle

Before making his $2 million with trading, Nicolas Darvas got a degree in economics, toured Europe and the U.S. with dance routines, made appearances with Bob Hope and read 200 books on the market.  
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#Psychology

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#TraderDiary

To prepare like a pro visit our website and do a couple of trial runs on our demo account. It will help you grow your confidence with risk-free training for trading https://direct.fxpro.com/register Trade Responsibly: 79 % of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
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#Edutainment

Barnie and Betty, Aussie, Loonie and Yuppie – your favorite Currency Nicknames all in one place!
Aussie Australian dollar (AUD)
Barnie USD/RUB pair
Bettie EUR/RUB pair
Cable GBP/USD pair, pound sterling (GBP)
Chunnel EUR/GBP pair
Fiber Euro (EUR), EUR/USD pair
Gopher/Guppy/Geppy GBP/JPY pair
Kiwi New Zealand dollar (NZD)
Loonie Canadian dollar (CAD)
Ninja USD/JPY pair
Single Currency Euro (EUR)
Swissy Swiss franc (CHF)
Yuppie EUR/JPY pair
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#FxPro

Companies are started and run by people and they tend to have human touches, human tendencies and inclinations. Similarities bring people closer together – and the same dynamic works for companies too. Successful partnerships are based on genuinely shared outlooks and goals. That’s why McLaren and FxPro is a perfect match.
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#TradersDiary

To become a successful trader you need to think through a number of important things – your strategy, choosing a platform, a reliable broker and many others. But what you can’t miss is the tools for keeping yourself motivated.
  1. Follow a mentor. Find someone you admire and see what they did to get where they are.
  2. Try to win small but consistently. Small wins will slowly grow your confidence and you will know when to step it up.
  3. Every loss is an experience win. You only learn when you play a stronger opponent. Analyze your losses and move forward.
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