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    Friday, 19 August 2022

    Being a Good Trader vs Good Trades

    Sifiso Nkwanyana



    The majority of traders in this field aim for exceptional outcomes without any planning. It is not surprising because that is what social media has been promising us: quick results, quick money, and a simple existence. But if you've been trading for a while, you might already be aware that winning transactions don't necessarily indicate that you're a competent trader.

    I'll explain the distinction between using "good" before the words "trader" and "trades" in this article. A good trader understands that good preparation prevents poor performance, whereas a trader who only concentrates on making "good trades" is only interested in the results and not the setups themselves.

    New traders prioritize making "excellent deals," therefore they don't spend the time analyzing the setup's logic. Even if it means imitating another system or signal, they will go to whatever lengths to ensure that they don't miss a golden opportunity. On the other hand, a good trader is driven to advance. They take their time duplicating trades because they understand that good trading habits come before profitable setups.

    A trader who is just concerned with making profitable deals is comparable to a boxer who only thinks about competing as frequently as possible. Before entering the ring, the top boxers in the world strive to improve their athletic abilities.


    The majority of traders refuse to embrace a harsh reality: trading is not about the market; it is about you. It all depends on your mental makeup, but good trades can be found every day. Technical and fundamental analysis can be mastered, but that is not what sets one analyst from another.

    My advice to you is to concentrate on improving your trading skills since successful deals will undoubtedly follow. Making the most of the cards you already have is more important than getting the best cards, in the end.

    Wednesday, 17 August 2022

    Timing, the most important Trading Indicator

    Sifiso Nkwanyana



    warren Buffet once said "The stock market is a device for transferring money from the impatient to the patient"

    A skilled trader is aware that making logical choices is the key to excellent entries. Because of this, timing and sniper entries go hand in hand. It is a question of reasonable judgment in this business, and those who don't treat timing with the deference it merits won't be around for very long.

    The saying "buy low, sell high" is just one aspect of trading; there is much more to it. Finding the lowest low or highest high is actually a full discipline in and of itself. Timing is not a crucial element for an investor, but for traders, time is actually another signal.


    Please allow me to explain so you can grasp what I just said. Instead of focusing on timeliness, investors seek a long- or medium-term profit based on high-timeframe supply and demand zones. Even the dollar-cost averaging approach (DCA) is not firmly linked to the entrance time. Contrarily, a trader must give the timing of a trade top consideration because it will immediately impact your risk-to-reward ratio.

    Along with logic, observation, and mental discipline, timing (and a dash of intuition) are developed. In actuality, practicing "timing" is just as important as doing technical or basic analysis. Time should be on your entry checklist because many seasoned traders think of it as a buy and sell indicator.
     

    If your trade will succeed or fail depends on how well you time the market. The "timing element" also refers to the precise time at which momentum shifts, as opposed to just that moment itself. Market timing and market cycles are closely related. Timing also involves choosing the times of day when you will place your positions because the overlap between forex sessions can mess with the direction of your daily transaction.

    Monday, 15 August 2022

    Recommended ways to overcome Trading Fear

    Sifiso Nkwanyana

    Money is the sole weapon we utilize in forex trading to generate profits. After purchasing one, we get quite thrilled if prices rise. When we lose five in a row, though, the situation dramatically changes. We start to worry that the trading account will blow up at any moment.

    Although trading is quite practical, it also gives us a great deal of thrill and joy. But it shouldn't interfere with one's emotions or logical thinking. You shouldn't trade because of emotions. You ought to approach it sanely and intelligently. The fear of missing out persists, though. The time has come to learn "how to overcome your trading phobia."




    Long-term exposure to this worry can have detrimental effects on your overall mental health as well as your trading judgments. Expert traders use a few strategies to get over their emotions and fears. The majority of the time, professionals who can manage their fear and emotion succeed.

    Create a Positive and Successful Performance

    You must acknowledge that 90% of trading success is mental, and 10% is technical. If you notice yourself breathing quickly or feeling down after placing an order, you may be sure that you are anticipating something bad. A bad expectation in your mind can prevent you from thinking logically. You can make a lot of common mistakes while you're anxious.

    Does it matter if you think negatively? Even after doing your research and considering advice from others, if you are still anxious, there is a good chance that your decision will turn out poorly. You must get rid of this bad attitude and replace it with a winning expectation if you want to win right away. You should have faith in your ability to trade profitably.

    Negative results in a row frequently cause traders to lose confidence. The first quality you need to develop in such a situation is the ability to maintain your composure. Remember your success and the path it took. You'll find a strategy for success in addition to regaining your energy and self-assurance.


    Try to pick up and develop some new trading skills

    Let's say that things aren't going well for you. What would you do in such a stressful circumstance? Making great trading judgments in such circumstances is challenging since you cannot logically examine everything. This time might be used to discover new trading strategies. A fresh trading approach is always entertaining and has the potential to pay off in the long run.

    In trading, there is no set period of time for learning new topics. You can learn about interesting trading concepts like iron condors, how credit spreads work, how to use RSI and MACD indicators, and more, whenever you have the time or decide to make the time.


    comprehensive market research

    To comprehend the patterns of trades, it's crucial to conduct thorough market research. If you're stuck and unsure of what to do next, it can be emotionally draining. You have some reservations even if you have already placed an order. Do some background study on the subjects you are interested in. To perfect the art and science of trading, regular practice and study are crucial. Join a renowned online trading academy to receive professional assistance and training resources if you are unable to handle the greatest guidance on your own.

    Make a list of the things you initially heard and found difficult to understand. Following that, choose the subjects you must master first based on your trading needs. The trading list should be regularly and methodically updated rather than expanded. It is impossible to become an expert in trading in a year because it is such a large field. For a long time or during your entire trading career, you must go slowly and steadily. Learning never stops in the world of trading.


    Stick to paper trading while you learn.

    You will acquire new techniques on your own as you regularly learn new things. You'll want to put your just acquired methods to use. But there will undoubtedly be some skepticism. These uncertainties may cause you to trade concerns and allow your emotions to take control of you.

    Therefore, you can activate paper trade before deploying it in real whenever you create a new strategy and want to deploy it or wish to utilize a new indication. Although paper trading is far from perfect, you will undoubtedly find a controlled environment here. You will discover how to enable comfortable envelope-pushing with trades without endangering your funds thanks to the controlled atmosphere.


    Analyze 5 brand-new charts.

    When it comes to overcoming your trading phobia after several losses, experts advise looking at fresh charts to gain insights. Many traders frequently develop strong emotional ties to the stock, ETF, or any other product they trade. They devote many hours to raising them and maintaining their hope. Having optimism in everything might have negative effects. Therefore, it is always preferable to look up five fresh charts for businesses to which you do not have a strong commitment.

    Following the completion of the list of charts, you should thoroughly examine each one and formulate arguments for buying or selling. You'll be able to achieve objectivity if you do this.


    Learning new abilities is difficult, but it's necessary because the trading market is so complicated. Being a good trader requires frequent, effective, and consistent work. These steps are designed to help you become reliable and wise.

    Friday, 12 August 2022

    How to choose a Forex Broker

    Sifiso Nkwanyana



    When looking for a forex broker, there are many factors to take into account and a vast array of possibilities. How do you determine which broker is right for you? How can you be certain that your broker is trustworthy? The top 5 important things to look for in a broker are listed below!


    Trade with a Regulated Broker

    A broker who is regulated is one who is continuously under federal and local government scrutiny. Regulation makes guarantee that your financial transactions are generally secure. Without regulation, a broker is allowed to handle your money anyway they see fit. As a result, you might experience greater difficulties when attempting to deposit or withdraw money.


    Select a Forex Broker with reasonable transaction cost and swaps

    Forex brokers earn their living by taking a tiny bid/ask spread on your deal or by charging fixed rate commissions. Spreads and commissions are comparable, but spreads have a little more flexibility and can change in size depending on the liquidity of the market. Spreads increase during slow trading hours while decreasing during busy trading hours.

    Be sure to read both the broker's website and the online reviews while researching brokers. Seek out any details regarding what the broker has to say about their own spreads and commissions. Be aggressive in this area and search out the best spreads and commissions that other brokers are offering.


    Pick a broker who allows simple deposits and withdrawals

    In the end, it doesn't matter how successful your trading account is if you can't get your money out. You want your broker to make it simple for you to deposit money into and withdraw money from your account. In contrast to unregulated brokers, a well-regulated broker will typically have a fairly smooth experience with this.


    Select a broker that offers trading platforms that are competitive

    What trading platforms and tools a forex broker offers should also be considered while making your decision. Make sure your broker is supplying platforms that are both competitive and compatible with your preferences. Check out the tools they provide traders on their website as well.


    Select a forex dealer with a Good Customer Service

    Finally, and perhaps most importantly, you want to confirm that your broker offers first-rate customer service. You want to have faith that your broker will give you quick access to support when dealing with financial concerns. You may get a sense of how dependable a broker's customer assistance is by reading reviews and contacting their customer care.

    Wednesday, 10 August 2022

    Growing a Small Account

    Sifiso Nkwanyana



    Unfortunately, making money requires spending money. In currency, this is especially true. Making $20 on a $1,000 investment is very different than making $20 on a $100,000 investment. There are, however, safe ways to increase your wealth.

    The majority of people dislike being told the truth about expanding a modest account. Growing a tiny account will actually take some time. Risking modest amounts and compounding your money over time are the only ways to grow your money responsibly.

    Realistically, a 20% return on a $1,000 investment would not have a significant effect on your financial status today, but it might in the future. Let's imagine you were able to save and invest your money over the course of a few years, and you now have $10,000 in your account. You gained the ability to trade at that time, and you can now manage that money well. You can produce consistent returns over time by using the knowledge you've acquired and the money you've saved.

    Forex Mentors don't want you to know this:

    When we declare that it's extremely unlikely to flip an account in a short amount of time, we frequently face criticism. Because they know or follow someone who does account flipping, many like to claim that it is simple to do so. Can they provide you with evidence from a third party to support this? They might try to skirt this issue, but they won't be able to offer any concrete evidence.

    The fact that the majority of ordinary traders lose money in forex trading is a secret that most "gurus" won't share with you. This is not meant as a warning against trading. However, it's crucial to maintain reality and recognize that trading currencies is not the fastest way to become wealthy. Trading successfully requires perseverance and practice. Start with a practice account, put some money aside, and only use real money after you have a winning trading plan.

    Transacting in multiple accounts quickly is gambling, not trading.
    Once you find a trading technique that works for you, begin on a demo account, save your money, and then begin trading with real money.
    It's not just you. We offer a ton of premium and free content to support your success. Stay with us; we wish to assist.

    Monday, 8 August 2022

    When should you Trade Full time

    Sifiso Nkwanyana

    You're considering quitting your work to pursue trading full-time as a career, which is every trader's ambition because nobody represents freedom like someone who trades continuously. However, not everyone is suited for this level of independence, so how will you know when you're ready? I've been able to focus on a few topics based on my own expertise and relationships with other excellent traders.




    Must have Enough Trading Capital

    The amount of money you have is definitely one of the most important considerations when playing this game full-time.

    You need to have enough money in your account to generate monthly income of at least 7% that is greater than your full-time salary. Additionally, you need to have enough cash on hand to pay for regular expenses like rent, utilities, and food for the next year or so without having to consider perhaps withdrawing from your FX account.

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    You must be ready to have enough money to maintain your standard of living, be ok with the occasional account fluctuation, and be ready for losing streaks or significant drawdowns.

    Since it all relies on your unique situation and way of living, there is no specific amount you should have in order to go full-time. Speaking for myself as a nearly 19-year-old university student in England who lives away from home, I would prefer to have at least R350 000 in my trading account so that 7% a month is at least R25 000 and will grow if compounded, as well as at least R250 000 in the bank to spend on necessities that would last me at least the next two years or so.

    This gives me ample time to get a solid job and start being paid well if I realize halfway through that I am not making the best profits from trading full-time.


    For the past two years, you've consistently generated profits each month

    Data from your trading notebook must show that you have been able to consistently turn a profit each month for the past two years. Of course, there can be the occasional lost month, but on average, you should be making 8–10% profits on your investment each month.

    Throwing your work clothes in the closet and trading continuously does not imply that you will become any more skilled in making trading choices than you were when you were trading part-time.

    The concept of trading full-time should generally be put on hold if you are aware that you are not yet consistently producing monthly gains because your chances of success as a full-time trader will most certainly drop.


    You have other obligations that will keep you from trading.

    Depending on the type of trader you are, I don't think trading has to be "full time," where you sit at your computer all day and execute innumerable trades.

    Swing trading, in my opinion, is the ideal kind of trading since it gives you time to catch the following market full swing. To avoid staring at the charts while the trade is open, I believe having a job or some other duty is a good idea.

    Sitting at your desk all the time could result in overtrading, and we all know what that usually means.

    Because of this, you need absolutely have something else to do during the day if you intend to quit your full-time job to pursue trading full-time. This something else might be anything!

    This could involve anything, such as being in charge of dropping off and picking up the kids from school, preparing meals for the family, cleaning the house, etc. anything that can divert your attention.


    You're Really Passionate About Trading

    You must be honest with yourself about why you're making the risky decision to devote all of your time to trading. Do you genuinely think this is what you excel at and that it has advanced to the point where it is paying you significantly more than your job? Or are you merely looking to earn a fast buck?

    You must critically and honestly evaluate your abilities, and I advise you to resolve any internal conflicts before giving such notice.

    Consider carefully the effects of losing your income if you depend completely on it to pay your bills, your mortgage, or the tuition for your family. Have you been earning enough money—or even twice what you are paid—to be accountable for this? You definitely don't want to jeopardize your way of life or the welfare of your family.

    A lot of risks are involved when you quit your job and work full-time, not simply from a financial standpoint. Make sure you're prepared emotionally, financially, and psychologically before making a decision, and take your time.

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