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Top 12 Tips from Forex Trading Gurus

The realm of Forex is a complex one, especially with countless international players attempting to conquer it. As it the biggest and most liquid marketplace in the world, Forex enjoys an average daily trading magnitude of over $5 trillion. Given the massive volume of complicated transactions conducted by a multitude of actors from different corners of the globe, who would not mind some extra tips to master Forex trading? We sure wouldn’t!

Own Your Forex Trading Policy

Identify your goals and the purpose of your operation on the Forex circuit. What is it that you desire to achieve by trading? Will you engage in Forex trade on a part time basis? Will it be your primary source of income? How much risk are you prepared to take and for what time period? It is essential that you outline your objectives succinctly and clearly.

It will serve as a guiding framework where you will select your trading plan and policy. Yes, we should listen to our “inner voice” from time to time or rely on our instincts as well. However, it is better to be equipped in the Forex trading field as there are countless variables at play. Have a solid approach that you test rigorously and amend upon requirement.

Have A Positive Mindset

Do you believe in the power of positive thinking? We sure do! Our advice is to begin your morning with a warm cup of coffee or tea (whatever you prefer), take a few deep breaths and go to your happy place. Yoga or meditation are effective in relaxing one’s mind as well. Then, commence your Forex trading journey by moulding your mind to function within the borders of optimism. It will strengthen your skills in stress management.

Write a Trading Diary

Forex trading gurus find it useful to maintain a diary where they pen all their trading records. This is a highly recommended tool as it is a register of all your transactions and serves as a source of guidance for future deals. Capture all associated factors such as the time, daily opening range, market opening and closing time as well as the entry and exit conditions for each trade. If you have a favourable trade, you can analyse the criteria that made it a success. Similarly, you can review losing trades and strive to avoid repetition.

Be Disciplined

Trading is more of an art than a science. To perfect any craft form, practice makes perfect. It is essential to maintain a disciplined approach towards trading to truly master it.

Monitor Price Performance

Price action refers to the flow and movement of prices on the Forex avenue. It is crucial to study it consistently and effectively as it is a great indicator of the direction the market is going in. As a trader, you can appraise the market conditions and make an educated estimate about the trade in question.

The Elliott Wave Theory will definitely come in handy and will help you differentiate between both impulse and corrective waves. Established by Ralph Nelson Elliot in the 1920s, states that crowd psychology creates the ebb and flow of patterns. He believed that the cyclical trends were a direct creation of investors’ rejoinders to external aspects. Elliot discovered that the swings followed a repetitive inclination which could be further sub-categorized into progressions that he labelled as “waves”.

Look After Your Risk

Every time you trade, an element of risk is involved. Hence, it is imperative that you ascertain the degree of risk you are not only willing-yet can afford to undertake. Managing such risks will only benefit you in the long term as you navigate your way through. Holding onto your capital will allow you to spread your risks over a longer period of time as well.

Have A Strong Code of Work Ethics

To proceed and advance in the Forex trading game, you must possess a strong work ethic and be willing to stick to it. A lot of back end work has to be conducted when becoming a regular player on the Forex field. It could involve levelling new trading strategies, back testing systems, or amending your trades as per market changes.

Follow A Mentor

Surround yourself with knowledgeable, experienced Forex traders whom you can learn from. Observe and understand the thought process they put in for every trade.

Embrace Your Losses

Do not despair if you make trading losses as it is all part of the game. Our advice is to take it as a learning curve and take what you can from it. This is where your trading journal (a tip shared earlier in this article) will play a vital role as you can go back to understand what conditions existed when you entered the trade.

Do Your Research

Perform an economic, political and social analysis of the world’s climate to assess the direction the market may open in. Are international markets moving in an upward or downward direction? Has there been any economic event that will affect Forex trading? Decide whether you will take a risk and wait to trade till economic reports are issued or after. It is recommended to be patient and wait for the report to be released before investing in the market. A little caution never hurt anyone!

Avoid Over-trading

The market seems up and you are in raking in those winnings! No matter how tempting it appears, do not over-trade. Take a step back and review your current strategy. Is your time window sufficient? Or is your risk too high? It’s possible that you are doing both.

Know Yourself

Embark on a journey of self awareness as it will only make you a stronger trader. Understanding the motivation and rationale behind your choices in trades will enable you to make better decisions. You will be able to foresee how it impacts your perspective of the financial markets and how any pre-existing notions may influence your decisions as well.

Cryptocurrency 101: 5 Bitcoin Trading Tips to Grow your Savings

The year before saw Bitcoin grow from a cryptocurrency with dubious origins to a legit currency traded like stocks. Never mind that its real world equivalent amount still fluctuates questionably; the revolution has begun.

What’s So Special about these Coins

If you’re dying to get in on the action, read on and find out what you need to know to start trading:

  • A Global Market. If you’re looking at getting more out of Bitcoins, know that it is being traded internationally. It also isn’t controlled by real-world currency devaluation, although global events controls fluctuations or rises in the Bitcoin-trading value.
  • An Unpredictable Force. As previously said, Bitcoin has fluctuations and rises in value all in its own. In a month—or week—your Bitcoin may lower in value, but the next it may suddenly experience a spike. Keep this in mind when saving your Bitcoin or trading them.
  • A Cutthroat Sphere. As a virtual currency, Bitcoin trading is still relatively unexplored territory. Make sure to observe your instincts on trust, location, fees, and the like before trading. You never know whether you’re a hustler or you’ll be hustled.
  • A 24/7 Market. Trading Bitcoins doesn’t need a specific time of day to do. Bitcoin exchanges operate exclusively 24/7. As much as exchanges can be created almost anywhere, there’s also no official price but the general, all-inclusive global range.
  • Learn to Keep your Cards Close. One more thing you need to know is to NEVER tell anyone the amount of Bitcoins you have. Just as much as you value your bank secrecy, treat your Bitcoin stash like how you treat your hard-earned, real-time money.

Unchartered Territory

No one can tell what else to expect when dealing in Bitcoins, but one thing’s for sure; it’s a big part of the incoming future. Trade in Bitcoins now ahead of everyone else to make sure you’re set for life in cryptocurrencies.

Self-Service: 6 Tips to Paying Yourself First

It’s hard to create savings, but even harder to maintain them. The secret lies in letting yourself in on the fun; letting yourself experience the fruits of your hard-earned labor is a good way of creating intent to keep your savings going.

Here are some tips to keep growing your personal fortune:

  • Create some self-goals. It’s easier to save when you’ve got a reason behind why you’re saving money. Is it for new shoes? New clothes? That new car or good home you’ve been wanting? Whatever the reason, it also becomes easier—it even becomes a habit—if you’ve got well-defined goals on why you save.
  • Make a real budget. Once you have goals, break everything down into budgets. You should include savings as a part of this budget, and stick to these plans.
  • Create a budget plan. These budgets should be followed to the letter, unless you don’t want to realize your goals. If you have a set amount for an expense, don’t go over it.
  • Do you need it vs. Do you want it. Defining your needs against your wants will help you avoid unnecessary expenses. When a new phone comes out, do you need to buy it or does your old one work just fine? Decisions like these should make it easy to skimp on buying.
  • Create a second account, and then forget it. It also helps to create an account separate of your active one. This works like a piggy bank, where you only touch the funds when you really, really need it. An added bonus is when the bank account grows over time with interests.
  • Stick to benefits. An added technique is to avail of the benefits offered at your job. Not having to pay for this allots more money to your personal savings and other expenses.

It’s not easy to avoid buying on impulse or feeling like you deserve something. Sticking to your financial goals, and following them through, though, helps a lot in avoiding ‘impulse buying’ and other expenses.

Business Minded: 5 Ways to Grow your Fledgling Business

Some people are born naturally business-minded but don’t manage to get their plans off the ground. Some people are born without natural business acumen, but manage to create a successful business from nothing. Whatever you may be between these two, know that a successful business doesn’t happen overnight and may take lots of years to grow.

Growing it patiently can happen if you consider following these suggestions:

Get the Right People

If you could, get the right people who have the same thinking such as you—people who are as driven and as goal-oriented. If you should hire people, however, learn to remember them as people, and not only as employees. Caring for your peers goes a long way.

Know your Limits

You should have a limit to your risk-taking the last thing you want is your business going into bankruptcy or having apply for an IVA. Every business has risks to consider taking when it’s growing, but taking on these risks smartly defines what a successful business decision should be. You should also know exactly what your business—or personnel—are capable of, and build on those strengths.

Focus on your Goals

Goals can easily be defined as what you view your business to be in three years. A good road toward achieving that is to know your market and adjust your strategies accordingly. This should create a culture of excellence where you and your people, or partners, know exactly what you need to do to reach that goal.


Adapting means resiliency to challenges and learning from mistakes. This is made easier if you’re passionate about what you do, and it’s a two-way street—your passion lets you adapt to these challenges, and as people see your passion, they learn to feed off it as well in growing your business.

Don’t Forget the People

You should not just mind the people working for you, focus on the most important asset of all—the people who need your product or services. Good service always translates to good sales. Learn to take care of your clientele, and in a way, your clientele will take care of your business.

These suggestions can and will help your goals if you learn to adapt the best into your business. Be brave, take smart risks, and know what your limits are, and watch your business grow.