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Common trading mistakes Let’s start by getting this out of the way. Everybody makes mistakes. There’s no such thing as perfection, especially in trading, where even professional traders experience the occasional misstep. But, by being aware of the most common mistakes, you can hopefully learn from them and avoid making the same ones yourself. Failing…
Managing trading biases The first thing to understand about biases is that everyone has them and they play a big role in daily life. In online trading, bias can affect your judgment, leading to decisions that you wouldn’t normally make. Although it’s hard to get rid of a bias altogether, being aware of the most…
How to control your emotions Online trading is an emotional roller coaster no matter how experienced you are. Success isn’t about shutting out all emotions, it’s about being able to control them and not letting them control you. So, what are some of the emotions you need to manage when trading? Doubt Being cautious in…
How to manage risk Risk is a constant in the world of online trading, as it is with any investment. Now that we’ve covered a few of the risks involved with spot forex, let’s look at some ways you can manage them. Diversify your investments Imagine if you took all the money in your trading…
What is risk management? If there’s one thing you need to accept before getting into forex it’s that not every trade can be a profitable one. Nobody wins every time, and that’s ok. A good strategy is one that accounts for possible losses but still sees you potentially profiting in the long run. That’s where…
Common trading strategies Although each person’s strategy should be unique, there are a few that traders commonly gravitate to. These can be tailored to fit your specific skills, goals and risk appetite. No one strategy is superior to another. It all depends on how you want to trade. It is also worth remembering that, no…
How to build a strategy? As we mentioned previously, trading strategies aren’t ‘one size fits all’. The one you follow should be tailored specifically to you and the way you trade. As such, there’s no blueprint for creating the perfect strategy. However, there are a few things you should keep in mind when building yours….
What is a trading strategy? Something you may hear often in online trading is “a failure to plan is a plan to fail”. This couldn’t be more true. Building a trading strategy or plan is one of the most important things you’ll do as a trader. This isn’t a case of ‘one size fits all’. A…
The pros and cons of leverage Do you feel like you now have a good understanding of leverage, margin and how they work? Are you sure? Good. Because before even thinking about trading spot forex, you need to be completely comfortable with these topics. You may remember us referring to leverage as a double-edged sword….
How does leverage work? Now that we’ve covered the basics when it comes to what leverage and margin mean, let’s see how they work using some more detailed trading examples. Forex leverage example #1 – Buying USDCAD Let’s say you want to open a long position on USDCAD and you currently have $10,000 in your…
