Finally, perhaps the most life-changing thing that I learned becoming a successful trader, is the power of simplicity in not just trading, but all areas of my life. My discovery that simple was better when it came to my trading, was probably thee turning point in my trading career and as a result, in my life. Once I began to see the power of simplicity in trading, I started to apply that same philosophy to other areas of my life as well, where I also got rewarding results. I actually have written an entire article on this called the minimalistic trading approach, if you haven’t read it yet, you should.
The key take away from today’s lesson is that in order to become a successful trader, you need to develop and consistently implement the type of habits and processes that will not only make you money in the market, but will also make you become the best possible version of yourself. You should check out my trading course because it is the best way to start learning how to trade with these proper habits and processes.
Below is a list of things to keep in mind to help you avoid being a victim of a scam:

Stay Away From Opportunities That Sound Too Good To Be True

There are people who may have just acquired a large amount of money just and recently are the same and are shopping around for safe investment vehicles. These may include retirees who have access to their retirement funds. It is understandable why retirees would be drawn to ‘high-return, low-risk investments’. This is also what makes them very vulnerable. If you identify yourself to be one of these people, be careful. A lot of deceitful characters are after your money. Furthermore, only allocate a tiny amount of your money to trading until you can start growing it. Not all people can trade successfully, so it is a venture you should take on haphazardly. It is your life savings at risk.

Avoid Individuals Or Organizations Who Claim To Predict Or Guarantee Large Profits

Any form of trading is hard. Trading currencies is no different. Be wary of statements that make it sound easy. Statements like:

“Whether the market moves up or down, in the currency market you will make a profit”;

“Make $1000 per week, every week”;

“We are out-performing 90% of domestic investments”;

“You’ll make returns of 70% a year”;

“Here is a no-risk strategy”.

If they could make such returns, why would they even bother letting you know about it.

Be Wary Of Companies Who Downplay Investment Risks

Hold your wallet tight and zip up your purse when companies say that written risk disclosure agreements are routine formalities imposed by the government. Watch out for statements like:

“With a $10,000 deposit, the maximum you can lose is $200 to $250 per day”;

” We promise to recover any losses you have “.

Be Wary Of Companies That Claim To Trade In The ‘Interbank Market’Once you enter the Forex trading world you will immediately notice the need of using technical analysis in order to find trends when looking at the forex charts and also the importance of being aware of when they first develop so you can ride the trend until it ends. The foreign exchange market is a very strong trending market, lots of ups and downs in short periods of time, and it’s, therefore, a place where technical analysis can be very effective.

But you should always remember that the indicators are only giving you a high probability behavior the markets may show when you are trading, but will never tell you the behavior of the currency prices with total certainty.

If you want to become a profitable forex trader you will need to use as many technical indicators as you can, or create a personalized trading strategy based on a combination of these indicators, to recognize with the best accuracy possible the trend. In other words, a professional forex trader will try to identify the major trend, the intermediate trend, and the short-term trend and then construct his trades in that direction based on how long their rules allow him to hold a position.

The forex markets are always changing, that’s why you should always have an open criterion when using your technical indicators. Markets will be changing and different combinations of indicators may be required with time in order to have the most accurate, highest probability, prediction of future currency price behaviors.

If the action of the market shows your judgment to be correct, then you must consider staying with the market’ and look for the maximum profit on each trade, according to your risk-to-reward/equity management rules. If you happen to be in a bad day and the market goes against you, the smart trader will take profits and get out of that trade. In a narrow market, when prices are not going anywhere, but move within a narrow range, there is no sense in trying to anticipate when the next big movement is going to be.http://forexlibracodes.com/

So, you must always be alert and open to use as many and as different indicators in order to stay tuned with the market and become a profitable trader at the end of the day.

Do not believe it when some people say that they have access to the ‘Interbank market’ or that they can give you access to trade in that market because that’s where bargain prices can be obtained. This is not true. The ‘interbank market’ is not a place, it is not a physical building. It is simply a loose network of currency transactions that are negotiated between big financial institutions and other large companies.

Ethnic Minorities Are Often TargetedA Forex broker is a broker dealing in foreign exchange, just like real estate broker who deals in real estate and properties. Simply, a Forex broker is an advisor who advises you about the forex market. However, the Forex market is not the perfect place to play with as a novice and beginner as there are many criticalities involved along with much risk bearing capacities. Novices can very quickly get their fingers badly burnt. But inexperience is not the only reason to consider using a Forex broker to trade in the high-risk international currencies market.

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So, the Forex broker is an advisor who advises you about the forex market and allows you to work for 24 hours a day with major currencies like EUR, JPY, GBP, CHF etc against the US dollar on the spot, i.e. according to the current prices on the forex international exchange market. But the level of profits depends only on your abilities as well as your timely decision.

Although the role of the Forex broker is relatively redundant as a result of technological advancement and increased awareness, we cannot completely underestimate his role. The new paradigm shift has had something of a democratizing effect on the financial markets, and in the years that have followed a plethora of banks and brokerages have extended the range of their services to a new market by packaging up their online trading systems for the retail market, enabling the more modest investor to trade from their own computer screen — even on the previously out-of-reach currency markets. This is where the real role of Forex broker starts.

PIP is nothing special but Price Interest Points. In the forex market, currencies are always priced in pairs. The quoted price is the level where we, acting as the market maker, are willing to buy/sell the currency pair. In the wholesale market, currencies are quoted out to four decimal places, with the last placeholder called a point or a pip. A pip in most currencies is one /10,000th of an exchange rate (in USD/JPY, it is one /100th, likewise you can find for others).

Let’s see some more information about Spread. As with all financial products, forex quotes include terms like ‘bid’ and ‘ask”‘. The ‘bid’, in its simplest terms is the price at which a dealer is willing to buy (and clients can sell) the base currency in exchange for the counter currency. The ‘ask’ is the price at which dealer will sell (and clients can buy) the base currency in exchange for the counter currency. The difference between the bid and the ask price is referred to as the spread. The spread defines the trader’s cost, which can be recovered with a favorable currency move in the market. The value of a pip is determined by the pair of currencies being traded, the rate at which the currency pair is trading and the size of the position being traded.

There are many great Forex brokers, like COESfx, who maintains tight, competitive spreads in the four major currencies against the Dollar, and a total of 17 currency pairs including USD/CAD and AUD/USD. Some of the major features of COESfx are:

There are many similarities between the poker and trading worlds, and as traders, we can learn a lot from some of the top poker players.
As Brandon Adams, a professor of behavioural finance at Harvard University’s Department of Economics said, “Some of the best candidates for Wall Street trading jobs are the professional card players at FullTiltPoker and similar web sites.”
As any good poker player knows, if you manage your risk properly and execute your edge with consistency, you won’t be gambling, you’ll simply be playing the odds. Poker (and trading) becomes gambling when the player becomes emotional, throws away their discipline and stops managing their chips (money) properly.
So what are some of the most important things we can learn from professional poker players? Let’s discuss…

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Strategic thinking
Assuming you have a poker strategy that gives you an above average expectancy over a series of hands, you know that you need to execute your strategy or edge over a large enough series of hands to see it play out in your favour.
It would be short-sighted to get emotional and worked up after losing just two or three hands at the beginning of a poker game. A professional poker player knows that they need to play several decks to have the odds work in their favour. It becomes a simple numbers games; the more hands you play whilst sticking to your poker edge, the better chance you have of coming out ahead.
So, the first thing we can learn from poker players is that we need some type of strategy or edge that gives us a positive expectancy over a series of hands / trades. For a trader, and more specifically for me and my students, this means we use price action trading strategies to find entries into the market that give us a better than random expectancy in the market. Now, that doesn’t mean we will win every trade, on the contrary, it means we will lose and win some, but if we stick to the method over a large enough sample size, we should come out ahead.
Obviously, patience to wait for our trading edge to present itself (whilst not over-trading) and the discipline to stick to it are paramount here. Just as a poker player needs to have patience and discipline to stick with this poker edge.

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Knowing when to hold ‘em and when to fold ‘em
Perhaps the most obvious lesson we can learn from professional poker players is knowing when to hold ’em and when to fold ’em. (Note: I wrote an article many years ago about this concept here)
As the old Kenny Rogers song goes “You’ve got to know when to hold ‘em, when to fold ‘em, know when to walk away, know when to run. You never count your money when you’re sittin’ at the table, there will be time enough for countin’, when the dealin’s done.”
If you want to hear this all time classic song “The Gambler’” by Kenny Rogers , you can play it below.http://theforexlibracode.com/

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