Top 5 Successful Forex Trader Tricks

by Kaylie Phelps

Despite all the numbers, charts and ratios involved, trading is actually more of an art than it is science. Like art, there is talent involved, but that will only take you so far. The top traders train their skills through practice.

This article takes a look at the five steps a beginner can use to help perfect their craft in forex trading. Even those experienced at trading may even learn something new, to make more profitable trades.

1) Choose a methodology

Before you enter any market, you’ll need to have some idea of how you will make your decisions before executing a trade. You need to know what information is required in order to make the best decision for yourself. It’s the fundamentals that will drive the trend in the long term, whilst chart patterns tend to offer trading opportunities in the shorter term. Whatever methodology you choose, you’ll need to be consistent.

2) Calculate your expectancy

Check all of your previous trades that were winners against all your trades that were losers.  Next you should determine how profitable your winning trades were against how much your losing trades lost.  Looking at your last 10 trades should be sufficient. Or if you haven’t made an real-life trades just yet, you can go back to your chart to where your system would have determined when you should enter or exit a trade. Then you can determine when you would have made a profit or a less. Note down these results.

Your formula should look like this:

E = [1+ (W/L)] x P – 1


E = Expectancy
W = Average Winning Trade
L = Average Losing Trade
P = Percentage Win Ratio

3) Focus on your trades

After funding your account your money is then at risk. While you should learn to accept small losses, your ultimate aim is to focus on making profit. You should only leverage your trades to a maximum of 5% of your total funds. Therefore, if you had $1,000 in your account, never let any trade lose more than $50.

4) Conduct weekend analysis’

Advanced preparation is always a useful idea. Therefore, when the markets are closed on weekend, you should study the weekly charts to look for patterns or news that could affect your trades. This exercise will help your formulate your upcoming trades for the week

5) Keep a record

Keeping a record of your trades is one of the best learning tools anyone can have, and something you should keep adding to throughout your trading career. Your record book should list the reasons for the trades, your entry and exit points. That way you can look back
on it in the future and learn from any mistakes you may have made.


7 Tips for Buying Used Cars

by Kaylie Phelps


Seeing as the process of buying and selling used cars is fairly straightforward, some people think they can enter this trade and get rich quick. But while opportunities exist to make a tidy profit, you will still need to know a few fundamental facts on where money is most commonly won and lost.

With this in mind, here are 7 tips for first-time buyers wanting to invest in the second-hand car market.

Understand your buyers

Before you start looking for potential purchases, make sure you understand your buyers and want they will want from their car. A lot comes down to lifestyle, as families with a newborn baby will need room for a car seat, while high-earning executives require the ultimate in features and luxury.

Choose the right type of car

To some extent this will also depend on your target market, but other factors play a part too. For example, there is little to no point in trying to sell a convertible in a region of the country where it rains all the time.

Beware of depreciation

A steep decline between the amount you spend and get back on your car is not only bad for you, but also your clientele if they choose to sell in the future too. So, try to keep up with model replacement cycles and look at used price guides to see what cars have depreciated the most in the past.

Always check how much insurance will be

Even if you’re looking for a quick turnaround time between buying and selling, you will still need to insure the vehicle, which has the potential to cost a fortune. But to keep your premium down, tell insurance providers you won’t be doing many miles and ask to increase the excess too.

Look for cars with a service history

Although a visual inspection can give you an idea of how well the car has been looked after, the only way of really knowing whether this is the case is if it comes with a full service history. Evidence of regular maintenance provides peace of mind for you and your buyer.

Carry out any repairs

Buying a used car with a couple of faults is fine as long as you are able to carry out the repairs. Replacing certain panels or fixing the upholstery can be done by yourself for little to no expense, but be certain any work is completed to a high standard.

Don’t forget about economy

Despite the fact fuel prices fluctuate, most buyers won’t want to spend much on running costs, so seek out cars with economical engines. Diesel cars tend to be more efficient, but only if the driver covers lots of miles over the course of a year.

Just like any other sort of investment, there is no guarantee that you will make money by trading in used cars. But if you follow these tips, your chances of financial gain will dramatically improve.

Related Posts Plugin for WordPress, Blogger...facebooktwitterrssfacebooktwitterrss
  • Archives

  • Find Us on Facebook!

  • Categories