Entries by Joshua Matumo

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How to become a profitable trader?

If you’re to approach Forex trading as a business, you’ve got to learn the rules of the game and detach trading from your emotions. We simply approach every trade with a mindset of Risk Vs. Reward. The discipline to only place trades with low risk and high rewards is not a matter of contention. You can only learn these disciplines through practicing and proper mentorship from experienced traders. So you want to be a profitable trader?

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A trading plan is the ‘business plan’ for us, traders. The most cognizant definition of a trading plan is ‘a well written guide that is prepared when the market is closed to inform your actions when the market is open.’ That kicks the beginning of the real talk! Any trader without a properly documented trading plan that guides all their trading actions when the market is open is doomed to fail. It is the surest tool that keeps us disciplined while trading the forex markets.

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Is forex trading legitimate? We are talking about the most liquid financial market in the world where more than 5.3 trillion dollars is exchanged every day. In economics, we call it an ‘over the counter’ business. This means than no one institution, no one retail company/Individual, no one country can control the forex markets. It is this high liquidity and stability that causes volatility, i.e. prices of different currencies and commodities moving up and down frequently and continuously.