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Create an Online Day Trading Routine to Avoid Mistakes

In Thailand, online day trading is booming. International brokers give access to various instruments, from currencies to derivatives. All of them can bringAdd New profit when traded wisely. Still, mistakes are inevitable. Even professionals can be wrong at times.

In Thailand, online day trading is booming. International brokers give access to various instruments, from currencies to derivatives. All of them can bringAdd New profit when traded wisely. Still, mistakes are inevitable. Even professionals can be wrong at times.

Fortunately, there are ways to prevent erroneous decisions. A lot depends on your mindset and attitude to the job. Here are a few essential tips for the everyday trader, regardless of their instruments.

online day trading

Keep Track of Big News

Important economic and political events can drive market prices in different directions. Avoid trading in the first minutes following big news. They may create slippage on stop-loss orders, which means you may get unexpected results. This is why the economic calendar is extremely handy.

Check the calendar daily before starting work. Currency traders can check DailyFX and use embedded features of MetaTrader 4 or 5. Their stock trading peers can find the necessary data on Bloomberg. Whichever instrument you prefer, have an event calendar at hand.

Corporate earnings reports can have a dramatic effect on stock prices. Generally, it is recommended you refrain from trading on the day of such announcements. Trading before them could result in a loss. Check the Yahoo! Finance earning calendar.

Start Your Platform

Online traders depend on their equipment. Start your terminal and check that everything works. Are streaming quotes accurate? Bugs or delays result in trading errors.

Account and Contract

Popular systems like MetaTrader 5 allow you to work with several accounts. Make sure you are using the right one. Some users spend hours trading with passion – only to discover that all their profit was virtual. Use the demo mode for simulated conditions, and live trading account for the real deal.

Futures traders should also check their volumes. They need to make sure the contract size is right. It is also vital to consider the expiry date on the traded instruments.

Notes to Self

Leave reminders to yourself, so you do not miss important news releases. It is easy to forget about them in the midst of hectic trading activity. This mistake can be expensive. If an event occurs later on the same day, note down the expected time, and make sure it is in front of you.

Check Automated Aids

MetaTrader users should set Stop Loss and Take Profit for every position. These tools prevent excessive losses on failed trades and allow you to collect the desired level of returns. Make sure these values are set properly.

If you use scripts, an Expert Advisor or Forex robot, triple check all settings before launching them. EAs are pieces of software that can be added to MetaTrader. Free MT4 download is available from the Forextime website.

Check Position Size

The position size can be adjusted manually. If you stick to the default setting, make sure it is correct. A single extra or missing digit could be disastrous. In the first case, you could make an excessive loss on a bad trade. In the second case, you will only be trading a fraction of your planned size.

Be careful with manual adjustment. Write down your initial account balance. Double-check your entry point and stop loss.

Remember that position size determines the level of risk you take on. Generally, traders should not go above 1% of their account capital on each trade. For example, if you have $50,000 in your account, you can only afford to risk $500. Create a reminder if necessary.

Use a Trading Journal

Every day, make notes in a journal. Keep detailed records of your failures, so you can learn lessons and improve your strategy. Review those trading thoughts regularly. Analyze problematic tendencies and think of ways to cope with them.

Market Conditions

Start each day with pre-market analysis. How does the market look? Is it calm or turbulent? Are there any special patterns or trends? This research will help you take the right path once the market opens. For instance, volatile conditions could move your target profit upwards.

Time to Stop

You may notice that failures occur during some typical segments of the trading day. For example, those who trade U.S. stocks may start losing around the New York lunch hour. If this is the case, write a note to yourself or set an alarm, so you stop trading immediately.

online day trading

Start with the Right Mindset

These tips will help you trade mindfully. Be meticulous with your pre-market research, double-check all settings, and know when to stop. This way, you can avoid preventable losses. Keep these thoughts in mind the next time you start trading. Follow your plan, be alert, and seize lucrative opportunities.

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Industry News

School4Trading Review – How to Spot Possible Forex Broker Fraud

School4trading Review

School4Trading Review – How to Spot Possible Forex Broker Fraud

In this School4trading Review, we will look at the features of the software, as well as the customer support. First, let us look at the interface. The design is simple and easy to navigate. It also provides a chatbot, which helps you to communicate with the broker. The customer service is warm and inviting, which is a hallmark of a good broker. In contrast, a fraudulent broker will use cold and impersonal customer support to lure people in.

Another problem with the system is that the login process is not always intuitive. You may have to retype your password several times to get in. Then, you may experience difficulties withdrawing your funds or accessing your account. In such cases, you might have to wait for days or even weeks before you can withdraw the money you’ve invested. This is not a good sign. It’s better to choose a different trading platform altogether.

If you’re having trouble logging in, you should also check the legitimacy of the broker. Whether the broker is licensed by a reliable regulatory body or closed down, you’ll want to be sure it’s legitimate. If the broker isn’t licensed by the right body, don’t trust him. You shouldn’t waste your time with an inexperienced company. This will only cause you problems in the long run.

The next factor that should be checked is the licensing. A legitimate broker will have a license from a high regulatory body. However, a broker without a license will be unreliable. Moreover, a reliable regulator will take away the license of a scam broker. As a result, a trustworthy School4Broker/Profittrade review should mention fees, account rules, and contract terms. A scam broker will be unable to operate legally.

Secondly, look for warning signs. The broker should be licensed and regulated by a reliable regulatory body. It should be regulated by a high level. If it doesn’t, it’s a scam. Lastly, it should have a website that lets you easily access your account. Moreover, you should not hesitate to check the contact information. If you find any information that seems suspicious, you should reconsider using the broker.

In summary, Forex trading isn’t easy, but it doesn’t have to be complicated. It’s not as difficult as it seems if you’ve heard about the program. You’ll learn everything about the basics and how to become a professional. But if you’re still unsure about whether this program is right for you, don’t hesitate to contact a school4trading’s website.

The most important thing to remember when it comes to Forex trading is that it’s not easy. While it’s important to have a strong background in trading, there are a number of factors that can affect your success. Having a proper plan is vital in the long run, because you will be trading with real money. And, the platform should be reliable. Otherwise, you’ll end up losing a lot of money.

As we’ve mentioned, Forex is not easy. Investing isn’t something you can do in the comfort of your own home. You need a proven system. There are no free trials, so you’ll have to find a way to do it yourself. This isn’t a scam, and it’s a great way to make money without any help. A Forex system can help you learn the intricacies of the market.

Although the process of learning Forex isn’t an easy one, it’s certainly not impossible. Fortunately, there are many people who are willing to take the time to learn how to trade. But, even the most experienced trader needs to be aware of the risks of the market. While Forex trading isn’t easy, it can be done with the right knowledge. The software’s user-friendly interface is key.

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Daily Financial News

Don’t Count On JPY Correction; Staying Long GBP/JPY

The path of the potential pace of the JPY decline may still be underestimated by markets, which continue trading the JPY long.

While the 10% USDJPY advance from September lows looks impressive from a momentum point of view, it may no thave been driven by Japan’s institutional investors reducing their hedging ratios or Japan’s household sector reestablishing carry trades.

Instead, investors seemed to have been caught on the wrong foot, concerned about a sudden decline of risk appetite or the incoming US administration being focused on trade issues and not on spending. Spending requires funding and indeed the President-elect Trump’s team appears to be focused on funding. Here are a few examples: Reducing corporate taxation may pave the way for US corporates repatriating some of their USD2.6trn accumulated foreign profits. Cutting bank regulation could increase the risk-absorbing capacity within bank balance sheets. Hence, funding conditions – including for the sovereign – might generally ease. De-regulating the oil sector would help the trade balance, slowing the anticipated increase in the US current account deficit. The US current account deficit presently runs at 2.6% of GDP, which is below worrisome levels. Should the incoming government push for early trade restrictions, reaction (including Asian sovereigns reducing their holdings) could increase US funding costs, which runs against the interest of the Trump team.

Instead of counting on risk aversion to stop the JPY depreciation, we expect nominal yield differentials and the Fed moderately hiking rates to unleash capital outflows from Japan.The yield differential argumenthas become more compelling with the BoJ turning into yield curve managers. Via this policy move, rising inflation rates push JPY real rates and yields lower, which will weaken the JPY. Exhibit 12 shows how much Japan’s labor market conditions have tightened. A minor surge in corporate profitability may now be sufficient, pushing Japan wages up and implicity real yields lower.

JPY dynamics are diametrical to last year . Last year, the JGB’s “exhausted”yield curve left the BoJ without a tool to push real yields low enough to adequately address the weakened nominal GDP outlook. JPY remained artificially high at a time when the US opted for sharply lower real yields. USDJPY had to decline, triggering JPY bullish secondround effects via JPY-based financial institutions increasing their FX hedge ratios and Japan’s retail sector cutting its carry trade exposures. Now the opposite seems to be happening. The managed JGB curve suggests rising inflation expectations are driving Japan’s real yield lower. The Fed reluctantly hiking rates may keep risk appetite supported but increase USD hedging costs.Financial institutions reducinghedge ratios and Japan’s household sector piling back into the carry trade could provide secondround JPY weakening effects

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Daily Financial News

Mexico raises interest rates, cites Trump as risk

The head of Mexico’s central bank says U.S. Republican candidate Donald Trump represents a “hurricane” sized threat to Mexico.

Banco de Mexico Gov. Agustin Carstens told the Radio Formula network Friday that a Trump presidency “would be a hurricane and a particularly intense one if he fulfills what he has been saying in his campaign.”

Trump has proposed building a wall along the border and re-negotiating the North American Free Trade Agreement.

Mexico’s central bank raised its prime lending rate by half a percent to 4.75 percent Thursday, citing “nervousness surrounding the possible consequences of the U.S. elections, whose implications for Mexico could be particularly significant.”

Mexico’s peso had lost about 6 percent in value against the dollar since mid-August. It recovered slightly after the rate hike

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