Forex is the acronym used to represent the foreign exchange market. This is the worldwide market place that is used to buy and sell currencies from all countries. In order to trade on the Forex market place you are required to have a Forex account with a brokerage firm. Most firms allow you to open a Forex account without charging a fee. Brokerage firms do have requirements for the minimum amount of deposit that you have in your account before placing trades.
The last few years have been very difficult for manufacturers and dealerships. Car companies have begun offering significant incentives and rebates on new cars. This was not necessarily the case 3 or 4 years ago. Therefore, it is quite possible you bought a new car 3 years ago when it had just come out and paid full retail for it, while today, the same car has 5000$ in manufacturers’ rebates deducted from its starting price. It would be understandable for you to assume that your car followed standard 3 year depreciation, but unfortunately you now also have to take into account rebates on new cars and tack on that amount to the normal depreciation.
A mistake that has wiped out more than one trader is to increase your position size in attempt to win back your losses. This is the gambling fallacy of trying to double down to win it all back. Invariably it just increases the rate at which you lose money. When trading on margin this can be particularly ruinous. This is why having a trading plan and sticking to it is so important.
It’s tempting to just hang out in your booth. After all, it’s safe and comfortable. But trade shows are two way streets. Potential customers are there to learn and discover new products, services, and suppliers. You’re there to work with those customers… but you’re also there to learn and discover as well.
Anyone that tries something new, without first learning how to do it, is in for a tough time. This is true for almost everything, and trading is no exception. Learning how to how to day trade for a living the Forex market is a very important step that new traders must go through at the beginning of their Forex journey.
For whatever reason, some companies are on autopilot when it comes to their trade show marketing. If you ask them what they want to accomplish, their response it usually “increase sales” or “generate more leads.” Really? If those are your only goals, then you might as well toss in “World Peace” and “Ending Global Hunger” too.
Imagine that you had to risk 10% of your account on each trade, and watch how selective you suddenly become. Keep that standard and apply it to all of your trades at lower levels of risk such as 1%. Beyond that, try restricting yourself to no more than 5 trades per week and you’ll be forced to pick the best opportunities. As your discipline improves, look to take additional trades, if the market presents you with the opportunity.