Forex Trading Schwierigkeiten Zu Fuß

Forex Trading FXCM A Leading Forex Broker What is Forex Forex is the market where all the worlds currencies trade. The forex market is the largest, most liquid market in the world with an average daily trading volume exceeding 5.3 trillion. There is no central exchange as it trades over the counter. Forex trading allows you to buy and sell currencies, similar to stock trading except you can do it 24 hours a day, five days a week, you have access to margin trading, and you gain exposure to international markets. FXCM is a leading forex brokerage . Fair and Transparent Execution Since 1999, FXCM has set out to create the best online forex trading experience in the market. We pioneered the No Dealing Desk forex execution model, providing competitive, transparent execution for our traders. Award-Winning Customer Service With top-tier trading education and powerful tools, we guide thousands of traders through the foreign exchange market, with 247 customer service. 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Please note the information on this website is intended for retail customers only, and certain representations herein may not be applicable to Eligible Contract Participants (i. e. institutional clients) as defined in the Commodity Exchange Act sect1(a)(12). Copyright copy 2017 Forex Capital Markets. All rights reserved. 55 Water St. 50th Floor, New York, NY 10041 USA12 Things I Learned By Being A Forex Trader For the last 6 months, Ive been a forex trader. I started this experience by curiosity, pretty hastily, to be honest, and ended it up abruptly (hopefully, youll realize why by reading this article). It was by far one of the most exhilarating, exciting, emotionally consuming and useful (in terms of lessons learned) episodes of my life. It was also one of the most difficult endeavors I ever started, in terms of energy and effort. What follows is a little list of all the things I learned during these 6 months. But before diving into it, a few introductory words, for those who have no idea what forex trading is in the first place. If you do have an idea about forex trading, you can safely skip the next two paragraphs. Forex Trading 8211 A Primer Forex means foreign exchange rates, and forex trading means buying or selling foreign currencies in pairs. If public companies have shares that you can freely buy and sell on the market, then countries have currencies. Thats the easiest way to understand a currency: its the value of that country in pretty much the same way a share represents the value of a company. Now, a company share value is an expression of what people agree to pay for it, based on a number of criteria: company performance, brand power, rumors and so on. Consequently, a country currency is evaluated against another country currency, based upon a set of criteria too: the economical situation of both countries, political news, media manipulation and so on. In forex, you trade pairs, like selling EUR and getting USD, for instance. There are a few major pairs, EURUSD being one of them, then there are what they usually call crosses, or secondary pairs. In the majors, you find all the big players: GBP (british pound, also known as cable), JPY (the Yen), CHF (the Swiss franc) and so on. I only traded majors, crosses have usually a lower liquidity. Very simply put, forex trading means you can do only 2 things with these pairs: you can either buy some, or sell some. Using whatever capital you want to invest, that is. If you buy, then you expect the price of your pair to be bigger in a certain amount of time. You call that: appreciation. In other words, you expect to get a profit because you predict the price of your currency will be higher. If you sell, then you expect the price of your currency to drop. You call this: depreciation. So basically, you will make a profit by buying back your pair when it will be cheaper then it was when you sold it. Each trade is usually called position. You open a position at a certain price, and set your attitude: if you buy, the jargon says you go long, if you sell, the jargon says you go short (hence the expression of heavily shorting a currency, meaning selling it because of its imminent depreciation). Once opened, each position will generate a profit or a loss, depending on your choice (long or short) and on how the market moves. Lets say you opened a long position on EURUSD for 100, which gave you 80 EUR. The market goes up, so now for your initial investment, you can get back 90 EUR. If you close your position (also known as take profit), you are 10 EUR richer. Suppose the market goes down and your position is now worth 70 EUR. If you close your position (also known as stop loss in this case) youre 10 EUR shorter. You just lost 10 EUR. In a nutshell, thats pretty much all there is to be known about forex trading, at least in order to understand the rest of the article. Of course, these paragraphs are only scratching the surface (literally, the amount of information about forex is ginormous). There are a lot of other things to be known or learned, from technical analysis, (like candlestick charting, price actions, and so on), up to the trading mindset, (like avoiding revenge trades, sticking to a trading plan and so on). This post is not intended as resource for those who want to embrace forex trading (Im not sure I want to write such a post now) but merely as a way to integrate this specific experience in my lifestyle. Forex Trading 8211 The Activity The first thing you need to know about actually trading forex is that this is a 5-days-in-a-row type of activity. It starts Monday at 0:00 and ends Friday at 23:59. During this time, you are almost 100 connected to the market. There are few financial hubs involved in the process, and the most important are (for those trading the majors, that is): London Stock Exchange, New York Exchange and Tokyo Exchange. Forex trading never really stops, so as the world goes round, the price will also be influenced by the specifics of the prevailing financial hubs. The most important part of the day (traditionally) is the overlapping time between London and New York, because you can allegedly get the highest liquidity, hence the most predictable models. There are 3 types of information which are influencing this market: technical analysis, fundamental analysis and news. Technical analysis tries to isolate recurrent or predictable patterns based on past behavior. Fundamental analysis tries to connect the major economical indicators to the value of the currency (from GDP variations, up to more obscure economical data). News are pretty much created by media and politics and these are the most spiky ones, meaning they are creating abrupt variations, making it easy to be caught with your pants off, so to speak. I traded mainly on technical analysis. Meaning I tried to understand chart variations, different price actions and other representation models. Seemed the safest one for me. There are heavy advocates of the fundamental trading, as well as the news trading. In the end, its just a choice. Trading by technical analysis means also that I had to spend a lot of time studying charts and trying to create reliable predictions. In itself, this activity was very rewarding. I learned tremendously and many things I discovered during this process would have never entered my universe, without the risk taken to just dive in. For instance, I learned a lot about harmonic patterns, which are a way to graphically isolate (in various patterns, like 8220the butterfly pattern8221, for instance) the behavior of the market. This stuff only can be applied in many areas of my life. Now, you have a bit of an understanding of what forex trading means. Its time to move on to the actual lessons learned by being a forex trader. 1. You Cant Control Your Life, But You Still Can Take Some Profit From It Nobody can control the markets. But there are a few who are taking a profit from them. Thats one of the first a-ha moments any trader stumble upon. Its also one of the hardest to grasp. In terms of personal development, thats another way to say that life is not fair. It never was, of course. But, in itself, thats not even remotely a reason to stop taking profit from it. The illusion of control is one of the biggest lies our ego tells us. Just because we have a basic understanding of our universe, all of a sudden, we start pretending that we can control it. We start to believe that we can control everything in our lives. To some extent, we can. But the more we pretend we can control everything, the more the Universe is kicking our butts with unexpected events (in the form of what we usually call crises). The lesson: its not about controlling the wave, its about riding it. 2. Make And Use A 8220Stop Loss8221 In technical terms, that means you have to create a specific point at which your losses will be stopped, even if you are around. Its the amount youre committed to lose in that trade. Many beginners dont use stops, and they usually burn their account within a few days (read: go broken). In terms of life that means: nothing is worth everything. If you commit to a certain situation, to a certain project, or career, that doesnt mean you have to stay there forever. Make a short projection of what is the worst that may happen, in the worse scenario, and stick with your plan. If the shit really hits the fan, just leave. Dont wait until youre completely drained out. Or covered in shit (as I8217ve been before, and not only once, because of my overcommitting approach). Theres another day tomorrow, you know that 3. Pick And Stick With A 8220Take Profit8221 Point In technical terms, it means you have to create a point in your position, where the potential profit will be automatically cashed in. If everything goes according to the plan, that is. Many beginners dont use take profit points too, and that also results in an accelerated depletion of their accounts. They think the market will move in their direction for ever. Of course it doesnt. What does this mean in real life It means you have to curb down your expectations. On anything. Its good to have some expectations, just to be able to measure your efforts, but dont hold your breath. Keep everything in perspective. And keep it transparent too. Dont let other people believe youre gonna be there forever (unless, of course, you do want to be there forever). Set a certain point in the future when youll be able to say: thats all that I wanted to do with this jobrelationshipexperiment. Once you reached that point, cash in and move on. In terms of personal development, having take profit points its like saying: ok, I got my paycheck from this experience, now time to move on to the next one. 4. Control Your Emotions Forex trading should be a very detached and cold activity. Alas, it isnt. Were human beings. Apart from the enormous amount of information that he has to process, a trader must also process and control his emotions: frustration, fear, greed, exhilaration. Those who can master this skill are usually the winners in this field. What does it means in real life It means that emotions, as useful as they are as a feedback mechanism, shouldnt be used as the sole foundation for your actions. A little bit of control must be exerted continuously on emotions. Not on how they are formed, but on how they are shaping your real life actions. Imagine someone acting exclusively on emotions. If hes frustrated, he yells, if hes happy, he jumps around. No concern whatsoever for his environment, or for the consequences of these actions. Emotions are fundamental for our own psychological balance and a healthy expression of them is desired. But a life lived on emotions only, without any interest whatsoever for the consequences of our actions, that will be a very sad one. 5. Greed Is Bad Closely related to the take profit lesson, but in a different way. Greed manifests in a trade when the trade is moving in the right direction, but the trader wont cash in, waiting for a bigger profit. Hoping the market will continue to move in his direction enough to generate a profit so big from this unique trade, that his entire life will be set (Im exaggerating, of course). Greed is when we never say thank you for what we have, taking it for granted. Greed is when we do nothing, but we expect everything. Greed is when we think we dont have enough. Greed is when we just wont stop unless we have more and more and more and more. In the forex world, greed is one of the two reasons people are losing money (the other one being fear, see below). In real world, greed is one of the two reasons people are losing life. Livable, balanced life. 6. Fear Is Bad In terms of forex trading, fear manifests the moment you close a transaction too soon, hence not getting enough profit from your trades. Fear makes you lose money by not letting yourself cash enough of what you deserve. I remember that many times I cashed in way before the trade has to reach my take profit point, just to be sure I get something. In real life, this translates into trust. Trust that you judged a set of circumstances well. Trust that you will be rewarded for what you are, not for your momentarily perception. Trust that things will eventually go as you stated. As you may see, it takes a lot of work to balance greed and fear. Both are the engines of the forex trading world, and both are shaping our lives at a very deep, sometimes unconscious level, each and every day. Im not saying its easy to strike a balance. But this experience made it so obvious to me that now I simply cant stop identifying greed and fear in almost any context of my life. Of course, some days are better than others. 7. Everything Takes Time During a trade you may see a lot of swings back and forth. Stay with it. Before stabilizing on a trend, the market moves many times. As long as you calculated your risks right, and the swings are between your take profit and stop loss points, you really have nothing to worry about. In life there are many ups and downs, but as long as youre in the right direction (and you trust yourself totally about that) youll get there. You may have a lot of detours, a lot of stalled moments and sometimes, it may seem that the road is not leading you anywhere. But, as long as you calculated your risks right, and the life swings are between what you can take for a loss and what you can swallow as a victory, eventually, youll get there. 8. Take Risks You cant play safe. Theres no such thing as playing safe in the forex trading business. You should always cover your ass as much as you can, but avoiding risk all together will never work. The only moment when you dont risk in forex is when you dont have any opened position. Which, in other terms, means youre not playing at all. Its the same thing in life. No risk equals no reward. But, as many of you are guessing, I didnt have to get into forex trading to learn that. What I really learned was something more subtle: the risk can be managed. Every risk you take can be calculated and can generate a certain set of results. Another way to put this is: learn to think in scenarios. If I risk that amount, this thing will happen. If I risk the other amount, another set of things will happen. The result will be mind-blowing: instead of feeling like an endless struggle, the life will start to feel like an off-road circuit. Very, very difficult, but manageable, if you pay enough attention to all the bumps and to all the possible routes. 9. Switch Focus Dont get trapped in a single pattern or trade for the entire day. Every trade should have a lifetime. The longer you stay with a trade, or with a single way of trading (a. k.a. system), the deeper youll sink a swamp of indecision, lack of orientation and, eventually, despair. When you get too trapped into something, being it a relationship, a business, a forex trade, you lose balance. Its one of the most difficult things I had to reinforce through forex trading but it still pays off big time for me. As of today, I get to work on 3 big areas: writing (on this very blog, or just books ), coding (for WPSumo and iAdd. at the time of writing this article) and consulting (in areas defined on the Work With Me page). Whenever I feel trapped into one area, I switch. At times, I can almost feel my brains oxygenating Note: right now the third area is managing another business, called Connect Hub, a coworking space and event venue, and my coding activities are limited to what it takes to keep the blog afloat. 10. Get Out Of Shit. Fast Staying in a losing trade and hoping for the market to recover is the worst thing you can do. Its like staying in a relationship that proved to be wrong, and wait for the other person to change. It will never happen. Get out. Of course, there will be losses. But the sooner you get out of that losing trade, the smaller the losses will be. For me, that was the first big moment when I realized forex trading is a very, very difficult business, and you have to embrace it with a very clear mind and attitude. I was guilty of clinging to the past. Like the past was holding everything that my present needed. Of course it wasnt true. The past is dead. The only thing alive is now. If a thing is going downhill in your life, and you feel you are just a victim of the circumstances, take a deep breath, cut the rope, let the rock fall and move again. Believe me, the loss youre gonna get, in financial (or emotional) terms, is peanuts compared to the slavery you would inflict upon yourself by staying in that stupid relationship, or job, or situation. 11. You Dont Have To Be Right In Order To Win This a very difficult lesson. Id say that this may be the most difficult of all. Because it challenges one of your deepest convictions, which is: you have to be right in order for things to move the way you want. But guess what, you dont need to be right. Because life in itself isnt. How you really need to be is in sync. Go with the flow. In forex trading terms, this is usually said as the market is always right. For instance, you may have all the reasons to predict that the market will go up, and yet, the market goes down. You opened a bunch of long positions, based on the assumption that youre gonna be right. Of course, youre not. And you lose. All you had to do in order to win was to go with the market. Or, if were gonna use real life vocabulary, go with the flow. 12. Things Are Not Always What They Seem To Be I traded divergences heavily. In technical terms, a divergence is an indicator of something going wrong with a trend. A divergence is formed when the price seems to go up, but the indicator tells you that this is not exactly right. I wont go into details about why this is happening, enough to let you know that, sometimes, things are not what they seem to be. In real life, for instance, a business may show signs of going strong, with a lot of sales and good karma. But behind the curtain things are not so good: employees are ready to leave the board, or the intellectual property is much thinner than you thought, or, and thats the most common case, the product is already at the end of its life cycle. The fundamental lesson is to always look twice at a process (being it a business, or a psychological process) before deciding youre gonna embark on it, one way or another. There might always be a divergence hidden way below the surface, waiting to hit you the moment you expect this the least. So, if forex trading is so interesting, why did I give up The short answer: because I wasnt prepared. The long answer: because I wasnt prepared, and my emotional control was way below the required standards, and because I couldnt stick with a trading plan long enough to make it count, because I got too entrapped and unglued myself from the normal life (yes, those guys with eyes almost closed, walking like zombies, I was one of them). And because I decided it was enough of a lesson for the time being. Am I going to trade again The long answer: provided that I have the right context, the right skills and the right attitude, I will certainly give it a try in the near future. The short answer: yes. Its way too much fun. Running For My Life - from zero to ultramarathoner The spooky thing about depression is that it sneaks in. There arent really trumpets and loud voices announcing: Hail, hail, this is depression entering the room, all rise Nope. Its slow, silent, creepy. It doesnt even look like depression. It starts with small isolation thoughts like: Maybe I shouldnt get out today, I just dont feel like going out. And then it does the same next day. And then the day after that and so on. And then it starts to whisper louder and louder in your ears: Why would you go outside, you loser Didnt have enough yet Want more people to make fun of how much of a big, fat loser you are And then you start to breath in guilt and shame, instead of air. Every breathe you take is putting more dark thoughts into your body. Until you get stuck. You cant move anymore. At all. If you want to know how I got out of this space, eventually, check out my latest book on Amazon and Kindle. The guy who started all this. Entrepreneur, ultra-marathoner, tanguero, father and risk taker. Im blogging here, but I also spend a lot of time in this marvelous space.. Youre invited, by the way. This Post Has 21 Comments Im still a virgin but I am going to learn trading. I will find my niche and be disciplined. Im a little nervous, but mostly excited that this inspiration matches who I am. I am very interested and and want to be really good at what it takes to do this. As I am reading blogs and watching videos and learning of the different systems I know I will want to become well acquainted with, I came upon your insights and wanted to say thank you. I am taking notes and really appreciate that you shared your ideas. May I ask what systemplatform you liked to work with most back in the day when you traded lol How did you first get into it and how did you come to find the Forex to call home8230temporarily of course Thanks for your time. Namaste I used MetaTrader as a platform and mainly candlesticks and price action. I got into it by curiosity and stayed there because of stubornness. Thanks for the highlights. I8217m trying to find connection between the problem retail traders face and my book which helps alleviates most of it. Lost aka regrets should have went it but didn8217t pull the trigger. Should have taken the profits but didn8217t now negative. Should have8230 Because you didn8217t plan. Greed. Play big and now lost so much. Revenge trade immediately after you lost because you wanna make it back. Because you didn8217t plan. Plan what to do when you win. Plan what to do when you lost. Fear. You lost so much, you start to doubt. You question your system. You question your entry. You expand your stoploss. Because you didn8217t plan. You didn8217t backtest. You didn8217t invest in time to learn the skill rather you play with hope. You play to make money. Thanks for the inside. I really appreciated it. It helps me understand the fear, how to and what if and fruits of labour. I8217m running a beta group. Getting about 10 students to learn about trading Forex using just a smartphone. The guarantee is a 100 return in 10 months or less. If you like I can offer a seat. Thank you for sharing your experience from your 6 months in forex trading. I like the way you write. I do not agree with all of what you write, but that is not the point. Good article My point is that you have written a blog post, which is good for new traders because there are some universal issues at stake here. Another thing I like about your sharing is this Even though you did not stay in the world of trading for a long time, you write about how trading made a huge impact on your way of thinking also on your life outside of trading. That is a very positive thing. I will try to point out some of my thoughts about some of the issues you wrote about in your blog post. I believe it can help some of the new traders, who follow this particular blog post. First: Two lines about myself. I am a forex trader as well as an entrepreneur and teacher, currently living in Greenland. One of the most dangerous aspects of any kind of trading in the modern world is the very easy access. Say a person like to become a trader, he can rush to the computer, open an account and buy a stock or some currency. So 5 minutes after thinking: I like to be a trader, you can trade. Lets take the example a little further. Lets say this person is lucky and he makes 5 trades with a nice profit the first day. Now what will happen is this. This person will feel he is really good at trading. but he is not. he was lucky. So the problem here is this. It is way too easy to start trading. Most of the people have no clue of what they are doing when they go into trading. In your blog post, you describe well the basic things about trading. That is something we need to know, but we need to know something more and the very difficult thing about trading is that many of the crucial thing to learn are contra intuitive. My intention here is not to go into that only to say that there is a big problem with this easy access to the markets today. The consequences of this is that around 90 of all new traders lose 90 of their capital within the first 90 days. This is called the 909090 rule in trading. But to me, it is nothing odd about almost everyone losing because generally people do not prepare for trading most people rush into it and trade for the thrill. This is something we cannot give an adequate answer for, but I believe that about 90 of the information about how to get started in trading is false or misguiding. Just the fact that very few traders realize the conflict of interest between you as a trader and your broker. When you go to a website of a broker, you will see the broker offer information on how to trade. this is like saying to the wolf to take care of the sheeps. To be a good trader, you will only take information from a source with whom you have no conflict of interest. This does not mean that brokers are mean or something like that. Just google a little bit, and you will see a lot of people claiming their broker chased their stop loss. Maybe this can happen, but I believe that most of the time this should just be seen as frustrated traders, who blame a broker. again as a consequence of the easy access to the markets, and as a consequence of the 909090 rule. In a business like this there will be a lot of angry clients. you got out of trading at break even so you were one of the lucky once Many people are left with nothing. Furthermore you write in your blog post, that you need to be connected to the markets non-stop Sunday to Friday. this is not the way I would advise a new trader to do. A broker would be happy for such a trader, because the more you trade, the more commission you pay to your broker. And furthermore we know that it is way easier to get profitable in trading if you are trading on the bigger timeframes we do also know why so many new traders trade all the time, and on the smaller timeframes. If you trade on the longer timeframes you do not feel the thrill the same way because there is much lesser action but this is very the big money are they are not on the smaller timeframes. One thing I sense in your blog post, and a fact that I like is that you have taken some experience from trading and used it in other areas of your life. This is very positive. Many new traders are so obsessed with the money aspect in trading, that they totally forget the learning we can get from trading. The MOST important thing for a new trader to understand is this: You are the asset in trading. You are much more valuable than gold or anything else, if you realize that you are the real asset. If you realize this, the first thing you will do, is to seek out proper knowledge about your business, e. g. trading because by increasing your knowledge, you are also increasing you value. Whatever you invest in your own true financial education will come back to you manifold as long as you have a true understanding of the idea about you-as-the-asset. I agree very much with you about the fact that we cannot control the markets but that is no problem. We can control ourselves, we can control how we position ourselves we can control when to trade, and when not to trade. So as you say, it is very important to know what we can control. The next aspect you write about is take profit point this was interesting, because this is an aspect, which many people have studied, so we know some facts about this subject. We do know that 80 of the traders take profit too early. This means that chances are that you are closing a winning trade to early another interesting aspect with these studies was that most of the new traders did not want to close a losing position. (this is simple to understand and explain, the reason being the moment we close the position we have to admit we were wrong, as long as the position is on, we can say it will turn around again) This has to do with the next thing you write about, control of our emotions. Many people write about this. I believe there is a much better solution to this than to control our emotions. What we can do is this: We make all our decisions before we take a trade, e. g. when will I go in, when will I go out all of this. After we have put on the trade, we leave the computer. This is the great advantage of trading the longer timeframes. You dont have to sit by the computer. When we are in front of the charts, that is when our emotions are most difficult to control. So by sitting less in front of the computer, we put less stress on ourselves. What you say about greed is interesting. In my opinion, we should talk about two different ways of greed. One is good greed and one is bad greed. Good greed is when you like to do good for you and your family without hurting other people. Bad greed is when you like to do well, even if you have to take advantage of other people. Sure, there are a lot more bad than good greed in the world. But to often we see people say greed is a bad thing. I believe greed in the right form is very good. It is to easy to get lazy if we dont have this positive greed. If a new trader has decided to stay in the game and go for the long run, then he should know that trading does not reward safe play if you do not risk anything, then you cannot win anything. But this is not the same as saying trading is like gambling. The good trader knows how to control risk. The good trader know how to control leverage and take advantage of that. Lets take another example. Lets say you like to fly an airplane. This would be very risky unless you are pilot but for the pilot it is not risky because he has been trained in controlling the risk. We can say by using the idea of break even the proper way you are bringing down the risk very much, if you are well educated, financially and you know what you are doing, and why you are doing it, your chances of building your account are much bigger if and when you use, and know how to trade with the concept of break even. In the end, we have to remember the fact that trading is a probability business. It is not about being right, it is about consistently doing the right thing. Most of the time the right thing is very simple but not easy to execute. At the end of the blog post you said you were not prepared. Most people never get to this insight, so that is great to see. God luck with you blog you page is great and I like your clean and easy design. Cheers, Jonbert Davidsen