Do you have what it’s needed, and you don’t even realize it?
Habit is something that you have to constantly be doing and constantly working at it.
Well the internet may say that 10 highly effective habits that every successful trader has are:
- Successful Traders are Passionate
- Strong Determination to Succeed
- Successful Traders are Humble
- They have Positive but Realistic Expectations
- They Focus on Risk Management ahead of Making Profits
- They Enjoy Learning Curve
- Successful Traders Keep Good Records
- Good Traders Learn from Mistakes
- The Best Traders Focus on Flawless Execution
- Most Successful Traders Persist!
I must say that I do not agree with this, because of course, successful traders are passionate, all of us are passionate. But being passionate is not a habit. You don’t wake up in the morning at 7:00 am. and suddenly you have your habit of being passionate. And of course, we are determined to succeed, but Success or Succeeding is not a habit. You need very specific processes out in a place that will help you develop habits. There is no habit of being humble, habit it’s something we do to create and to ultimately become passionate and successful and humble.
Here are REAL 10 highly effective habits that every successful trader has:
1.Obsessive Morning Routine(6:30 am)
The most successful traders have this obsessive morning routine. By obsessive I mean they are at their pinpoint the exact same time Monday to Friday. This is a habit that most successful traders in the world have. And they have been doing this job for 10-15 years and still come in at 6:30 am. And there is a reason for that. This has become so important to their success that they could almost not be successful by being in at any point after 6:30 am.
2. Trade The Opportunity, Not The Clock
For successful traders, there is no clock when it comes to trading, only opportunities. If the markets are moving around inside the Bank of Japan, there is no clock. We don’t care what the clock says. We are there for the opportunity. Form a habit early in your career when the market exhibit opportunity, don’t look at the clock. Don’t work to the clock, work to the opportunity.
3. Healthy Diet, Healthy Lifestyle, Healthy Mind
If you ever come onto some trading floor and you look what the guys are eating for breakfast and lunch, I can guarantee it’s not high sugar diets, it’s not processed diets. Most of the time, they are eating incredible things, like salmon and spinach for breakfast, and then all sorts of crazy nutritious healthy food for lunch. And why? Because at the end of the day If you’ve got to sit there for 10 to 12 hours and focus and perform at the peak, you have to have a healthy diet and a healthy lifestyle. And you need to make sure that you got a maximum amount of sleep and that you are mentally always focused and strong.
4. Regular Exercise
Regular exercise on any given day! Most of the traders will be forming some form of exercise, whether that’s cycling to and from work, or maybe even doing yoga on Wednesdays as a team in your company. There a lot of options, jujitsu, kickboxing, etc. And most of the time they are doing that together, pushing each other, because they know that regular exercise is a habit that they have to have, otherwise their performance will sink.
5. Top Of The Hour Trading
Again this is something that you will need to learn very early in your career. Any trader that has made some degree of success as a day trader in the industry will tell you that they are always at their desk at the top of the hour as best as possible. And it’s because a lot of the time news releases and commentary from central bankers always tends to come at the top of the hour. There was known that back in 2011-2012 was a period when particularly the Bank of China releasing interest rate hike at the top of the hour. That is why traders will go to lunch, not one minute before 12, but one minute past 12. Because, in the long, run this habit made them their money.
6. Winning Trade Routine And Losing Trade Routine
This is a fantastic habit. For example, a trader that takes a loss, will get up, raise his chin and walk away. Take three-four minutes away and then comes back and starts again. That is a fantastic trade routine that one trader can develop for himself, of course, if that works for him. And equally, some of the most successful traders when they performed to perfection, they reward themselves, they stand up and walk away. They have done the job well and now they will need to take two-three minutes, reset and then start again.
7. Risk Warm-Up
I bet most of you have never thought about the concept of risk warm up. As traders, you have to warm up. Just like professional athletes, traders have to stretch. Why? Because the first thing in the morning, your conceptualization of risk is very different from late on the day. Why? Because over the period of the day, you are taking a lot of trades, which means that you are getting warmed up. It takes you time to get into the flow, into the momentum, into understanding where the risk is. So most professional traders have a habit, first thing in the morning, they reduce their clip. They risk less early in the day until they warm and then they move their risk up.
8. Structured Exact Morning Briefing and Afternoon Debrief
You come into office any morning, and ask a trader, can I see your morning sheet. And guess what? They are filling in the exact same morning sheet that they’ve done probably for a couple of years. And again there is no super-secret to why they do it. That structured morning briefing allows them to be in a very specific mindset before the markets open. That is a technique called priming, you’ve got to prime your mind to be in the right mental state before the market opens. So every morning you prime your brain to be ready for and it’s the same thing in the afternoon. Afternoon debriefs can be incredible, some of them have a set of every note that dates back for six years, and If you see the concise manner in which it’s completed it is incredible. Because they are paying so much attention to details, they are successful.
9. Fundamentally Sensitive Markets
They have tied up a little bit with trading the opportunity, not the clock. Some traders, when the markets become more fundamentally sensitive, they are a little bit more sensitive to little comments. Not necessarily fundamentally moving news, but little comments. They will sit there for as long as humanly possible. If that means they leave at 11 o’clock at night and come at 6 o’clock in the morning, they will do it. They adjust themselves to the sensitivity of the markets. They don’t move, they just sit there and trade fundamentally sensitive markets.
10. Keep Execution Simple
Every successful trader keeps the execution simple. They’re not looking to average, they’re not looking to do all sorts of crazy and wonderful exotic kind of ideas. They do the most simplistic trade strategies.
These are ten highly effective habits, and If you can implement them into your trading you will start to see the results! Why? Because they are tried and tested. Of course, If you have all ten of this you will not suddenly start making money. It doesn’t work like that. But what it is going to happen is that If you come in every morning, and you’ve got the exact same trades to complete, and you complete your debrief every single day, you are going to see consistency and that is a key to building a habit. You build that consistency through proper habit development and that is the key! If some of these habits don’t work for you, just leave them out, but If some of them do, implement them and form a habit.
Can Trading Signals Really Help You?
Predicting how a forex pair is going to behave is sometimes quite a challenge. There are so many factors influencing each and every one of them that more casual traders simply cannot cope with the flood of information coming their way. Because of that, traders sometimes turn to trading signals issued by various specialized websites and trading experts in order to get it right and earn something from their investment. But are those signals really reliable? Should you listen to them if you’re putting your hard-earned money on the line? Let’s dive in and scratch the surface of this issue a bit.
What Are Trading Signals?
Trading signals are essentially trading tips that have one primary purpose: to tell you if the price of an asset is going to rise or fall. They can differ in the amount of time they cover, as some can make predictions just for the next hour or two, while others may point you to the situation on the market at the end of the day or even later. In any case, and this is oversimplifying things, they are created by people who analyze trading charts and based on that determine how the prices are going to behave in the foreseeable future.
There are three main components to a trading signal: entry value, expiry time and your option. Entry value represents the value that an asset has to reach in order for the signal referring to that asset to become active. In other words, if an asset doesn’t reach the entry price of a signal, the signal does not activate. This is important because of the success rate of signals which we’ll discuss later. The expiry time is, obviously, the expiry time you should choose for your trade, while the option is expressed as “put” if the signal is predicting the value to go down, and “call” if the signal is predicting the value to go up. However, the final decision is still yours.
How to Approach Trading Signals?
Trading signals are not instructions on how you MUST trade – they are merely suggestions from experienced traders about what to invest in. And yes, experienced traders do make mistakes, so a signal is not a guarantee of profit. Because of that, if you see someone bragging about how their signals are getting it right 100% of the time, you can be absolutely sure that something fishy is going on. Simply, the market is so unpredictable and exposed to so many factors that it’s quite impossible to get things right every single time.
A reasonable success rate from an expert signal provider to expect is around 80% or even 85%. This means that they are keeping a close eye on the charts and know how the market is behaving generally, but there are still some things that simply pop up unexpectedly and send the price tumbling down or soaring up when you least expect it. That’s just the nature of a healthy market. You do, however, want to make sure that your signals provider is transparent about the success rate of their signals. A table listing how successful these tips were should be readily available to everyone so that you can see for yourself if they are what they claim to be.
But because no signal provider is always right, be careful when examining their track record. Don’t get carried away by a streak they might have – every streak eventually comes to an end. If a signal is performing well, check its history to see how long the streak has been lasting and whether that’s just pure luck or the person behind that really knows what they’re doing. Then try to estimate how long that could last and only then decide if you want to follow the signal’s advice.
Get a Reliable Broker
To make the most of every trading signal you get, you will need quick access to the market, or maybe just a place where you can see, without any financial risk, how the signals you’re interested in are performing. IQ Option offers that and much more because it provides all its visitors with a free demo account for which you don’t even have to register. One-click on their website and you can start testing your signals without any worries!
Furthermore, they have a great platform there (made by the company itself), so you will be able to make the most of your signals no matter what time frame they’re covering. The trading environment is very intuitive, which means you can open your every forex trade in a matter of seconds. But perhaps the most important advantage of trading here is that you don’t have to risk much. Unlike other brokers, IQ Option allows you to invest just 1 dollar per trade and to open your account with just 10 dollars. That way, everyone can get a taste of the trading action and see if it suits them or not. It also means you can test the trading signals you’re interested in with minimal risk to your budget.
The bottom line is that trading signals are not something you must abide by 100% of the time, but if your source is reliable they are a good indication of how a market could behave in the foreseeable future. If you’re just looking for a good signals provider, keep in mind that a perfect record is impossible, meaning you should probably avoid those who say they get it right every single time. A success rate of around 80% is a sign of a reliable trading expert.
In the end, though, everything is up to you. Don’t trust your signals blindly, but don’t disregard them completely either – they can offer some pretty good ideas if you don’t know where to turn next. It’s always good to have some sort of the second opinion, especially if it’s free (and most signals are). So sign up with a broker that can help you convert those signals into profit in the best possible manner and start trading. Good luck!
Author bio: Max Rothstein has been a part of binaryoptionstrading-review.com for years now and has reviewed countless brokers dealing in all types of online trading. He has encountered scams and legit companies alike and is a great person to turn to if you need advice on this topic.
No Deposit Bonus Forex – The Ultimate Guide
If you’re thinking of getting into Forex trading, then you’ve likely already heard of the concept of the Forex no deposit bonus. But what is it exactly — and is it as good of an idea as everyone says?
While you do need to meet certain requirements and make sure that you verify your brokers’ reputation before you accept one, a Forex no deposit bonus is a great way to get your feet wet in the trading world.
In this post, we’ll tell you everything that you need to know about Forex no deposit bonuses.
You’ll also learn where you can go to find out about the latest no deposit free bonus opportunities.
What Is a Forex No Deposit Bonus?
Before we get into anything else, let’s make sure that you understand what exactly Forex no deposit bonuses actually are.
After all, even if you’re getting a great deal, you’re still putting some of your money on the line. So, it always pays to do your research ahead of time — and to make sure that you know what you’re getting yourself into.
In the past, it used to be fairly common for people to get free Forex trades. It was a smart way for brokers to incentivize their customers to place more trades with them in the future.
Unfortunately, the truth is that the concept of a free bonus no deposit required to trade isn’t nearly as common as it used to be.
However, that doesn’t mean it’s disappeared completely. You just have to know where to look.
Some brokers are still giving out no deposit bonuses, also sometimes called a “welcome bonus.”
While you shouldn’t think of them as “free money” to play around with, they are a way for people who are new to the Forex world to practice making trades.
Usually, you start by giving your name and your email address (and in some cases, your phone number) to a broker. You’ll need to create an account with the broker, and the details they need will vary based on their individual requirements.
Once you’ve verified your personal information?
You’ll get a free bonus in your account. In some cases, these Forex no deposit bonuses can be as high as $5000.
What Can You Do with a Free Bonus No Deposit?
Now, let’s look at what taking advantage of a Forex no deposit bonus can do for you.
Without having to put up any of your own money (though some brokers will require a deposit of $10 that you can get back) you can start to make trades.
This way, you can learn the ropes of Forex trading, and if you make a mistake, you won’t have to pay for that error yourself. And yes, you will be trading with actual money, not just fake, digital Monopoly money.
So, what are you able to trade specifically? You’ll be pleased to learn that bonuses are a great way to practice trading on commodities, Forex, and even cryptocurrencies.
We know that this no deposit bonus sounds like a serious win for you as the trader, but a loss for the broker. However, you need to remember that their goal is to get people comfortable with the idea of Forex trading.
When you know that it’s not actually your own money that’s up for a loss, you’ll be much more likely to practice — and get hooked. Once you get the hang of it, you’ll be surprised by not just how lucrative, but also how fun trading Forex can be.
But What About The Profits I Made?
So far in this post, we’ve only spoken about how Forex no deposit bonuses will benefit you if you lose money.
Of course, we also know you want to understand what happens if you actually make a profit! Will you be able to claim it? Or because it was never really “your” money in the first place, will it go right back to the broker?
One of the best things about taking advantage of these opportunities is that you’ll actually be able to keep the profits that you make. Most of the brokers, however, will require you to deposit a certain sum of money into the account before you are allowed to withdraw the profit.
Some brokers have stricter rules and regulations. You might need to trade certain volume of the trade before you are eligible for the profit withdrawal.
Nevertheless, as long as you abide by the terms and conditions of the no deposit bonus, you might be able to make a small sum of the money at the end of the day.
Understanding Forex No Deposit Bonuses: What’s Next?
We hope this post has helped you to better understand not just what a Forex no deposit bonus is, but also why it’s such an awesome way to get into the market.
You literally have nothing to lose — but you might also discover a lucrative and fun new hobby.
Of course, getting a grasp on no deposit free bonus opportunities is just one small part of the larger Forex world.
We wish you good fortune in acquiring the no deposit bonus.
How To Short Bitcoin Today
Buying into Bitcoin is a common occurrence in the market today. That is because it makes sense to invest in Bitcoin as it continues to grow in popularity. Many people are finding that it is something that has increasingly proven to be a hit in the market rather than not. With so many people doing well with Bitcoin, they are thinking of shorting it too.
Bitcoin Is Here To Stay
For many people, Bitcoin was not supposed to ever take off like it did but ever since 2010, it has been increasingly doing well. Since it is a digital currency, people like that it offers them the convenience that it does and also the various options that are available to them. They are in complete control of their money as they operate completely online with it.
Since this is attractive to many people, the use of it has increased its value in the market and so many investors have put money into it because they know that it does well. However, there are always the chances that its price will decline and that is why many people like to short Bitcoin. They want to get a lot of money while they can so that if they play the game right, they come out as a huge winner.
What Does It Mean To Short Bitcoin?
When you short Bitcoin, you are selling what you don’t have. The reason that so many people are doing this is that it has reached quite a high value and there are all kinds of predictions that the price will go lower. That is why many people want to sell it so that they can reap the rewards while the price is still as high as it is. They need to understand why and what makes Bitcoin so attractive to people.
The very fact that Bitcoin has done so well is because people like it for what it offers to them. Once an investor sees that it has worth, they also know that it can go up and down in price like anything else.
How To Short Bitcoin
There are several ways that people in the market can short Bitcoin. They will want to consider the various ways and pick the one that will work the best for them. Of course, they will find that they will need to do the proper amount of homework in order for the efforts to pay off well for them. It is always a risk to take but it will most likely pay off for them if they choose one of these ways to short Bitcoin:
1. Futures – With futures, an investor can bet on the price going up or down without actually owning it. The profit or loss is the only thing that is exchanged in US dollars so that the original product is not in existence. Using the futures, people have made quite a bit of money on betting on the prices going down for Bitcoin. This has led to the price continuing to decline because of the pressure that the short on Bitcoin produces, enabling the people that use futures to capitalize on it is a great way.
2. Retail Brokerages – Using an online retail broker can make shorting Bitcoin easy and profitable. There are ones like CFD that work really well for this purpose. They can purchase on margin, which means that they only have to put down a part of that amount to get a position opened. If their bet pays off, they will get substantial amounts of profits. On the other hand, if it doesn’t work out, then they will lose a lot in the process. It is a risk that they take when they want to short Bitcoin in this manner.
3. Trader Notes – Trader notes are backed with trader funds. The way that they short Bitcoin in this matter may not be as effective or give them the proper gains that they are looking for but it is an option for them.
4. Digital Asset Exchanges – This type of short is done in cryptocurrency. This only allows for the difference in what they sell to be in that type of currency versus USD. This is all about preference so a person needs to decide what they want when they attempt to short Bitcoin in this manner.
5. Buying Bitcoin Put Options – This is a way for people that are practiced in investing can take advantage of the price decline. They can buy Bitcoin put options and they are counting on the price to go down. They buy an option to gain it on a certain date at a certain price. It means, that when the price would go down, the amount of the money is locked in and they will have it a great price to sell.
Can Someone Make A Lot When Shorting Bitcoin
Yes, they can make a substantial amount when they know what they are doing when they are shorting Bitcoin. Since this is the key to doing well at it, a person will want to make sure that they understand the process before they go into it full throttle.
For those that are not as good at investing, they will want to talk to an expert in order to utilize it to their advantage. This can make a huge difference for them and they can stand to make a lot of money in this way.
When investors are using short Bitcoin to their advantage, they are doing very well. As mentioned, there is always a risk that they take in doing so. They should make sure that they know what they are doing so that they can benefit and reap the rewards for shorting Bitcoin.
When they use it to their advantage, they can come out of it with a lot more money than they ever thought was possible. By setting this as their goals, they will take the steps to achieve it and in a very short amount of time.
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