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10 Forex Trading Tips to Avoid Disasters

10 Forex Trading Tips to Avoid Disasters

Foreign currency trading, or forex trading, is one of the most complex and difficult to understand industries out there. If you’re serious about not only getting into forex trading, but becoming a success in the field, there’s a lot to learn and watch out for as you begin this journey. Many come into forex trading with one thing in mind: profit. The fact of the matter is that profit in the forex world will not happen overnight. But if you keep the following tips in mind, you’re sure to get into the game on the right foot and with a much greater chance for success.

1. Understand yourself before you dive in

One of the most overlooked aspects of forex trading is that it’s not all about numbers, markets, and probability. It’s also one big psychological game. If you’re not yet self-aware enough about your strengths and weaknesses, it’s best to really understand where you stand before you head into your first trades. Emotions like greed and fear can quickly take over while trading and that will ultimately lead to a loss of money for you. Developing skills like patience and perseverance in yourself will ultimately lead you to success in forex trading.

2. Plan, plan, and plan again

One of the biggest factors to success in forex trading (or virtually any other venture) is intensive planning, setting goals, and sticking to those goals. If you plan for everything and keep that plan close at hand, you’ll be less likely to deviate from it. Figure out what determines success and failure in your specific case. Measure out how much time you can dedicate to your trading career. And also, set high goals for yourself, but not too high that they’re absolutely unattainable.

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If you want to take risk, plan ahead. You need to check the recent past graphs of the trade. You need to make a note, your most important success tips, print it in large bold fonts and stick it on the wall. Whatever, happens follow that guide. If you picked a figure for stop-loss, follow it. If you have picked a figure for profit, follow it. Being too greedy and emotional is the main crime in forex trading. It’s a brain-game. So, be calm and think wisely.

3. Logic is king

In forex trading, logic rules over everything else. If you’re a naturally impulsive person, really take a look at that and see how you can train yourself to be more logical in your actions. Forex is a world of numbers, probability, and logic. If you don’t understand this one rule, you will have a hard time finding success.

4. Follow the 2% rule

This one should be your Golden Rule when it comes to forex trading. You never want to risk more than 2% on a trade, otherwise known as a 2% stop-loss. This is one very easy way to make sure that you keep your trades safe and ensure profit in the long-run.

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5. Have big dreams, but also be realistic

A majority of beginning forex traders come into the business with high hopes for making huge profits in their first year of trading. If you’re extremely lucky, this might happen. But most of us can’t count on luck to find success. Before entering the forex trading world, you should take an in-depth look at what you’re able to put in before you decide what you want to get out of it. How much time do you have to dedicate to trading? How much cash do you have to invest in this field? Really take some time to figure out the answers to these questions before you begin.

6. Make sure to pick the right broker

Having the right broker with right analytical tools is a must if you want to succeed in the world of forex trading. Be sure to do your due diligence before you start with any of the broker. Measure their customer service to see how helpful they are in times of need. How is their trading software and does they provide access through app (iphone, android)? Is there commission par with the market rates? If they are charging too-low than market price, then showing can be fishy. So always look for reviews online which are genuine and not made.

7. Start with “one” at a time

The forex trading world is incredibly complex due to the dynamic nature of world markets, so any way of making your trading game simpler can only help you on the road to success. Most expert traders will advise you to stick with one currency pair that you’re most familiar with before you learn enough to expand your portfolio. It might be best for you to start with the currency of your own country to start with. It’s all about patience!

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8. Take notes about your failures & successes

 Learning from your failures is one of the most important pieces of advice out there and it’s even more relevant in the forex trading world. The fact of the matter is that failing is an inevitable part of being a beginning trader. So when you do fail (or when you succeed!) take some time to yourself and note down what happened and how you can improve for next time. That way, when you get to a similar circumstance down the road, you’ll have your notes to follow up on and make better decisions.

9. Patience is and always will be a virtue

If you made to the top in seconds, then you will fall in micro-seconds.

You must have heard, slow and steady wins the race.

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Every one of us has heard the old adage that patience is a virtue. You may be tired of hearing that, but it’s so true in the realm of forex trading. You’re going to be in this for the long-haul if you want to be successful and make a profit. If you’re generally not a patient person, take some time before you start trading to try to determine how to instill that patience in yourself. This will not only help your career in trading, but also your life in general.

10. Keep going, no matter what

Perseverance is key when it comes to finding success in trading. Even if you find yourself failing many times and it may seem like giving up is the way to go, keep persevering. That is the only way that you’ll eventually learn from your failures and find more success down the road.

The most important thing you should remember about forex trading is that there’s no such thing as too much preparation. Take these points above and do more research on how you can find success in the forex world. Prepare as much as you can, learn how to be patient and to persevere through tough times, and success is sure to be found.

Featured photo credit: pixabay.com via pixabay.com

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Last Updated on July 4, 2019

25 Killer Sites For Free Online Education

25 Killer Sites For Free Online Education

Whether you’re five or ninety five, the internet has a lot to offer. Particularly when the topic is education, the resources on the internet are endless.

Best of all, many high quality sites are completely free. From history to coding, excellent free online education awaits on the following 25 sites.

1. Coursera

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    Coursera is a website that partners with universities and organizations around the world. This brings a wide variety of topics and perspectives to one searchable database.

    Coursera is a powerful tool for free online education, and includes courses from many top universities, museums and trusts. This gives the site an extremely wide range of in-depth courses.

    Coursera is extremely useful if you’re looking to study many different topics, or want courses from different schools and groups.

    2. Khan Academy

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      Partnering with many post secondary schools, Khan Academy offers a useable, well organized interface. Also curating many courses from around the web, Khan Academy offers impressive depth on many different subjects.

      Among the more well known educational sites, Khan Academy is also incredibly useable, which may make it easier to keep learning goals.

      3. Open Culture Online Courses

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        If you are struggling to find exactly the material you are looking for, try Open Culture’s listing of free online education courses. The page highlights 1000 lectures, videos and podcasts from universities around the world. The site features a lot of material found only on universities private sites, all in easy to browse categories. This means you can find hundreds of university courses, without having to visit and search each university’s own site.

        Open Culture’s list features courses from England, Australia, Wales and many state universities around the United States. A very helpful resource for finding many courses in one area of study.

        4. Udemy 

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          Udemy’s free courses are similar in concept to Coursera’s but additionally allows users to build custom courses from lessons.

          Working with many top professors and schools, the site mixes the customizable platform of other sites with a heavy emphasis on top quality content. This is another site however, that mixes free and paid content.

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          5. Academic Earth

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            Another site with courses from many different schools is Academic Earth. Much like the three sites above, Academic Earth brings together top notch courses from many different sources, and focuses on offering a wide variety of subjects.

            Academic Earth lists courses by subject and school, so it might be easier to find what you’re looking for.

            6. edX

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              Another great option for free online education is edX. Also bringing together courses from many different schools, the site has impressive, quality information for everyone. edX covers a great range of topics.

              7. Alison

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                Unlike the previous sites on this lists, Alison is a free education site offering certification in some areas. Alison offers courses mainly in business, technology, and health, but also includes language learning courses.

                It’s a great option if users need certification for their learning as Alison also offers school curriculum courses.

                8. iTunesU Free Courses

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                  A very convenient place for free online education is iTunesU, because it integrates seamlessly with your iPod, or any app-ready Apple mobile device. On iPad, iPhone, or iPod touch, users download the iTunesU app.

                  Desktop users can access  iTunesU on the upper right hand corner of the iTunes Store. iTunesU is also convenient because the store is categorized much like iTunes.

                  Users can search learning materials in many different ways, including genre and topic. However, courses are often a mix of free podcasts or videos, and paid content.

                  ITunesU does include courses on a pretty wide scope of topics, but does not integrate with Android, Google or Windows mobile devices.

                  9. Stanford Online

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                    Your hub for all the online offerings from Stanford University, Stanford Online offers self-paced and session based courses. While Coursera features some courses from Stanford, many classes are only available via other hosts. Some courses require iTunes, but most are completed in your web browser.

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                    Stanford Online is a great site for high quality courses, though the topics are somewhat limited compared to sites partnered with more than one school.

                    10. Harvard Extension

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                      Like Stanford Online, Harvard Extension features free online education courses from Harvard only. This is another excellent source for top notch course material, though the course variety is less rich than multi-school sites.

                      Additionally, Harvard Extension allows you to search for courses by professional certificate. This makes it much easier if your online education goal includes certification.

                      11. Open Yale Courses

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                        Open Yale Courses echoes Harvard Extension and Stanford Online, in that it offers only courses from Yale. While the site is similarly limited to topics taught at the school, Open Yale Courses offers a lot of videos of actual campus lectures. The availability of videos makes the site a great option if you’re looking for quality courses, but learn better by watching than by reading.

                        12. UC Berkeley Class Central

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                          Much like the other schools on this list, UC Berkeley has a variety of free online education options. The school has slightly fewer courses than the schools above, but includes some supplementary lectures, webcasts and RSS Feeds, making it easy to keep up with the topics you choose.

                          13. MIT OpenCourseWare

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                            Similarly, MIT offers a variety of free courses. The school has a comparable number of courses to the schools above, plus includes very in-depth course materials on the subjects available. MIT also offers free RSS feeds, a convenient way to continue learning.

                            14. Carnegie Mellon Open Learning Initiative

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                              Carnegie Mellon’s free online education site is comparable with the other school’s on this list, however, Open Learning Initiative also covers a smaller range of topics. But for the topics that are covered impressive, in-depth material is available.

                              15. Codecademy

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                                Codecademy is a website dedicated specifically to teaching coding. Where other coding sites follow an example/practice session workflow, Codecademy includes a live practice window. This means you can practice coding while still viewing the lesson material.

                                The courses at Codecademy are well written and easy to follow and the website is organized very nicely. Codecademy features a centralized dashboard where you can monitor your progress, plus organizes lessons into complete modules. This lets you learn an entire language without needing to pick the next course manually.

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                                16. Code

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                                  Code is another website focused on coding and app writing. A site with high quality courses, Code also features learning options for kids.

                                  In addition to kid friendly courses, Code offers free online education classes on a wide variety of technology topics. These classes include app writing, robotics and Javascript.

                                  Most of the courses are also geared in a such a way that they can be useful in a classroom setting. This makes Code a great resource for harder to find coding topics, as well as various learning settings.

                                  17. University of London Podcasts

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                                    The podcast page on the University of London website is another great source for free education. While the courses are limited to podcasts, the site features podcasts from it’s own campus, as well as eleven universities in and around London. This gives learners a wide base of topics and lectures, but still ensures in-depth material.

                                    18. University of Oxford Podcasts

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                                      Similar to the University of London, the University of Oxford features many different podcasts. Most are public lecture series or lectures from visiting professors, with several different recordings available.

                                      The advantage to this particular site is that podcasts are organized into series, making it easy to subscribe to multiple lectures on one topic. Another good site for thoroughly in-depth lectures.

                                      19. BBC Podcasts

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                                        For the more casual learner, the BBC offers a wide variety of podcasts on many different topics. Most podcasts are updated weekly, and focus on everything from finance, to sports, to current events.

                                        Through the World Service line of podcasts, there are also many in different languages. The focus of these podcasts are less in-depth and theory based, which may be more accessible to the average person.

                                        20. TED-Ed

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                                          Another great destination for more general learning is TED-Ed. From the same people that brought you the all encompassing, motivational web series, comes a site chocked full of educational videos. Most include impressive animation, and all are ten minutes long or less.

                                          Not only is TED-Ed an excellent site for the curious, it also includes supplemental materials and quizzes on the videos. This makes the site extremely useful in formal education settings, as well as in entertaining ways to brush up on new discoveries and topics.

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                                          21. LessonPaths

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                                            LessonPaths is another great tool for those looking for a more usable and convenient way to access learning material. On this site, users create link playlists of their favorite learning materials from other sites. Users then rank these collections, making it easy to find many different high quality, accessible sources on a given topic.

                                            22. Memrise

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                                              Another impressive free online education site offering ease of use and convenience is Memrise. Available both on desktop and as an app, Memrise is a particularly powerful tool if you are studying a language. The site encompasses many other topics as well, though some of the course material is user generated content.

                                              Part of what makes Memrise special is their integration of games into the learning materials, mixing learning with entertainment.

                                              23. National Geographic Kids

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                                                The kids site for National Geographic is another site that makes free online education applicable for younger users. For those looking for kid friendly education, a large variety of games, puzzles, videos and photos keeps kids interested on this site.

                                                National Geographic Kids doesn’t organize learning into courses, making materials available by topic and medium instead. This makes National Geographic Kids a good option for those looking for a more casual learning environment.

                                                24. Fun Brain

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                                                  Fun Brain is another good option for kids who want to learn online, but focuses on games and fun puzzles. Particularly focused on math and reading, Fun Brain’s game based approach can be valuable if the child in question struggles to pay attention.

                                                  Fun Brain offers rewards and challenges as well, and is another site aimed at a casual learning experience for kids K-8.

                                                  25. Whyville

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                                                    Similar to the sites for kids free online education is Whyville a destination for preteen online learning. The site includes a variety of social features, with a focus on learning materials geared for young teens.

                                                    Whyville also mixes in educational games, to make the site a well rounded option for kids too old for simple games, but too young for heavy reading based material.

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                                                    Featured photo credit: Dai KE via unsplash.com

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