Economic News To Watch This Week
This week Central Banks are in focus. Kicking off our week with Bank of Japan deciding on their Interest Rates. There’s also Canada GDP release on Tuesday. Bank Of England is expected to hike their Interest Rates by 25 basis points. The Federal Reserve is meeting on Wednesday and is expected to hold their rates at <2.00%. We will also hear from FOMC whether they’ll still hike two more times in 2018 as stated on their last FOMC meeting. United States Non-Farm payrolls is also due for release on Friday, see NFP future dates HERE. Below is our weekly economic news to watch this week.
Why Is It A Must To Choose A Trading Strategy That Suits You?
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Today I want to talk about something that might be your biggest downfall. We are mostly introduced to Forex Trading through social media where we are invited to some seminar. Forex seminars are all about introducing us to the idea and not really about the realities of trading. Most of us just dived in without understanding what is expected from us or what to expect except the money making part.
There’s one Forex market and thousands of ways to trade it. There is no one way to trade the markets but there’s definitely that one trading strategy that suits your lifestyle and personality. I am all about sharing my own experiences and practical solutions/tips that will help to improve your trading no matter how you choose to trade. But since I am the author here, I will refer a lot to how I personally trade and how it has made my life easier. Of course this has everything to do with me choosing a trading strategy that suits my lifestyle and personality.
Do you know the kind of person that you are?
You cannot separate yourself from being a trader. There’s only one you. Your personality plays a big role in how you’ll perform with your trading. I have been trading for so many years and I have tried lots of methods which in the end were not really accommodating my lifestyle and personality and that led to frustrations. When I finally found the one trading strategy that suits my personality, I never looked back. When I decided to offer my coaching services, I knew I had to cater for the individuals who are also like me. Read more about my private mentorship HERE.
Mind your lifestyle and personality
Let’s say you are a trader who also has a 9-5 job, a business or still studying. Clearly you cannot afford to stay up all night babysitting your trades. You really need to consider a trading strategy that will not require you to stay up all night, or a trading strategy that will not require you to stay glued to your trades the whole day. You definitely need a good night sleep for you to be able to concentrate in class, function/perform well in your job or business. It makes perfect sense right? These are the people that I cater for, the people who are like me. We want to trade but we also do not want to be consumed by it as we also have a life to live. Not everyone is like us though. All I am saying is, you need to look at your lifestyle and your personality. If how you trade right now is not accommodating those two, you are probably feeling miserable already, hence you need to re-think your plan.
This post is not about which trading strategy works and which one doesn’t. I don’t know how you trade and I am not here to tell you how you should trade. It is all about whether you can work with your chosen trading strategy or not. Does is suit your lifestyle or not? Does is accommodate your personality or not? If it doesn’t, the time to change is now. No matter how great that trading strategy can be, if it doesn’t accommodate you and your needs, then you shouldn’t use it.
A great example of this would be someone who wants to trade all day at random times, that person cannot juggle a job, school, business, parenthood plus trading, remember there’s only one you. That person cannot survive trading with me because as mentioned above, my method works better for someone who wants to have a life apart from trading. Finding out should not be a challenge. Just ask yourself these two questions. Does it suit your lifestyle and does it accommodate your personality? If it does, you’ve won the first battle and the next step would be to practice it over and over again without breaking until you cannot get it wrong.
To me, it makes no sense to switch from one strategy to another while overlooking your lifestyle and personality. How are you going to master something that makes you so miserable? Before I decided to consider my lifestyle, I was always so grumpy my son even said I control the mood in the house. If you are keen in knowing how I stopped all the chaos and drama that was going on in my life at that time, you may like to read this post HERE. These are the tips that you can use to make your own trading less challenging. Thank you for stopping by. I hope this helps. If you think it does, it means more people need to see it. Please kindly share with your peers.
How To Set Realistic Forex Trading Goals?
Goal: A goal is an idea of the future desired results that a person envisions, plans and commits to achieve. See, the definition is not only a desire, it is a desire that is followed by planning and commitment. Without planning and commitment, your desires will remain just that, desires.
Most people (like me) got introduced to Forex trading through social media and of course it was sold to us as the quickest and the easiest way to make money. Clearly, we were lied to and most of us have since found out that there’s a lot that goes in, in order to make it a success. In search of more information about trading, most people would attend Forex trading seminars which are mostly about “how to get rich quick and fire your boss”. Most people are just diving in without proper information on what they should expect or should be expected from them. I do not dismiss the fact that that can be achieved, but definitely not after 2 days of learning how to trade. Your mindset has to be in the right place as well. For that reason, it is easier to think that one can just be successful without proper planning.
Why are you trading?
This is the first question that you should ask yourself. You must first determine your WHY? Your WHY will lead you to determining how you are going to achieve your goal. You cannot think about achieving a goal without including planning. Now, you are on the right track, you are now planning how you’ll achieve your goal, be it short/long term.
How are you planning to achieve your Forex trading goals?
You need to know how you are going to trade your account (your trading method of choice). Once you have your method of choice, you’ll need to stick to it until you can master it. Successful trading is not only about the strategy but mostly about you. You’ll have to work more on yourself to develop self-control.
I’ve been talking to some of the traders that I personally mentor about why they trade. To my surprise, most of them do not have a clear goal of why they trade. Some of them do know why they trade. See some of the responses I got from them.
“I trade because I want to make money”
This response is not good enough. Of course we all want to make money but being clear about what do you want to do with the money that you want to make and when do you want to make it, is what you should focus on. That on its own can have an impact in how you develop self-discipline and focus.
“I trade for a monthly income to pay for my child’s school needs”
This woman knows exactly what she wants to achieve with her trading account and she has been achieving it for the past year. She is also not easily influenced by what she sees on social media or how other traders trade. Her why keeps pushing her to the right direction and her focus is on another level. She also has a full time job. It is highly possible to trade for a monthly income.
“I Trade So That I Can Withdraw A Lump sum To Grow My Other Business”
This one has a long term goal, she is trading and compounding her profits in order to withdraw for her other business. I also think that’s the main reason why she’s been doing so well for the past few years, her goal gives her the right push.
I can go on and on sharing the responses, but that would make this post too long. One more thing that I always say is that your Forex account must sustain itself. Your monthly data must come from your trading account. I hope you do get an idea of how you can also set your own Forex trading goals using the tips I shared on this post. Thank you for stopping by. Kindly spread the word by sharing this post with your peers.