Emotions To Avoid While Trading Forex

1. GREED
Risking two much on the very start while not too convident with the market is a greedy thing to do, it destroys trading account.

2. FEAR

Fear can arise in a trader after they hit a series of losing trades or after suffering a loss larger than what they are

emotionally capable of absorbing. To conquer fear of the market, you primarily have to make sure you are never risking more

money than you are totally okay with losing on a trade.If you are totally okay with losing the amount of money you have at

risk, there is nothing to fear. i.e you already prepared. Fear can be a very limiting emotion to a  trader because it can

make them miss out a good trading plan or opportunities.

3. REVENGE

Traders experience a feeling of wanting "revenge" on the  market when they suffer a losing trade that they suffer were so

sure would work out. Meanwhile there is no "SURE" thing in trading NEVER. Losing money and quickly jumping back into the

market to make money  which just leads to another loss(even larger ones sometimes). Since you are just trading emotionally

again.


4. EUPHORIA

This kind of feeling when you feel euphoric is usually a good thing. It can actually do a lot of damage to a trader's account

after he or she hits a big winner or larger string of winners. Traders can become overly confident after winning a few trades

in the market.
While many traders enter into a tailspin of emotional trading and losing money after they hit a string of winnings The reason

this happens is because they feel confident and euphoric and forget about the real danger of the market and that ANY TRADE

CAN LOSE.
One particular thing to always remember here is that trading  is a long term game of probabilities, if you have a high

probability trading edge, you will eventually make money over the long term assuming you follow your trading edge with a good

descipline. But even if your edge is 75% successful over time you could still hiyt  25% losing trades in  row out of  100%.

KEEP THIS FACT in mind and always remember you never know which trade will be a loser and which will be a winner.



5.  YOU NEED TO ALWAYS MANAGE YOUR RISK PROPERLY

If you do not control your risk on EVERY single trade you open the door for emotional trading to take hold of your mind, and

i can promise you that once you start down the slippery slope of EMOTIONAL FOREX TRADING. You should EXPECT to LOOSE on any

open position, that way you are always aware of the very real possibility of it actually happening.


6.  YOU NEED TO KNOW YOUR TRADING STRATEGY & MASTER IT


Knowing how to be a SNIPER in the market(i.e taking only specific trades) instead of a MACHINE GUNNER (i.e opening of too

many positions just to get some cash) This involves knowing your trading strategy inside and out and having absolutely NO

QUESTION on what the market needs to look like  before you make your move or risk your hard earned money in it.





7.  YOU NEED NOT TO OVER TRADE


Most traders trade way too much or trades when they feels like, you need to know what your trading edge is with 99% certainty

and then ONLY trade when its present. Once you start trading just because you "feel like it" or because you "sort of" see

your trading edge.You start emotional traading that can be very hard to quit.Don't start over trading and you will likely not

become emotional Forex trader.



8.  BE PATIENT AND WAIT FOR THE CONDITIONS OF A PLAN TO UNFOLD


As we've said earlier sometimes you just have to wait for some trading opportunities to reveal. Patient perhaps the most

important virtue  that a Forex Trader can possess. When you are a patient trader if means you know what you are looking for  in the markets and you wait for your trading edge to appear before you execute a trade. 

Why Most Traders Lose Money In Forex Markets

  *Unrealistic Expectations

Thinking of making $100,000 in few months out of just $1000 or making $2000 out of just of $200.

These unrealistic expectations is a way of destroying a trading account faster,this kind of trading mindset in most trader because they feel
too much pressure or "need" to make money in the markets. When you begin trading with this need or pressure to make money,

you will eventually end up trading emotionally, which is the fastest way to lose your money.

Secrets Of Effective Goal Setting

What makes different is Goal Setting, a famous Harvard business school story. They evaluated a group of students in college, and then re-evaluated them 10 years later. The study found out that the students who had been the most successful in life  weren’t actually ones who had achieved the highest grades. They were the ones who had specific goals.

However, the difference between successful people and the unsuccessful people is quite feasible. Successful people have their goals in mind. They know where they want to go and finally they get  there. So  you need to start with a target, a destination and a goal.

Sometimes many wonders “How to achieve goals is easier said than done”. Absolutely you are right. Many people fail not because they don’t have goals but because they haven’t achieved their goals. They gave up their goals during the journey.

The road to success isn’t a easy one. Relax, below are the best and most effective goal setting plans you will ever come across.

*Decide Exactly what you want in different aspects of your life and write it down. Ask yourself "What achievement would be worth your very best effort?" "What would you attempt if you knew it was impossible to fail?" Make it measurable, specific, clear and detailed. Write out all the benefits and advantages of achieving your goal.

* Attach a deadline for the achievement of your goal.If if is a large goal, ensure you break it down into smaller parts and set sub-deadlines.


* Make a list of everything you will have to do (action steps) to achieve this goal. As you  think of new items, add them too your list until it is complete.



* Organize your list of action steps into plan. Nonte that 20% of the things you do will account  for 80% of your results.Therefore, organize your plans on the basis of two elements;priority and sequence. If you do not set clear priorities you will "major in minors" and spend so much of your time doing small and irrelevant tasks that do not help you to achieve the goal. Determine what has to be done before something else can be done in order of relevance.


* Identify the key obstacles that might hold you back from achieving this goal.Identify the most important constrain or limitation holding you back and then focus on removing  that obstacle. It could be a certain amount of money or a major resource. It could be additional skill, character or habit that you require. It could be an assistance of one or more people. Whatever it is, identify it clearly and work to eliminate it immediately.


* Do something every day that moves you towards your most relevant goal. Develop a habit of getting up each morning, planning your day and then doing something and anything that moves you at least a step closer towards your most important goal.
   However, this habit of doing something every single  day that moves you towards an important  goal develops within you the power of momentum. Daily action deepens your belief that the goal is achievable, and activates the Law of Attraction. As a result, you begin moving faster and further towards your goal, and your goal begins moving faster and closer towards you.

Following these steps makes you super-achiever before long. Plan and Succeed


* This is perhaps the most important in this process. Once you have determined your goal, developed your plan , attached your deadline and identified your major obstacle, take action immediately towards the achievement of your goal. Nothing moves until you move; step out in faith. Do something  immediately to start your process of goal attainment.

10 Major Principles To Watch In Selection Of Broker In Forex Trading

1. Find A Broker That Is Regulated By Government Institution.

    *US Commodity Futures Trading Commission (CFTC)

    *Cyprus Securities & Exchange Commission (CYSEC)

    *Markets In Financial Instruments Directive Of Europe (MIFID)

      *National Futures Association Of The U.S (NFA)

     *Financial Conduct Authority Of UK (FCA)

      

  2. Don’t  Rely On Awards & Accolades

      

  3. Check Out Their Analytical Tools

 
  Before making a final decision, ask for a free demo account. That way you can test the trading  platform & check for speed & ease of use for trading, setting up losses & changing your leverage.

4. Understand How Fees Work

                
     Brokers fees are typically either:

                *Spread based Or

                 *Commission based

  5. Analyze Their Customer Service

              
     Determine if a broker has good customer services by talking to its support center. Also evaluate broker's deposit & withdrawal option, the more options the better for you because it gives you more leeway in managing your capital.
      
 6. Consider The Deposit Amount & Leverage

   Broker deposit minimums range between $50 & $2000 and sometimes even more.
  The amount of money you want to start off trading might affect which broker you choose.

     7. Consider The Maximum Leverage Which Is Usually 1:200    

• As important as basic concepts like leverage and spreads are for traders, they are still secondary subjects in comparison to issues related to the broker, his attitude and preferences. Quite simply, the broker is the most important variable determining the possibility, and profitability of a scalping strategy for any trader. A trader has control over his strategies, stop loss, or take profit orders, as well as his time frame for trading, but he has no say in matters such as server stability, spreads, and the attitude of the broker to trading.
  
• There are hundreds of brokers operating in the retail forex market today; naturally, each has a technical capability, and business model suitable to a different trader profile. These differences are immaterial to most long term traders, for swing traders they are meaningful but not that significant, but for day traders and scalpers they are the distinction between profit and loss. At the very basic level, the spread is a tax paid on profits and losses to the broker for his services, but the relationship goes a lot deeper than that. Let’s take a look at the various issues related to the scalper-broker relationship. (Once you've read this article make sure to stop by our forex broker review section below to find more informations on the most popular retail forex brokers.)
  

8. Low Spreads

• A trader who doesn’t use the day-trading strategies will open and close may be one or two positions, at most, in a single day. Although the cost of the spread is still an important variable, a successful trading style can easily justify the relatively small fees paid to the broker. The situation is quite different for the scalper however. Since the scalper will open and close tens of positions in a short period of time, the cost of his trades will be a very significant item on his balance sheet.

9. Strong Technical Tools

• Scalping involves technical trading. In the very short time frames preferred by scalpers, fundamentals have no impact on trading. And when they do have, market reaction to them is erratic and entirely unpredictable. As such, a sophisticated technical package which supplies an adequate number of technical tools is a clear necessity for any scalper.
  
• In addition, since the trader will spend a considerable amount of time gazing at the screen, reading quotes, opening and closing positions, it is a good idea to choose an interface that is not too wearying on the eyes. A bright, graphically intense platform may be pleasant to use and look at at first, but after long hours of intense concentration, the visual appeal will be more of a burden than a benefit.
  
• Also, a platform that allows the simultaneous display of multiple time frames can be very useful for a scalper as he monitors price movements on the same screen. Although scalping involves short term trading, awareness of the price action on longer time frames can be beneficial for money management, and strategical planning.
  

10. No Slippage, No Misquotes And Instant Timely Executions

• We have mentioned in the section on brokers’ trading policies that a trader must always seek a competent, modern broker in order to ensure that his trading style and practices are welcome. But timely execution, and precise quotes are also important for ensuring that a trader can profit with a trading strategy. Since the some traders can  trades many times in the short time frame of an hour, he must receive timely, correct quotes on a system which allows rapid reaction.
  
• If there’s slippage, the scalper will be unable to trade most of the time. If there are misquotes, he will suffer losses so often that trading will be impractical. And we should not neglect the emotional pressures which will be caused by such a stressful, difficult, and inefficient trading environment either. 
• To conclude this section, we’ll add that scalping is a high-intensity technical trading method which requires a highly competent and efficient broker with state-of-the-art tools. Anything less will diminish your profits, and increase your problems.

Advisable broker that we can recommend to you are alots, but few that we will list here are : OctaFx , FXTM, Alpari etc

Your Child Must be 12years Before They Can Enroll In Secondary School -Lagos State Government

Lagos State government says your child must be 12 years old before they can enrol in any secondary schools from the next academic sessions.

The Lagos State Government has said that beginning from the next academic session, the entry age for all prospective students into any secondary school, private or public, would be 12 years old.

This was revealed in a circular released in March and signed by one Mrs A. A. Adebowale of the Ministry of Education, the state government said a fine of N50,000 has been proposed for first offenders and N100,000 fine for second offenders as well as warning letters to close an erring school in case of any violation.

She said the new directive will be strictly enforced by agencies of education in the state starting from the next academic session.