I wanted to take the time to share with you some confident trading tactics for forex. This is a great business with over three trillion dollars a day in trades. That makes it the biggest in the world and potentially the most profitable. The most amazing part about this business is that it acts completely independent of world recessions and economic downturns. Profits sum down to a ratio in difference between currency and that is how we make money.
I think the most important thing you need to understand when you're looking for a trade is that the buy price is completely useless. As consumers in a grocery store, we look for the cheapest price and when we find it, we're happy. This is different. We're not consuming money, we're trading it. This means that the cheapest price isn't necessarily the best trade. You don't make one cent of profit until you exit the trade. That means the sell price is the most important thing. So when you're looking for a good trade to make, always look for the exit prices, than compare it to the original cost and you can now determine if you have a good buy.
When you get confident, sometimes you get overconfident. The way you can tell this is if you feel too invincible. You feel like every trade will just workout in your favor. This is a poor state of mind because you're going to let down over and over again. Confidence is one that exists in reality and it knows the limitations. Remember, that is what you're striving for.
If you're interested in learning about forex, check out the Forex Power Strategy Course.
AFP - The FTSE 100 index slipped marginally Wednesday, shedding 0.58 percent to close at 3,693.81 points.
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