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85% of traders lose their money. How is it possible? There is nothing more important than investing in yourself. To become a professional trader, you must face many needs and fears. A winning strategy is necessary, notions of “Risk Management” are equally necessary, and our emotions in this game are better to be put aside. Defeats will come, but the important thing is not how many times we will fall but how many times we will be able to recover. The symbol of “OverviewFX Ltd” is a phoenix, an animal that rises from its ashes. The analysis of the graph is essential to have an excellent income. Now, we will see the different ways of operating in the financial market.
• Technical Analysis: Technical analysis is the basis of our study in the following chapters. The market makes movements that are often repeated several times. There, we will take advantage of it. Technical analysis mainly comprises trend lines, supports, resistances, Supply and Demand levels and much more. It all sounds very complicated, but it’s not! Practice will make you invincible.
• Fundamental Analysis: Fundamental analysis is critical in the trading world. Fundamental analysis is made up of news from politics or world events that can, in one way or another, change market trends without any forecast.
Before opening a position, checking the economic calendar is essential. For the news calendar, I suggest you to use our ones: https://overviewforex.com/forex-calendars/economic-calendar/. Be careful with the news! There are two different ways of operating in online trading; let’s study them.
• Swing Trading: As the word implies, this trading technique is about riding the trend. You enter the position, and you wait until the moment when a change of direction can affect the general trend. Swing Trading is used in the medium to long term, so your positions can be held for 5 days up to 1 month. It is important to calculate the entry amount to avoid significant losses. Using a Stop Loss is necessary; I will explain its use later.
• Scalping and Day Trading: This is my favourite. The idea of holding positions for the long term makes me nervous, so I prefer to focus on the short time and take profits immediately. The “Scalper Trader”, unlike the “Swing Trader”, holds positions from 10 seconds to 1 day. We wait for the perfect moment, and then we act. Following a plan is essential; if there is no plan…you fail.
Now you must choose: do you consider yourself a Scalper Trader or a Swing Trader? In online trading, we can “bet” either on the rise or fall of a stock. When we bet on the rise, we will click the “Buy” button; when we open this position, it is defined as a long position. Conversely, when we bet on the fall, we will click the “Sell” button; in this case, it is defined as a short position. Make no mistakes; “Sell” does NOT mean closing the position. To close the position, you have to click on “close position”.
As you can see, there is a number between the Buy and the Sell buttons. That number is crucial as it indicates the “bet” you will open. In the next chapter, when we analyze PIPS, you will understand the correct number for you.
The Apps that I recommend for trading are:
MetaTrader4/ 5: they are intuitive websites and apps for opening and closing positions.
TradingView: It’s a website and app used for analyzing graphs very technically.
“The secret to being successful from a trading perspective is to have an indefinite and tireless thirst for information and knowledge.”
Paul Tudor Jones
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