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Dubai: When Bernd Skorupinski came to Dubai by way of Germany six years ago, he had no idea he would leave his job to become a fulltime trader. Foreign exchange currency trading, commonly referred to as forex, is a market where banks, businesses, investors and traders come to exchange and speculate on rising or dropping currencies. But to Skorupinski, the appeal to trade came from not only investing in an open market that requires little to feed and leverage, but also investing in himself. According to Abu Hantash, forex trading is more popular in the UAE than ever before, citing the number viet jet ipo brokers that have sprang up.

Forex strategy revenge bruce greenwald in his book value investing blog

Forex strategy revenge

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In most cases, traders who resort to revenge trading tend to double or triple their trading position thinking the next trade will be a winner. With anger at the markets and greed as the dominant emotion driving your decision after a big loss, a trader may automatically enter a trade without hesitation.

For some traders, the fear of realising and accepting a loss particularly a big one is so real that they would rather put on a revenge trade right away. The urge to recover from a loss can also be driven by the fear of facing friends, relatives or colleagues who will know of the loss. For many traders, saving face is a strong driver particularly if they have a reputation as being a good trader who wins most of their trade.

Recommended reading: Forex risk management strategies: How to manage risk? Based on several trading coaches and trading psychologists who have worked with thousands of traders, here are the five most effective ways to fight revenge trading. Though it is difficult to keep an objective view and to control your emotions after a loss particularly a big one , the best course of action is to step back from trading even for a short period of time.

Take a day or two off from trading, stop trading or if you really must, place a small trade if you feel you need to be in the markets. You could also consider revising your trading plan. Instead of making trades adjust how you are going to trade moving forward after your small break. Once you have made that temporary break from the markets, it is time to have an objective and emotion free self-assessment to find out what led to the loss and the revenge trade.

In an interview about trading psychology , Steenbarger said:. A trader needs an objective view of the situation to be able to rectify the revenge trade and its consequences". If you look at it closely, while major economic data and events like the FOMC meetings and OPEC minutes and other central bank decisions can present trading opportunities, they can also create volatility in the markets. And at times volatility can be too much to make it worthwhile to place a trade. It is also important to assess your own trading strategy to see if it is appropriate for the current market conditions.

This will give you the opportunity to make adjustments if necessary to the way you trade. This is also the time to review your entry and exit strategies. Brett Steenbarger and Steve Ward are two of the highly respected trading coaches in the world and their books provide useful information on different trading psychology challenges and issues.

To dive deeper into the psychology of a professional trader, read their books ' The Psychology of Trading ' and ' High Performance Trading '. In order to steer away from a revenge trade you need to stay disciplined. Trading without discipline can lead to bad results and distracting emotions.

Find some helpful tips below for you to maintain and build trading discipline:. This post outlines some of the practical and step-by-step actions to fight revenge trading based on the experiences of highly respected trading coaches and trading psychologists. If you are struggling with revenge trading and want to control it, these are helpful insights to get you on the right track.

Sign up for a demo trading account with Axi and start exploring the markets in a risk-free environment! The information is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any trading strategy.

Readers should seek their own advice. Reproduction or redistribution of this information is not permitted. Milan Cutkovic has over eight years of experience in trading and market analysis across forex, indices, commodities, and stocks. He was one of the first traders accepted into the Axi Select program which identifies highly talented traders and assists them with professional development.

Milan uses his extensive knowledge of financial markets to provide unique insights, commentary and market analysis. Gold is one of the oldest traded commodities. Despite its age, there are traders who are still unsure about trading it, so here are the essential gold trading strategies for all traders. See More News. Open Account Try a Free Demo.

These thoughts make an individual so aggressive that they forget about their tried and tested methods and keep on investing in different and bigger investment trades. As we can predict, these irrational and aggressive moves almost always end up badly creating the hole of the losses bigger and deeper for the individual.

And as much greater losses the individual keeps facing the more aggressively, he starts to cope with it but in an entirely wrong way. It's the thought like the bigger the retaliation the more chances of them recovering their losses. We know that by revenge trading its only one thing that would happen and that is more losses. It's important to know how to control yourself at times like this.

Mostly every trader or investor you talk to will certainly deny ever falling into the trap of revenge trading, but they have. Truth be told, every single one of the investors and traders out there has at some point if their trading careers faced revenge fighting. So let's read further and know what can an individual do to avoid being on the tilt and stop themselves from revenge trading. Step Back From Trading For Time Being - The bigger the loss the harder it gets to control the emotions and thoughts that leads to revenge trading.

It's even tougher to keep an objective view and act rationally at times so tough. However, the best and the most rational thing you can do here is that you can step away from doing any kinds of trading and involving in any investment for some time. Give your brain enough time to relax and let it come to terms with the loss and then plan your strategy with a clear mind. Because, decisions are taken in an emotional state, almost always ends up doing more tragedy.

Analyze The Market Conditions - The best thing you can do on your time off apart from relaxing is analyze market conditions. Look out for the shares that are safe and can give you small profits. It's better to go for small and multiple profits rather than investing in a big one and risking more of your investment. Analyze how the market is working and what the experts are recommending to go for.

Look out if the market conditions are too fluctuating and volatile to work for, see if the risk rate is okay or quite high to play along. Gather in as much info as you can before coming into action. Plan Your Strategy Accordingly - After analyzing the state of the market thoroughly, that is when you should start planning your strategy according to your investment budget.

Plan your exit strategy well. Think what will you do if the market doesn't act as predicted. Try your best to not force a trade just because you have to somehow recover for your losses. Strategic planning and financial information with risk tolerance might just be what you need at the time being.

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Naturally, the spreads and volatility levels on exotic pairs can be huge — so stick with majors. Understanding how percentage in points work — or PIPs, is also a crucial strategy. In a nutshell, when the exchange rate of a currency pairs suffer fluctuations the market moves up and down — this is calculated in pips.

Other than pairs containing the Japanese yen, most user-friendly forex trading platforms will display five digitals after the decimal. The number of pips that the pair moves by will ultimately determine how much you make or lose. This ensures that you have a clear entry and exit strategy on your forex trade.

Ultimately, ensuring that you understand the ins and outs of limit, stop-loss, and take-profit orders is one of the best forex trading strategies that you can learn as a beginner. However, we would strongly suggest that you start off with a day trading simulator. These are essentially demo accounts offered by online brokers and they allow you to trade in live currency market conditions without risking any money.

We would suggest considering eToro for this — as the regulated broker offers the following:. Once you have spent a reasonable amount of time practicing on a forex demo account and you feel ready to start trading with real money — make sure you create a bankroll management plan.

In its most basic form, this will ensure that you never risk more than a certain amount on each trade. This should be stipulated in percentage terms and multiplied by your current brokerage account balance. It is important to note that a bankroll management plan not only increases your stake. On the contrary, if you are going through an extended losing period of time — your maximum stake size will go down.

Crucially, this ensures that you never burn your account balance in its entirety — which is why bankroll management is one of the best forex trading strategies for beginners. You might be under the impression that most currency speculators are day traders — meaning that they open and close positions within a few hours or even minutes. However, some of the most successful currency traders actually prefer to take a swing trading strategy. The overarching reason for this is that you are not pressured into closing a position before the end of the day.

On the contrary, forex swing trading offers much more flexibility — so you can keep positions open for hours, days, or even weeks. This is much more conducive for beginners — as you can take your time researching the markets and thus — you can avoid having to make quick and instant decisions. In terms of forex swing trading strategies , a good starting point is to focus exclusively on financial news.

Instead, you will be entering and exiting trades based on real-world events. GDP levels , geopolitical events, and more. Another idea that you might consider in your search for the best forex swing trading strategies is to identity a prolonged trending. The best forex trading strategy for those without any knowledge of technical or fundamental analysis is to consider an automated system. By this, we mean trading in a fully autonomous manner — relying on a piece of pre-programmed software of a Copy Trading platform.

Regarding the software option, this will come in the form of a forex EA expert advisor — which is essentially a trading robot. You will purchase the robot from a third party, and then install it into MT4. Once activated, the robot or forex EA will start trading on your behalf. However, this form of automated trading is fraught with risk, as you never know what you are getting with a robot.

For example, the robot provider might claim that the underlying software is able to outperform the market consistently. But, in reality, it could end up blowing through your account balance on the first day. Instead, Copy Trading via a regulated online broker is a much better option. Ultimately, once you select a top-rated Copy Trading pro — you can sit back and invest in a passive nature.

At some point in your currency trading career, you will need to understand the art of technical analysis. After all, the best forex trading strategy employed by seasoned investors is to read and interpret pricing charts. The only way to do this is to learn about the many different technical indicators in the market. These indicators will look to analyze the historical pricing data of a forex pair and will look for a specific trend. For example, the technical indicator will look to evaluate whether a forex pair is overbought or oversold, or perhaps whether a particular support or resistance level is about to broken.

Either way, there are dozens of technical indicators that are popular with seasoned forex traders — so consider taking a course so you can incorporate this into your short-term trading strategy. Note : Some of the best indicators to start with include the moving average, support and resistance levels, trend trading lines, and downtrend and uptrend price movements. Often overlooked by newbies, one of the best forex trading strategies is to ensure your chosen broker offers super-low fees.

After all, if your broker charges high commissions or wide spreads — many of the best forex day trading strategies discussed today will not be possible. The two main fees that you need to look out for when choosing a forex broker is the spread and commission. The spread is simply the difference between the buy and sell price of a forex pair.

We explained how pips worked earlier — so should be able to calculate the spread with ease. The number of pips that the spread is quoting will tell you how much you need to make in a position to cover your costs. In this example, this means that your position needs to grow by 2 pips just to break even.

If it increases by 3 pips, your net profit is 1 pip when factoring in the spread. In addition to tight spreads your chosen forex broker should also offer low commissions. In fact, the best forex brokers in the online space will charge you no commissions at all. This includes the likes of eToro and AvaTrade, which we discuss in more detail shortly. In other cases, your chosen broker might charge commission in percentage terms. For example, if you are being quoted 0. When you close the trade, you will again pay a commission of 0.

The section above explained that one of the best forex trading strategies for beginners is to choose a low spread and zero commission broker. However, when choosing a broker, you need to look at a variety of other factors. For example, is the broker regulated, does it offer transparent trading conditions, and what currency pairs are supported.

To ensure you are able to deploy the best forex trading strategies in the most effective way possible — below you will find a small selection of brokers that are worth considering. This regulated forex broker offers dozens of major, minor, and exotic pairs — all of which come with tight spreads.

Before you start trading with real money, you might consider the demo account offered by eToro. This means that you can trade forex passively — as your chosen currency trader will buy and sell on your behalf. Next up is Libertex - a hugely popular forex and CFD trading platform that allows you to enter and exit the market without paying any spreads.

Instead, you will pay a super-small commission per slide. This pricing structure operates like a conventional ECN broker account - which is especially ideal for forex day traders. Much like eToro, Libertex offers a great selection of major, minor, and exotic currencies.

The platform allows you to trade via its website or through third-party providers MT4 and MT5. There is also a mobile app - should you wish to trade forex on the move. Visit Libertex Now. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. We discussed earlier how technical analysis is one of the best forex trading strategies to learn as a beginner.

If you're ready to take the plunge - AvaTrade is a good option. This platform is fully compatible with MT4 and MT5 - which are both packed with technical indicators and candlestick time frames. AvaTrade offers a free demo account that you can connect to the aforementioned third-party platforms - meaning you can practice technical analysis risk-free. This top-rated forex broker also offers plenty of educational resources that can help you learn how to read pricing charts effectively.

When it comes to fees, AvaTrade allows you to enter and exit forex positions without paying any commission. Plus, when trading major pairs, you'll get some of the best spreads on offer. AvaTrade is regulated in six regions and allows you to deposit funds with a debit card or bank wire. Traders experience a feeling of wanting revenge on the market when they suffer a losing trade that they were sure would work out.

The key thing here is that there is no sure thing in trading. Also, if you have risked too much money on a trade, and you end up losing that money, there is a good chance you are going to want to try and jump back in the market to make that money back, which usually just leads to another loss and sometimes an even larger one since you are just trading emotionally again.

Many people find that their situation worsens as a result of the rogue, thoughtless trade. Hence — it is better to focus your energy on earning profits back in a reliable, thoughtful way, rather than simply on the flip of a coin. When you lose a large portion of your equity in one or two trades, it puts you into a situation where your emotions can easily overwhelm you.

This is when you start making irrational decisions and lose a grip on yourself and your trading account. When traders become really emotional, revenge trading can happen almost automatically. Traders who risk tiny bits of their account on each trade are much less vulnerable to succumb to the revenge trading virus.

Log in. Be a Step Ahead! To receive new articles instantly Subscribe to updates. Risks of Forex Revenge Trading Experiencing losses is as much part of forex trading as winning trades.

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Revenge trading is a common practice in the financial market and is one of the worst trading practices. It involves. Revenge trading is a natural and emotional response when a trader suffers a significant loss. Before taking time to think about their next move. Revenge trading starts or is triggered by an initial relatively large loss. After that loss, the trader starts to overcome the big loss with larger trades.