There is the thing about Forex trading that requires the sixth sense; what I call the intuitive trading, and as much as I respect this a lot about Forex trading, I also pay so much attention to the factors that have the power to define when buying is good and when selling is good; this is what I call the cunning trading. The intuitive trading is when I just let the market play without me, either because I woke up on the wrong side of the bed that day or I just feel really desperate to make some money. I’m of the thought that these two times (especially the latter) always lead people to trading wrongly. And any one wrong trade is all it needs for you to lose all your Forex money… just one trade. This is why I always obey my hunches when they tell me something will go wrong. I just let trading be for that day any day I feel this way.
Other than letting my hunches tell me when to and when to not trade, I also try to do my extra work on the things most traders don’t do—watching world news, following financial reports of the big countries in the market, following the natural occurrences, social and political happenings in the big countries, and analyzing all these to use them to predict what direction the market would go per a given time. This is what many traders don’t do, they just want to stay on the market and ignore the outside market things that actually define what’s going to be happening in the market, whereas these things should never be overlooked; a cunning trader pays attention to even the weather reports.
I am a very risk-taking person, but when it comes to Forex, I take my risks cunningly; I have days I don’t trade just because I believe the market is just opening up (Sundays and Mondays) or the market is trying to close up (Fridays and Saturdays). So as it is, I only trade on the three days midweek; these are the days I believe the traders are all up and willing. This has to be the reason why I can’t relate when people complain Forex drained their money. I’ve lost some money a couple of times, but I’m never losing so much I won’t be able to trade again. So advisably, if you have been a trader or you’re just trying to be one, as you are paying attention to the market, be cunning enough to pay attention to the factors outside of the market that affect the market a lot.
Olusegun Peters is a businessman in tech and in the academics. He is the founder of www.primerinfotech.com and www.pec-ng.com. He is also a poet who has hundreds of poems published, and a couple of media and literature awards to his credit. He is by education a Political Scientist at every degree of academics. He believes in the parts social activeness must take in individual development and state-crafting. He believes social involvement is one of the core factors that can bring about the cut-across development. He is passionate about contributing his knowledge to impacting as many people as possible one person at a time. Read more about Olusegun Peters here