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Currency Trader/ Forex Trader/ Day Trader - Essay Example

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Currency Trader/ Forex Trader/ Day Trader Name Subject Date Currency Trader/ Forex Trader/ Day Trader A few months ago, I looked at my trading life and saw a sobering statistics. I had half emptied my trading account, while the market was cruising high for over two weeks…
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Currency Trader/ Forex Trader/ Day Trader

I was not ready to surrender my trading life that easy. There began the right homework for a day trader. It was high time for me to realize that trading in the market is trading against the rest of the world, which includes the best in the business (Morge Timothy Par. 10). Moreover, the lessons I learned urged me to believe the fact that getting on the right side of the market never comes instinctively. Be it Currency, Forex or a Day trader, one needs to be equipped with the following fundamentals unearthed from one’s own trading experience. First of all, I tried to find a specific area of trading, as suggested by Timothy Morge (Par. 10), thus being able to do the home work to understand the potential of the market during the trading hours. It has helped me to have no biased judgment. Since my interests were on the banking and entertainment sector, following off the market developments on them were, in fact, part of my pastime. Secondly, this specification gave me confidence on the determination of my tool and investment. However, investors never intent to accept losses (Grinblatt and Keloharju 589-616). At the same time, active day traders lose even more in paying the brokerage, which forces a day trader to make higher quotes, while running grater risks. Stopping loss at the right point and aborting the market at the right juncture would be the key for a day trader to realistically improve his/her performance. Hence I learned about the tools that would help me to set adequate stop loss. While discussing the risk, we can not avoid considering the leverage which is good on a day can be equally bad on another day. Therefore, it became important for me to use the leverage to a positive effect by maintaining certain amount in the account. In this regard, I calculate the amount I might lose in a trade even before I get into the trade. By any means, I make a flaw in keeping up to this set norms, I decide to stay away from the market for one or two days. It gives me enough room to prepare myself emotionally to resume trading again sticking to the norms. Practically speaking, it takes a lot of time and effort to get rid of the pre-conceived ideas (Slezak George 45). I used to have clear cut ideas about how the market would behave on a particular day. As a result, while I was trading, on many occasions, I failed to cop with what was going on in the market in front of me. For instance, I made a purchase in the morning, convinced that the trade would give me a clean profit of $500. I was happy also to see the price shoot up and I sold them when I was up by $500. Eventually, the price started to decline after hitting $1800 which was the highest on that day. As a day trader I was hesitant to leave the race without seeing what actually the market was doing. Though, a turn in the market was anticipated at higher rate, the sale, I feel, was adequate because I had set those parameters before. Thus, the point is that my opinion of a hike in the market should not influence me to flicker away from the pre set parameters of my trade. In addition, I had all the characteristics of a relatively new trader. The uncertain nature of the market made me, somewhat, regret for the early sales I had made. I often thought about what I could have, would have or should have done. It took much time for me to understand that I will still have ample of opportunities in the market, provided I remain patient and professional. To me, being professional in trading ... Read More
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