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Currency Trader/ Forex Trader/ Day Trader - Essay Example
Author : swiftdemetris
Finance & Accounting
Pages 4 (1004 words)
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…
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. ...