I am very excited to announce our first partnership since inception between Blueberry Markets and ThatFxTrader.
Blueberry Markets is a top of the line, globally regulated forex broker providing access to trading instruments to a very large audience of experienced traders. Blueberry Markets offers cutting edge technology, industry leading platforms in forex, cryptos, precious metals, CFD trading and a next level of responsive customer service.
Our foremost goal at ThatFxTrader has always been to provide you with the best possible service and products. This partnership without a doubt will enhance and enrich our services and provide you with true value from a very reputable brokerage. At Blueberry Markets each new client is assigned a dedicated trade manager that provides personalized support.
As a limited time offer Blueberry Markets is offering an amazing deal to all past, current, and new ThatFxTrader members. Once you open an account with Blueberry...
“Hit me with your best shot”…for those of you who know the song, this is it !!!!!
Once everyone in the country is vaccinated against COVID-19, life will start to regain a sense of normalcy.
When will we go back to what was normal? I am not sure but I believe we are on the right path. In the meantime, let us take a look at where things are after two months into 2021.
In addition to the record unemployment numbers caused by the pandemic, there is a large number of Americans who are still working but haven’t been spending money like they did before the health crisis. They have been banned from gatherings and have been very frugal with their spending. They have been reluctant to travel and they have accumulated substantial savings.
I believe that consumers are dying to go to restaurants, travel, attend sporting events, shop and want to feel like they are living again. I am very optimistic that we are all going to be ok very soon, and in the meantime, there are...
We talked about self discipline and commitment, today I will tell you a little about focus.
In one of the earlier postings I had mentioned that emotional self-control is necessary for good trading, but by now we know that is not sufficient. Good trading is a complex formula and while exchanging opinions with other traders, I came to the conclusion that a state of superior focus and enhanced concentration void of distractions tremendously improves the experience of the market related activities and information processing.
So what is Focus? Focus is the state or quality of having or producing a clear definition
(Zen master Phil Jackson called it “ being in the zone”). It is a skill and it will improve with practice.
What does it take to have the focus needed to be truly effective?
There are two elements:
Priorities and concentration. A person who has priorities (and plans) but lacks concentration knows what to do but can’t get it done. I equate this to...
Discipline without being committed will not get you anywhere.
What is commitment?
There are many beautiful words explaining the meaning of the word in the dictionary. But in real life…
To the boxer who is getting off the floor one more time than they've been knocked down
To the tennis player is hitting the ball one more time than their opponent
To the Marine, is going over the hill not knowing what is on the other side
To the runner is running another ten miles when their feet are blistering and there is no strength left
To the single parent is playing with the child after working sixteen hours and not sleeping
To the missionary who is leaving behind all the comforts of life to make it better for others
To us common mortals it is sacrificing for others and all that and more because there are others that depend on us
What is it to traders?....I would like for you to fill the blanks, because it means something different for everyone.
A commitment is a binding...
Before we can start being a consistently profitable trader and investor, we must be able to assimilate the mindset associated with being a successful person. Successful people have several common traits. One of them is self discipline.
Self-discipline is the ability to control one's feelings and overcome one's weaknesses. It is the ability to pursue what one thinks is right, despite temptations to abandon it. Self-discipline allows you to have satisfaction and happiness after completing a task or project. Self discipline allows you to focus your mind and energies on what matters until they are accomplished (family, relationships, goals).
Self-discipline is commonly believed as being harsh on yourself, being limited and restrictive in your life, but on the contrary, it is not. Self-discipline means self-control, which is a sign of inner strength- that you can control your actions and reactions that will lead you to an improved self for you and others around you.
The volatile nature of the FX market, due to the changes in the capital markets, international trade, economic fundamentals, and political landscape, has made it imperative for all to take a disciplined and tested approach to managing FX risk. Prolonged periods of extreme FX movements in the past have contributed to significant volatility in traders wallets and cash flow.
Understanding the seriousness and the need for constant awareness of risk management in the game is of key importance.
There is so much misleading information published on social media and webpages which easily creates a false reality. People create false expectations based on these get quick rich schemes/mindsets causing problems such as overtrading, over risking, over leveraging, losing their accounts and much more.
If people were taught properly their view of the game would change. It is important to scratch the noise and focus on realistic expectations. Advertising campaigns of brokers,...
While the world tries to shake off all it’s ailments, here are few of my thoughts on matters that may or will impact our lives.
I don't need ESP to say that the federal debt will continue to increase. As of today the U.S. debt exceeded $27 trillion. The COVID-19 pandemic added significantly (forecasted at 2.4 trillion by the end of this year) to the debt with the “ Cares Act” and lower tax revenues. The U.S. debt to GDP ratio rose to 126% by the end of Q4—which is much higher than the 77% tipping point recommended by the International Monetary Fund.
This level of debt will not be sustainable, as soon as interest rates begin to rise. Higher interest rates will increase the interest payments on the debt. We know that's unlikely in the short term. The Federal Reserve will keep interest rates low to spur growth.
Disagreements over how to reduce the debt may translate into a debt crisis if the debt ceiling needs to be...
It looks like that the world economy needs lots of oxygen while still reeling front the COVID-19 whose impact will be with us for years to come, but still expected to make a modest recovery of 4.7% in 2021, which would barely offset 2020 losses and according to the IMF the global economy is projected to grow even at a slower 4.2% in 2022.
The U.N. released a new report on the World Economic Situation and Prospects released data showing that this once-in-a-century crisis sparked by the global impact of Coronavirus caused the global economy to shrink by 4.3% in 2020 -- the sharpest contraction in global output since the Great Depression that began in 1929 and far higher than the 1.7% reduction during the Great Recession of 2009.
While all the brain power in the world tries to find solutions, it is clear that to recover from the severity of this unprecedented crisis, economies need to start boosting longer-term investments that develop a path toward a more resilient...
A few days ago I shared my thoughts on the mental side of trading and introduced you to the “Mood Elevator.” This is part two…..
Knowing how to control emotions while trading can prove to be the difference between success and failure. Your mental state has a significant impact on the decisions you make, if you are experienced or new to trading. Keeping a calm mindset is important for consistency in trading. I can not stress enough how important emotional control is in trading!
Impulses based on emotions can often prevent traders from accomplishing their goals. Urges that are fueled by emotions, and not by your game plan, can be very problematic, resulting in knee-jerk reactions.
Professional traders will not take a chance with a poorly thought decision that will damage their account – they want to make sure that one knee-jerk reaction doesn’t ruin their account. It can take a lot of practice, and many trades, to...