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The forex market is the most popular financial market in the world, popular due to the liquidity of major forex pairs, as well as because it’s a 24-hour market. Here are some tips to improve your forex trading experience:1. Be educatedWhich currencies will you trade? If you are squeezing your trading in around a job, then choose a trading session that will work for you:• The Asian trading session – opening at 0:00GMT and closing at 9:00GMT
• The London trading session – opening at 8:00GMT and closing at 17:00GMT
• The New York Trading session – opening at 13:00GMT and closing at 22:00GMTOnce you’ve chosen your forex trading session, which currency pairs will you choose? Generally Asia-Pacific currencies, like the JPY, AUD and NZD are active in the Asian trading session. European currencies are active in the London trading session, like GBP/CHF, GBP/JPY, GBP/USD, EUR/GBP and USD/CHF. And in the New York trading session, major forex pairs (paired with the USD) are more liquid, along with some European currencies due to the session overlap – AUD/USD, GBP/CHF, GBP/JPY, GBP/USD, USD/CHF and USD/CAD.Although most of your forex education will come from trading experience, a trader should learn about the markets and economic factors that affect them, using the media and online resources, along with market updates than some forex providers have on their sites.2. Make a planWe’ve already discussed when you want to trade forex, and this will probably influence the currency pairs you choose to trade. So why are you trading, then?Setting goals gives you a framework for your forex trading – not only are you more likely to achieve your goals if you clarify them, but if you have a specific goal for a trade you are also more likely to get out of trades with your profits before the markets turn, rather than greedily waiting for an extra pip.Once you’ve defined your objectives, find a system and stick with it – take every trading entry, adjust every stop, and close every trade as the system says.If you aren’t sure about your trading system, being consistent is the best way to find out whether it works or doesn’t. And, if it works, sticking to it will result in more consistent profits.Your forex trading system should address:
• Trading rules for entering, adding to, and closing positions
• What to do if the internet connection, telephone or computer fails
• What you will do if you are unable to trade due to holidays or illness
• What percentage of your account you can afford to lose
• How to set orders for when the market opensOnce your plan is in action, keep records to monitor your success.3. Reduce your riskYou should never risk more than 2% of your capital per fx trade – this means that even if you lose ten trades in a row you have still only lost 20% of your account. The more you lose on your trades, the more difficult it is to turn your situation around, so doesn’t it make sense for you to just risk a small percentage per trade?So if you had $1000 capital and you lost 2%, you would be left with $980. You would need to make back $20 to return to your original equity value, that’s only 2.04% of $980. If you continued your streak of bad luck for ten trades, losing 20% or $200, you still only need to make back 25% to get back to your original equity value (200/800 x 100 = 25%).This may seem like a lot, but imagine if you had lost $750, or 75%, on a single forex trade, you would only have $250 of your capital left, so would need to make a 300% return to get back on top (750/250 x 100 = 300%).As you can see, the more you risk, the less likely you are to get it back.4. Cut your lossesIf you are just trading forex for an hour or so a day, then find a trading platform that allows you to set automatic stops. An automatic stop allows you to program your trade to exit automatically if the market turns against you to a certain degree, and it means you know your maximum losses if you can’t be in front of your computer all day.For example, if you bought the AUD/USD at 1.5789 with a stop loss at 50 pips, your stop is set at 1.5739. That means if the value of the AUD drops to that level, your trade will be automatically closed and you won’t sustain any more losses.Once you have a stop-loss, it is usually a good idea to stick to it, rather than moving it further and further away in hope that the market will shift in your favour. Some trades are winning trades, and other ones are losing trades. A good trader learns when to get out of losing trades, rather than desperately adding funds to the trade in the hope that it will turn around.5. Protect your profitsAs the forex markets are very liquid, your profits can turn into losses very quickly. Two methods of protecting your profits are using trailing stops, and trading in multiple lots, a lot being the number of contracts you buy in one transaction.A trailing stop is when you create a stop that follows the forex market when it moves in your favour. So if we take the example from point 3, you bought the AUD/USD at 1.5789. Instead of having a stop loss at 50 pips, you could set a trailing stop at 50 pips, making your opening 1.5739. If the Australian dollar goes up to 1.6322, your stop will rise to 1.6272, meaning that even if the value of the AUD falls, you will still make a profit as your closing price is now set higher than your opening price.Trading in multiple lots give you separate profit targets. If you place one at a conservative level, like 20 pips from your entry level, and the other one further away, you are more likely to make some profits than losing everything.In conclusionIf you educate yourself, make a plan, reduce your risk, stop your losses and protect your profits, you are on the way to being a profitable forex trader.

BrandedThere was TV show when I was young about a US Army Cavalry Captain drummed out of the service for cowardice. A deed he did not commit. I still know the song and one line goes like this: “What will you do when you’re branded, will you fight for the name?” Have you ever felt like you were “branded” and as you walked around? Like everyone knew something about you and it changed the way they treated you? Was it untrue? The show lasted several years, with each episode negated the coward brand.When I think about the word “branded”, I go back to my cowboy days on the ranch. When branding day came, it came early in the morning with starting the fires. After getting the fire started, it was placing the irons in the red coals until they, too, were red hot. Next, comes roping the calves away from the herd and pinning them down. Hearing the bawling of the mothers who knew what was coming next still haunts me. The next sound, a sizzle and the smell of the iron as it burns into the flesh and hair of the calf. That branding smell is something you never quite get out of your nostrils, ever. The brand will never change on that hide.Branding your business is just as memory making. When people hear your name, your company name, your product, or your service, what flashes into their minds? The branding of a company takes thought, research, and imagination. Once the brand becomes recognizable, changing the brand usually means starting all over with a new business and a new business model, new clients.We brand people, too! Does that shock you? I know your mom, like mine said these words, “Don’t judge the book by its cover”, or “Sticks and stones can break your bones but names will never hurt you”. The opportunity is that names stick and being classified sticks.The branding of people is different. Once branded by others, we have a choice, to stand and re-brand or accept what has been branded on us. At this stage of life, I wear several brands. Some are hidden under old brands, some I am proud of, some I am not, and some I even earned.I was branded at an early age. I did not realize it until later in life. The fortunate part for me was that a good friend and mentor told me that everyone has a brand of some sort that is on them. I myself was branded at an early age of not being the sharpest knife in the drawer by a teacher and my mother agreed. Teachers know these things. So I reacted to the expectations and reacted accordingly. Mother knows best?My mentor went on to tell me that each time we are branded we have a wonderful opportunity to move ahead on the next great adventure. “What Great Adventure?” I asked.He continued on. “Re-branding is a natural part of life. You get to answer some new questions that are only yours and yours alone. What do you really want to be? What do you really want to do? Have you discovered your gifts and talents and how to use them? Where do you want to go? Who you become is up to you. You have a choice. Be miserable and accept the hand you were dealt or tell the dealer you would like a fresh hand. The adventure is that new insights added to the past insight to move you to the next level.” Change is possible.Let’s look at this situation another way. On the ranch when a calf is branded, the cherry red iron is placed on the hide of the calf. The brand does not change. It will be that way for as long as the cow lives. The calf will never have control of changing that brand. It labels where it belongs.People on the other hand can change their brand and do. I went from not the sharpest knife in the drawer to someone feared by the management at the company I worked for. I was the union steward. I was good. I never lost a grievance.But, one day I woke up and realized that instead of fighting against the management, I was protecting people that should have been fired and would have been without a big union protecting them. Employees lacking good work habits. I had the opportunity to really help my union brothers and sisters by weeding out the unwanted. I realized that the rest of the group was carrying the work load and having to work harder because I was protecting the useless. Most of them were not in the union, but had the same rights and access to the steward as those who paid dues. How much money does that cost a company when part of the employees work harder to cover for those who do little of the work? How many raises did the worker miss paying the wages for everyone?I handed in my union steward card. I re-branded myself again. I left where I had worked 20 years and went to be an office manager in another building. I had to re-brand and move on. The people who were my friends in the past now did not talk to me, called me things I will not repeat, and there was no going away party given for me.The realization was this: people followed others that spoke well, treated others with respect, and sought to be a helping hand to all. This sent me on a new adventure.Was re-branding myself easy? NO! Was it the most fun? NO! Was it the most exciting thing that I continue to do? YES! Today I look at the chance of re-branding daily. Some of my brands do not change. The moral and value code stays the same. I remain trustworthy, loyal, and respectful. The learning and searching continues on daily.The next great adventure (re-branding) was on to a new world of training others. This was the greatest responsibility so far I had been in entrusted with. Setting the example each and every day of how to do their jobs as well as be a representative of the company on and off the clock. From there it has been building new companies for others as well as my family. The only thing that has stayed constant is that, as you change, improve, and re-brand, you will grow. As you grow you have an opportunity to help others by being that mentor, that friend.How were you branded? Are you still wearing that brand or did you get a new one? All of us have an audience that we want to be heard by, to share ourselves with. Mine is simple and hard to do. Teach personal accountability and personal leadership to everyone that I am blessed to come in contact.