Category Archives: EDUCATION

MAIN REASONS WHY FOREIGN EXCHANGE TRADERS FAIL

$5.3 Trillion dollars is traded daily in the foreign exchange (FOREX) market. Many attempt foreign exchange but without properly tools they fail. Here are the main reasons why traders fail:

Fear – fear of losing your money will paralyze you into either not trying or doing it wrong.

Greed – greed makes you jump into trades that are not appropriate for you at that time.

Hope – being hopeful and not working off your skill will set you back. Execute.

Excitement – too much excitement will distract you from analyzing and executing your trades properly. Emotions should not be a part of trading real money!

Unrealistic targets and goals – many traders fail to learn realistic targets and goals. Learn how to properly leverage your account – lot size according to your account balance.

Lack of Knowledge – not taking the proper time to learn the foreign exchange trading industry can set you back a lot of money and time. Learn-Learn-Learn

Not entering proper stop loss – traders should always protect their money! This means setting a stop loss. Why? Unless you are a scalper, you will not see when your trade is exceeding the limit you have mentally set to get out of the trade. Sooooo…… set stop losses. Learn more about what stop losses mean to save you a lot of headache and money later. Professional traders use it, why shouldn’t you?
Setting stop loss is a large part of leveraging your account.

Lack of Capital – traders attempt to fund their account with a very small amount of money which limits them to the amount they can trade. Most blow their account because they overleverage due to little capital.

Lack of discipline – traders should always have a Trading Plan. Decide how frequent you will trade per hour/day/week/month, etc.. Decide what time of day, where, meaning your home office in your pajamas, at the kitchen table or what? While there is always a history of your trades, traders should always journal their trade activities to review and analyze their good and bad habits. It will help you in the long haul.

Elation – Too much confidence and overexcitement can cause a trader to lose much money in their account. Traders should remain calm and focused with their trades.

High Risk aversion – traders have the need to stick with their banks rather than risk their money and ultimately achieve greater success.

Poor choice of broker – Brokers apply spreads when you first select your trading pairs. Some spreads are more than 30 pips which automatically put you in a negative when your trade starts. Pick your broker wisely!

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Black History Month – The Real Meaning

Black History Month

Do you know the real meaning of Black History Month?

Because it is celebrated in February, does not mean its the only month history was made by African Americans.

According to Wikipedia, The precursor to Black History Month was created in 1926 in the United States, when historian Carter G. Woodson and the Association for the Study of Negro Life and History announced the second week of February to be “Negro History Week.”

From Martin Luther King, Jr. who marched for civil and human rights that are being violated in this modern day to Dr. Mae C. Jemison who became the first black female astronaut to Thurgood Marshall to Beyoncé and Hillary Clinton who broke the glass ceiling for women, you will find all the historical events by African Americans.

I recently stumbled upon the African American Heritage Trail in Martha’s Vineyard. After much research I found this is where the wealthy African Americans vacationed before travel became so popular. They were able to retrace the steps of their ancestors and continue to keep it alive in history. It is well worth your while to learn more and visit the Heritage Trail. Tours range from $15.00 to $75.00 The complete tour includes each island town:
Edgartown, Oak Bluffs, Tisbury, West Tisbury, Aquinnah, Chilmark and Menemsha Village.

Many credits go to Black Market.com for providing such comprehensive data and information on African American history. We would be amiss if we did not give accolades of praise to The Black History Month for their contributions to African American History.

“Try to be a rainbow in somebody’s cloud.” – Maya Angelou

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Skills or Common Sense – Do you show it or blow it?

After working in the Federal sector for over 35 years I can honestly say it’s a thin line between ‘Who you know’ and ‘What you know’. Many articles emphasize that Who you Know gets you further and having been in many situations it was that But I perservered and realized that no matter who I know, I still needed to have the knowledge, skills, and abilities (KSAs) to do the job. Fortunately I always had to apply, interview, and convince a panel that I would be their best choice. Without those KSAs I would not have made it through interviews with highly skilled Managers who could spot a fake.

So why am I making a big deal of this? I just read “The Billion Dollar Woman” by Janelle Harris. She interviewed Janice Bryant Howroyd, the first black woman to build a billion-dollar business, Act-1 Group, a business solutions enterprise. Janice elaborated on how she succeeded and made very interesting points.

First, she attributes her faith in God and the love from a large family as what inspired her. I can relate to that. She launched her business in 1978 with only $1,500. That took a lot of faith, self-belief and KSAs. Janice did not wait for someone to ‘hand it to her’. I launched my business for less than $350 with no overhead.

Second, she marveled at how business owners, employees, contractors or even creative people miss out on investing in people, understanding what the people need; understanding what is behind the ‘ask’, and once that need is identified, one can deliver a service or a product that really grows. Learning from her I deliver a great product that sells itself. Everybody is either doing it or want it.

Third, Janice stepped up, not back, when the ‘economy was staggering out of a recession’. She felt people wanted to ‘jump in’ when business was good and going well; however her thoughts was that people should put it all out there when there is adversity. It makes you work harder, stronger, and that’s the time businesses grow.

Fourth, Janice, graduating from North Caroline A&T State University, said her greatest challenge is “unapologetic about the gifts that got her here”. Previously, she shrank from her power. Now she embraces it and use it to help others.

Fifth, Janice was uncomfortable with the idea she was smart. She felt it was crucial to hide her knowledge. I never thought I would actually read about someone who was uncomfortable with their brains. It’s sad when people are ignorant enough to judge a person because they are smart. Don’t ever let anyone criticize you or judge you for that reason. Those are people who don’t have sense enough to look at your contribution to others. Take it in for what it really is, jealousy and a negative way to hold you back. After one of Janice’s business presentations, and as she was being escorted to the door someone said “’If more of your people were like you, your whole race would be a lot further ahead.’” Instead of allowing that negativity to affect her, Janice made a commitment that the first $1 million she earned, from that contract would go to scholarships for ‘people like her’. WOW. That’s how you show negative people, don’t get even, be successful. People are watching and waiting for you to either fail or be successful. Make a decision: to fail is easy; to succeed is hard but so rewarding and it helps so many other people. I recently attended a Women’s Conference in Teaneck, New Jersey, where one of the speakers, Lillie Ennis, made a very good point by saying “Ladies, when you crack that glass ceiling, send the elevator back down”. That was huge and an eye opener. There is enough for everyone but don’t forget to reach down and help another. That’s how your blessings multiply. This industry I have been so blessed to be a part of has no glass ceiling and I’m on that elevator.

I’ve seen what people need, realized it’s already out there as an $8 Trillion dollar industry and simply provide the avenue for everyone to reach it. Simply put, I will be the door that opens for my family and friends. I will create that Generational Wealth. I will lead and develop leaders because now I know, after retiring, this trillion dollar industry has no ‘Glass Ceiling’. And I’m sharing this with everyone I know so you will understand that if I can do it, so can you. There are no education requirements, just a desire to help others.