Category Archives: FOREX

8 Major Currencies in FOREX Trading

These currencies have nicknames which enable you to research them individually by their nicknames or abbreviations. They are convenient when you are communicating with other Forex traders.

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U.S Dollar (USD) Buck or Greenback – Greenback comes from banknotes issued during the American Civil War in 1861, related because of the color green on their backs. Buck comes from “buckskin” used by Native Americans as a bargaining chip with Europeans.

European Euro (EUR) Single Currency or Fiber– Fiber simply because the currency bill is made of pure cotton fibers. Single Currency because it is used in several states.

Japanese Yen (JPY) Yen – the 3rd most traded currency and the 4th most important reserve currency. The most traded currency pair containing the yen is USD/JPY; EUR/JPY and GBP/JPY.

British Pound (GBP) Sterling or pound – comes from when the pound sterling had a value equal to one pound of sterling silver.

Swiss Franc (CHF) Swiss – Swissy is a nickname but also for the currency pair that includes USD USD/CHF.

Canadian Dollar (CAD) Loonie – the currency of one Canadian dollar has the image of a common loon, a widespread bird in Canada.

Australian Dollar (AUD) Aussie or Ozzie – originated from the fact the term refers to an Australian.

New Zealand Dollar (AUD/NZD) Kiwi – comes from the national symbol of New Zealand, a bird.

Continue to FOLLOW OUR BLOG for more post on FRx and HFx. Thousands of people are learning to trade daily. With the current pandemic everyone needs another source of income. Reach out to us if you desire additional information regarding FOREX.

15 Things to do during the CoronaVirus Pandemic

15 Things to do during the CoronaVirus Pandemic

STAY HOME.  STAY SAFE.  SAVE MONEY!

1. REST, REST and REST.  No alarm clock, no schedule.
Be lazy for a while. Everyone should be able to sleep 8 to 10 hours daily if you are actively participating in the State-wide Stay at home mandates.  You deserve that and soon you’ll be back to your regular schedule.

2. Call a friend or family member and catch up on what they are doing.  Check up on an elderly person who needs someone to talk to.

3. Start an on-line CHAT or regular meeting through ZOOM.

4. Read a BOOK.  With your local library you can access their on-line Books for 7 to 21 days to be viewed on your Smart Phone or Computer.  Call a student or child and read to them. All this for FREE in the comfort of your home.

5. Learn a new skill/craft. Search YouTube for anything you want to learn.    I recently spoke with someone who went to a WalMart SuperCenter and said there was not one sewing machine or supplies in the whole Sewing/Craft Section.  Everyone is keeping busy or entertained.  Join them.

6. Keep a Journal of your activities. It helps to look back at what you spent most of your time doing.  Keep a financial journal. See just how much money you are saving at home (gas, coffee, eating out, etc.)

7. Don’t WORRY. Worrying does not change anything but your health.  Everything is going to be alright. We will get through this.

8. Clean your living space. Literally. Clean your sock draw, etc.

9. Catch up on the laundry.

10. Work on a project you’ve been procrastinating about for a while.  I watched my son replace all the slats on his deck, then wash and stain it in 2 days.  WOW, that’s how you beat boredom!

11. Do your TAXES. 2019 Deadline is July 15th  Right around the corner.

12. Do your own manicure and pedicure. You’ld be surprised how much money you can save with this.

13. Dye your own hair. Condition your own hair.  Style your own hair. Or simply let it go. It’s yours to do what you want.

14. MEN – Don’t worry about shaving.  Your Barber will appreciate that you waited. Use the time to work on your truck or simply make your own MASK to wear.  Get creative!

15. SHOP ONLINE

16.And last, but not least – Watch TV, play electronic games on your Xbox, Nintendo Switch, etc. 

I could add dozens more but you get the picture.  Relax, enjoy your time and your family. The crisis will be over soon. But please STAY HOME and STAY SAFE.

(Stop wearing your money and multiply your money)

https://www.iMarketsLive.com/Millionaire1206

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!