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In our last article called 'Characteristics of Great Forex Traders Part 3' we looked at the importance of being patient, and fully accepting the realities of Forex trading. We established that to become consistently profitable, top traders must fully accept that they will lose sometimes, so they quantify their risk and manage their capital well enough that no single loss will wipe out previous gains. In this article we will look at how top Forex traders are able to make significant profits in this manner.
An essential trait which distinguishes consistent losers from winners is their ability to step on the ‘gas’ when they have a strong conviction about a trade,Spaccio Moncler. For instance, lets assume your entry criteria has been met and the fundamentals fully back your trade. It’s at times like these that successful Forex traders use their courage to invest more capital, instead of using perhaps their normal position size. Think about that for a second - if you had a good idea that the odds of you being successful were more in your favour than usual, it makes sense to put a little more into it. The idea however is that you fully accept if that trade goes against you, your account does not take a big hit. By simply being courageous and confident, great traders can produce well above average returns compared to novice traders. Once you have completed your Forex trading training, this is the level of confidence you should look into building for yourself.
Next on our list of essential qualities is a trait which is innate and has been instilled in every single one of us from our childhood. However, it hinders our progress as Forex traders. It is the belief that we need to be right on every single occasion and that losing equals failure. Most people in their profession; be it doctors, lawyers or pilots; need to do the right thing and be right every time. Conversely, in Forex trading it is that mentality that leads many traders to be consistent losers. In Forex trading, there is no such thing as being right or wrong. It is either the market and all its participants that believe in your opinion of where price should be or they don’t (in which case your stop loss must get you out at a point where you should have predetermined before getting into the trade). Once the Forex trading course is completed, traders should accept that success in trading does not come from how many times you win on a trade but instead it is how you maximise your gain that matters. In effect, new Forex traders need not to worry about how many times they win but instead learn to manage their trades so that they can maximise their wins instead of taking quick profits. Successful traders always use a stop loss, whereas consistent losers’ trade based on hope. They hope the Forex market will come back in their favour whereas successful traders allow their profits to get bigger.
After completing your own Forex trading course assess your trading and ask yourself if you make the same mistakes as the consistent losers we described in this article. If you are, then stop risking valuable capital and refer back to your Forex trading training. If not, then you have taken a giant leap towards becoming a successful Forex trader.
In our next article, we will examine some psychological issues and the mental state which top Forex traders have had to adopt in before being able to reach their current level of success.
Fast Forward: 2019; the hospital insurance fund is projected to run out of funds. 2041; the Social Security Trust Fund will run dry.
The hospital insurance funds of Medicare (Government health care program) are currently paying out more than it takes in.
It is projected that Medicare’s payments for doctors and prescription drugs will rise faster than the nation’s overall economic growth,Nike New York Giants Jerseys Store. Therefore, causing beneficiaries’ premiums, co-payments, and deductibles to rise faster than their incomes!
As a retiree, it is assumed that Medicare (if you are eligible) will cover most of your health care costs. Though, if we are to believe that the Social Security and Medicare systems are in such a state, we best be prepared to bear potentially major health care costs.
It is estimated that a couple, aged 65 years, will spend in excess of $200,000.00 over the next 20 years on health care; even if they are covered by Medicare!
Consider this: if you are aged 65 years (or older), it is highly probable that you may need dental care, eye glasses,Sale Nike NY Jerseys, hearing aids, regular check-ups; at some stage, possibly even long-term nursing home care. Do you know that apart from ONE free check-up when you first enroll with Medicare, these services are not covered?!
Social Security was created in 1945. By 1955,Nike Air Jordan, 42 workers paying the system paid for ONE retiree. In 2007, they are paying for 3. By 2030, every working couple will have their very own retiree to support! Thus, the significant, and rising, imbalance between workers and beneficiaries.
There are 2 issues to consider when deciding “to retire, or not to retire;” life expectancy, and investment acumen.
If you decided to retire at 62 years of age, you will receive 75% of full Social Security benefits each month for the rest of your life. Wait to retire at age 66, and you will receive 100%. If you can hold out until you are 70, you will be paid 132% of your full benefit.
The bottom line is: soaring medical costs accompany increased longevity. The Social Security and Medicare systems seem to be worsening, not improving. Perhaps, saving for health care costs, in retirement, means thinking outside of the box; a health care mutual fund may be just the prescription for success?!
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