How to defeat the fear in Forex trading?

Fear is a natural emotion that people face a lot throughout their life. And since Forex is still quite a risky business, many traders, both beginners and experienced ones, have to deal with their fears in trading.



Richard Dennis - a genius of commodity trading

Nowadays the Internet is full of stories of ups and downs, successes and disappointments in the Forex market. One can find a few dozens of such stories that fit every taste. But you have hardly heard the incredible story of astonishingly rich, a genius and a pioneer of commodity trading, Richard Dennis.

Dennis’ story is the type of stuff for trading legends that can still fire the engines of aspiring traders today. This guy was around 23 years old and he was reported to have borrowed $1,600 and turned it into $200 million in about 10 years trading commodities. By the time he was 26 years old, he was already a millionaire trader.

So called “Prince of the Pit” was born on the South Side of Chicago in 1949 in quite poor Irish-catholic family, where only father worked as utilities cleaner. Dennis became an order runner on the trading floor of the Chicago Mercantile Exchange at age 17. A few years later, he began trading for his own account at the MidAmerica Commodity Exchange, an entry-level floor where "mini" contracts were traded. To circumvent a rule requiring traders to be at least twenty-one years of age, he worked as his own runner, and hired his father, who traded in his stead in the pit. That’s how he got his moniker.


Ed Seykota - a patriarch of computer trading.

It’s not a secret that Forex market has incredibly changed over the past few decades. Technological evolution changed trading for good, but few know the people who stand behind this progress. Have you ever heard of Ed Seykota, a lustrous trader who brought IT solutions to Forex trading? His returns on capital compares to those achieved by Warren Buffett, George Soros or William J. O’Neil. He is among the trading gods with no doubt.

Edward Arthur Seykota was born in 1946 in the Netherlands, but at an early age immigrated with his family to the United States. His father tried himself as a stock trader and eventually became the first trading mentor for his son.


Best tips for Forex newcomers on how to trade safely

Learn how to start Forex trading and begin to move along the way to success.

Foreign exchange market attracts more and more new traders worldwide offering great opportunities and quite achievable real benefits. But profits that come with the trading can truly be gained only through significant experience, enormous self-discipline and really hard work. 

Some useful tips to get around the pitfalls of foreign exchange market and to reveal the potential of novice traders are given below.  


Top reasons to become a Forex trader

So many people dream of a successful start-up of beneficial business project, but they neither have business plan, nor considerable investment capital. This might be crucial for many business spheres, but not for Forex trading.

The Foreign Exchange Market is a global, worldwide, decentralized financial market for trading currencies. It has unique characteristics and properties that make it an attractive market for investors who want to optimize their profits. The Internet makes the process quick, convenient and very simple. Forex trading does involve risks, but alternative investments have better returns.

So, let’s discover the main reasons encouraging people to become Forex traders.


What anime can teach you about Forex trading

Have you noticed how many Forex strategies and Expert advisors either have names taken from anime or sound like they were taken from there? It seems that huge worldwide love for anime is only growing stronger. 

You could have noticed how it absorbs almost every part of our lives. Even huge brands like Amazon, Nike, McDonald's, Nissan, Sony, New Balance and many others recognized the influence of anime and sponsored many famous titles. 



Steven Cohen is a legendary trader of Forex market

Each newcomer wonders, what features a trader should have to achieve an outstanding success at Forex market. One thinks this over and over again, dreaming of incredible profits, while, sometimes educating of these skills take a lot of time and efforts. But, can you imagine that there are people who have innate trader’s instincts? That’s the case of the most powerful trader on Wall Street you surely never heard of. Steven Cohen is an American hedge fund manager who was ranked by Forbes at the 106th richest man in the world and the 35th overall in the United States. 

Steven Cohen was born in 1956 in Great Neck, New York, where his father was a dress manufacturer in Manhattan's garment district, and his mother was a part-time piano teacher. Growing up in big Jewish family among seven brothers and sisters, he got used to concentrate on the essentials from the very early childhood.


Video Games vs Forex Trading

We were thinking on what to feature in our blog when one of our developers suggested we take a break and play a short match in League of Legends. How bad can it be, right? Well, surrender the game at 20 minutes kind of bad because we didn’t play for a couple of months and didn’t read the recent patch notes. At the same time our analyst traded and managed to make a couple of bucks while we were playing. 

And there we were, defeated and frustrated as he smiled at us with the sense of accomplishment. We decided to sit down, gather our thoughts on what trading and gaming have in common, and what are the pros and cons of both. What else can a person do after he was defeated, if not analyse what he did wrong? 


Forex market made Ingeborga Mootz famous worldwide, while nobody believed in her trading talent.

Starting with Forex trading, it’s likely that each of us needs to be inspired with the examples of successful traders. We are not talking about big wheels like George Soros, but ordinary people who live among us. Have you ever heard about Ingeborga Mootz? She is 96 years old millionaire, but she hasn’t always been rich. In fact, at least15 years ago, she was an unremarkable old widow. And now she is one of the most well-known people in Germany.

She was born in 1922 in a small town called Giessen and experienced all the hardships and sorrows befell people in Germany in the first half of the twentieth century. Hoping to escape from painful poverty young Ingeborga got married at the age of 17. She was dreaming of the wonderful changes that marriage will bring to her simple life, but it was destined to come true only 60 years after.


6 most common myths about Forex trading

Here we gathered the most interesting of common myths about trading on Forex. Some of them you already might know from somewhere, but we decided to give more simple explanation for those who might be scared off by technical details. 

Did you believe in any of those myths? Read and let us know what you think in the comments below.

#1 You can achieve 100% profitability

Losses are an inevitable product of trading, and every trader/system may encounter them. Unfortunately, perfection can never be achieved, even the biggest traders lose money. There are thousands of anonymous participants in the market. Each of them has his/her own goal that you cannot know beforehand.The trader is at fault only when he fails to follow his plan, regardless of the outcome (win or loss) of a trade.

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