The Real Secrets of Long Term Trading Success
We’re all human: if we think we can do something in half the time and get the same results we generally do it. And we’ll do this even though we know at some level that we are due for a fall if we do.
If someone lets you know about a surefire way to make money on the financial markets without having to put much effort in, we all, generally, go along with this and get involved.
Certainly there are lots of books out there that talk about how best to make money on the financial markets. There are also websites with free expert financial market analysis.
Whether it’s a new course promoting another new method or some new software that will almost automatically make you richer.
Learn, Learn and then Learn some more
There is no substitute for deep knowledge of the financial markets, it’ll take some time but it will be worth it in the long run. Financial markets are influenced by a multitude of factors. Politics can have an influence, this could be as simple as a change in leadership or a full scale global political scandal.
You don’t have to be an expert, just try to increase your general political knowledge. The global and local economic situation will have a bearing on the financial markets too. it’s important you understand the key measures of a country’s economic health, from GDP figures to unemployment figures.
The global economic calendar is a busy one with which sees country’s releasing economic figures at regular intervals. It’s important to make sure you know the dates of these announcements so that you can measure media reaction and see how the markets react. While you will find many free resources on the web, it’s worth subscribing to the key economic, political and financial newspapers and publications in your respective country.
It’s a good idea to choose one market and try and learn as much as possible about it.
Forex
The foreign exchange (forex) market is the largest financial market in the world. {Its prominence perhaps lies in its broad appeal and the number and diversity of participants it attracts; from the world’s heavyweight commercial banks, hedge fund managers, right down to the individual. The forex market is appealing because of its liquidity and the sheer amount of money that is regularly traded}. Choose a currency pair which is, historically, less volatile than others and learn everything you can about the relationship between these two currencies and indeed countries.
Shares
A number of factors can affect the price of a company’s shares. While the underlying economic climate plays a significant role, it’s vitally important you know how to asses the financial health of a company.
Companies listed on the London stock exchange will release financial results twice a year and trading updates twice a year too. These will give you valuable insights into how well a company is performing.
It’s also key to gauge any media reaction the media reaction and whether they were more or less what economic analysts were expecting. Start with a company that’s share price isn’t particularly volatile, that way even though your profits won’t be massive, your losses won’t be either.
Commodities
All commodities have a unique weighting of factors which will influence its price. There is a lot of information about trading commodities available on the web.
But it is the extent to which these factors influence an individual commodity that investors and analysts pay special attention to.
For instance, the price of Gold and the US dollar are very closely linked, as many investors use the relative stability of the former to hedge against a weakness in the price of the latter.
The price of platinum tends to rise in more stable economic times due to its specialist use in manufacturing.
It’s a good idea to start with a commodity that’s price is stable.
To summarise then
As you have seen, whichever market you pick it’s a good idea to choose financial instruments that are traditionally less volatile than others.
Never underestimate the importance of risk management.
Successful CFD traders make risk management an integral part of their trading strategy. This is one of the reasons why they are successful long-term.
One final point, before you put up any of your hard earned money gain some actual, physical experience of trading by using virtual simulators or demo versions of platforms.
One place you can try to start taking advantage of the financial markets is CFD trading with IG Markets. They offer a free demo of their trading platform and free education and resources to help you become a better trader.
UMOO Fantasy Trading
Rating: 4 out of 5 stars
Reviewing: UMOO Fantasy Trading
UMOO is a fun way to play the financial markets particularly if you would like fantasy trading as opposed to investing. Contestants choose to compete in fantasy trading tournaments against other users or the financial market on UMOO for cash rewards. There are competitions that are no cost to play and those where a deposit is necessary. Competitions that need a deposit have increased prizes. The fantasy trading competition can be as brief as ten minutes or as long as a market session. There are fantasy trading games with stocks, forex, and commodities. All matches use real-time market data and no software installation is needed.
There are two kinds of fantasy tradingcompetitions playable on UMOO: Trading Tournaments and PIX games. In a Trading Tournament contestants begin by selecting a competition of interest to them. The tournaments are assembled in reference to three well known indexes: the S&P 500, the Dow Jones Industrials, and the Straits Times index of Singapore. The Trading Tournaments necessitate players to choose stocks from the index and endeavour to create the greatest percentage return they can with a reserve of virtual cash. In an S&P 500 match for example users build a portfolio of stocks in the S&P 500. Once the game has started contestants may alter their portfolio to maximize their chances. All games are day trades because none extend into the next trading session. During the tournament users may check their fantasy trading portfolios to see how they are performing and compare their effectiveness against the “benchmark”.
The “benchmark” alerts the trader whether they are “in the money” or “out of the money”. “In the money” is defined as if the tournament ended at that moment they would win a reward and “out of the money” means they would not. The “benchmark” also shows the number of prizes being given away in the tournament. One significant note however is that contestants are ineligible to be awarded prizes in the free tournaments without at least having a deposit with UMOO. Competitions that are not without a cost require “fees”. These “fees” are ordinarily a percentage of what prizes can be rewarded such as a five dollar game will ordinarily have a ten to twenty dollar prize.
The alternative choice of tournament is named a PIX game. PIX games are just ten to thirty minutes in duration and require the player to choose the one, two, or three best performing symbols from a brief list. For example, in a Forex PIX tournament the contestant may have to select the best performing currency from a choice of three. UMOO may make available USD/CHF, EUR/USD, and AUD/USD with a starting time and ending time. The user can win if they choose the currency pair with the highest performance during those ten minutes. In a PIX contest users compete only against the market versus a tournament where they compete against other traders. All PIX games have a cost and the risk reward ratio is about 2 to 1.
Bottom Line: If you are searching for fun with trading financial instruments and fixed risk, fantasy trading on UMOO can be fun and financially rewarding.
Forex Trading Robot Opportunity
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