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Fascinating news from our parent company! They are launching an insurance service for trading accounts called Safety Net System. You can use it too! Find more details in the article.
As the name of the article suggests, there is a common conception, or rather misconception that trading on FOREX is very risky. Is it truly so risky and if so, then why — these are the topics that we would try to cover today.
So, let us start with the basics of what FOREX is exactly. In fact, it becomes quite clear once we unwrap the abbreviation (yes, it is an abbreviation): it stands for FOReign EXchange, or in other words, the process of exchanging (trading) of various currencies. In fact, almost everyone in their lives have participated in this market, for instance when travelling abroad and having to exchange your domestic currency for a different one — it is also a part of the FOREX market.
However, while we are all quite savvy when it comes to finding a better exchange rate at different banks and bureaus, even if it means 10 cents of overall profit, we often hear about one’s inability to trade within the same market profitably. Why? In fact, as most problem are, there are a number of reasons that contribute to this, so let’s break them down individually.
2. Wrong persons of interest
We often start doing something since our idols do it. Often, it happens that we find a public figure that we sympathize with on a personal level, yet it bribes our judgement in terms of decision making. Essentially, we are more likely to listen to an unskilled friend than to a professional stranger, as many pieces of research suggest. (Can you remember your own examples of this?) It is needless to say that we should only use our own judgement when it comes to financial decisions, yet many forget it and follow advices of people who they should not listen to at all. Again, we are not saying that simply following a self-proclaimed trader as opposed to a friend, is a good advice, since we shall develop our own analytical skills. Nevertheless, following a few traders or financial advisors is surely better than following a TikTok teenager who happened to have made some money in a few trades.
3. Targeting setting and approach
When trading on any market, FOREX included, we often visualize luxury life as portrayed in movies. While it is not a bad thing to have a target and dream of the outcome, it is certainly not a good advice to have it as ‘carrot on the rope’. If we are profit focused, as many professional traders would agree, we are likely to make mistakes and end up losing money. We are not saying that aiming to making a profit is a bad idea, but having a particular target is certainly misleading. If, let’s say, we are looking to buy a new laptop for $2000 and we are using it as target for each trade we make, more likely than not, we are going to be too greedy and lose money as opposed to making some. In behavioral finance, a psychologically focused branch of finance, it is referred to ‘Anchoring bias’. Moreover, if we pick an arbitrary number that we are looking to make in a month, the figure ought to be more or less flexible, as well as being realistic to our own deposit amount and experience. Having the same target as Warren Buffett is not a good idea for obvious reasons.
4. Know your pairs
Beginners often find themselves trading everything at once — a bit of this, some of that and also ‘that, whatever that is’. Sounds quite funny, doesn’t it? Nevertheless, as statistics show, most of the unexperienced traders seem to have a common misconception that trading every possible currency pair (especially the fancy looking ones) is the path to profit and thus happiness. Yet, a simple argument to prove otherwise — all professional traders have a specialization, whether it is metals, short-term futures contracts on agriculture or even a basket of a few currencies — they all have some focus. Given the limited nature of working hours and scarce attention and memory of any human, it is better to know fewer assets very well rather than trying something new every single day. When trading the same few currencies over and over again, you not only learn the graph and prices, but also get a ‘gut feeling’ of the asset. This feeling is arguable worth more than any trading strategy or a complex algorithm.
We have listed only a few of the most prominent issues that can persuade one that trading FOREX is a dangerous endeavor. However, we hope that we have also provided some solutions for them too. Moreover, we can continue listing various more intricate aspects of human behavior, from well-known Overconfidence bias, Bandwagon effect and Optimism bias to almost anecdotal Murphy’s Law. However, we would leave these interesting topics for research at your own leisure.
Hopefully, this article has already helped some of the readers to realize the mistakes they were making and thus improved their trading approach. But, to further prove the points above — have you ever considered why it is easier to trade on a demo account as opposed to a real account? Psychology can be a cruel enemy or a grateful ally to a trader, depending on the side. In fact, many traders would find it easier to operate if they knew that they are safe even if they make a few mistakes and incur losses. Luckily, that is exactly what LH-Crypto thought of when developing the Safety Net System! It is the latest limited offer from the company, which works, just as the name suggests, as a safety net. So, under the terms of it, a trader gets to keep all of the profit, yet, if a loss is made and drives the balance below the initial deposit amount, the Safety Net System can be applied, thus reimbursing the lost amount up to 100% of the deposit. Sounds amazing! But that’s not to mention that additional deposits increase this insured amount too! This way, while you are mastering your trading on FOREX or any other market, you can make profit, while not worrying about a potential loss, as LH-Crypto got you covered.
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I am developing my masters thesis on how risk communication can be more inclusive for the colour-blind, namely by not resorting to red-green colour encoding so often.
Therefore, i would like to have your opinion on the following:
These three city maps use three different colours to encode different levels of risk associated to each city. Which one do you prefer? The one above or the one below?
Thanks in advanced!
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