Importance of bringing change to your strategy

Most traders in Forex try to develop their strategy in the market. The strategy is one important thing that every trader needs to have in their trading. It is one of the advantages that will always help you to get an edge over the traders. When you are trading the market with a new strategy, you should keep in mind that you need to trade the market not with a fixed strategy, but with a changing strategy. You need to make it change and adapt to the changing market trend. The mistakes that all traders make regardless of their experience in the market is they like to keep their strategy fixed. They work really hard in the market to develop one strategy and after they have developed it, they do not like to change it or they simply don’t bring new strategy in their old strategy. This is when the old strategy became obsolete in market and traders begin to lose. If you are keen to make money in Forex, you have to know when to bring change in your strategy.

Importance of bringing change to your strategy

The market changes every time you place trade

This is one of the truth in Forex. This market is not the same when you are placing your second trade. We have seen a lot of traders who have just won a big amount of profit in Forex and when they are placing the second trade, they follow everything like their past ones. But the result is very much different and also, they make a money here too, this amount is not profit but loss. What do they do that results in the loss? Experienced and professional traders say it is their old strategy which was not changed in the new market that resulted in the loss.

This market changes not only when you are trading in Forex, but also when you are sleeping g too. Remember that this is the largest financial and investment market and trillion of dollars are being traded every day. This market is always open in one corner of the world if it is closed in your country. It is an investment industry and the rules and influences of investment changes every time. Keeping your strategy fixed or not bringing any change will not do you favor in the market. You need to make it dance with the market strategy if you want to make money in Forex. However, if you are completely new to this market then use a demo trading account to understand the basic nature of this market.

Keep it simple

Most novice traders believe in the complicated trading system. They think that this market is full of complex price movement and without having a complex strategy they will not be able to make money on regular basis. But this type of thinking is only prevalent among the novice traders. The expert traders at Saxo believes in simplicity. They simply trade the key support and resistance level by using the price action confirmation signal. It’s true that some of them often trades the lower time frame data but still, it’s better to stick to the higher time frame during the early stage of your trading career.

Considering the success rate in the Forex trading industry, you must be extremely careful about your investment. Since 5% of the traders are making money, you must have a clear knowledge and trade the market with the extreme level of discipline to become a part of them. Many new traders have blown their entire trading account within the first few months of their trading career. This market is all about probability and you can’t beat the price movement of the market. Try to learn to trade in favor of the prevailing trend and always focus on the higher time frame price action signal. Make sure that you are not taking more than 3% in any single trade since it is one the key rule to save your hard earn investment.

Living on Your Own for the First Time

Life presents many challenges for young folks living on their own for the first time. It’s a realization of the many responsibilities that now rest at your feet. You have to clean, cook, work and pay bills by yourself. It isn’t any wonder that many young college students find themselves a bit short at the end of each month. With school as the main focus for obvious reasons, you may not be able to put in the number of hours you need to afford your place of residence and lifestyle.

Getting over the hump and starting a new 

If you find yourself a bit behind at the end of each month and dialing up mom and dad is no longer an option, there are other ways to acquire the money you need to make ends meet. For the immediate future, you could always apply for alternative payday loans online. These type short term loans have various repayment options available from a few months to up to a couple of years. This lets you repay the loan in small, affordable monthly payments.

Earning money through teaching or tutoring 

In order to afford your apartment and lifestyle, you have two options. You can either find ways to bring in more money or you can cut back on your expenses. If you are top of your class, many teachers look for a student just like you to fill in for classes or to tutor students who need a little help. Most of them are on campus and generally only require one or two days a week for a couple of hours. If you are a freshman or you aren’t sitting at the top of your class you could still find work in the library and other areas of the campus. Usually, there are boards where open jobs are posted weekly. You could also search the web for writing or blogging opportunities. Many pay quite well for just a few hours per week. You could even drive for companies like Uber. There are many ways to earn extra cash.

Lowering your monthly expenses

If you have a cell phone and you chip in for cable, rent and electric with your roommates, you can save money by checking out other companies to see if their rates are lower. A cell phone can become quite expensive running for a single person upwards of nearly $100.00 a month. If you have an individual plan in your name only, you can contact the service provider to find ways to reduce the bill. It may end up something as easy as reducing your minutes. If there’s nothing that they can do, shop around. You can even get a prepaid phone, if need be, in order to get back on track. You can handle the cable bill in the same manner. If you have one or two roommates, there’s a good chance that they want to lower their expenses as well. Again, if you need to, as a last resort you can always switch to basic service for a few months. You can always rent movies from other sources like the Redbox or Netflix for a lot less money each month. You can save money on groceries and essential supplies by shopping at discount retailers. Go online and check the local supermarkets, large chain retailers, and even the pharmacies to see who does have the best prices.

Budgeting your money

Life is full of constant surprises, most often at the most inopportune moments. In order to stay afloat and avoid falling behind on your credit cards, school loans, and monthly rent, it’s important to set up a budget. Now is a great time to do so because you have just a small amount of debt and monthly required payments. If you get into good spending habits now, you’ll have all the lessons learned by graduation and before settling down with a family somewhere.  Budgeting is rather simple. The hardest part is not giving into temptations and impulses that come along. If you want something that you don’t have the money for, save up for it versus putting it on a high-interest credit card. This way you’ll pay only what the actual cost is and you’ll appreciate it so much more.

Life comes with ups and downs that test your strength and resilience. If you learn how to live within your means and establish a budget early on, you’ll end up with excellent spending habits that will afford you the things you deserve including a home and a car.