What’s it like being a trader? There are many benefits of being a trader and if you are good enough to be able to live the full time trader lifetyle, you will appreciate the freedom of being your own boss. It is not easy to maintain the trader lifestyle because you still need to work hard to maintain your income. I’ll briefly talk about what a day in the life of a trader is like in this video.
The content here is for informational purposes only and should NOT be taken as legal, business, tax, or investment advice. It does NOT constitute an offer or solicitation to purchase any investment or a recommendation to buy or sell a security. In fact, the content is not directed to any investor or potential investor and may not be used to evaluate or make any investment.
Investing and trading is a high risk activity and should be approached with caution. I am not a certified financial advisor. Hence, it is important for you to seek a certified financial advisor to craft your portfolio.
Singapore youtuber profile:
Karen Foo is Singapore trader, investor, financial trainer, author, motivational speaker and international speaker. Her content on Youtube and Tiktok has helped tons of traders around the world to master trading.
Karen is actively involved in speaking at various financial conferences, seminars, expos, workshops and publicly-held events in Singapore, Malaysia, Thailand & Vietnam. She has shared the stage with top investment gurus and CEOs at the various conferences she has spoken at. She is also a TEDx speaker.
Having overcome numerous setbacks in her life, she has gone on to inspire hundreds and thousands of youths, working executives and leaders of various companies with her stories.
Being labelled as the “quietest student and underachiever” throughout her life, she went on to win numerous awards in public speaking contests, traders awards, academic awards & scholarships.
She graduated with a business degree specializing in banking and finance from Nanyang Technological University where she was listed as a featured alumnus. She was also nominated for NTU’s social responsibility gold medal award for her various contributions to charity. While in university, she was already interviewed by Singapore’s national TV, Channel News Asia as a young investor.
She is also the contest judge for numerous public speaking contests held around Singapore, ranging from club level to National level contests. She also represented her university 2 times at a national public speaking competition.
She was also featured in TV, radio, magazines and documentaries for her academic & career achievements. She has also written financial articles for her university newspaper and Singapore’s popular news platform, The Strait Times.
She was voted as the “Best Trading Guru in Singapore” by Traders Awards 2019. She was also given the “Top Popular Analyst in Asia” award by Wikiexpo.
Karen represented her university in a trading competition and managed to rank #1 in a Singapore nationwide Forex trading competition, competing with over 200 traders from NUS, NTU, SIM, SMU & the 5 polytechnics based in Singapore. She was also ranked 10th in a contest organized by FX Street, competing with over 3000 traders from over 20 countries. She was also ranked top 3 in other Asian trading contests.
She is the author of “Fundamentals of Currency Trading”.
Her wide range of experience has also led her to co-author a book, “Turning Ideas into Profit” with 10 other experts and professional speakers. Karen is also a contributing author of an investment book titled “Your Cash Moves”, where all the proceeds are donated to the Singapore Children’s Cancer Foundation.
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A Boom and Crash Strategy For Forex Traders
A Boom and Crash Strategy For Forex Traders
Before deciding to start investing in forex, you need to know a bit about how currencies are valued. Essentially, the value of currencies is their ability to support or depreciate in value. In general, the more stable a country is, the more likely that its currency will have an upward trend. For example, an American company operating in Europe might use the forex market to hedge against the weakening euro. In this case, the American company may decide to buy U.S. dollars and sell euros. However, this would mean the euro’s value would decrease and their income would be reduced.
The price of a currency is influenced by macroeconomic factors, such as the nation’s debt. A country with a large debt load is not likely to attract many foreign investors. A country without foreign investment will struggle to build its capital base and could see higher inflation rates or currency depreciation. Forex is also popular with day traders due to its low volatility. Forex pairs with the highest volatility include GBP/USD and EUR/JPY.
Those new to forex trading should be cautious and avoid being greedy. It is easy to lose more than you initially invested and will ultimately wipe out your account in a short period of time. Nevertheless, a professional trader uses a stoploss to limit their losses. Regardless of how small the trade size, a trader should avoid trading more than one-half of a pip. Even if the price of the currency pair goes down, it is better to be cautious and use caution than putting all your eggs in one basket.
When choosing a currency to trade, it is important to know the exchange rate and the fundamentals. This can be confusing because you may be unsure how much to invest and what currency you should use. However, it is important to note that forex traders have a wide variety of methods to invest in foreign currency. Basically, there are two kinds of exchange rates. Those in the U.S. and the U.K. are more likely to have more oversight.
One way to reduce risk in forex trading is to be aware of gaps. Gaps happen when prices break a certain level or move dramatically in either direction. Usually, they occur over the weekend, when the forex market closes. Other times, gaps happen on a short-term timeframe or after major news announcements. If you can’t figure out which one of these two is correct for you, then you’re better off trading in the opposite direction.
In the case of currency pairs, you may opt for either a position trade or a short-term trade. The latter type of trade requires a higher level of skill and understanding of fundamentals. However, the biggest benefit of forex trading is the possibility of making money consistently even if you’re a total beginner. And if you don’t want to risk too much money on a trade, you may want to consider a short-term strategy.
There are a few factors that you need to keep in mind when considering whether or not to start forex trading. First and foremost, you need to learn about the forex market and its operations. Then, you need to make a strategy based on your personal finances and risk tolerance. And last but not least, you need to open a brokerage account. It’s easier than ever to fund your forex trading account online. A few tips can help you get started.
First and foremost, you need to be comfortable with high-stakes trading. You must be prepared for a large amount of money on the line and you must be emotionally balanced and disciplined when it comes to closing your positions. You can begin with a micro account, which allows you to trade $1,000 worth of currency in a single lot. This way, you can practice your skills without risking your capital. You can also get a feel for the market and its daily ebbs and flows.
Lastly, you should research upcoming events. The weekend provides an ideal opportunity to research upcoming events in your area. You can use the Economic Calendar of DailyFX to know about important events affecting the economy. This will help you make decisions based on what you know. That way, you’ll be more likely to make a profit than if you were to ignore important economic events. The more you trade, the more you’ll earn.