Understanding the differences between Forex direct and ...

Global Financial Markets: Habits of Good Traders and Bad Traders [Part 1]

Global Financial Markets: Habits of Good Traders and Bad Traders [Part 1]
The Internet has created opportunity of easy access to the Global Financial Markets. Everyone who desires to learn and earn can now trade in the Global Financial Markets, irrespective of their location around the world without discrimination. What used to be the secret investment opportunity for the rich and privileged few, has now become an open marketplace through digital platforms made accessible on mobile phones, portable tablets and laptops. Therefore, as Internet connectivity and broadband access continues to penetrate into every remote corners of the globe, the awareness of Global Financial Markets commonly referred to as FOREX TRADING, will continue to soar!
According to Ian H. Giddy, Stern School of Business, New York University “The global financial markets include the market for foreign exchange, such as the Eurocurrency and related money markets, the international capital markets, notably the Eurobond and global equity markets, the commodity market and last but not least, the markets for forward contracts, options, swaps and other derivatives”. Simply put, the Global Financial Markets is a virtual platform for online trading of Currencies of countries at the International Foreign Exchange Rate, as it is done real time between Banks, Large Corporations, Investment Firms, Hedge Funds and Private Equity Portfolio managers. These are the big players, usually called the Market Makers. These Market Makers are high value and high volume traders that account for over 90% of the 5 trillion dollars worth of trading done everyday for 24 hours throughout the 5 working days of the week. The participation of Individual Traders called Retail Traders in the Global Financial Markets is only possible through a registered and verified account on the trading platform of licensed and regulated Brokers like in the Stock Exchange industry.
While the sound of participating in an open market valued at over 5 trillion dollars per day, sounds attractive and inspiring; very few Individual Traders have successfully earned profits from the Global Financial Markets consistently. In many instances, the odds are usually against the Individual Traders due to the numerous cycles of events and uncertainties that influence Global Economy and Trade relationships between countries of the world which directly or indirectly affect the sentiments of buyers and sellers of the currency of countries against others.
While many may assume that making profit in the Global Financial Markets is just as simple as clicking BUY or SELL buttons on the Broker’s trading platform, the few successful traders know that there are a lot more to learn and apply. Like everything in life, learning by doing is the best way to winning the trophy. Fairly enough, all Forex Brokers in the Global Financial Markets provide demo accounts with virtual money to help traders learn and practice before investing their real money. Unfortunately, due to the habit of indiscipline, many traders are usually impatient in learning and often allow greed to push them to rush into live trading without developing the necessary skills and habits that will guarantee consistent profit and successful trading career.

“Discipline is the ultimate secret of Distinction. What makes the difference between Good and Bad Traders is Self-Discipline!”


[Image Source: https://trading-education.com/101-inspirational-trading-quotes-and-what-they-mean]
The only Broker that I have personally observed to be committed to helping Individual Traders develop Self-Discipline and Expertise through continuous Education and Enforcement of Self-Discipline is Olymp Trade [www.olymptrade.com]. The Broker enforces self-discipline through an automated Trade Limit which is triggered when an Individual Trader begins to take reckless risks with their hard-earned money in search for dangerous profits. Many inexperienced traders hate this trade limit control, but the good, expert traders openly appreciate Olymp Trade for helping them to develop the Self-Discipline habit.
With the implementation of the Trade Limit rule, Olymp Trade has helped many of her Individual traders to learn the self-discipline habit. This has given a higher percentage of beginners or novice traders the golden opportunity to become an expert trader and earn profit consistently over time, while they avoid the common pitfalls that destroy many who trade with other brokers without the Trade Limit feature on their platform.

[Image Source: https://trading-education.com/101-inspirational-trading-quotes-and-what-they-mean]
In conclusion, while this article emphasized that Self-Discipline is the main difference between good traders and bad traders, there are other habits of good traders that will be explained in subsequent articles coming soon in this series.
Thanks for reading and adding your own comment to this article.
References
Ian H. Giddy: The Global Financial Markets.
[http://people.stern.nyu.edu/igiddy/gfm.htm#:~:text=The%20global%20financial%20markets%20include,options%2C%20swaps%20and%20other%20derivatives]
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Foreign Exchange - Direct and Indirect Quote Learn Difference Between Direct And Indirect Income in 30 ... Exchange Rates (Forex - Direct & Indirect Quotes)  CA ... 3 Direct and Indirect Quote FOREX 2 Direct, Indirect Quotes Direct vs Indirect Quotes - YouTube Direct quote and indirect quote.

Direct and Indirect Quotes Definition. Many of you have been trying your best to find out the difference between these two. However, reading the detailed explanation first is a must, especially for the group of inexperienced traders, who have heard nothing about the quotes. Forex Direct Quote Identifying the difference between Forex direct quote and Forex indirect quote is a rather simple thing to do, once you learn what they are. Language confusion. Every Forex beginner finds themselves in the position that you are now. They enter the market and start looking at spreads, educational resources and anything they can get their hands on, and find themselves confused and unable to ... A direct forex quote is defined as fixed units of a foreign currency, denominated in terms of variable units of the base currency. This shows us how many units of the local currency are needed to buy a single unit of the foreign currency (in most cases, USD). For a US citizen, the USD/GBP quote of 0.7835 is the direct quote, while the conventional GBP/USD quote of 1.2763 will be indirect. The base currency and the quote currency can be both a direct and indirect quote, it mostly depends on which currency you will decide to focus on and use in everyday life. Most of the traders in the world of Forex prefer to focus on direct currencies because it is much easier for them to calculate. So, if you are looking for USD’s direct quote, you would go with the pair that starts with USD. Forex quotes. Knowing all about Direct and Indirect Forex Quotes can be handy. One of the basic concepts that all top forex brokers need to understand is how to read Forex quotes. You know that currencies are traded in pairs, with the currency on the right of the slash being the base and the one on the left being the counter or quote. In some cases you may see an indirect quote Forex displayed at the local exchanges, and this is where the knowledge you have gained will come in handy. We hope that you have enjoyed this article, and now have a better overview of what Forex quotes are, and the differences between direct and indirect ones. MetaTrader Supreme Edition - Admiral ... Direct and Indirect Quote. Let’s now look at it in detail. In financial terms, the exchange rate is the price at which one currency will be exchanged against another currency. The exchange rate can be quoted directly or indirectly. The quote is direct when the price of one unit of foreign currency is expressed in terms of the domestic currency.

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Foreign Exchange - Direct and Indirect Quote

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