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Op-Ed

The winning habits of successful forex traders

Becoming a successful forex trader may seem like an unrealistic dream at first, but following these steps will bring you closer to reality

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The winning habits of successful forex traders | News Central TV
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Who is a forex trader?

A forex trader is an individual who exchanges one currency for another in the global financial market. The financial market is an over-the-counter (OTC) market, where financial instruments are traded. It is considered the largest and most liquid market in the world, with a daily turnover of over 5.6 trillion dollars. 

Anyone who wishes to become a successful trader is responsible for honing their skills through education and consistent practice. At FXTM, we believe educated traders are successful traders, which is why we run very detailed seminars and workshops, both at an introductory and advanced level at our offices and training centres here in Nigeria.

The winning habits of successful forex traders

Anyone can train to become a disciplined trader, through self-analysis to see what drives their operations and also learning from their mistakes & forex psychology.

It is a fact that successful traders think and act differently. They usually have specific habits and follow a series of steps or patterns which guide them daily as they trade in the markets.

When you start trading forex, you know that it can be very lucrative and rewarding, but this does not mean that you do not have risks, or that 100% of the time you will be successful. It is important that you master the basic concepts and understand the foundations necessary to excel to become successful.

Get going!

To achieve what you want, you must focus on trading and make it part of your daily actions. You must also understand that behaviour is an integral part of the trading process and thus, your attitude and mindset should reflect the following attributes.  

Let’s have a look.

1. Manage your money

There is not a single successful trader who does not know how to manage their money. The art of understanding money management – knowing how much you can invest and afford to risk, in addition to being able to establish the appropriate losses and thus, take profits at the right time, are skills that are indispensable and that you must acquire.

The winning habits of successful forex traders

You must preserve your capital always and at all costs, in order to possibly generate wealth in the long-term.

2. Manage your emotions

Remember that in forex trading, there is no place for emotions of any kind. If both the winners and the losers act in the same way, the operations will be executed in a more professional manner and without drastic changes.

You can achieve this with calmness and dedication; for example, if you are upset because one of your trades is experiencing losses, try to take a break from the trade. You can reintegrate once you have calmed down.

Avoid making any emotional decisions, as this can lead you to commit commercial mistakes and disasters that will result in losses.

3. Take advantage of demo accounts. Use them until you are ready

Demo accounts are usually a great way to test the waters in a place where it is not risky since you do not lose real money.

This applies above all if you are a newbie and so you can try different trading platforms. But once you feel very prepared to start a live account, you may try it, and take a chance.

4. Run your winners in order to have as many benefits as possible

Now, in the financial markets, there are many beginners who think that the best traders are the ones who are always right.  This is a myth because, in the world of trading, not everything is theory.

Then, once you have found an asset that meets your skill-set, hold on to it and learn to polish that skill. You should always learn to obtain benefits that are significant enough, as this is the only way in which you can cover your losses.

5. Cut losses early

By taking into account how difficult it is to be profitable in the competitive forex world, you must keep an eye on them and are willing to cut losses ahead of time, even if they are your profitable trades.

This means that when the market moves against you, you should not trust that it will return soon. Of course, unless there is a signal that is clear, precise and expresses what will happen in the market, in that case, leave soon and go to the next, always with the hope that it might be profitable.

5. Learn from your mistakes and see them as knowledge

You learn while doing it. That is why you should not allow a bad experience to truncate the path to success.

It’s a learning curve that would allow better decision-making in the future.

6. Find the perfect strategy and repeat

It is well-known that trading can be like a big battle to take money out of the market. And to be able to achieve this in the most appropriate way, you would need a repeatable and efficient strategy that works for you in the long run.

The market is always changing, which means that you will sometimes need to make adjustments to your strategy.  That way, you might have more chances to win if you can find a way to make your strategy work. Don’t waste more time.

7. Separate your life habits from the trading habits

 It is important that you can make time and maintain a balanced lifestyle to your life outside of trading. Having a healthy and calm lifestyle requires that you take regular breaks from trading during the day.

This will help you to make better trading decisions and as a result, you will have more chances of being successful.

8. Search and use methods that have been tested and you can prove it

Do not believe everything you read and see on the internet, remember that it is a minefield of lies and people seeking profits on the back of frauds.

That is why you should look for a real test of the methods that are being promoted to you and verify that they really work well.

This insurance process can include going with current trends, also reducing your losses, in case you are seeing a benefit, or letting go.

9. Never forget the risk / reward

Do not forget that there is always a risk before a reward. The ratio of risk to reward is not going to be the same all the time, due to the fast-moving nature of the financial market. There are times when it may seem that you are failing in the trade with the risk you see, only so that everything can become a reward in this way.

Then you can proceed to make your withdrawals and they can be about half of your returns or even less. You must pay attention and definitely not expect for every trades to produce profits every time.

10. Keep a trade journal

By having a trading diary, you can keep a record of your winning positions as well as the ones you lost. It is also important to also point out the characteristics that led you to that position, and be able to analyse these results.

The winning habits of successful forex traders

It is necessary to be very orderly in the life of a trader, since keeping a record of trades gives the trader a really objective platform and thus, be able to better understand both their options and their decisions. All of these are important in order to improve the process of trading.

11. Take responsibility for your movements

This habit is linked to controlling your emotions, with the difference that this time you must not just control your emotions, but that you have to accept them.

You must take responsibility for each of the movements or decisions you make, and you should not blame anyone for your losses.

Equally, this means no one but you gets credit for your profits. Do not invest in more than what you can afford to lose.

12. It’s not just habits that make the trader, it’s the personality too

Habits are important because they form a routine for the trader and make them a person who follows certain steps that will lead him to their next gains. However, personality also plays one of the most important roles in being a successful trader and it is the perfect complement for these habits to work in their entirety.

A trader must have a defined personality in order to predict a pattern of behavior that will not only help them to understand the market better, but also the way in which the same trader manages that market.

For example, there are traders who are calm and determined; in case they are not 100% sure of a trade, they may decide not to go ahead with it and thus, maintain their current balance.

In this way, they remain a cautious and patient trader.

At the same time, there are traders who take risks and this can lead them to have huge profits, or big losses. Regardless of personality type, the important thing is that the trader knows themselves, knows what kind of habits are indicators for them and what their movements are in the market.

Summary

Finding at least one advantage in forex trading will help keep you in a superior position; having good trading habits can certainly be one of these advantages.

These habits that were explained previously serve for all types of traders. Organize yourself and create a routine with habits that could lead you to success.

The views expressed in this piece are the author’s own and do not necessarily reflect News Central TV’s editorial stance.

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Op-Ed

“Sex for grades” – Another sad reminder of our failed education system (Opinion)

Lecturer involved suspended by university and local church.

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Sex for grades - another evidence of our failed systems
Snapshot from the BBC's African Eye Sex for Grades videos.

Sexual crimes as a social vice is as old as man. This is the reason we have various laws aimed at curbing these crimes. But the pertinent question that is begging for an answer is, how well do we match these legislation up with enforcement, especially in developing countries within Africa?  What efforts do we put in making sure that the excesses of man is not left unchecked. 

We keep hearing and reading stories of sexual harassment, sexual assault and rape. But do we give these issues the attention they require? Often, the victims of sexual offences take the  blame for the fate that befell them. One gets to hear statements like “She must have dressed indecently!”; “What was she doing on the road at that ungodly hour of the night?” 

Distasteful words that you hear and wonder the evil that has suddenly possessed humanity. The society aide the perpetrators of these crimes with excuses. Excuses that encourage others to also toe the same path. 

However, when it happens to a relative – a sister, daughter, cousin or even one’s mother, then, we feel the heat. When we send our wards to school and they get harassed, assaulted or even raped by perverts and sexual predators in the system, our voices will be heard. But should we be so selfishly reactive in everything?

Pay Attention: Denis Mukwege launches fund for victims of sexual violence in DR Congo

On Monday, BBC’s African Eye released a video in which a senior lecturer of the University of Lagos is seen sexually harassing a BBC undercover journalist, Kiki Mordi who posed as a 17 year-old teenager seeking admission in the institution. The randy lecturer was identified as Dr. Boniface Egbeneghu of the department of French, who was a former sub-dean of the Faculty of Arts of the same institution and also a local pastor with Four Square Church in Lagos. 

In the video which has gone viral since its release, the don could be seen, casually flirting with the supposed admission-seeker in a way that suggests a very regular adventure. In the video, he is also seen confiding in the young admission-seeker that sexual relations between lecturers and female students in the institution are very common occurrences hence, not one that should wow anybody. 

He could be seen in the video stretching out comfortably on his office chair while negotiating sex with the BBC undercover journalist who played along all the while, in a manner that paints a clear picture of a completely decayed system. 

But the story of Dr Egbeneghu is just a tip of an iceberg. It is just one out of many such stories that happen in our higher institutions of learning. Recall that about a year ago, it was a certain Professor Akindele from the Obafemi Awolowo University, Ile Ife that was recorded telling a female student that she must have sex with him on 5 different occasions before she could scale through his course. 

The story made the headlines of many media platforms . He was suspended by the University Senate and was subsequently prosecuted. These despicable acts happen on the daily in our tertiary institutions but victims do not speak out for obvious reasons. With fellow lecturers and the university management always ready to defend and cover up accused colleagues while seeking for pieces of evidence corroborating the accusation from the victims before their claims could be taken seriously. 

Read Also: Amnesty International calls for justice for Cameroonian victims at soldiers’ trial

This frustrates most victims and leave them with the fear of being further victimized academically. This evil is so rife in our universities that most female students avoid having a one-on-one contact with their male lecturers.

The Nigerian Ministry of Education, Academic Staff Union of Universities (ASUU), Academic Staff Union of Polytechnics (ASUP) and the National University Commission (NUC) must act now! A State of Emergency should be declared in our tertiary institutions as regards this menace, let sanity be restored in the system.  All hands must be on deck to curb this growing evil.

Finally, let the culprit be made to face the full wrath of the law. It is reported that Dr Boniface Egbeneghu has been suspended by both the University and the church where he pastors. But this is not enough. He should be charged to court by the relevant authorities.

The views expressed in this piece are the author’s own and do not necessarily reflect News Central TV’s editorial stance.

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News

Tripoli drowns in waste, as Libya’s war drags on

The rubbish crisis adds to the daily ordeal for residents of the capital, where life is already punctuated by shortages of fuel, electricity and water.

News Central

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Faraj al-Doukali hastened to unload the dozens of rubbish bags from his van onto a sidewalk dump in Siyahiya, a residential district west of the Libyan capital.

“Each weekend I collect the rubbish from my four brothers at the farm where we live and I look for somewhere to dump it. I have no choice but to leave it here on the footpath,” he said.

Read also : Sudan shuts border with Libya over security concerns

Across Tripoli, tonnes of waste overflows from bins and piles up on roadsides.

The rubbish crisis adds to the daily ordeal for residents of the capital, where life is already punctuated by shortages of fuel, electricity and water.

Fed up with the smell and the sight of rats and stray cats feasting in the garbage, some residents have taken to burning the rubbish. But this only replaces the stench of rotting garbage with columns of nauseating smoke in the streets of the capital.

Tripoli’s trash turmoil isn’t a new phenomenon but it has reached alarming proportions in recent months. Municipal rubbish trucks no longer collect waste because the city’s main landfill is on a frontline.

The dump is at Sidi al-Sayeh, 45 kilometres (28 miles) south of Tripoli, where forces loyal to the capital’s UN-recognised Government of National Accord (GNA) are battling those of eastern strongman Khalifa Haftar, who launched an offensive on April 4 to seize the city.

‘Find a solution’

Doukali seems more angered by the rubbish than the fighting.

“Is it up to citizens to collect the garbage now? Why doesn’t the government and the municipality provide skips in every neighbourhood?” he asked.

A furious passerby interjected: “I’m talking to the government of the east (which supports Haftar) and that of the west (the GNA): keep your ministerial portfolios and the money, but find a solution to this rubbish crisis because it’s making us sick.”

Without long-term solutions and as long as fighting continues, “the crisis will worsen”, said Tarek al-Jadidi, director of environmental protection at the National Centre for the Prevention of Diseases in Tripoli.

“In addition to the lack of environmental awareness among citizens, the state is unable to manage the rubbish in the streets, while ongoing conflict prevents the implementation of plans like in other countries,” Jadidi said.

In theory, waste management in Tripoli takes place in stages, with rubbish being taken first to collection points and then onwards to the main landfill. But with the landfill in a combat zone, collection points are overflowing. Rubbish sorting and recycling are out of the question. 

Glass, paper and plastic could be recycled, but specialised facilities “require a stable security situation”, Jadidi said.

Rouqaya al-Hachemi, an environmental researcher, recently conducted a study on the rubbish crisis in Tripoli. 

She found that respiratory illnesses and skin conditions have clearly increased among children, the elderly and pregnant women.

“People are aware of the environmental risks and dangers of garbage fires but they complain about a lack of skips,” she said.

To resolve this chronic crisis, Hachemi recommends “the creation of a ministry of environment to manage the rubbish situation, and laws to punish offenders”.

Waste management may not seem like Libya’s most pressing issue, but ultimately, Hachemi said, “it’s about the health of citizens”.

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Health

Nigeria’s “Street Doctor”, Samson Shonowo provides free healthcare for the poor

From free maternal healthcare to caesarian sections and more, Dr. Samson Shonowo opens his doors to whoever needs help

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Nigeria's "Street Doctor", Samson Shonowo provides free healthcare for the poor
Dr. Samson Shonowo, founder of Shonowo Hospital.

Illnesses are no fun for anyone, but imagine being seriously ill with a serious condition that requires not just visits to the hospital, but surgery.

Now, imagine being too poor to afford the visits and the treatment necessary to get better.

This is where “The Street Doctor” comes in. Dr. Samson Shonowo of Shonowo Hospital is popularly called ‘The Street Doctor’ because he’s made it his mission to care for the sick in local communities who, otherwise, would not be able to afford their medical bills.

The 37-year-old started his career as a young medical officer at General Hospital in Agege Lagos, where he found himself in constant turmoil, having to attend to several patients who could not afford to pay for their healthcare.

“Every time I had to break the news to a patient or their loved ones that they would be needing surgery and I see their shoulders sag in despair and hopelessness, my heart broke.”

“These are people that can barely afford money to pay for hospital registration cards or recommended lab tests. I decided to do something about it,” he said.

What Dr. Shonowo did was to open his own hospital about 4 years ago and take on as many charity cases as he possibly could.

From free maternal healthcare to caesarian sections, breast lump removals, fibroid removals, hernia repairs and other procedures, Dr. Shonowo opened his doors to whoever needed help.

“It’s not easy, I have to tell you,” he says.

“It’s hard running a hospital where over 60 per cent of your patients cannot afford their care. Bills need to be paid, staff need to be taken care of and medication needs to be supplied, yet, we do it all without external funding or grants”.

“Standard healthcare is not negotiable. It is a right that everyone deserves to have and I believe that as a private healthcare practitioner, it is my duty to humanity to do my part.”

On government’s responsibility, Dr. Shonowo says the Nigerian government must pay better attention to Primary Healthcare.

“When the primary health care system does well, it meets people’s health needs, and that is essential if we are to make progress toward the country’s health goals.”

“Primary Health Care should be free for everyone to access. It will help with preventive medicine and it will handle most people’s health needs before it becomes a major problem.” he further added.

Dr. Samson Shonowo is making good on his commitment by opening up the Shonowo Free Surgery program again. This November, 100 hernia patients will be screened and treated for free.

Intending patients can register and book appointments via the hospital’s website.

The views expressed in this piece are the author’s own and do not necessarily reflect News Central TV’s editorial stance.

Copyright News Central

All rights reserved. This post and other digital content on this website may not be reproduced, published, broadcasted, rewritten or redistributed in whole or in part without prior express written permission from News Central.

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