Don’t waste your time – keep track of how NFP affects the US dollar!

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Beginner Forex book will guide you through the world of trading.

The most important things to start trading
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Position trading

Information is not investment advice

Position trading is the longest-term trading style that requires a good understating of fundamentals, an exceptional gut feeling as well as a good foresight into how price will fluctuate in the long-term. It’s a trading style for traders with steel nerves and angelic patience, those who don’t mind waiting for long periods of time for their well-deserved rewards.

The primary goal of position traders is to benefit from the dominant trends rather than from short-term market fluctuations.

Normally, position traders are not only extremely smart but also very wealthy. To withstand substantial troughs and swings of prices, any position trader needs to have a sizeable account.

Position traders are the independent thinkers. They carry conviction in their view and tend to ignore random market fluctuations that might frighten away less confident players.

Example of a trader

Warren-Buffett.png

Warren Buffet is the first who comes to mind when we think about the most prosperous market participants executing long-term trades. He is a legend and one of the wealthiest men in the world. He is widely known as the most successful investor and has been a position trader in FX market since 2002. That time Buffet sold the US dollar arguing that it was to fall because of America’s trade deficit. The next few years were successful for him, but in 2005 the US currency went up and Buffet decided to exit his short USD position. As a result, he earned $2 billion on the trade. Had it not been for the USD advance in 2005, his profit would have been $1 billion higher.

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Final debate and stimulus talks are in focus

Three main drivers of the market: the stimulus package, the US presidential election and the coronavirus. Let's look how market reacts.

All attention to Euro

EU Flash Manufacturing & Services PMI will come out on Friday at 11:00 MT time!

US jobless claims are coming out

The USA will publish unemployment claims on October 22 at 15:30 MT time. How to trade after the release?

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