As we live in an ever increasingly connected world, it stands to reason that the average trader will find themselves interested in several different markets at one time. If you are a Forex trader, you may find that you have box yourself in to trading only currencies and have completely ignored other types of financial markets. But as you have learned to trade currencies, you have begun to understand that some of the other markets out there can be influential to your currency pairs.
The Frank-Dodd Wall Street Reform and Consumer Protection Act was passed by Congress nearly a year ago, but the repercussions of this act will be felt more palpably in the coming days, when Forex brokers that are not regulated by the CFTC permanently close their doors to US Forex traders. A handful of brokers have already begun turning away US traders, and all others will be required to do so by July 15<sup>th</sup>, 2011.
When we all start out trading the FX markets, we believe that it is going to be some kind of easy journey to massive wealth. We might imagine that we are sitting on a beach with their toes in the sand, while clicking a few buttons on a laptop in order to make thousands of dollars. The truth is that Forex doesn't work that way. While it doesn't have to be the most difficult thing on the planet, it certainly seems that way at times. But the truth is that's Forex trading doesn't need to be any more difficult than you choose to make it.
I recently learned two very valuable lessons about forex trading and I'd like to share them with you.
As a Forex trading coach with Currensys, I frequently receive emails from traders looking not only for trading signals and Forex strategies, but for emotional support during a rough trading patch. I consider it both my job and my privilege to help traders get through these rough spots without losing too much money – and without losing their desire to trade Forex.
We'd had a rough week here in deepest darkest Africa. Without warning, but with alarming unfortunate regularity, we've had what we call "?lights off" incidences. Boom! And the power is off. And not just me but the entire neighborhood, sometimes even the entire city, for hours and hours at a go. It makes living here (and trying to work here) a challenge, to say the least.
I like instant gratification. Scratch that, I love instant gratification. I like fast food, instant coffee, scratch-off lottery tickets, and instant messages. I don't want to wait for my food to be cooked or my coffee to perk or for numbers to be announced or for mail to arrive. If that means I'm immature, so be it. Patience is highly overrated anyway, I think. It's a virtue? Who cares? I've got plenty of other redeeming qualities. What? Let me ask around and I'll get back to you.
Switching Forex brokers is something that all traders do sooner or later. The reasons can be numerous, and varied to say the least. Perhaps you have gotten a bad deal at your present broker. It is also just as likely you are looking to trade a Forex brokers.