TopicFive Forex Master Levels That Will Actually Make Your Life Better
A managed forex account is one in which the forex trader hires a money manager to oversee their account. They may opt for this type of account because they do not have the time each day to commit to supervising an account that would be trading on such a liquid and fast-paced market as foreign exchange. Investors may also choose a managed account simply because they want their money to be handled by a trained professional with a proven track record of successful currency investments. This does not mean that the investor does not retain control of their account. On the contrary, they will dictate to the money manager the terms by which their investments should be made. The money manager will then make no decision outside of the investor's guidelines, pursuing the same investments that the investor themselves would make. Many money managers are available for hire who specialise in certain currency investments and strategies, allowing the investor to tailor their managed account even further to their liking.
Many traders have had similar experiences to the one above; they think that by trying enough trading systems and forex indicators , eventually they will hit upon that one that is their automatic ticket to consistently profiting in the markets. This belief is exactly what causes many traders to blow out their accounts time and time again only to find themselves full of frustration and confusion. Simply put, there is no ‘free lunch' in trading, still, many traders think by finding that one great trading system or indicator they can sit back and watch the money roll on. The truth is that nothing that is fully systematic will ever be a truly effective way to trade the forex market because the market is not a static entity that can be tamed through black box mechanical systems. It is a volatile beast that is driven from human emotion, and human beings vary in their emotional reactivity to specific events, especially when their money is on the line.
If you're not familiar with candlestick charting, the basic idea is to map out four different points of a stock (or in this case currency pairing) value throughout a day: the open, the high, the low, and the close. These points are essentially recorded vertically so that one is stacked above the other, and so on, with the ultimate purpose being to determine the so-called real body” of the resource or pairing you're measuring. The open and close form is what's known as the real body , meaning the area only between the open and close points with no regard to the high or low. This body” is typically identified as a vertical bar drawn between the open and close, left white if the close is higher than the open (indicating demand) and black if the close is lower than the open. The high and low points then stick up and down from the real body bar to show the full range of fluctuation that occurred.