The economy has seen its fair share of radical changes, especially in the first quarter of 2020. The ongoing pandemic has forced a lot of businesses to shut down due to the lack of customers and sales.
Nonetheless, this shouldn’t stop you from pressing on with your Forex goals. In an interview with Forex expert, Jesus Sauceda a couple of weeks ago, he discussed how some of the issues going on around us are affecting the Forex Market and how you can take advantage of this too.
What advice do you want to give to forex traders right now?
Do not be worried about what’s happening in the economy negatively right now, use it to your advantage. Educate yourself with what’s going on and enter trades that go with it analytically and fundamentally. This is the time where millionaires will be made during the recession, so make sure you become one of them.
How has the pandemic impacted the economy and what do you think is the best move for traders?
The pandemic has impacted the economy with people losing their jobs all around the USA. There’s never been a higher record of unemployment in U.S history until now. This economic bearish spiral of 40 million+ unemployed beats the Great Depression statistics also. If people lose their jobs being sheltered at home due to the pandemic, businesses then begin to lose their weekly profit margins due to people being in lockdown which will then put them in bankruptcy.
Another thing that puts the US much more in debt is getting loans from the federal reserve which was how the US was able to give checks to the unemployed which thus in result will only just make the economy fall much worse in the long run. Overall, the oil market has crashed, a US history famous family named the “Rockefellers” who monopolized oil, has even gone bankrupt due to the crash, which should really open your eyes that the economy is just screwed overall.
Now just this past weekend US30 is analytically getting ready for the next big short and coincidentally massive protests that have now turned into riots all around the US have been occurring all around which will just destroy the US economy, even more, all I can say is be ready for the next big drop.
What common mistakes have you seen new traders make and what ways would you suggest to help them avoid it?
Many traders think forex is a get rich overnight when it definitely isn’t. The skills required in forex is a lot of hard work and dedication if you really want to make this your full source of income. You must maintain a solid psychological perspective in the trading game while also sticking to a business trading plan the whole time if you want to be successful in forex trading.
The best advice I can give new traders is don’t try to get rich overnight, study the right psychological mindset for forex, and right proper risk management for the long term success. There will never be one last trade, there are always trades available every week.
What’s your take on day trading vs Long term trading?
There are a lot more trades in day trading than just holding one whole trade-in long term trading. You can make a higher ROI (return on investment) in day trading because you can enter in and out of 3-7 trades in-between the whole long term trade. Overall, long term trading is also a good strategy if you would like to just place a trade one time and let it run the whole week.
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