Top Lessons You Should Learn From SNB & CHF Crash!

0 Flares 0 Flares ×

The big SNB decision to discount the minimum exchange rate of the Swiss Franc shocked the forex market a little bit over one month ago, but traders all around the world are still facing a lot of problems… After any failure in life (in this case trading) you should just learn what was your mistake and you can improve yourself in the future… Now let’s talk a little bit what important things you can pick up from SNB event, and what can you improve in your trading to prevent similar problems happening in the future…SNB FOREX

Lesson #1 There Is No Sure Trade
Forex TradingOver 6 months before CHF crash happened, 80% of analysts around the world, talked about safe Long $EURGBP trade, for the reason behind their forecast, everyone was saying more less the same thing “SNB must defend the 1.2000 zone, so it’s safe to try long”, but SNB prove traders & banks wrong… So key lesson over here is to be sure that nothing in our forex world is 100% safe (there is no 100% safe trade), and that the best thing is to stay aside of pairs that have fixed minimum exchange rate in the future.

Lesson #2 Never Have Money With Just One Broker
Forex Brokers
No one believed that some of the leading names in the forex brokers world can fail this SNB test, but let’s take the “Alpari UK” as example, less than 24h after SNB, this broker house goes out of business and over 100,000 clients are left now to wait 6-12 months to get their hard earned money back… Like I always tell my clients & students, never put money in just one basket, so go and separate your forex equity with two or three brokers and if one failed (let’s hope that won’t happen anytime soon) you will still have quick access to get your money back (you can look at this as backup broker solution). Now even better solution is to find a broker that offer segregated accounts, so all your money is sitting in your bank and available to you whenever you want, but keep in mind that this type of accounts are available for larger clients only 100k or more…

Lesson #3 Take Your Profit To Yourself From Time To Time
There is one mistake a lot of traders are making every day, when they earn some decent amount of profit, let’s say 10-20% they don’t want to take money out and they just continue to trade, until they don’t give everything back to brokers (I won’t say this is 100% true in all cases, but most newbie traders return everything to broker house in just a few days). The easiest thing to incorporate this method in your trading is to make a “Monthly Goal” and if you ever made that goal before month ends, just withdraw profits to your bank account and relax from trading till the 1st of next month…

Final thing that I want to tell you is this… Always try to stay strong… Don’t make SNB or anyone else stopped you from reaching your trading success!

Stay tuned and constantly visit wave power, there is a lot more of useful things that I’m going to share with you in the coming months… My only goal for this year is to help other people to reach their financial goals and that’s all…

Comments are closed.