Whether it is foreign exchange or futures, you can often see the professional name "position" appearing. Do you know what foreign exchange position means? Let me take you to learn more about what "foreign exchange position" means. .

The definition of foreign exchange position

A transaction is conducted in your account, such as buying or selling a currency pair, EURUSD against the US dollar, Before this transaction is closed, it is called a position.

Patience is required to hold foreign exchange positions

Livermore’s famous quote: What I have to do is sit still and watch the market develop according to its trends. I know that if I do this, the behavior of the market itself will give me the signal at the right time to close my position at a profit.

If you want to succeed in the foreign exchange market, you can’t do it without hard work! Below, I use “five mentalities” to explain how to do a good job in foreign exchange transactions.

1. You must be interested in the foreign exchange industry, that is, enthusiastic. This is a driving force and the first condition. If you don’t love this industry, it will be difficult to continue on this road.

2. You must be determined and determined that you will definitely walk a bright road. If you do not do well, you will not look back!

3. In the process of foreign exchange trading, you must be aware of your own Confidence in analytical ability means confidence. If confidence is insufficient, it is easy to have a fearful mentality.

4. You must be patient when holding a position. A little impatience will mess up your big plans. How can you make big profits without a little patience?

5. Rice is not a mouthful. As long as you are full, foreign exchange trading cannot be successful in one day. It requires you to have "perseverance", persist in learning, constantly summarize, and improve yourself.

In more than eight years of foreign exchange trading career, I have read books as tall as one person. I start making trading plans before 7 o'clock every morning, and sit down by the computer at 8 o'clock on time to observe the market. change. Every weekend, I analyze my trading records, look for shortcomings, study hard, clarify my ideas, and sum up my experiences. It also takes a lot of hard work.

I believe that I will definitely succeed. It is precisely because of this belief that continues to encourage me that I have achieved today’s results. I would like to emphasize patience here. Sakyamuni Buddha once said: Knowing All laws are selfless and can be achieved through patience. This means that no matter what you do, if you want to succeed, you must have patience. The same is true for foreign exchange transactions.

Length of foreign exchange holding time

It is very dangerous to hold a foreign exchange position after a week. There will be two days in between after a week. Many factors that affect foreign exchange are changing during these two days. We don’t know what will happen. Looking at the previous trend of foreign exchange, there are many K-line gaps in the past week, some of which are very large. If you feel that the market outlook is very good and don’t want to reduce or close your position, you can set a stop loss. , you must set a stop loss when taking a position.

Also, you must have a positive mentality when doing foreign exchange, and don’t let the temporary rise and fall affect your judgment. If you need anything, you can ask.

Let me talk about my personal experience here. To be a foreign exchange master is to follow the trend. You must first determine the big trend, and then look for opportunities in the small bands to follow the big trend direction.

You must set a stop-profit and a stop-loss for each order. If you are afraid that you will make less than you should by setting a stop-profit, you can set a dynamic stop-profit.

When placing orders, the fluctuations are large from 7 pm to 11 pm. This is the best time to place orders. Hope this helps. There is also a summary to be made after completing each order. We also need to look at the historical trend, then simulate what it was like for you at that time, whether you would be long or short, and then summarize.