Forex

The Hardship of Using a Complex Strategy

Published

5 years ago

February 17, 2019

The Hardship of Using a Complex Strategy

Many people try to follow a complex strategy and fail to make a profit. The profit can be easily made if the people know how to use the strategy at the right time and at the right moment. Most of the investors follow the professionals who are skilled in the industry. These people have a lot of experience and know what they are doing. When the hard tactic is used, a novice person may not understand but a professional can easily use to make the money. This article will tell about the problems that a trader may face when trading with a hard game plan. Keep in mind, not every person will have the same conditions- they will depend on the skill and knowledge a person has, the results will vary.

Creating false signals

New Singaporean traders are always fascinated with the complex trading strategy. They are trying their best to make things complex with the hope that it will generate more profit for them. When it comes to real life trading, they start losing money on a regular basis. They simply find a way to blame themselves for not following their complex trading system.

But do you really think the problem lies within the system? The simple answer is NO. The biggest problem a trader can have is lack of knowledge. You don’t need to super hard trading system to make a consistent profit. All you need is access to the best Forex trading account in Singapore and a balanced trading strategy. Many traders at Saxo is making millions of dollars just by using a simple support and resistance level trading strategy. So stop making things complex in trading business.

Not understanding the concept properly

The first problem is that people are unable to understand the idea of the trading strategy. The industry is changing and what it needs to become successful is a trading plot that can adapt to the volatility. The old plans may not work and that is why the people are looking for a complex formula. Using this technique, first, make sure you have understood how to use the blueprint. A person can be given much advice but only follows what he thinks is best. A renowned concept can have many followers but without knowing the idea behind the strategy and understanding it properly, there is no way to improve the profit. A simple system can be easily used when a complex technique needs experience and skill.

The result can be unexpected

Most traders say the result is not what was expected in the trade. The goal was to make a profit but the planning has turned the result. It is for the lack of understanding of the concept. The sector is volatile and there are uncertainties. Even the best people cannot predict successfully future movements. It is best to stick to the common way and avoid the risks. We have seen many wonderful traders started off well in the beginning. These people used simple methods but achieved an amazing result. As they grow older and professional, the plans begin to change and the result was not as good as it was before. It did not take them a long time to understand where the fault was and returned to the first method.

The chances of mistakes are high

With a simple solution, any beginner can follow the advice. However, the hard method can confuse the investors and the flaws can be high. Imagine you have only started the career. The broker will only give the simplest platform to get you started. If a professional looking platform was provided at the beginning, it would take years to understand how to use the different options in Forex. Slowly a person needs to adapt to the industry. A simple way can also be successful if it helps to make a profit. What is important in Forex is to make the money, not to follow a hard plan.

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Samed Olukoya

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Naira

Black Market Dollar to Naira Exchange Rate Today 14th May 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 14th, 2024 stood at 1 USD to ₦1,520.

Published

2 hours ago

May 14, 2024

Samed Olukoya

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 14th, 2024 stood at 1 USD to ₦1,520.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,500 and sold it at ₦1,480 on Monday, May 13th, 2024.

This indicates a decline in the Naira exchange rate compared to the current rate.

The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.

Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.

It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.

The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.

How much is dollar to naira today in the black market

For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:

Buying Rate: ₦1,500
Selling Rate: ₦1,480

As economic conditions continue to evolve, staying informed about currency exchange rates empowers individuals to make informed financial decisions. While the black market provides immediate insights, adherence to regulatory guidelines ensures stability and transparency in forex transactions.

Naira

Black Market Dollar to Naira Exchange Rate Today 13th May 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 13th, 2024 stood at 1 USD to ₦1,500.

Published

1 day ago

May 13, 2024

Samed Olukoya

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 13th, 2024 stood at 1 USD to ₦1,500.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,470 and sold it at ₦1,460 on Friday, May 10th, 2024.

This indicates a decline in the Naira exchange rate compared to the current rate.

The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.

Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.

It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.

The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.

How much is dollar to naira today in the black market

For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:

Buying Rate: ₦1,500
Selling Rate: ₦1,480

Forex

Zimbabwe Implements Strict Rules: $14,782 Fine for Violating Official Exchange Rate

Published

4 days ago

May 10, 2024

Samed Olukoya

Zimbabwe, in a bid to stabilize its currency and clamp down on black-market trading, has introduced stringent regulations to penalize individuals and companies found violating the official exchange rate of its new currency, the ZiG.

Under the new rules announced by Finance Minister Mthuli Ncube, offenders will face a hefty fine of 200,000 ZiG or $14,782.

The move comes as the government seeks to enforce the sole use of the official exchange rate, which is determined daily by the Reserve Bank of Zimbabwe.

The decision to impose such a significant penalty underscores the seriousness with which Zimbabwean authorities are approaching the issue of currency stability.

By cracking down on those who flout the official exchange rate, the government aims to curb the proliferation of parallel markets and ensure the orderly functioning of the economy.

Previously, retailers were required to price their goods within 10% of the official exchange rate to prevent excessive profiteering.

However, this regulation has now been scrapped as it was deemed ineffective in curbing informal trading and maintaining the value of the currency.

The ZiG, introduced on April 5 as a successor to the Zimbabwean dollar, represents the country’s sixth attempt to establish a stable local currency.

Backed by 2.5 tons of gold and approximately $100 million in foreign currency reserves held by the central bank, the ZiG is intended to restore confidence in the nation’s monetary system.

Despite these efforts, the ZiG has faced challenges since its launch, including fluctuations in its value against major currencies.

Trading at 13.53 to the dollar as of Thursday, the currency experienced a record low of 13.67 to the dollar earlier in the week, highlighting the volatility inherent in Zimbabwe’s currency market.

The introduction of strict penalties for violating the official exchange rate reflects Zimbabwe’s determination to maintain control over its currency and stabilize its economy.

However, it remains to be seen how effective these measures will be in addressing the underlying issues contributing to currency instability and informal trading in the country.