Learn Forex Trading From Lydia Finkley Ideas
To learn forex trading, there are many ways you can do starting from looking for forex tutors, studying in forex schools, taking online classes, reading guidebooks to learning self-taught. Well, of the many ways, learning forex trading from tips or life stories of a successful trader can also be an alternative choice you know. This time we will share a few tips from a successful female trader, Lydia Idem Finkley. Some of you may feel a little alien or even familiar with this woman’s name.
Learn Forex Trading from Ex-Stock Traders
Before success as a female trader in forex trading, in fact Lydia became one of the successful stock traders. Dabbling in the stock market for 10 years has made Lydia have lots of experiences and tips that can be applied by other traders. Then why does a successful stock trader have to switch to forex which is actually more risky? The answer is a factor of circumstances.
So when deciding to move from stock to forex, Lydia was a new mother who had to spend more time to take care of her baby’s baby. Awake at night because of the child’s crying, Lydia did not have enough rest time every day. So while staying up all night because of the baby, Lydia and her husband began to be interested in observing currency movements. The more flexible forex market hours and family conditions that require Lydia to stay up all night make it switch to the forex market in 2007.
Now besides being busy as a forex trader, Lydia also has other activities such as speakers at FXStreet and Benziga, advisors, founders to investors in various startup companies. According to Lydia, success in forex trading can be achieved because it is able to adapt well to forex market conditions which are certainly different from the stock market. You need to remember that adaptation is one of the skills that traders must have. This is because financial markets generally consist of various sectors and dynamic price movements.
Following are the three main points that represent Lydia’s progress as a successful forex trader:
As said at the beginning that Lydia turned to forex trading because her condition was hard to sleep since she had a baby. Not only do you take advantage of the time spent all night, but Lydia also runs trading in the right style. Lydia has a swing trading style that takes into account price movements in the Tokyo and London sessions. Lydia’s domicile itself is in the US so the Tokyo and London sessions are suitable to be chosen because the Tokyo session is active at night and the London session opens at dawn in the US time.
During being an owl trader, Lydia has a trading pattern that starts at midnight until the time her children wake up in the morning
Favorite pound sterling
As with some other successful traders, Lydia also has a favorite pair, Sterling. All GBP pairs are used as the main choice with the main pair for transactions, namely GBP / USD and EUR / GBP. In addition, Lydia’s observations also did not escape the GBP / AUD, GBP / CAD and GBP / NZD pair.
The choice of Lydia that falls on the GBP pair has the basis of a larger currency movement compared to other currency pairs. According to Lydia, Cable’s movement is also more easily predicted technically, especially when trending.Then to setup your own favorites, Lydia prefers to install Fibonacci after the breakout or when the price is showing a clear direction of movement.
Utilizing News as a Catalyst
Although it is more likely to exploit observations through the technical side, Lydia is not a trader who likes to ignore the fundamental analysis when setting trading positions. In fact, Lydia relies more on fundamental releases as trigger entries.For Lydia, it is important to pay attention to the economic calendar and arrange trading positions in accordance with the fundamental situation behind the price trend.
Trading Tips From Lydia Finkley Idem
Here are some tips from Lydia that might help you to be more successful in the future
in forex trading:
- Find the style of trading as soon as possible because trading that is not in accordance with the characteristics of the self is the main road to loss.
- Make sure there are 3 things that will make you achieve success, namely learning, looking for a forex broker who is able to support your trading conditions and open a real account as soon as possible (use small capital first).
- Be more patient in understanding certain pairs so that you can become a profitable trader.
Hopefully the information a