Note: Low and High figures are for the trading day. Everyone comes to the forex market for a reason, ranging between solely for entertainment to becoming a professional trader. I started out aspiring to be a full-time, self-sufficient forex trader. I had been taught the 'perfect' strategy. My plan was to trade forex for a living and let my account compound until I was so well off, I wouldn't have to work again in my life. Sparing you the details, my plan failed.
I didn't know what hit me. Something was wrong.
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Luckily, I stopped trading at that point and was fortunate enough to land a job with a forex broker. I spent the next couple of years working with traders around the world and continued to educate myself about the forex market.
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It played a huge role in my development to be the trader I am today. Three years of profitable trading later, it's been my pleasure to join the team at DailyFX and help people become successful or more successful traders. The point of me telling this story is because I think many traders can relate to starting off in this market, not seeing the results that they expected and not understanding why. These are the three things I wish I knew when I started trading Forex.
The amount we can earn is determined more by the amount of money we are risking rather than how good our strategy is. The difference is that they have slowly developed over time and increased their account to a level that can create sustainable income. That's a true statement if you have a strategy with a trading edge. Your expected return should be positive , but without leverage, it is going to be a relatively tiny amount.
And during times of bad luck, we can still have losing streaks.
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When we throw leverage into the mix, that's how traders attempt to target those excessive gains. Which in turn is how traders can produce excessive losses. Leverage is beneficial up to point, but not when it can turn a winning strategy into a loser. This is a lesson I wish I had learned earlier. Excessive leverage can ruin an otherwise profitable strategy. Would you flip that coin?
My guess is absolutely you would flip that coin. You'd want to flip it over and over. Now let's say I have the same coin, but this time if heads is hit, you would triple your net worth; but when tails was hit, you would lose every possession you own. My guess is you would not because one bad flip of the coin would ruin your life.
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Even though you have the exact same percentage advantage in this example as the example above, no one in their right mind would flip this coin. The second example is how many Forex traders view their trading account. They go "all-in" on one or two trades and end up losing their entire account. Even if their trades had an edge like our coin flipping example, it only takes one or two unlucky trades to wipe them out completely.
This is how leverage can cause a winning strategy to lose money. So how can we fix this? A good start is by using no more than 10x effective leverage. The 3rd lesson I've learned should come as no surprise to those that follow my articles I've written many articles about this topic.
It's the best tool I've ever used and is still a part of almost every trading strategy I am using, present day. IGCS is a free tool that tells us how many traders are long compared to how many traders are short each major currency pair. It's meant to be used as a contrarian index where we want to do the opposite of what everyone else is doing. Using it as a direction filter for my trades has turned my trading career completely around.
A new mother could be on Zhihu asking for postnatal tips and a Foxconn worker may be on the site sharing her factory stories. Zhihu's revenue increased from It may seem at first that commercialization is at odds with Zhihu's principle rooted in open user collaboration. Oftentimes, answerers are not economically incentivized but simply participating for leisure.
But Zhihu is for-profit from day one and needs income after all. It's a always delicate matter to balance a product's commercial and user interests. The bottom line is to be vigilant and deliberate about the kind of ads or sponsored content allowed on the platform. Restraint could mean smaller advertising revenue, but a medical ad scandal that hit Chinese search giant Baidu back in showed how easily user trust could be lost.
Well-placed and responsible ads, on the other hand, could bring greater returns for both advertisers and the platform. On the innovative side, not all users have appreciated Zhihu's new features. Zhihu has recently upped its ante on short videos, which have become the default medium through which many Chinese users receive information, thanks to more affordable connectivity and industry forerunners like Douyin and Kuaishou.
But some users argue that short videos by nature verge on entertainment and are obtrusive for the more serious, text-focused Zhihu. Zhihu has other interests to balance. Its shareholders include Tencent, Baidu and Kuaishou, which are "super apps" themselves for their extensive functionalities. They all have traffic deals with Zhihu. For example, Zhihu content is surfaced in the search results on WeChat, which has its own search engine. While joining hands with giants could drive user growth for a smaller player, dependence on outsiders could also handcuff a startup, forcing it to give away significant shares too early and joggle the interests of multiple allies, who could be rivals themselves.
Lee declined to comment on Zhihu's relationship with any specific partner, but he did indicate that Zhihu doesn't currently have an "overreliance" on partners and that the firm keeps "natural working business relationships with them.
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