The Mayweather Pacquiao Fight Forex trader lessons.

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The Mayweather Pacquiao Fight Forex trader lessons.

It seems that everyone is still buzzing about The Fight of the Century so I’ve decided to come up with a play-by-play analysis of the lessons Forex traders can learn from the bout. Just a disclaimer… I’m no boxing expert but I’ve knocked out Big Pippin on Wii Sports Boxing so I think that counts!

1. Preparation is key!

As with most endeavors, preparation is half the battle. While most of the boxing action has been summed up in twelve rounds of two minutes each, the fighters have been getting ready to rumble from the very day the match has been confirmed. That’s months’ worth of getting in shape, endurance training, researching on your opponent’s strategies, watching tapes, sparring, identifying potential scenarios, and making the necessary psychological preparations for the actual fight.

In Forex trading, the battle begins even before you open up your trading software. To be able to make the proper decisions while trading, you have to review price action and make sure you’re updated on what’s been driving the markets. In addition, you have to be able to anticipate possible outcomes so that you’re prepared to make any adjustments.

2. Flexibility is a must.

When Plan A isn’t working to your advantage, have your Plan B ready and adjust quickly. There will be times when the most popular strategy might not be the most profitable one so you have to be ready to explore a different approach.

Read more:

http://www.babypips.com/blogs/pipsychology/forex-lessons-20150504.html#ixzz3ZFzFNOSs

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