Enjoying nature’s playground throughout the Sapphire Coast is a daily delight for locals but a pure unadulterated pleasure for tourists. They become immersed in the unspoilt national parks and the coastal wilderness, where nature roams free, never far from the crystal clear waters of ever-changing lakes and the ocean brimming with sea life.
No wonder Eden, on the Sapphire Coast, is New South Wales’s largest fishing port and sheer pleasure for fishers everywhere.
The creation of the artificial reef off Merimbula two and a half kilometres offshore in 2018, the Sapphire Coast remains the arena to some of Australia’s greatest recreational anglers and fishers. For city folk, it’s the ideal place to enjoy downtime from staring at trading screens all week long to recuperate and enjoy the open-air lifestyle and be close to nature.
While the two lifestyles of locals and the city lifestyles may appear to be completely different, they also share so many similarities. For example, fishing and FOREX trading.
Anyone who’s ever been fishing knows that there’s a lot more to it than just dropping a line in the water. Like any great skill, fishing takes time to perfect, and it’s the same for FOREX trading. In order to be successful in both, there are shared skills that over time have the potential to improve the skills in both. Let’s look at the similarities of each.
The first step in any good fishing expedition is to plan your trip. Are you targeting a specific type of fish, like snapper? Are you planning to fish from the shore or on a boat? What kind of bait are you going to use? What time of day or year is your trip planned for? By answering these questions, you narrow down your options and increase your chances of success in catching your supper.
The same goes for FOREX trading. You need to have a plan for which currencies you are going to trade, when you are going to trade them, and how much risk you’re willing to take on. Traders always say plan your trade and trade your plan. By having a solid plan in place, like fishing, you are better equipped to generate results – i.e. make more profitable trades.
Reading the water
Great fishing people talk about reading the water. To the experienced eye, there are so many tell-tale signs that are easy to spot that fish are nearby. Here are just a few
- The ebb and flow of currents – fish prefer still water under cover and away from their predators
- Times of the day – it is easier to catch fish just after dawn or just before dusk because the fish, themselves, like hunting at these times.
- Changing weather patterns – after it rains there are more insects and microorganisms for fish to eat
By reading the water, the fisher has the opportunity to focus their attention on the best places to fish making them more efficient.
In the same way, Forex traders read the market. Different markets have different characteristics, whose characteristics will change – so it’s important to pick markets that suit your style of trading.
- Ebb and flow of the markets – so many traders thrive on volatility, but others do not. With the ever-rising price of natural gas in Europe, for example, currency pairs have become increasingly volatile.
- Times of the day – the FOREX market is 24/7 – you want to trade when the market is busy – to find the greatest volume of opportunities. This is typically when the European FOREX market is open and active.
- Changing market conditions – if there is some positive or negative news that gets released about a particular economy its currency will strengthen or weaken – e.g. when the UK recently announced its proposed income tax reduction, the pound weakened very badly.
By reading the FOREX markets, in the same way that fishers read the waters, the FOREX trader has the opportunity to focus their attention on the most likely profitable trades.
Patience and timing
All great fishers know that patience and timing is the key to finding the ideal time to fish. Once you have planned where you are going to fish, have your tools and bait prepared – you don’t just expect to catch a fish straight away-sometimes it takes hours of waiting before you finally get a bite.
The same applies to FOREX trading. Just because the market is moving doesn’t mean you need to jump in right away-sometimes it pays to wait on the sidelines and see that a market is confirming its direction before making your move.
Finding a mentor to improve your skills
City folks enjoy taking fishing charters – especially fishing alongside people that know how and where to fish. Fishing alongside an expert fisher means an early-stage fisher can learn directly alongside highly experienced fishers – those who have all the appropriate equipment, the knowledge of the local waters and everything to help the beginner get the best out of their trip.
Essentially, the beginner is copy-fishing with the leader of the fishing trip. Whilst a beginner won’t initially have all the fishing skills necessary, they can mimic someone that does, to help fast-track their own skills.
In a very similar way, copy trading exists within certain FOREX platforms, like Avatrade. With the increasing advent of social media, you can copy-trade FOREX trades directly with quality traders.
You can directly copy experienced traders’ trades either directly from within your FOREX account or remotely just to monitor the experienced trader’s results. Like fishing, it means you have the potential to increase your chances of trading successfully.
You can also open up a demo account to practice to continue to improve your skills without risking any of your funds.
Successful fishing for snapper off the beautiful Sapphire coast and successful FOREX trading both have some very similar traits. You can help improve your fishing skills by either working hard fishing on your own or copy-fishing with a fishing expert.
Equally, you can work hard on your trading skills by yourself or improve your trading skills by copy-trading with a trading expert, using technology to enable you to exactly mirror someone else. In both cases, hopefully, you will catch bigger fish and make bigger trades, so that you get increased enjoyment and rewards out of both.
Please Note: Online trading can present high risks. Never trade with funds you cannot afford to lose and If you have any doubts about FOREX trading or copy trading please speak to your financial advisor
- This information is of a general nature only and should not be regarded as specific to any particular situation. Readers are encouraged to seek appropriate professional advice based on their personal circumstances.