DON’Ts DURING US Election 2024

The race to the White House has started. There are two major candidates, two parties, and a common goal. Who will win the US presidential election: Trump or Harris? It will be officially declared on November 5, 2024. However, this election has already generated a global buzz. The US election would have an impact on the world economy. The FX market would not remain unaffected. Therefore, in this article, we will talk about the key points a trader or investor must remember during the US Election. We‘ll particularly talk about the don’ts. Let's start.

1. Don't forget to outline goals: When trading election volatility, you should consider what you want to achieve. Goals, which are Specific, Measurable, and Relevant.
2. Don't ignore the latest election developments: Staying on top of the latest election news is the best way to avoid being caught out by sudden market moves.
3. Don't put all your eggs in one basket: Diversification refers to having multiple positions open across a range of different asset classes, thus limiting your exposure to the performance of a single asset or instrument.
4. Don't forget to use stop-loss orders: A stop-loss order is a handy tool traders and investors use to reduce their risk exposure. Its an instruction to a broker to close a losing trade when an instrument reaches a certain price level.
5. Don't let your emotions take more out of you: Traders can use a variety of tactics to meet their objectives. However, success is the product of a systematic strategy. You can't rely on 'feelings' or 'intuition'.
6. Don't ignore the election's impact: Every US election has a big impact on markets throughout the world. The result influences international trade agreements, geopolitical stability, US tax rates, and economic policy.
7. Don't miss out on opportunities: Volatility presents risks when trading but is also a tremendous gift – one that presents bigger price moves and therefore more opportunities to profit.

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