There are many forex traders who make huge profits yet many don’t have a college education and many don’t spent all day trading – what separates them from the rest is their mindset. Trading is a combination of method and mindset and this is what this article is all about. The key to trading success is to have confidence in what you are doing and in your method; this leads to discipline and currency trading success. This brings into focus the concept of a trader's mindset. Mindset is the first component of any trading model when one prepares...
Very often, after the first open order brings the novice Forex trader some profit, he has a strong will to open another one or even several ones. Filled with enthusiasm, overconfidence and pushed forward by greed, he is sure that is "his day". Unfortunately, often it leads straight to the opposite results. But this does not mean that such a course of action in the market will certainly lead to failure. The bottom line is that for this kind of action is necessary to have a very clearly defined strategies, a sober assessment of the...
With so many participants most of who are trading for speculative reasons, gaining an edge in the forex market is crucial. Fundamental analysis provides a broad view of a currency pair's movements and technical analysis defines trends and helps to isolate turning points. Sentiment indicators are another tool that can alert traders to extreme conditions and likely price reversals and can be used in conjunction with technical and fundamental analysis. Market sentiment in its most basic definition defines how investors feel about a...
One of the main questions that sound immediately after beginner’s meeting with Forex is "How much on average I can make on this financial market?" There aren’t absolutely clear answers to such questions. It’s the same as asking business owners on their average earnings. Everything is relative. You can be the owner of the factory and receive multimillion-dollar benefits, but you can have a tent on the market and could barely make ends meet. Forex can be considered as a business, and therefore the amount of profit here is purely personal. All...
If you're one of those traders who don’t have the time to analyze the forex market, but you still want to trade than you should consider forex mirror trading. A forex strategy developed in the late 2000s that allows investors to copy the forex trading behavior of experienced and successful forex investors from around the world. Mirror trading was initially only available to institutional clients, but was later made available to retail investors. Mirror trading is known by a number of other names, but they all mean the same thing....
