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Forex Training: Follow Your Gut or Your Broker
Which way will the forex market move? Do you just follow your
gut feeling? Or do you have Neo's sixth sense that would let you
be one with the market and feel the underlying currents.
Trading forex is a non stop action movie but a good one, where
you really don't know who will win at the end. Every forex trader
is trying to predict the winner of his own movie.
The forex markets move fast. Can we understand why they move?
Yes, we can but only by having a feeling for the market, the
instinct to know in which direction to move. Will our intuition
enable us to predict the forex markets every move? Of course not.
But understanding what makes the markets move will give the edge
in making better trades.
What do we need to know!
- Who trades forex?
Traders, investment funds, corporations, banks and
governments.
- Why do they trade?
Traders go for a quick speculative profit. Investment funds
avoid risk and follow the long term trends. Corporations are
trying to hedge on currency fluctuations. Banks are short term
traders, market makers and hedgers. Governments trade currencies
to keep there countries markets stable.
Now that we know who the players are we must understand
ourselves. As the other players trades will impact greatly on our
own. We need to decide on our trading strategy. There are just
too many strategies to be covered in this article so please visit
Forex Value Guides to for more information.
http://www.forex.value-guides.com
But no matter our strategy, we must be disciplined and not let
our emotions take over. That is not an easy thing to do when the
markets go wild. We need to keep calm to analyze the other
players to reach our profit goal.
Don't believe anyone who says trading is easy. You need a lot
of will power not to keep changing your mind every minute and
sharp analytical skill. Not only to understand the other players
but to comprehend world events that have an impact on the
markets.
What strategy should you choose? Each trader needs to develop
his or her personal approach to the FOREX. Some traders rely
solely on technical analysis while others prefer fundamental
analysis, but many successful FOREX traders use a blend of both
to get a broad overview of the market and for plotting entry and
exit points.
There are many valid tools available to recognize market
movements. The novice FOREX trader is well advised to study each
one individually for getting a working knowledge of their
concepts and use. Once one has been understood, keep on using it
while studying others. Each method tends to reinforce the
others.
David Jones is a freelance writer and world traveler who
writes about subjects in which he has a personal interest.
Forex
Trading
MORE RESOURCES updated Sat. April / 27 / 2024
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FOREX is the abbreviation for the Foreign Exchange market.
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Many Americans are interested in getting involved in forex
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Don't Deny
Reality
If you want to be a successful trader, you must make sure
you do not deny reality in any phase of your trading. You
cannot deny losses, price direction, mistakes you make,
being undercapitalized, or a whole host of things you would
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Adaptation to the
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Do you think adaptation to the realities of the market is
the most important thing?Many times in the past I've
written about the need to adapt, the need to be able to
change your behavior relative to the market because the
markets are ever changing. I've stated that mechanical
systems may be workable, but for only a short time relative
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The business world is a complex web of supply and demand.
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Stopping
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I read on a bulletin board a traders comment that on his
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How To Handle A String Of
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Everybody hates to lose and unfortunately no one is blessed
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unavoidable part of trading. When we enter a trade we will
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still be classed as being wrong - as nobody enters into a
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encounter a string of losses they begin to engage in
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they are experiencing.
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