Current level - 1.1367
A new test of the 1.1300-1.1320 level is possible for the pair. The first resistance is at 1.1400 followed by 1.1450.
Life as a forex trader is exhilarating and rewarding. In an exciting market, expert traders have to be goal-oriented, mentally sharp and emotionally intelligent. To reach trading goals, successful forex traders need to acquire optimal knowledge and a focused mindset. On a constant basis, traders have to practice analysis, strategizing and diligence. Eventually, this provides a positive and proactive way of thinking that is beneficial for both personal life and career goals.
We understand that this is a perfectly natural question, especially for newer traders. Unfortunately, it is difficult to answer. To a degree, we believe it depends on the person who is doing the asking. With that in mind, let's have a look at some of the key points relating to this subject…
No matter how hard you try, it will be impossible for you to climb up the trading ladder until you've learned how to risk live money. Trading in the live market draws in psychological elements that are generally not experienced in a simulated environment. This, as you'll see throughout the article, is the key difference…
In the early stages of trading, the identification of a trend emerges as a compass to the markets. We have all heard the phrases "the trend is your friend", "never go against the trend" and "trade with the trend". But, what is a trend and why is it so important? A trend is simply the prevailing direction of the market. It is the direction that future prices will most likely follow. So, the early identification of the trend is imperative in trading the financial markets. Whether it's going up, down or sideways, has to be determined before entering the market. Many trading systems have been developed with precise rules on when to open a trading position, exit a losing trade and of course lock potential profits. Trend identification is one of the cornerstones of successful trading
The ADX or the Average Directional Index indicator is a handy tool that can help traders in a number of ways. For the most part, those who follow a trend trading strategy will discover that the ADX can be a useful addition. While traders often end up using two or more indicators that basically gives the same information making them redundant, the ADX indicator in fact compliments any other trend based indicators.
Unless you intend on trading one market at a time, it is vital to understand how different instruments markets interact with one another. A correlation, in simple terms, describes how much (or how little) two markets move together over a period of time.
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ActionForex.com was set up back in 2004 with the aim to provide insight analysis to forex traders, serving the trading community over a decade. Empowering the individual traders was, is, and will always be our motto going forward.