Quite simply, eurodollar (also known as EURUSD), is the exchange rate between the currencies of the world's two largest economies when measured by GDP - USA and the Eurozone. The Eurozone consists of the economies of 19 EU member states who have adopted the euro as their currency. These 19 member states have ceded control over monetary policy and interest rates to the European Central Bank. And as far as the currency is concerned at least they trade as one entity.
If you want to be a successful forex trader, greed is probably the biggest obstacle you'll have to overcome. If you try to get rich on every trade, you'll more than likely end up blowing your account - slow and steady wins the race. It's the great paradox that all traders face - if you want to get rich quickly, you have to do it slowly.
For optimal performance, it is important to learn the top emotions to expect from forex trading. By becoming familiar with these emotions, forex traders can better equip themselves with the right strategy and the most suitable mindset. Whether you are experiencing stress or excitement, emotions can greatly influence forex trading results. For continued profitability and strong mental health, take control of your well being and become aware of the inevitable emotions of forex trading.
Personal accountability is a valuable trait to have in a forex trading journey. It encourages traders to focus on experiential learning and quality performance to reach target goals. No matter what the market movement is, an accountable trader will take charge of how trades are achieved. Instead of placing blame on things like the forex market or economies, a trader with personal accountability will immediately accept every outcome and efficiently learn from it.
Using a forex signals provider can be exciting for some. For others, having used a forex signals service already and having met with some disappointments, one can get skeptical about using such a service already. This brings the question whether one should use a forex signals service. It also prompts the question whether a forex signals provider can generate profits or equity growth for you.
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.
Pivot points are extremely popular with traders, they are used to spot direction, probable reversal points and potential support and resistance levels. It's a well-known tool that is of particular interest to novice traders, due to the simplicity of the mathematical formulas it incorporates.
"You need to figure out how to make money being right only 20-30% of the time." – Bill Lipschutz
As most aspiring traders should know,...
- Forex Expos
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