Have a plan and trade the plan…right? Not always. Having a trading plan and the discipline to stick to that plan is seen as a fundamental requirement for successful trading however when you look at the very best traders this is not always the case. Due to the dynamic nature of the markets sticking rigidly to your predetermined plan will not always maximise your returns from the market – the key is to develop your judgement, to develop a flexible response learning when to stick to the plan, and when to flex.
Editors’ Picks
EUR/USD weakens toward 1.1600 as firm US data revives the US Dollar
The EUR/USD edged lower on Thursday, down some 0.21% as market sentiment remains risk averse due to the ongoing conflict in the Middle East. This and solid US economic data pushed the pair lower towards the 1.1600 figure ahead of Friday’s session.
GBP/USD drifts lower heading into NFP range
GBP/USD edged lower by 0.2% on Thursday, settling close to 1.3350 in a strained trading session that kept the pair pinned near three-month lows. Price briefly recovered earlier in the day on reports that Iran had indirectly signaled openness to talks with the CIA, but the bounce faded as Israeli officials reportedly advised Washington to disregard the overture.
USD/JPY: Bulls defend 157.00 as upside-pressure builds
USD/JPY advanced on Thursday during the North American session, up by nearly 0.30% as the Greenback is boosted by risk appetite deterioration, solid US jobs data and hawkish comments by the Richmond Fed President Thomas Barkin. At the time of writing, the pair trades at 157.50 above its opening price.
Editors’ Picks
AUD/USD slides nearly 1% to test the 0.7000 handle
AUD/USD fell about 1% on Thursday, wrapping the day up near the 0.7010 level after testing below the key 0.7000 handle intraday. The pair has now pulled back sharply from Tuesday's bounce, with two consecutive bearish sessions erasing most of the week's early gains. Price continues to chop within the roughly 150-pip consolidation band between 0.7000 and the year-to-date high close to 0.7150 that has defined the range since early February.
EUR/USD weakens toward 1.1600 as firm US data revives the US Dollar
The EUR/USD edged lower on Thursday, down some 0.21% as market sentiment remains risk averse due to the ongoing conflict in the Middle East. This and solid US economic data pushed the pair lower towards the 1.1600 figure ahead of Friday’s session.
Gold slumps below $5,100 as US Dollar gains
Gold price tumbles to near $5,085 during the early Asian session on Friday. The precious metal loses ground amid a stronger US Dollar. The US employment report for February will take center stage later on Friday.
NYSE parent Intercontinental Exchange partners with OKX, invests at a $25B valuation
OKX announced an investment from Intercontinental Exchange, raising its valuation to $25 billion, alongside a partnership to expand regulated crypto futures and tokenized equity offerings globally.
Two PMIs, two Chinas Premium
China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.
RECOMMENDED LESSONS
Making money in forex is easy if you know how the bankers trade!
I’m often mystified in my educational forex articles why so many traders struggle to make consistent money out of forex trading. The answer has more to do with what they don’t know than what they do know. After working in investment banks for 20 years many of which were as a Chief trader its second knowledge how to extract cash out of the market.
5 Forex News Events You Need To Know
In the fast moving world of currency markets where huge moves can seemingly come from nowhere, it is extremely important for new traders to learn about the various economic indicators and forex news events and releases that shape the markets. Indeed, quickly getting a handle on which data to look out for, what it means, and how to trade it can see new traders quickly become far more profitable and sets up the road to long term success.
Top 10 Chart Patterns Every Trader Should Know
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7 Ways to Avoid Forex Scams
The forex industry is recently seeing more and more scams. Here are 7 ways to avoid losing your money in such scams: Forex scams are becoming frequent. Michael Greenberg reports on luxurious expenses, including a submarine bought from the money taken from forex traders. Here’s another report of a forex fraud. So, how can we avoid falling in such forex scams?
What Are the 10 Fatal Mistakes Traders Make
Trading is exciting. Trading is hard. Trading is extremely hard. Some say that it takes more than 10,000 hours to master. Others believe that trading is the way to quick riches. They might be both wrong. What is important to know that no matter how experienced you are, mistakes will be part of the trading process.
The challenge: Timing the market and trader psychology
Successful trading often comes down to timing – entering and exiting trades at the right moments. Yet timing the market is notoriously difficult, largely because human psychology can derail even the best plans. Two powerful emotions in particular – fear and greed – tend to drive trading decisions off course.