To be a successful trader, you have to do more than simply trading when the markets are open. You have to prepare for what you're about to get into so that you can make smart and well-informed decisions when it's time to actually trade.
This is something that many athletes can relate to. Much like how a boxer will review dozens of fight tapes and train for months and months before getting into the ring with his opponent, you too have to take the proper steps in preparing for battle. In other words, you've got to do your homework before diving into action.
As they say, "Preparation is half the battle." And in trading, the battle begins even before you open up your trading software. Read More
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REPORT: What is Your Forex Trading Routine? - Rick Wright
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Editors’ Picks
EUR/USD finds support near 1.0720 after slow grind on Monday
EUR/USD jostled on Monday, settling near 1.0720 after churning in a tight but lopsided range as markets settled in for the wait US Fed outing. Investors broadly expect US rates to hold steady this week, but traders will look for an uptick in Fed guidance for when rate cuts could be coming.
GBP/USD climbs above 1.2500, with bulls targeting 200-DMA
The Pound Sterling advanced sharply against the US Dollar in early trading during Monday’s North American session after hitting a daily low of 1.2474. Rumors of an intervention by Japanese authorities to propel the Japanese Yen (JPY) weighed on the Greenback, which is tumbling against most G8 FX currencies. Therefore, the GBP/USD trades at 1.2534, gaining 0.36%.
USD/JPY holds rebound to 157.00 after Monday's suspected intervention-led crash
USD/JPY is trading close to 157.00, staging a solid rebound in the Asian session on Tuesday. The pair reverses a part of heavy losses incurred on Monday after the Japanese Yen rallied hard on probable FX market intervention by Japan's authorities. Poor Japan's jobs and Retail Sales data weigh on the Yen.
Editors’ Picks
AUD/USD drops toward 0.6500 after dismal Aussie Retail Sales, mixed China's PMIs
AUD/USD is extending losses toward 0.6500, hit by an unexpected drop in the Australian Retail Sales for March while China's NBS April PMI data came in mixed. Upbeat China's Caixin Manufacturing PMI data failed to lift the Aussie Dollar amid a softer risk tone and the US Dollar rebound.
USD/JPY holds rebound to 157.00 after Monday's suspected intervention-led crash
USD/JPY is trading close to 157.00, staging a solid rebound in the Asian session on Tuesday. The pair reverses a part of heavy losses incurred on Monday after the Japanese Yen rallied hard on probable FX market intervention by Japan's authorities. Poor Japan's jobs and Retail Sales data weigh on the Yen.
Gold price traders remain on the sidelines ahead of FOMC decision on Wednesday
Gold price remains confined in a narrow range as traders prefer to wait on the sidelines. Reduced Fed rate cut bets revive the USD demand and act as a headwind for the metal. Investors now await the FOMC decision and US macro data before placing directional bets.
BNB price risks a 10% drop as Binance founder and ex-CEO Changpeng Zhao eyes Tuesday sentencing
Binance Coin price is dumping, with the one-day chart showing a defined downtrend. While the broader market continues to bleed, things could get worse for BNB price ahead of Binance executive Changpeng Zhao sentencing on Tuesday, April 30.
FX market still on intervention watch
Asian foreign exchange traders will be particularly attentive to any signs of Japanese intervention on Tuesday, following reports of Tokyo's involvement in the market on Monday. This intervention action propelled the yen upward from its 34-year low of 160 per dollar, setting off shockwaves of volatility.
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