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How to Stop Giving Back Your Profits When Trading Forex

It is not our plan, strategy or system that determines our success in trading Forex. All of those are essential, however our trading psychology can overturn them in a heartbeat if we are programmed to believe we don’t deserve to make a lot of money. This article explores why and what we can do to overcome our own internal limiting beliefs about being a successful Forex trader.

Learn Some Forex Trading Strategies Before You Start Trading in the Forex Market

When considering trading in the forex market, it’s really important that you know what strategy you will use before you start trading with real money. Trading in the forex market with the price action strategies can be a very effective and efficient to make investment decisions.

Are You An Investor Or A Trader Of The Forex Market?

There are some important differences between investing and trading, even though some people may use these terms interchangeably without giving it much thought of what each entails. Advantages can be found in both ways of growing your money, neither is better than the other – they have different roles. But when it comes to growing your wealth in the Forex market, trading is usually the way to go due to the unique aspects of this market.

The Importance of News to Forex Traders

In this era where information can be an extremely powerful and strategic asset, whether to individuals or corporations, and information equals money, especially for a trader, shutting yourself off from news can be suicidal. The Forex market is extremely sensitive to the flow of news that is related to it, and major short-term currency moves are almost always preceded by changes in fundamental views influenced by the news. Traders around the world make a living by processing and translating information into money. Financial news services providers know how important news is to the Forex market players, and charge a premium for it. It is not uncommon to get hundreds of headlines of news that are potentially relevant to Forex trading from any news service provider on an average trading day.

Understanding Trend Time Frames and Directions

There have been students asking in the Instant FX Profits chatroom on the current trend for certain currency pairs. In return, I reply with another question, “According to the past 5 mins, 5 hours, 5 days or 5 weeks?” Some traders are not aware that different trends exist in different time frames. The question of what kind of trend is in place cannot be separated from the time frame that a trend is in. Trends are, after all, used to determine the relative direction of prices in a market over different time periods.

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