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FACTORS FOR FOREX SUCCESS

FACTORS FOR FOREX SUCCESS

Today I’m going to give you factors that will help you become a better trader. I look at the emotional elements of Forex trading, and other elements that you should pay close attention to in your trading process.

Confidence in a plan

What percentage of your exits are: at your price target at your stop loss somewhere in between the two above? If a large proportion of exits fall into option c., then you are saying that you don’t have much confidence.

Top forex traders keep score

Top forex traders know what works best for them. They don’t guess, they look at the numbers. Specifically, they record data about set-ups and their trades and then analyse that data. So, for example, they know what’s coming next.

Forex trading: If you think you are beaten

As you start trading, you will get knocked down, over and over again. You will come to learn that Forex trading is less of a sprint and more of a marathon. You need a strong mind to succeed.

Forex trading: Anchoring your emotions

During times of trading turbulence, it is essential that you are able to keep your emotions in check. This will allow you to stay in control of your processing faculties and maintain your normal levels of self-confidence.

Manage your emotional state

In your trading, there will be times when you feel totally in control and others when you feel totally dysfunctional. This can be when you are experiencing emotional states such as irritation, guilt, anger, frustration, doubt, fear or greed.

Forex trading: our perception becomes our reality

How we think determines how we act. A person who sees a glass of beer as half-full is someone who perceives a world of plenty. The person who see a glass of beer as half-empty is someone who perceives trades negatively.

4 common faults of novice traders

The 4 faults listed below arise because Forex trading is such a counter-intuitive activity. They are easy traps to fall into and very difficult to resolve. The desire to be rich In most areas of work can get in the way.

How to handle losing Trades

It’s a fact that your forex trades will be a mix of winning trades and losing trades. How you deal with both types of trades is a measure of how successful a trader you will become. When you have a losing trade, you need to learn how to bounce back.

Three Trading Losses

How many consecutive trading losses will you take before you feel compelled to correct your approach? Is it three consecutive trading losses?That seems to be the average number. And what is it that you do to correct your approach?

Feeling good about losses

You can feel good about losses if you understand that trading is a game of probabilities. First of all, you need to ensure that you have a trading edge. This means that you have a strategy that has momentum in either direction.

Motivation to Change

Many traders engage in destructive patterns of behavior which seem to enslave them. Why do they continue on the self-destruct path? It’s because the pain of continuing on that path has not yet exceeded their perceived pain of change.

Goal setting

Climbing a mountain starts with small steps, perhaps even practicing those small steps on a gym wall. To be a successful Forex trader, you also need take small steps and ensure that you are constantly learning.

Learning optimism

Do you sometimes blame your Forex trading losses on an external force? Do you believe that the Forex markets are manipulated or that brokers go stop-hunting? If you do, you are not alone. Knowing that others have the same though process, will only help you in vindicating these feelings.

Optimism

If you lost your wallet (or purse) while shopping, how would you react? Would you be a pessimist and not bother telling the police, assuming that the finder will keep the money inside. Or would you be an optimist and believe that you will get it back?

Taking steps towards goals

Most traders can identify areas to improve. However, few traders actually have a process for implementing the steps necessary to achieve the improvement.

Important goals

Imagine that a trader friend of yours has a lifetime goal of owning a Super-yacht and it is this goal that motivates their working day. If owning a Super-yacht doesn’t float your boat, it’s an impotent goal for you.

Following the Rules

Following the rules is difficult. To maintain your self-control. you need to know at a CONSCIOUS level what you are feeling and saying to yourself. It is only when you are aware of what’s going on internally that you have control over the external.

Quiet markets reveal the best traders

I used to race sailing dinghies as a young man and it was obvious that anyone could get around the race circuit when there was a decent wind blowing.

Different states produce different behaviours

People generally behave differently when they switch from one emotional state to another. Shifting from a calm state to an angry state can result in behavior that would not be normally seen.

Your trading processes

Your trading processes are the way you approach your trading. They are not something that you think about once, write down and then implement. They are actions that you develop and refine as you practice your trading.

I know that some of these thoughts weren’t flushed out, but moving forward that’s something I’ll work on, and certainly add to. Either way, thanks for reading.

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For your diary May 31st/4th June 2021

 For your diary

Monday May 31st

China Manufacturing & Non-Manufacturing PMI

New Zealand Final ANZ Business Confidence

Tuesday June 1st

Japan Manufacturing PMI

China Caixin Manufacturing PMI

RBA Rate Statement & Cash Rate

EU Final Manufacturing PMI

UK Final Manufacturing PMI

EU Unemployment Rate

OPEC-JMMC Meetings

Canada GDP m/m

Canada Manufacturing PMI

US ISM Manufacturing PMI

BOE Gov Bailey Speaks

Wednesday June 2nd

Australia GDP q/q

RBA Deputy Gov Debelle Speaks

US Beige Book

Thursday June 3rd

Australia Retail Sales m/m

China Caixin Services PMI

EU Final Services PMI

UK Final Services PMI

US ADP Non-Farm Employment Change

US ISM Services PMI

US Crude Oil Inventories

Friday June 4th

SNB Chairman Jordan Speaks

RBNZ Gov Orr Speaks

G7 Meetings

Fed Chair Powell Speaks

Canada Unemployment Rate & Employment change

US labour market report

Canada Ivey PMI

US Factory Orders m/m

GOLD and USDCAD

 Gold

Gold hit its highest level since January 2021 at the start of last week thanks to the dip in the US dollar. Since then, the dollar has recovered a little and put some pressure on gold but the precious metal’s uptrend since April is still in play.

While gold holds above the simple moving averages, the broader bullish move is likely to continue. A break above the recent high of $1,912 should see it target $1,927. The market has been drifting lower recently and a move back through $1,882 might put $1,872 in sights.

The MACD indicator is still in negative territory which suggests the momentum is with the bears but selling pressure has waned so an upswing in price could be afoot. The RSI is in the middle of the range which suggests there is no strong bias in either direction with respect to price action.

USDCAD

A busy week ahead for Canadian dollar traders with many economic events taking its toll on the ‘loonie’ – especially the OPEC+’s monthly meeting on June 1 which will also affect oil prices.

Technically, the USDCAD extended its consolidation phase around the crucial 2017 lows of 1.2060 for the third consecutive week, increasing speculation that the bears are losing the fight and the bulls could soon take charge. The positive slope in the RSI and the Stochastics, which are running away from oversold territories, and the upside reversal in the MACD suggest that downside risks are fading.

The 20-day simple moving average is still an important resistance level at 1.2140 and unless it gives way, the bears could dominate, risking another negative extension towards the support levels of 1.1920. However, if the bulls were able to defeat the 20-day SMA, the price could accelerate towards the 1.2265 – 1.2300 zone.

What you need to know on Monday, May 24 2021

 What you need to know on Monday, May 24 2021:

The greenback recovered on Friday, ending the week mixed across the FX board.

The American appreciated following upbeat US data and comments from Federal Reserve officials suggesting a sooner rather than later discussion on tapering amid signs of heating inflation. On Friday, Atlanta Federal Reserve President Raphael Bostic said that he is worried about inflation getting entrenched, while Philadelphia Fed Patrick Harker noted that the Fed should start discussing tightening. Also, Dallas Federal Reserve Bank President Robert Kaplan reiterated that they are seeing a lot of uncertainty about inflation.

The EUR/USD pair settled at 1.2180, while GBP/USD finished the week at 1.4145, both up against the greenback. AUD/USD posted modest weekly losses, holding above 0.7700 but unable to rally despite soaring gold prices. The bright metal settled at $ 1,881.30 a troy ounce after hitting 1,889.96 mid-week.

UK Prime Minister Boris Johnson said he remains confident the kingdom will continue moving toward full reopening by the end of June, despite the rapid increase of the coronavirus Indian strain. The number of cases of the new variant has more than doubled in a week and may become the dominant strain. Concerns that it may delay opening have put a cap on GBP demand. The UK won’t publish relevant macroeconomic data on Monday.

The Canadian dollar posted modest gains against the greenback, despite oil prices edged lower weekly basis. WTI settled at $ 63.83 a barrel. USD/CAD held near multi-year lows amid encouraging local data.

Wall Street struggled to post gains, despite reports indicating economic progress, as the preliminary May Markit PMIs came in much better than anticipated. Only the DJIA was able to post gains. Meanwhile, US government bond yields held at the lower end of their weekly range. The yield on the 10-year Treasury note settled at 1.62%.

The coronavirus crisis keeps receding in Europe and the US as summer arrives in the northern hemisphere while the immunization campaign continues. The focus is on Latin America and India, where the pandemic is still hitting hard. Developed countries are planning donating vaccines to troubled nations from around the world.

Cryptos collapsed over the weekend, with BTC/USD falling toward $ 33,000 with my projected target of $16000.

Products to Watch 24th May - 28th May 2021

 UT100 (NASDAQ 100)

Investors will be watching the Nasdaq very closely this week. Remember that tech stocks are highly valued and despite decent Q2 earnings recent rallies in the Nasdaq have been very limited.

Technically, the Nasdaq is moving between the boundaries of a bullish channel on the weekly chart, and it succeeded in maintaining the lower boundary after testing it last week near the 12900 levels. If the index was able to maintain this level, the index could extend its gains and test the highs of 14066 levels. If the index was able to extend its rise and breach that level, it could reach the levels of 14750 levels.

If the index falls below the support level of 12900, this may contribute to an extension of the decline to the levels of 12200. A breakthrough beyond this level could indicate a change in the long-term direction towards the downside. Therefore, stability above the mentioned support is crucial for the index trend bias.

Gold

Gold has been volatile to the upside last week, especially after the Fed hints of policy tapering as the XAUUSD has continued its upward momentum trading above its daily moving averages. The precious metal could continue its bullish bias this week as buyers could aim for the $1900. A breach beyond this hurdle, gold prices could reach the resistance level of $1911 before aiming towards $1960 area, late 2020 highs.

From the downside, failure to defeat the $1900 level could push back prices to consolidate in the range between the $1875 and $1890 area. The main support level to watch is $1850.