Currency Trading Information Channel
The following situation happens quite often to many traders. Look it over and see if it has been happening to you:
You have been faithfully following your trading plan and the rules you've set for trading. By following them you are now in a trade that doesn't look so good. At the same time, by following your trading plan, you see that you've missed a beautiful move in a different market, one that could have made you a lot of money.
You are in a bad trade and you've missed out on a great trade. You become disgruntled. You think to yourself that your trading plan must not be so great. You think there must be a better methodology that you should use that will prevent this from happening. You think to yourself, "Yes! That's it, I'll change the way I do things." So you create a new rule or modify an old one so that such a rule would have let you capture the trade you missed and avoid the one you took. Have you been making this mistake?
Here's another way it can happen: You are in a trade, and your rules cause you to be stopped out with little or no profit. Shortly after you exit the trade according to plan, prices take off and move to where, had you stayed in, you would have made substantial profits. The move leaves you sitting there thinking you are stupid. You reason that there must be something wrong with the way you do things.
Your rules, your plan, or both must not be right. So you change what you are doing, or make a new rule so that the next time this happens, you won't be left behind.
You have just abandoned all of the hard work you've previously done that enabled you to successfully trade futures. You've abandoned your education and learning. You've abandoned the wisdom that will enable you to be consistently successful as a trader. You've just started trading history, and you are supposed to be trading on the future movement of prices. You are trading what happened, not what will happen. By not being willing to be left behind, you are setting yourself up for being left out.
If you've been having thoughts, or have been acting as we've just described, you have a terrible problem with greed. Why? Because greed can never get enough. You can't satisfy greed. Greed wants more, and yet more.
Not every trade is your trade. Not every trade has to work out for you. You have to be satisfied with getting a reasonable share of trades that fit your description of a good trade. Some of those trades will turn out to be great trades, others are good trades, and a certain percentage of your trades will be bad. There's no way around it.
Not every good trade will turn into a great trade. When you enter a trade according to your rules and trading plan, you have no idea whether or not it will turn out to be a good trade, much less a great trade. The reality of trading is that, try as you might, you cannot know the future.
Whenever we miss a big move and then try to find some pattern, indicator, rationale, or modification to make to what we are doing so that the next time we will not miss the "big" move, it is a part of the hunt for something magic - a continuation of our quest for the holy grail of trading.
What a terrible mistake to allow yourself to make. Winning as a trader consists of making some small profits and some larger profits on a regular basis. Obviously, there will be some losses. We regularly want to keep losses small, but there are times when a loss will get away from us and turn out to be bigger than desired.
If adversity causes you to become disgruntled, then you really need to examine your thinking and your approach to trading. Your trading plan must allow for disappointment and loss.
You've got to believe in what you are doing and be able to trade from the knowledge that when you follow your rules and your plan, you will make money from your trading. When you become disgruntled and begin to change your plan, your rules, or both, you are setting yourself up for almost certain failure and the worst thing that can happen to a trader - you will lose the courage of your convictions. Without it you cannot trade with any level of confidence.
This is why we encourage you to write out the reasons and rationale for every trade you make, even if you have to do it after you have completed the trade. You must develop a keen recognition of the trades that are your trades. Write out your trading plan every day and for every trade you intend to make. If you did not have time to plan every trade, be sure to review those you did make without pre-planning. Then you can go back over your trading and be able to see why and when you are successful.
Reminder: Here are some steps to take before the market opens.
View major formations on the charts of those futures you intend to trade. View potential congestion areas, get the big picture from the longer term charts.
Write down all potential entries as you see them on the chart.
You need to go through this exercise every day that you trade. This takes discipline. However, doing so will help you develop the kinds of habits that will mold you into a great trader.
If you are too busy to be disciplined, then you are too busy to trade. If you don't discipline yourself, you will soon disappear from the trading scene.
ABOUT JOE ROSS:
Joe Ross has been trading for more than 47 years, and is a well known Master Trader. He has survived all the up and downs of the markets because of his adaptable trading style, using a low-risk approach that produces consistent profits.
Joe is the creator of the Ross hook, and has set new standards for low-risk trading with his concept of "The Law of Charts?." Joe was a private trader for most of his life. In the mid 80's he shift his focus and decided to share his knowledge. After his recovery, he founded Trading Educators in 1988 to teach aspiring traders how to make profits using his trading approach. He has written 12 major books on trading. All of them have become classics and have been translated into many different languages.
Joe holds a Bachelor of Science degree in Business Administration from the University of California at Los Angeles. He did his Masters work in Computer Sciences at the George Washington University extension in Norfolk, VA. Joe still tutors, teaches, writes, and trades regularly. Joe is still an active and integral part of Trading Educators.
MORE RESOURCES updated Thu. January / 17 / 2019
Forex trading association to be launched Chronicle
Oliver Kazunga, Acting Business Editor AN initiative that seeks to represent the interests of the country's online currency traders will be officially launched in ...
Forex Currency Trading Simplified Coinspeaker
The forex currency trading market is the largest financial market in the world, dwarfing the renowned NYSE. Want to trade in it? Learn the basics of the trade.
GBP trading opportunities arising from the Brexit situation Yahoo! Finance News
Today, the British Parliament is set to vote on Theresa May's Brexit deal. Most economists are forecasting that the majority of MPs will vote against it, which will ...
Brexit's high noon has arrived and it spells danger for currency traders CNBC
Currency traders lie in wait, hoping not to be caught on the wrong side of a sterling trade that could whip wildly in either direction as the debate rages and the ...
Can forex trading make you rich? Business MattersBusiness Matters
How many times have you seen a movie where you see a man in a neat suit with a brief case enter or exit the screen and you wished it was you.
Here is the most volatile period in the Asian currency trading MarketWatch
There is a fragile spot in the $5.1 trillion currency market: early morning in Asia.
Forex Market Size: A Traders Advantage DailyFX
The FX market is the biggest and most traded worldwide. Read our guide to forex market size, trading volume and liquidity and how to take.
Trading operations stung banks in fourth quarter but dovish Fed fuels hope Reuters
Big trading operations were a thorn in the side of the top U.S. banks in the fourth quarter as fears about global growth sent credit markets into a tailspin, but a ...
Rupee Edges Higher By 9 Paise Against Dollar NDTV News
The rupee appreciated by 9 paise to 71.15 against the US dollar in opening trade on Thursday, driven by positive opening in domestic equities and weakening ...
Forex Correlation: Using Currency Correlation in Forex Trading DailyFX
Meta Description Suggested: Read our expert guide to currency correlation and how to use it in forex trading. View our forex pair correlation table and ...
Currency Traders on Front Line as Markets Stay Wary of U.S. Risk Bloomberg
The final week of 2018 could prove tumultuous for investors as holiday-thinned trading combines with a growing array of pressures on markets. Traders in the ...
Digital trading platform BitMEX exits US, Quebec as pressure mounts South China Morning Post
BitMEX, the bitcoin futures exchange that has leased Hong Kong's most expensive office in Cheung Kong Center for US$600,000 a month, has been shutting ...
Société Générale trading revenues hit by ‘challenging’ market Financial Times
French bank Société Générale said its fourth-quarter results will be hit by “disposals and a challenging environment in global capital markets” as volatile trading ...
Forex Trading Strategies: Complete Beginner's Guide MoneyCheck
Forex trading is a financial product which offers investors a great path for wealth creation in both short and long-term trading options.
The History of Forex DailyFX
An introduction to forex history: key events, news and developments which have shaped the forex market and FX trading landscape. Find out more…
BitGo partners Genesis Global Trading Finextra
BitGo, Inc., the market leader in institutional cryptocurrency financial services, today announced that it has partnered with Genesis Global Trading, an...
Multi-Currency Exchange BTSE to launch Futures Trading Markets Insider
High liquidity focused fiat-cryptocurrency exchange, BTSE, will add futures offering as of February 2019. The new feature will include linear perpetual futu...
Building wealth via forex trading Business Mirror
THE notion that foreign-exchange (forex) trading requires a large capital and involves plenty of risks is a misconception. While it is true a budding trader.
Rupee Edges Higher By 13 Paise Against Dollar NDTV News
The rupee started on a weaker note at 71.10 but soon pared the losses and edged higher by 13 paise to 70.92 against the dollar on Wednesday, reported Press ...
Can you make a profit trading forex part-time? Augusta Free Press
Forex trading is something anyone can do. All you need is a trading account with a forex broker and a good internet connection.
What is Forex Trading? Complete Beginner's Guide MoneyCheck
Forex is the art of buying or selling one currency for another - Find out more in our complete guide to Forex Trading for Beginners.
Forex trading school bankrolls $50 000 programme Chronicle
Oliver Kazunga, Acting Business Editor FOREX Trading School Africa will this year bankroll a $50 000 mentorship programme aimed at empowering potential ...
HBUS rebrands digital currency trading platform Coin Rivet
HBUS, the US-based strategic partner of China-founded crypto exchange Huobi, has rebranded its retail trading *service* from HBUS.com to Huobi.com.
Hopes for trade talks move yuan to 6-month high Nikkei Asian Review
SHANGHAI -- The yuan has recovered to a roughly six-month high against the dollar as hopes for progress in China-U.S. trade talks have grown.The.
SIB hires Bank of Africa executive to head online forex trading desk Business Daily
Standard Investment Bank has tapped a top executive of Bank of Africa to head online foreign exchange trading business.
Currency.com Launches World's First Tokenised Securities Trading Platform Following Investment from Larnabel Ventures and VP Capital - Business Wire
Currency.com Launches World's First Tokenised Securities Trading Platform Following Investment from Larnabel Ventures and VP Capital Business Wire
Currency.com, a next-generation blockchain technology company, today announced the launch of the world's first fully-functional trading platform for t.
Major Currency Pairs: A Guide to the Most Traded Forex Pairs DailyFX
Learn about major currency pairs traded on the forex market, including EUR/USD and USD/JPY. View our top currency pairs list and expert trading tips.
Best Bitcoin Forex Brokers: How to Choose the Best Bitcoin Forex Broker Bitcoinist
We've previously covered some of the best bitcoin brokers on the market, but here's more information about Bitcoin forex brokers.
UZEX currency trading site's trade volume reaches almost $9M AzerNews
At the Dec. 10-14 trade week at the Uzbek Commodity Exchange (UZEX), transactions worth 814.5 billion soums were carried out, which is 15.7 percent more ...
BOJ's Kuroda's speech, topic is Demographic Changes and Macroeconomic Challenges ForexLive
There is nothing in his speech indicating any change in policy from the BOJ (its sort of a bigger picture speech) if you'd like to check it out. Or just have a nap.
Citi’s Trading Botch Says More About It Than Its Rivals Bloomberg
Citigroup Inc. fired the starting gun on Wall Street earnings on Monday, and below some of the key headline figures, it's not what investors were hoping to hear ...
Asia markets jump amid US-China trade talks CNBC
The U.S. and China are set to hold trade negotiations at the vice ministerial level in Beijing on Monday and Tuesday.
Dollar up on bleak EU outlook, pound bolstered by hopes of soft Brexit MarketPulse
The dollar rose against the euro on Wednesday as the single currency was pushed lower by worries about the euro zone economy, while sterling was strong ...
Malaysia clears ambiguity with digital trading regulation Asia Times
Malaysia is beginning to implement new regulations on Initial Coin Offerings (ICOs) and the trading of digital assets, according to the country's Securities ...
Kiwi dollar sags on dampened risk appetite, sterling dips CNBC
The New Zealand dollar moved the most among major currencies on Thursday, falling to a week's low on renewed fears over global growth, while sterling ...
Asia markets gain amid hopes of progress as US-China trade talks conclude CNBC
Asia markets saw gains on Wednesday as investors remained cautiously optimistic about trade negotiations between the U.S. and China, which wrapped up on ...
'Flash crash' hits the currency markets as financial volatility intensifies CNBC
The Japanese yen hit its highest level since March against the U.S. dollar on Wednesday evening after what some traders are calling a "flash crash."
Asia markets mostly lower as China inflation data miss expectations CNBC
Official Chinese inflation data for December, released at the same time as market open in China, came in below expectations.
Asian stocks mixed as US-China trade talks continue CNBC
Stocks in Asia were mixed on Tuesday as investors waited for developments from the second day of U.S.-China trade talks. Japan's Nikkei 225 rose 0.82 percent ...
FX Setups for the Week of December 24, 2018 DailyFX
A number of pressing themes remain as year-end nears, and holidays over the next two weeks will likely bring lower levels of liquidity across global.
Binance Launches New Fiat Exchange Called Binance Jersey With EUR/GBP Trading Pairs UseTheBitcoin
Binance has just launched a new exchange called Binance Jersey. Users will be able to trade different fiat trading pairs.
Conotoxia Adds Payment Method UnionPay for Currency Exchange Finance Magnates
Conotoxia Holding Group announced today that it has added another payment method for its customers for money transfers and currency exchange - UnionPay.
Currency business falls by 70pc in two months DAWN.com
KARACHI: Business volume in the currency market has fallen by 70 per cent in the last couple of months but the grey market has expanded its operation to large ...
China rebounds on trade hopes as Japan slips more than 2 percent CNBC
China's stock markets rebounded on new developments on the U.S.-China trade front. Japan's Nikkei 225 dropped more than 2 percent on the day while the ...
Asia stocks mostly higher amid improving investor sentiment following US gains CNBC
Major indexes in Japan, South Korea, Hong Kong and China traded up as the Dow and S&P 500 notched gains overnight that put them on a five-day winning ...
NZ crypto exchange offline after hack, talk of $3.7m heist Newstalk ZB
Christchurch-based digital currency exchange Cryptopia was still offline for maintenance early this morning after a digital break-in - and industry talk of a $3.7 ...
The Big Mac index The Economist
THE Big Mac index was invented by The Economist in 1986 as a lighthearted guide to whether currencies are at their “correct” level. It is based on the theory of ...
Asian stocks post mixed performance ahead of Christmas holiday CNBC
Stocks in Asia were mixed on Monday, following last week's market turmoil stateside which saw the Dow posting its worst weekly performance in more than a ...
Forex Trading Vs Internet Marketing – Which is Most Profitable Business ? FXDailyReport.com
Everyone wants to be rich. Therefore, we are looking for the most profitable business that can make us rich. It can be either an online or offline business.
Hong Kong and Australia close out 2018 with annual declines CNBC
U.S. President Donald Trump said in a tweet over the weekend that he had a "long and very good call" with Chinese President Xi Jinping, touting "big progress" ...
Forex Weekly Outlook, Dec 24-28 - Trading the Christmas Week FX Leaders
Howdy, traders. The trading volumes are assumed to remain light during the week due to the Christmas vacation as many traders already concluded books ...
Cryptocurrency is radical but who does the radicalism benefit? The Sydney Morning Herald
"Free speech" is one of the battle cries of far-right activists who target democratic consensus and seek to divide the public. Alt-right agitators and trolls embrace ...
Rupee Breaks Two-Day Gain To Slip Below 70 Mark Against Dollar: 10 Things To Know NDTV News
The rupee declined by 53 paise, or 0.8 per cent, to close at 70.21 against the dollar on Tuesday. That marked the first lower closing for the rupee against the ...
3 Key Considerations In Establishing Your Virtual Currency Investment Fund - Fin Tech - Cyprus - Mondaq News Alerts
3 Key Considerations In Establishing Your Virtual Currency Investment Fund - Fin Tech - Cyprus Mondaq News Alerts
With the ever-increasing popularity of cryptocurrency exchanges around the globe it seems that the use of virtual currencies is only set to become the norm in the ...
Japanese stocks soar more than 3.5 percent, but China dragged lower by oil giant news CNBC
Shares in much of Asia rose on Thursday afternoon following an overnight surge in stocks on Wall Street. Japan's Nikkei 225, which has veered in and then out ...
Citigroup Faces $180 Million Loss on Loan to Asia Fund Bloomberg
Citigroup Inc. faces losses of as much as $180 million on loans made to an Asian hedge fund whose foreign-exchange wagers went awry, prompting board-level ...
Forex Forecast: Pairs in Focus DailyForex.com
Get the Forex Forecast using fundamentals, sentiment, and technical positions analyses for major pairs for the week of January 13, 2019 here.
The Rin: A New Currency Unit for Japan Nippon.com / English
I first arrived in Japan on July 15, 1971, as an American college student beginning a year abroad. Though I already knew a certain amount about the country and ...
Rupee Gains By 34 Paise To End At 69.43 Against Dollar NDTV News
On Monday, the rupee signed off the last trading session of 2018 with 18 paise gains at 69.77 per dollar.
China pledges economic stimulus, as German growth hits five-year low - as it happened - The Guardian
China pledges economic stimulus, as German growth hits five-year low - as it happened The Guardian
China's finance ministry has pledged to cut taxes and boost spending, as it fights a slowing economy.
Viral Crypto Memes Inspire New Billboard Campaign From US Digital Currency Exchange, HBUS - Smartereum
Viral Crypto Memes Inspire New Billboard Campaign From US Digital Currency Exchange, HBUS Smartereum
Following The First-Ever Billboard Campaign By A U.S. Exchange, Which Targeted Wall Street and Coinbase, HBUS Mocks Crypto Downturn SAN FRANCISCO ...
Trade ideas thread - European session 17 January 2019 ForexLive
Daily thread to exchange ideas and to share your thoughts ForexLive The yen and dollar stay bid with equities holding weaker at the start of the European cash ...
MetaTrader vs cTrader - Which is Best Forex Trading Platform in 2019 ? FXDailyReport.com
In the recent times, the world has witnessed great advancements and expansion of Forex trading platforms. It also means that the worlds the biggest names, ...
Iran’s central bank proposes slashing four zeros from its failing currency Haaretz
Iran's central bank has proposed slashing four zeros from the rial, state news agency IRNA reported on Sunday, after the currency plunged in a year marked by ...
China Is Turning Into Its Own Worst Economic Enemy Bloomberg
Beijing has hamstrung future growth with misguided policies.
'We're about to be thrown under a Boris bus': businesses on a no-deal Brexit The Guardian
We asked you how your business might be affected if the UK left the EU without a deal. Here's what some of you said.
Euro, commodity-linked currencies boosted by U.S.-China trade optimism Reuters
Commodity-linked currencies such as the Australian dollar and the Canadian dollar rose on Wednesday, helped by a rise in oil prices and growing optimism that ...
ASX poised to open higher The Australian Financial Review
Australian shares are set to open modestly higher as investors turn cautious amid uncertainty about Brexit and the US government shutdown. ASX futures were ...
Five More Exchanges Join Japan’s Self-Regulatory Crypto Exchange Association Cointelegraph
News. Five more cryptocurrency exchanges have joined the Japan Virtual Currency Exchange Association (JVCEA), according to an official announcement on ...
Pound Fights Back on Hopes for Soft Brexit; Thai Baht at Long-Term Highs | Best Exchange Rates - Save - BestExchangeRates.com
Pound Fights Back on Hopes for Soft Brexit; Thai Baht at Long-Term Highs | Best Exchange Rates - Save BestExchangeRates.com
Currency-News | Despite a crushing defeat for Prime Minister May's Brexit deal on Tuesday night and a motion of no confidence tabled against the British ...
How to Start Trading Forex for Beginners: Step-By-Step • Benzinga Benzinga
Learn how to trade forex. Our guide provides simple and easy to follow instructions for beginner investors who want to start now.
What's Open This Christmas: Global Market Hours Kitco News
(Kitco News) - The Holiday trading season is now in full swing and analysts are warning investors and traders of high volatility as liquidity is expected to be low ...
What is Forex Trading? Definition, Pros, Cons & More • Benzinga Benzinga
Benzinga's financial experts detail trading in the Forex market, which is the largest market in the world. Read and compare options for 2019 .
The Best Forex Trading Mobile Apps to Use for 2019 • Benzinga Benzinga
Trading in the Forex market hasn't been easier than now with the use of mobile apps. Benzinga details the best ones for 2019.
Trump's tariff battle with China is spurring record dollar-yuan trading CNBC
Market uncertainty due to the ongoing trade dispute between the U.S. and China has spurred a jump in trading volumes for the dollar-yuan currency pair in ...
The Analytical Overview Of The Main Currency Pairs Action Forex
The EUR/USD currency pair. Technical indicators of the currency pair: Prev Open: 1.14993. Open: 1.14581 % chg. over the last day: -0.27. Day's range: 1.14650 ...
Britain extends lead in global currency trading RTE.ie
Britain has extended its lead in the global currency trading business in the two years since it voted to leave the European Union.
EAC in crackdown on illegal forex trading The East African
Central banks and capital markets regulators have tightened rules to keep out unscrupulous dealers.
How to earn with forex trading Independent Online
Forex is an international over-the-counter market, where speculations with currency pairs are made. Due to the high liquidity and volatility, trading on the foreign ...
Five new members join the Japan Virtual Currency Exchange Association CryptoNewsZ
The Japan Virtual Currency Exchange Association (JVCEA) announced here on January 4 that it has included Five more cryptocurrency exchanges into its list.
How to develop a trading plan for forex currency trading DynamicBusiness
Forex trading has countless advantages as compared to stock trading or commodity trading.
How to Trade Forex - and Is It Worth the Risk? TheStreet.com
Trading currencies is an enormous part of the world market. Here's how it works and whether it's worth the risk....VLKAF.
FX Futures: How Currency Trading Revolutionized Finance TheStreet.com
Financial futures today represent 90 percent of global futures trade, with currency futures being the first financial futures product to trade 45 years ago. Today's ...
Equity eyes more forex trading income with online platform Business Daily
Bank expects more volumes to come through due to the convenience of the *service*.
China Aims to Pull More Currency Trading to Domestic Markets Bloomberg
China plans to deepen its foreign-exchange markets to encourage both domestic and overseas players to trade and borrow external currencies more onshore, ...
60 Seconds: How Do You Make Money From Currency Trading? TheStreet.com
From Turkey's tanking Lira to trade with China to our U.S. dollar's new place in the world, currency talk is a daily recurrence. So what does all that mean and, ...
Brazilian Real Bulls Eyeing Economic Activity Data - What’s Ahead? DailyFX
BRL bulls will be eyeing this week's economic activity report to gauge the country's economic strength. This is particularly important given the new government's ...
The Best Time to Trade Forex: How to Choose & Why Benzinga
Forex, also known as foreign exchange, FX or currency trading, trades in volume of $5 trillion per day. This is larger by itself than all other markets combined.
Emerging market volatility fuelling currency trading boom Reuters
Yuan, Mexican peso, Turkish lira see big moves in 2018.
Must Know Essentials about How to Do Forex Trading The Costa Rica News
Similar to any other business, forex trading has become a fast adaptable industry for both investors and entrepreneurs. Fortunately, not much is needed to kick ...
Currency ‘Cartel’ Traders on Trial for Chats That Cost Billions Bloomberg
The three British currency traders who were part of an exclusive online chat group referred to by members as “the cartel” go on trial this week for alleged market ...
Online forex trading is business for the savvy, patient and daring Daily Nation
Many people in the country however, shy away from it claiming it is some sort of a scam.
How to make money from home on forex trading market Pulse Nigeria
People that start forex trading have a lot to learn before they can really start making money.
The 6 Best Forex Trading Courses - Forex Trading Training • Benzinga Benzinga
Forex trading courses can be the make or break when it comes to investing successfully. Read and learn from Benzinga's top training options.
Time-Critical Forex Trading Considerations NuWire Investor
Recently, the UK changed from BST to GMT and soon, most of the US will move across to Daylight Saving. For most people, it is an indication that it is time to ...
Best app for forex trading of 2018 TechRadar
Trade currencies right from your mobile device with these apps.
Best Forex Trading Software 2019: Price, Features & More • Benzinga Benzinga
Forex trading is an around the clock market. Benzinga provides the essential research to determine the best trading software for you in 2019.
AUD/USD hits one-week low as S&P 500 futures drop Forex Crunch
AUD/USD hit a one-week low of 0.7158 a few minutes before press time. The losses in the S&P 500 futures are likely overshadowing the overnight gains in.
Brexit is a test like no other for currency traders Financial Times
This is hardly the first time in the past 30 years that the foreign exchange market has had to deal with potential shocks — both positive and negative — for the ...
The Best Forex Currency Pairs to Trade in 2019 • Benzinga Benzinga
Learn more about the best forex currency pairs to start trading, based on historical performance and popularity, on Benzinga.