Forex Technical Update 10/04/2010 The EUR/USD is sliding to start the week, ahead of ECB’s policy decision on Thursday. The GBP/USD is in consolidation ahead of BoE’s meeting on Thursday, but is showing a bullish bias today. The decline in USD/JPY is stalling above 83.00, with the BoJ looking to conclude its meeting in the upcoming Asian session. The USD/CAD broke below last week’s range support, and is heading to more significant support levels. The AUD/USD pair may be forming a double top in the short-term ahead of the RBA’s policy statement in the upcoming Asian session. The event risks are complicated by Friday’s NFP, so there may be a choppy week ahead. Let’s take a look at these charts. Fan Yang CMT www.fxtimes.com
Many traders can not get any profit from forex market. What is the main reason? I will point out some main reason that I may see now. One of the main reasons is that most of them want to earn a lot of money quickly in short time. Of course, sometimes the profits from forex trading can raise very quickly; but not mean that we can always earn money from market. Therefore, traders should have good strategies, and need to be patient. The next reason for trader’s lose that is strategies. Most of Traders lose a lot of money just because they want to earn money so quickly. That is the big mistake in forex trading. If you want to earn money from forex trading, you must have good strategies. Besides, you also have to keep track your strategies in your best. You should setup your strategies daily by follow the forex signal. Besides, you can also get advices from real traders near by you. You have to decide which time we you can buy, which time you can sale or put stoploss. Remember that “don’t wait to earn too much money from each strategy”. So, any time you can see the profit, you should sale. It will not so hard to learn some simple strategies before you start trading. The patient is the key for your success. As we know because of exchange rates, every currency has a value that fluctuates. While the world traveler may see exchange rates quoted in familiar monetary values that appear to vary minimally over the course of a holiday trip, global currencies are constantly changing in value, and are usually quoted out to several decimal places! This is very important for you to earn profit from forex market. The patient and your risk management skills will help you to stay away from market traps. Any time you put your money to market, you should learn how to be patient. Besides, you should always think that your time for waiting can help you to earn money and avoid mistakes. With literally trillions in dollars being traded on the Foreign Exchange every day, even the smallest increment of change can be significant! Forex market like a very big picture. So, in order to be successful, you should take a look to whole picture. You can review daily chart, weekly chart; and then build up you strategies. You should point out which time can be stoploss, which time can take profit. By this way, you can stay a way as far as you can from risks. New traders usually scare of lose. They confuse when they see the market don’t follow their strategies. They lose the confident any time the market go down. My suggestion in this case is that you should not worry about the red line. Even your strategy is not always correct, you should be confident to wait until you can take profit. If you are new traders, you should not try to invest a lot. You may practice with domo account before you try with real account. Don’t forget to learn some skills from your friends who has experience about this.
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