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Market knowledge and ability to understand analysis will only get you
so far in forex trading, but without the nerve to actively compete
risking your own money in the process you can never become a successful
trader. |
The vast majority of Forex education organizations fail to address
the only true characteristic of a market place, the human nature. You can easily find loads of charts, pivot points, moving
averages, trend lines and all sorts of Fibonacci ratios, together with
the latest in trading automation. Any Forex website publishes some or
all of these data, along with myriads of other details, interviews and
opinions. |
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As hundreds and thousands of articles have been written on the subject
of trading the markets, and with the emergence of new financial
instruments every day, I feel compelled to put together a dissertation
on the most important element of trading, the emotional effect. |
Why do Forex Traders fail? I have a theory.
At the time I decided to start forex trading (2 years ago) the
Forex Boom was just starting. I really did think I had stumbled on that
legendary pot of gold, and that I would soon be on easy street. |
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Forex Trading is not that easy, all FX traders before they enter this
business, they think that they will be rich very quickly and make $20
000 in one or two weeks, but when they begin trading currencies they
discover it is not true, it is not easy to make money especially when
we work with money. |
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Patience is a virtue in most endeavors in life, and it's certainly a valuable asset in futures and stock trading. |
The easy answer to the question is "when it's not a pattern". And that really is the real crux of the issue... Let me explain.
Let's take a look at one of the most simple patterns in technical analysis, the Double Top (Bottom). |
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FOREX SEARCH
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