10 seconds to shift your mindset

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Emotions and behaviors must be owned and controlled by a disciplined trader. Otherwise, trading may very well take on a life of its own. Trading taking on a life of its own is not necessarily a good thing, primarily due to the highly likely outcomes of financial disaster for the trader. At its best, each trade should be methodical, systematic, organized, and strategic per the traders’ carefully planned execution of the trade. In addition, the trader should know and be comfortable with the potential outcomes of each and every trade.

Most forex traders like to trade the majors only but in my view you can get some great opportunities in some of the minor currencies. You can diversify and get more profit opportunties. Lets look at two that can add some diversification and have some great trends you can take advantage of.

Last week we did some trading opportunities live for you to follow in the market. The good news is they have made some good profits, so lets update them and look at what this week holds.

Since foreign exchange swaps always involve the purchase of one currency and the sale of another it is possible to profit whether the exchange rate moves up or down. The secret is simply to buy and sell the right currency at the right time.

I have been giving some live trades to show how a simple system can make big profits. We have done 2 live trades and made two great profits. We did the same last year we did 5 trades live and won on all of them! Now that does not make me a genius, but I want to share something with you that I have learned over 25 years as a trader.

The pip is the smallest value by which a currency can move in foreign exchange trading and determines the profit or loss made in a Forex Trade. As a result it is vital that a Forex trader has a sound understanding of how to calculate pip values.

Armed with a simple non-complicated understanding of elliot waves, we know that wave 3 and 5 are the longest waves that can be tradeable for most gains and are impulsive waves upwards, while wave 2 and wave 4 are impulsive downwaves. Together with elliot wave counting and no-indicators price action trading, you can make good profits trading forex.

An FX trade can be a little confusing for the newcomer to the world of foreign currency trading but is fairly easy to understand once you break it down into its component parts and learn one or two of the basic trading terms. The objective in any FX trade is to exchange one currency for another in the belief that the market will move and prices change so that the currency which you have bought will rise in value relative to the currency which you have sold.

The Foreign Exchange Market has traditionally been the preserve of the commercial and investment banks. However, the introduction of electronic trading systems, initially designed to make life easier for the commercial and investment banks, has now opened the Forex market up to a much wider range of players.

Forex practice accounts allow you to trade the forex market while not putting your hard earned capital at risk. These accounts are often also called forex demo accounts, these accounts should be free – so if a forex broker is trying to charge you for one – just say no thank you and look for another broker.

Despite the fact that there is no centralized market for foreign exchange trading and that Forex trading involves a variety of market makers rather than just a few specialists, there in nonetheless a structure and a hierarchy to the market. At the top of the market is the interbank market which sees the highest volume of trading and principally trades in the currencies of the G8 nations, which together represent some 65 percent of the world economy.