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By Alexander Brin, Thu Dec 8th
It should be noted that millionaire traders, Elder, Williams andsome others are in fact professional psychiatrists. And it isnot accidental that not the economists are the leaders and mostsuccessful traders, but professional psychiatrists andpsychotherapists. Think about it. You will become a successfultrader when you understand why it happens with Forex. You willunderstand what your Forex mistakes are, and why you are makingthem. And when you correct these mistakes you will become atrader who has no psychological barriers and obstacles on hisway to better earnings in the Forex market. So, why do the psychiatrists make better traders than economistswho, as one would think, have the Forex market at their fingertips? The economists are confused by:
- the fact that exchange rates are not always related directlyto the economic circumstances in the countries. Well, do youknow any economist who would be bidding for low fx rates whenthe economic situation is getting better and better? Or the onewho admits that technical analysis of pairs is moreimportant for Forex trading than the fundamental one? Anyeconomist is confident that this can never happen because heknows all the economic dogmas. But it happens in the Forex.After all, how can a trader lose with the currencies moving upand down by the economic rules? The will surely reactto the economic changes in the country, but who knows when andhow? Here is a tip: there is the Elliott fifth way to teach alesson to the ones who believe that fundamental knowledge isenough (before the trend turns, the spurts absurdly bythe old trend), to confuse
Rank Reports Profits Down Due to Investments in Marketing
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<a href="http://www.online-casinos.com/news/news3110070.asp" style="font-size:1.2em">Rank Reports Profits Down Due to Investments in Marketing</a>
<br> <span style="color:#888888;">Online-Casinos.com</span> - <span style="white-space:nowrap">1 hour ago </span>
<div style="width:80%;">Despite a 10 percent rise in revenues in the first half of 2010, the UK land and gambling group Rank plc also reported this week a 23 percent decline in operating profit to GBP 2.3 million. (Great ...</div>
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British Pound Volatility Ahead on Bank of England Rate Decision
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<a href="http://www.dailyfx.com/forex/fundamental/forecast/weekly/gbp/2010/07/30/fwf_073010_gbp.html" style="font-size:1.2em">British Pound Volatility Ahead on Bank of England Rate Decision</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">Jul 30, 2010 </span>
<div style="width:80%;">The British Pound may turn volatile in the week ahead as the Bank of England delivers the first rate decision based on an updated inflation outlook taking into account the government's austerity ...</div>
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British Pound Spiked Up Further Against Majors
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<a href="http://www.rttnews.com/Content/CurrencyMarket.aspx?Id=1377403&SM=1" style="font-size:1.2em">British Pound Spiked Up Further Against Majors</a>
<br> <span style="color:#888888;">RTT News</span> - <span style="white-space:nowrap">Jul 30, 2010 </span>
<div style="width:80%;">(RTTNews) - The British currency spiked up further against major opponents during New York mid-day trading on Friday. The pound climbed to more than 3-week high against the euro and a multi-month ...</div>
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Euro slips back to $1.3015
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<a href="http://www.13wham.com/business/story/Euro-slips-back-to-1-3015/ueFOlVd5Y0Ck2AXqtSbhmA.cspx" style="font-size:1.2em">Euro slips back to $1.3015</a>
<br> <span style="color:#888888;">13WHAM-TV</span> - <span style="white-space:nowrap">Jul 30, 2010 </span>
<div style="width:80%;">In this photo illustration a Euro note and a GBP note are displayed on April 17, 2008 in London, England. (Peter Macdiarmid, Getty Images) BERLIN (AP) ? The euro is a little lower against the ...</div>
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Great British Pound (GBP) Technical Major Currencies (2010-07-30)
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<a href="http://uk.ibtimes.com/articles/20100730/great-british-pound-gbp-technical-major-currencies-2010-07-30.htm" style="font-size:1.2em">Great British Pound (GBP) Technical Major Currencies (2010-07-30)</a>
<br> <span style="color:#888888;">IBTimes</span> - <span style="white-space:nowrap">Jul 30, 2010 </span>
<div style="width:80%;">Despite of the pair moving within a bullish direction, signs of 1.5630 remaining intact are clearly appearing, where the harmonic bearish pattern has taken an AB=CD formation that has been ...</div>
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Great British Pound vs. Japanese Yen (2010-07-30)
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<a href="http://uk.ibtimes.com/articles/20100730/great-british-pound-vs-japanese-yen-2010-07-30.htm" style="font-size:1.2em">Great British Pound vs. Japanese Yen (2010-07-30)</a>
<br> <span style="color:#888888;">IBTimes</span> - <span style="white-space:nowrap">Jul 30, 2010 </span>
<div style="width:80%;">The pair declined yesterday, but from a pure technical harmonic point of view, we can see on the daily chart a chance for resuming a suggested CD leg for AB=CD pattern. We have two technical ...</div>
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British Pound Pressing against Resistance Line
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<a href="http://www.dailyfx.com/forex/technical/elliott_wave/gbp-usd/2010-07-29-1627-British_Pound_Pressing_against_Resistance.html" style="font-size:1.2em">British Pound Pressing against Resistance Line</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">Jul 29, 2010 </span>
<div style="width:80%;">The GBPUSD looks vulnerable but it is difficult to short without a point of reference to place a stop. It is best to wait for a top to form and then short a bounce. The GBPUSD rally has exceeded ...</div>
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British Pound Turnaround May Be on the Horizon
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<a href="http://www.dailyfx.com/forex/technical/ssi/gbp-usd/2010-07-29-1522-British_Pound_Turnaround_May_Be.html" style="font-size:1.2em">British Pound Turnaround May Be on the Horizon</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">Jul 29, 2010 </span>
<div style="width:80%;">GBPUSD - The ratio of long to short positions in the GBPUSD stands at -1.76 as nearly 64% of traders are short. Yesterday, the ratio was at -1.74 as 63% of open positions were short. In detail ...</div>
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Forex spread betting: GBP in focus
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<a href="http://www.spread-betting.me/spread-betting-forex-00402.html" style="font-size:1.2em">Forex spread betting: GBP in focus</a>
<br> <span style="color:#888888;">Spread Betting for Me</span> - <span style="white-space:nowrap">Jul 29, 2010 </span>
<div style="width:80%;">A roundup of technical insight and views from the forex spread betting and forex trading industry. Those looking at spread betting the British Pound should note that the Pound has declined ...</div>
<a href="http://www.economy-news.co.uk/exchange-rates-29201007-2.html">Exchange rates: British Pound in moderate declines</a> - <span style="color:#888888">Economy News</span><br>
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Great British Pound (GBP) Technical Major Currencies (2010-07-29)
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<a href="http://uk.ibtimes.com/articles/20100729/great-british-pound-gbp-technical-major-currencies-2010-07-29.htm" style="font-size:1.2em">Great British Pound (GBP) Technical Major Currencies (2010-07-29)</a>
<br> <span style="color:#888888;">IBTimes</span> - <span style="white-space:nowrap">Jul 29, 2010 </span>
<div style="width:80%;">The pair continues the bullish trend within the bullish channel shown above, as the pair is closely nearing key resistance for the main ascending channel, accompanied by overbought signs through ...</div>
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and draw the newbies into the game,while the experts wait for the trend to turn back. - the lack of psychological knowledge that helps to understandthe behavior of the crowd. And that is self-evident. Are there any methods to overcome this fear? It seems that every Forex book, every article offers efficientsolutions for psychological difficulties experienced by thetraders. IN FACT NEITHER OF THESE BOOKS CONTAINS METHODS TO OVERCOME THEFEAR EXPERIENCED BY A FOREX TRADER! But what do these books offer instead? Almost every book of this kind consists of two unequal parts: - the bigger part of the book narrates about traders' problemthat interfere with their Forex work and make it unsuccessful(nervousness, doubts, worries, fear, sleep deprivation, etc.).As if the traders do not know their own problems. - the considerably lesser part contains conclusions andrecommendations to the traders who are to solve their problemsand overcome their fears to become successful. The conclusions are disappointing: Many psychiatrists realize that the new field opens before theireyes - now they may treat traders whose number amounts tomillions all over the world and is growing with every day. Andsince most traders have a dream to become as successful asGeorge Soros and other famous traders, this new field promisesto be rather lucrative. One thing is bad though: the overwhelming majority of thesenew-sprung trader brain specialists do not even know what theForex is all about. About the author:For more information and articles, please, visit our site at Forex TradingGuide and blogForex Trading Blog
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