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The-mindset-of-the-successful-currency-trader
By Marcus Masters
Let me begin by saying that if you want to get into forex or trading online, DO NOT begin by buying a guide or a training course.
Too many low-lifes out there pander to the uninformed by selling them overpriced guides and manuals, sometimes for a few thousand dollars each.
A forex mentoring course can be a good option once you know the basics of forex and want to hone your skils, but there is just so much good information available on the internet for free that you could literally become an all-star trader without paying anything for education.
Today we are going to talk about the way you need to think if you want to be a profitable forex trader.
I consider myself to be pretty profitable when it comes to forex trading, and my first banking internship on the Foreign Exchange floor was when I was 16! (I was the youngest intern they ever had!) I got hooked on trading, and have been doing it ever since.
One thing that is really necessary to your success is to READ. Alot! The more you know about forex trading, the easier (and more profitable) it will be.
You want to know the mechanics of the forex markets from the inside-out. I'm not going to spend time discussing the practical aspects of the forex market, as you can and should discover this though your own reading.
When you begin to get comfortable with your knowledge of what this market is, how it works, and how to place successful trades, you are in a position where you can feel confident in your trading abilities.
The most important thing that the successful trader possess is the ability to separate his emotions from his trading. Confidence in your trading abilities is one important aspect to being emotionally detached from your trades, and the other aspect has to do with the way you fund your live trading account.
Make sure that when you put money into your
Forex: EUR/USD gains for the second week in a row
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<a href="http://www.fxstreet.com/news/forex-news/article.aspx?storyid=92f5d248-c6ce-4cc2-b331-af15d6274fba" style="font-size:1.2em">Forex: EUR/USD gains for the second week in a row</a>
<br> <span style="color:#888888;">FXstreet.com The Forex Market</span> - <span style="white-space:nowrap">10 minutes ago </span>
<div style="width:80%;">FXstreet.com (Córdoba) ? Favored by risk appetite the Euro rose against the Dollar for the second week in a row and extended its recovery from 1.2585 (August lows). The pair finished on Friday ...</div>
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Ldn FX: Strong EMU Sales Data Add To Positive Tone On Euro
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<a href="http://imarketnews.com/?q=node/18715" style="font-size:1.2em">Ldn FX: Strong EMU Sales Data Add To Positive Tone On Euro</a>
<br> <span style="color:#888888;">IMarketnews.com</span> - <span style="white-space:nowrap">9 hours ago </span>
<div style="width:80%;">LONDON, Sep 3 (MNI) - Upside revision in eurozone retail sales data for June added to an underlying positive tone toward the euro, with the single European currency able to extend its recovery off ...</div>
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Franc Drops Versus Euro, Dollar as Stock Rally, US Jobs Cut Safety Bids
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<a href="http://www.bloomberg.com/news/2010-09-03/swiss-franc-declines-against-the-euro-and-dollar-as-european-stocks-rise.html" style="font-size:1.2em">Franc Drops Versus Euro, Dollar as Stock Rally, US Jobs Cut Safety Bids</a>
<br> <span style="color:#888888;">Bloomberg</span> - <span style="white-space:nowrap">10 hours ago </span>
<div style="width:80%;">By Stephen Morris - Fri Sep 03 15:53:59 GMT 2010 Sept. 3 (Bloomberg) -- Nouriel Roubini, chairman and co-founder of Roubini Global Economics LLC, talks about the outlook for the global economy and ...</div>
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Santhera Pharmaceuticals Holding AG: Santhera Reports 2010 Interim Financial Results with Significant Reduction in Net Loss and Strong Increase in Product Sales
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<a href="http://www.reuters.com/article/idUS40511+03-Sep-2010+HUG20100903" style="font-size:1.2em">Santhera Pharmaceuticals Holding AG: Santhera Reports 2010 Interim Financial Results with Significant Reduction in Net Loss and Strong Increase in Product Sales</a>
<br> <span style="color:#888888;">Reuters</span> - <span style="white-space:nowrap">14 hours ago </span>
<div style="width:80%;">Santhera Pharmaceuticals Holding AG / Santhera Reports 2010 Interim Financial Results with Significant Reduction in Net Loss and Strong Increase in Product Sales processed and transmitted by Hugin ...</div>
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Euro, Risk-Linked Currencies Show No Signs of Letup
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<a href="http://www.forexhound.com/article/Pattern_Price_Time/Analysis/Euro_RiskLinked_Currencies_Show_No_Signs_of_Letup/234102" style="font-size:1.2em">Euro, Risk-Linked Currencies Show No Signs of Letup</a>
<br> <span style="color:#888888;">Forex Hound</span> - <span style="white-space:nowrap">Sep 2, 2010 </span>
<div style="width:80%;">The strong rallies in the Euro and the three major risk-linked currencies finished sharply higher and near their highs while showing no signs of a letup into the close. Whether it was short ...</div>
<a href="http://www.insidefutures.com/article/171159/U.S.%20Economic%20Data%20Fuels%20Surge%20in%20Euro,%20Commodity-Linked%20Currencies.html">US Economic Data Fuels Surge in Euro, Commodity-Linked Currencies</a> - <span style="color:#888888">Inside Futures</span><br>
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WORLD FOREX: Euro Falls On View ECB Favoring Loose Policy
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<a href="http://www.marketwatch.com/story/world-forex-euro-falls-on-view-ecb-favoring-loose-policy-2010-09-02" style="font-size:1.2em">WORLD FOREX: Euro Falls On View ECB Favoring Loose Policy</a>
<br> <span style="color:#888888;">MarketWatch</span> - <span style="white-space:nowrap">Sep 1, 2010 </span>
<div style="width:80%;">By Takashi Mochizuki TOKYO (MarketWatch) -- The euro fell against the yen in Asia on Thursday on the view that European Central Bank President Jean-Claude Trichet may take a less hawkish line on ...</div>
<a href="http://moneycentral.msn.com/inc/news/providerredir.asp?feed=AP&date=20100902&id=11986354">Euro largely holds gains, buys $1.2788</a> - <span style="color:#888888">MSN Money</span><br>
<a href="http://www.reuters.com/article/idUSN0223124620100902">FOREX-Euro rises vs dollar, US jobs report awaited</a> - <span style="color:#888888">Reuters</span><br>
<a href="http://www.startribune.com/business/101999723.html?elr=KArks:DCiU1OiP:DiiUiD3aPc:_Yyc:aUU" style="color:#009900">Minneapolis Star Tribune</a>
- <a href="http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2010/09/02/bloomberg1376-L85DFX07SXKX01-2EB6AGIL6IHUV3AOGPR3TFKEH7.DTL" style="color:#009900">San Francisco Chronicle</a>
- <a href="http://www.forexyard.com/en/market-analysis/eur/euro_set_to_extend_gains_today-2010-09-02" style="color:#009900">Forexyard</a>
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Euro slightly higher at $1.2715
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<a href="http://moneycentral.msn.com/inc/news/providerredir.asp?feed=AP&date=20100901&id=11981663" style="font-size:1.2em">Euro slightly higher at $1.2715</a>
<br> <span style="color:#888888;">MSN Money</span> - <span style="white-space:nowrap">Sep 1, 2010 </span>
<div style="width:80%;">BERLIN (AP) - The euro is a little higher against the dollar after a cautious Federal Reserve report and a survey showing only a modest uptick in US consumer confidence underlined fears about a ...</div>
<a href="http://www.todayonline.com/BreakingNews/EDC100901-0000171/Euro-slightly-higher-at-US$1,2715-after-lackluster-US-economic-signals">Euro slightly higher at US$1.2715 after lackluster US economic signals</a> - <span style="color:#888888">TODAYonline</span><br>
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Euro has Roller-Coaster Day
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<a href="http://www.forexhound.com/article/Pattern_Price_Time/Analysis/Euro_has_RollerCoaster_Day/233692" style="font-size:1.2em">Euro has Roller-Coaster Day</a>
<br> <span style="color:#888888;">Forex Hound</span> - <span style="white-space:nowrap">Sep 1, 2010 </span>
<div style="width:80%;">Thin trading conditions and economic reports led to a ?roller-coaster? type trading session in the Euro on Tuesday. The European single currency rallied on a better than expected German jobs ...</div>
<a href="http://www.insidefutures.com/article/170833/Euro%20Falls%20after%20U.S.%20Consumer%20Confidence%20Surprise.html">Euro Falls after US Consumer Confidence Surprise</a> - <span style="color:#888888">Inside Futures</span><br>
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Forex-Metal, Forex-Metal
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<a href="http://www.forexhound.com/article/Technicals/Weekly_Reports/Weekly_review_for_23_27_08_2010/233475" style="font-size:1.2em">Forex-Metal, Forex-Metal</a>
<br> <span style="color:#888888;">Forex Hound</span> - <span style="white-space:nowrap">Aug 31, 2010 </span>
<div style="width:80%;">The beginning of the previous trading week was marked with the weakening of the high-yielding currencies. Risk sentiment was low as the market participants were concerned about the negative signs ...</div>
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India Forex Advisors / Market Commentary / 01_Sept_2010
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<a href="http://www.ibtimes.com/articles/48122/20100901/mumbai.htm" style="font-size:1.2em">India Forex Advisors / Market Commentary / 01_Sept_2010</a>
<br> <span style="color:#888888;">International Business Times</span> - <span style="white-space:nowrap">Aug 31, 2010 </span>
<div style="width:80%;">The very weak Asian stocks yesterday helped the USD to hit intraday highs against most pairs except the other safe havens in the JPY and CHF. US sentiment improved though and stocks were able to ...</div>
<a href="http://www.forexhound.com/article/Technicals/Daily_Reports/Market_Commentary_by_India_Forex/233775">Market Commentary by India Forex</a> - <span style="color:#888888">Forex Hound</span><br>
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live forex account, it is extra money that you do not need to survive and could afford to lose. If you are trading with the money that you need to pay your car insurance, your trading will be highly emotional and likely to fail.
In a way, this is kind of ironic, because I'm sure you've heard the saying that 9 out of 10 of new traders fail. Well, traders that CARE and are highly emotional about growing their forex account are the ones that lose their shirts, when the traders that DON'T CARE and have no emotional attachment to their trading make most of the profit.
That's the irony: The less you care about making money in the forex market, the more money you tend to make!
But also realize that you are not 'not caring' out of negligence (pardon the double negative), but rather because you are so confident in your trading abilities that you KNOW that in the long run you will always win.
To the successful trader, trading is not so much about making money as it is about collecting pips in their trading account!
Profitable forex trader's also tend to develop and follow their own trading systems. Finding or creating a certain system and trading within it is also important to successful trading. Article Source: http://www.upublish.info About the Author:
Marcus Masters
My personal trading strategy that I have developed is something that I call Forex Surfing, and you can read more about it on my site, http://TheForexSurfer.com. Ready to copy Article in either text or html format:
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