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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 Flash: EUR/USD estimated downside to 1.1500 end of 2012 ? UBS
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<a href="http://community.nasdaq.com/News/2012-02/forex-flash-eurusd-estimated-downside-to-11500-end-of-2012-ubs.aspx?storyid=118984" style="font-size:1.2em">Forex Flash: EUR/USD estimated downside to 1.1500 end of 2012 ? UBS</a>
<br> <span style="color:#888888;">NASDAQ</span> - <span style="white-space:nowrap">21 minutes ago </span>
<div style="width:80%;">FXstreet.com (Barcelona) - January witnessed the bloc currency surge from sub 1.2650 levels to the 1.3230 region. Better-than-expected key economic indicators in the euro zone, successful bond and T-bill auctions in Germany and peripheral debt markets ...</div>
<a href="http://www.thestreet.com/story/11403437/1/euro-reversal-to-gather-pace-ahead-of-ecb-sterling-holds-tight-range.html">Euro Reversal To Gather Pace Ahead Of ECB, Sterling Holds Tight Range</a> - <span style="color:#888888">TheStreet.com</span><br>
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Greece sells 812 mln euros of T-bills, yield eases
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<a href="http://www.reuters.com/article/2012/02/07/greece-tbills-idUSL5E8D724720120207" style="font-size:1.2em">Greece sells 812 mln euros of T-bills, yield eases</a>
<br> <span style="color:#888888;">Reuters</span> - <span style="white-space:nowrap">35 minutes ago </span>
<div style="width:80%;">* Yield drops 4 basis points to 4.86 pct * Bid-cover 2.72 vs 2.80 in Jan * Needs to roll over 1.0 bln eur of T-bills Feb 10 ATHENS, Feb 7 (Reuters) - Greece sold 812.5 million euros ($1.06 billion) of six-month T-bills on Tuesday to fund the rollover ...</div>
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Euro Slightly Lower As Greek Debt Talks Linger
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<a href="http://www.actionforex.com/index.php?option=com_content&view=article&id=159050:euro-slightly-lower-as-greek-debt-talks-linger&catid=193:daily-forex-fundamentals" style="font-size:1.2em">Euro Slightly Lower As Greek Debt Talks Linger</a>
<br> <span style="color:#888888;">Action Forex</span> - <span style="white-space:nowrap">2 hours ago </span>
<div style="width:80%;">In a thinly traded session devoid of key eco releases, attention went to the tribulations surrounding the Greek bail-out package. So some risk-off buying and maybe some short covering following Friday's correction led to modest daily gains.</div>
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The EUR/USD cross rate drifted lower in Asia yesterday
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<a href="http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2012-02-07.html" style="font-size:1.2em">The EUR/USD cross rate drifted lower in Asia yesterday</a>
<br> <span style="color:#888888;">FXstreet.com</span> - <span style="white-space:nowrap">2 hours ago </span>
<div style="width:80%;">by KBC Market Research Desk - KBC Bank | View company's profile On Monday, uncertainty on the outcome of the Greek debt negations provided the perfect excuse for profit taking on the recent risk rally.</div>
<a href="http://www.forexyard.com/en/market-analysis/lack_of_greek_deal_sends_eur_tumbling-2012-02-07">Lack of Greek Deal Sends EUR Tumbling</a> - <span style="color:#888888">Forexyard</span><br>
<a href="http://www.forexpros.com/analysis/greece-talks-extended,-euro-holding-above-1.3000-113275">Greece Talks Extended, Euro Holding Above 1.3000</a> - <span style="color:#888888">Forex Pros</span><br>
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EUR/GBP Forecast February 7, 2012, Technical Analysis
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<a href="http://www.fxempire.com/technical/technical-analysis-reports/eurgbp-forecast-february-7-2012-technical-analysis/" style="font-size:1.2em">EUR/GBP Forecast February 7, 2012, Technical Analysis</a>
<br> <span style="color:#888888;">FX Empire</span> - <span style="white-space:nowrap">4 hours ago </span>
<div style="width:80%;">EUR/GBP fell most of Monday as the Euro got sold off. However, later in the day saw the Euro get a bit of a reprieve by the Americans, and this pair rose as a result.</div>
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Pre Market Briefing, including 'Euro-zone investor confidence improved in <b>...</b>
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<a href="http://www.proactiveinvestors.co.uk/columns/guardian-cfd-s-pre-market-briefing/8246/pre-market-briefing-including-euro-zone-investor-confidence-improved-in-february-8246.html" style="font-size:1.2em">Pre Market Briefing, including 'Euro-zone investor confidence improved in <b>...</b></a>
<br> <span style="color:#888888;">Proactive Investors UK</span> - <span style="white-space:nowrap">4 hours ago </span>
<div style="width:80%;">UK markets finished mixed yesterday, as investors awaited the developments from Greek talks on austerity measures. Glencore International and Xstrata declined 4.5% and 1.7%, respectively, amid reports that Glencore International might pay a ...</div>
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Ageas Outlines Settlement Impact With Fortis Bank And BNP Paribas - Quick Facts
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<a href="http://www.nasdaq.com/article/ageas-outlines-settlement-impact-with-fortis-bank-and-bnp-paribas---quick-facts-20120207-00062" style="font-size:1.2em">Ageas Outlines Settlement Impact With Fortis Bank And BNP Paribas - Quick Facts</a>
<br> <span style="color:#888888;">NASDAQ</span> - <span style="white-space:nowrap">4 hours ago </span>
<div style="width:80%;">(RTTNews.com) - International insurance company Ageas (AGESY.PK) Tuesday outlined the impact of the settlement with Fortis Bank and BNP Paribas.</div>
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Daily Report: Aussie Soars after RBA Pause, Euro Soft on Greece
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<a href="http://www.actionforex.com/action-insight/market-overview/daily-report:-aussie-soars-after-rba-pause,-euro-soft-on-greece-20120207159008/" style="font-size:1.2em">Daily Report: Aussie Soars after RBA Pause, Euro Soft on Greece</a>
<br> <span style="color:#888888;">Action Forex</span> - <span style="white-space:nowrap">5 hours ago </span>
<div style="width:80%;">Aussie jumps sharply today and hit new record high against Euro after RBA unexpected left rates unchanged at 4.25%. The RBA unexpectedly left the cash rate unchanged at 4.25% in February, in contrast with consensus of a rate cut by -25 bps.</div>
<a href="http://www.ibtimes.com/articles/293874/20120206/weekly-summary-usd-eur-gbp-jpy-aud.htm">Weekly Summary on USD, EUR, GBP, JPY, AUD, CAD, MXN and RMB</a> - <span style="color:#888888">International Business Times</span><br>
<a href="http://www.finnewsnetwork.com.au/BrokerCommentry/659/FX-Technical-Outlook-%7C%7C%7C-Monday-6th-February">FX Technical Outlook - Monday 6th February</a> - <span style="color:#888888">Finance News Network</span><br>
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EUR/USD - A Descending Triangle Pattern Emerges
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<a href="http://www.actionforex.com/index.php?option=com_content&view=article&id=158995:eurusd-a-descending-triangle-pattern-emerges&catid=191:daily-forex-technicals" style="font-size:1.2em">EUR/USD - A Descending Triangle Pattern Emerges</a>
<br> <span style="color:#888888;">Action Forex</span> - <span style="white-space:nowrap">9 hours ago </span>
<div style="width:80%;">EUR/USD has been testing the patience of traders for the better part of 2-weeks now, chopping around in a 200 pip range between 1.3030 and 1.3230.</div>
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Forex: EUR/USD again closes NY in 1.3130/40 zone
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<a href="http://community.nasdaq.com/News/2012-02/forex-eurusd-again-closes-ny-in-1313040-zone.aspx?storyid=118921" style="font-size:1.2em">Forex: EUR/USD again closes NY in 1.3130/40 zone</a>
<br> <span style="color:#888888;">NASDAQ</span> - <span style="white-space:nowrap">12 hours ago </span>
<div style="width:80%;">FXstreet.com (San Francisco) - The euro fell to a three-day low against the Greenback on Monday, reaching 1.3027 as Greek leaders wrestled with spending cuts to get aid and avert a default; Greece needs another E600mn in budget cuts to meet 2012 troika ...</div>
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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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