Monday 31 August 2015

HOW TO ACHIEVE FOREX TRADING SUCCESS

Success in forex trading is highly possible but does not come on a silver plate. Forex trading can be one of the most rewarding professions for anyone who wants to master the art of trading. Like it or not forex trading is not a get rich quick scheme. So if you come into the forex markets and expect to double your account in just one one month, i advise you to keep your hard earned money and invest it else where.

 Its allover the internet and forex trading books  that only 5% of the traders make the money and 95% lose the money. But this seems to have turned into a law of the universe that only 5% of the population own and earn 95% of the total resources and income. So as a serious trader who wants to join the market arena you need to find away to join the 5% successful traders who are making the money. There are several trading strategies on several websites which have been tested for years and actually they do work but why is it that only 5% of the traders make the money and 95% still lose.

Advances in technology have made access to the markets so easy that you only need a computer connected to the internet to start trading. But that is not what you require to be a successful trader. There has been no significant changes in market behavior in the history of forex trading and this is due to the fact that markets are moved by peoples emotions and behaviors, people behave in repeated predictable ways so market behavior can possibly change if humans evolve. So the only factor creating the difference is YOU.

The market arena is not necessary for the elite, its for anyone who is is willing understand themselves and learn all the virtues of a successful trader. Don't let anyone convince you that success in forex does not take a lot of hard work and focus.... So to achieve success in trading you have to work hard and focus.

In my next article, i will elaborate on the virtues you need to develop to join the the 5% of the successful traders and in turn avoid the grave mistakes made by 95% of the traders that lose.

Read NEXT ARTICLE


Sunday 9 August 2015

GOLD TECHNICAL ANALYSIS

XAUUSD

Monthly;

Xauusd is in a strong down trend and has just broken out the wedge marked by magenta trendlines. Confirmation of resumption of downtrend will be after break  of 1078.40 support zone or otherwise it could be a false break out that can lead to retest of the 1177.86. Confirmed break of the 1078.40 support  zone can cause fall in gold prices to 983.01 zone or even 917.01 zone.



Daily;

The daily trend is now forming an ascending triangle marked by red trendlines. A break above confirmed by break of the immediate magenta trendline resistance can lead to a retest of the 1131.78 resistance zone. A break lower confirmed by break of the 1078.40 support zone can lead to resumption of the downtrend to 983.01 support zone



EURUSD Technical Analysis 

Monthly
The monthly trend seems to start moving in channel marked by yellow and red trendlines. A break of the 1.05592 will lead to resumption of the major down trend which will fall into monthly support around 1.00883 and break of trendline R can lead to retest of the 1.18828 resistance zone as shown below.




Daily
the pair is still in a congestion making large swings on the daily due to reaction on the large monthly support. Break of the support level at 1.08009 will lead to retest of daily lows at 1.05592 where a large reaction is expected. Break of red trendline  resistance Y will lead to retest of the upper zone of the congestion around 1.13705 which the same zone for the yellow trendline resistance R.


Tuesday 4 August 2015

EURUSD Daily Techinical Analysis




EURUSD
The pair is in a strong monthly and weekly down trend but correcting on a strong support zone as shown in Fig 1. Break of the trend line resistance can lead to the retest of the key resistance zone and break of the key support zone can lead to resumption of the major down trend.
Fig 1; Daily chart of EURUSD




The current daily down trend is hugging the 21SMA as it moves into a key support zone with less momentum hence, a bounce off the zone may be expected