You are important in currency trading.

Trading is a life experience, it is not like any other business.As you become a better trader, you become a better person.But as you evolve it is difficult to look back at where you were.There is no right or wrong ways to trade.You cannot copy trades of others.You have to find an approach which works for and in which you are comfortable. That is the most difficult part of trading.To find out your own way to success. That requires commitment and discipline.When you think of discipline the first question springs into your mind is that how can you be disciplined? You should have found out your approach to the currency markets to be disciplined.Once you have your own approach you should be disciplined follow your approach strictly in word and spirit.This is where the discipline comes. If you don't have your approach you cannot be disciplined and you trade emotionally and loose your capital.
This is why I said you are the important factor in keeping commitment, finding out your approach, and keeping strict discipline to your approach and all the more erasing harmful personality traits which is detrimental to the success in currency trading. You, commitment and discipline are three basic ingredients to keep you consistently successful in currency markets. Muraleedharan http://forexcentral.googlepages.com

MANAGING RISK IN CURRENCY TRADING

It is needless to say the importance of managing risk to make money consistently in currency trading.With out risk orientation it is impossible to make money from currency markets.All successful and seasoned traders are good risk managers.Learning to manage risk leads to two important age old and most of the time ignored rules of trading one is to cut your loosess and second is to run your profits.You put two successful and seasoned traders on the opposite sides one on bearish side and the other on the bullish side.You will see both of them make money. You put in the same way novice traders on opposite sides. Invariably both of them loose money.The reason is that good traders are very good risk managers.The third important rule is to trade selectively. To trade selectively low risk trades you should become an expert in your chosen approach.Becoming an an expert in any performance field takes time.A currency trader has to undergo experiences of executing and experiencing innumerable number of trades before he gets uplifted to the level of an expert.You should practice your chosen single approach in varied market conditions to build implicitly the expertise into you.Once you have mastered the above three rules you will not have any difficulty in making money consistently from currency markets.Muraleedharan http://forexcentral.googlepages.com

EURUSD Weekly Commentary 22nd Novmber 2008

Next Week for EURUSD 24th,25th,26th,27th and 28th November 2008. The Weekly Chart is showing a down trend.This week ended with a harami candle stick pattern on weekly chart with a H P 1.2812 and LP 1.2424. The Daily chart is showing an Engulfing Candlestick pattern. 20 SMA on the daily chart is showing Resistance level of 1.2682. Four hour chart price trend is flat and in the UB 1.2673 and LB 1.2430. Strategy for the next week is to sell rallies OR stand aside till there is daily price closure above daily 20 SMA resistance 1.2682.Good Trading.

Triangle on EURUSD 4 Hour Chart

The Trend is down on Weekly and Daily Chart. The Strategy is to sell rallies or stand aside.In 4 hour chart price is flat and in a consolidation.A triangle consolidation pattern is formed in the 4 hour chart.The triangle pattern is shown above.

Currency Markets.

The currency markets will either be trending or in sideways action.The other important factor is the currency markets will be trending in one time frame and will be in sideways action in another time frame.For example in a daily time frame chart it will be showing a trend and in 4 hour chart it will be showing a sideways action.EURUSD Daily time frame chart is shown above wherein the price is trending down.The 20 SMA is slanting down and price is below 20 SMA .Hence the price is trending down.The 4 Hour chart of EURUSD is also shown above where you can observe the 20SMA is flat and the price is in sideways action.