Weekly forex outlook: NZDUSD sell

Weekly forex outlook: August 28

It is Sunday again, so I’m taking some time to analyse the potential setups on forex pairs for the upcoming week. Last week was relatively quiet for me, with only 2 trades taken: the USDCAD long and a EURUSD short setup I discovered afterwards. The USDCAD trade ended up being just above break-even for me. Even though the pair closed the week higher, at some point it went against the rules of my trading plan so I exited my position. No harm done, there will always be other trades. The EURUSD short on the other hand went my way, and I ended up with a a nice profit for a R:R of 1:1.5. Overall another profitable week.

 

I exited all my positions on Thursday since I didn’t want to get whipped out due to the Jackson Hole summit, where the federal bankers of the world come together to discuss monetary policy. Of particular importance was the Fed chairwomen Yellen’s speech on Friday, so I wanted to be safe and not have any positions open. Markets did move a lot during her speech, so unless you’re a news trader (which is too risky for my liking), I suggest you always close or at least cover your positions before an important news event like this.

Yellen at Jackson Hole

 

But now on to the upcoming week! August, the month that is dreaded by a lot of traders because of the reduced volume is finally on its last legs. I will be hesitant to enter any positions on Monday morning since I want to first see what the overall market sentiment is after the Jackson Hole events (which continued on Saturday as well). But nevertheless, here are the currency pair’s I’m keeping an eye on:

 

Follow my published ideas on TradingView.

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What to do on weekends to improve forex skills

How to improve your forex skills on weekends

I have a confession to make.

 

I’m completely addicted to trading.

 

I just love the charts. Regardless if I’m winning or losing. I love analysing price action, testing strategies and finding trading opportunities.

 

Sounds familiar, you say?

 

It’s not uncommon. We forex traders are a passionate breed. However, after 5 days of trading, the retail forex markets close. Time to relax and spend time with friends and family. But weekends are also the perfect time to sharpen your forex skills! It’s when most of us actually have some time to research, learn and improve.

 

 

The three great essentials to achieve anything worthwhile are, first, hard work; second, stick-to-itiveness; third, common sense.

― Thomas A. Edison

 

 

“But the markets are closed! What is there left to do?”

 

Actually, there’s plenty to do in weekends if you want to sharpen your forex skills! Here are my top 5 tips to improve my forex knowledge in weekends.

 

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Weekly outlook EURAUD 21 August

Weekly forex outlook: August 21

As it is Sunday, I’m taking some time analysing the potential setups on forex pairs for the upcoming week. Last week was mixed. On the one hand, we had some good setups showing up, but many traders were presumably still on holiday, which resulted in a less volatile and more random market. For the weekly forex outlook of this week, I’m looking at the following currency pairs:

 

Follow my published ideas on TradingView.

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Reasons why most traders lose money

5 critical reasons why most traders lose money

“Why do I keep losing money?”

 

This question used to keep me up at night.

 

Have you ever wondered this too? I have, over and over again.

 

Losing traderWhen I was still struggling to become a profitable forex trader, I was desperate for the answer. Not only that, I wanted to identify the various pain points that made forex traders lose money. Find a structured way to tackle them. I wasn’t going to be a losing trader forever, no way. So I started researching.

 

 

Why do traders lose out?

 

The short answer is of course because it’s really hard to be consistently profitable.

 

But why? There are enough traders with a proven track record, so it must be possible. During my search, I’ve identified 5 of the most important reasons why traders lose out. I’m pretty sure that at one point or another, I’ve been through them all. But once I started working on them, I noticed a real turnaround in my trading performance! I couldn’t believe this, it really worked.

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Forex FOMO

Battle Forex FOMO, the fear of missing out

FOMO – Fear Of Missing Out.

(Go straight to the 5-step battle plan)

 

Wikipedia says that FOMO is “a pervasive apprehension that others might be having rewarding experiences from which one is absent”. In other words: the nagging feeling that other traders are making big profits and you’re letting the trading opportunities slip through your fingers. To counter this feeling, you enter trades way too quickly.

 

Afraid to miss the next big move.

 

 

Stanford research has shown that what investors fear the most is not the risk of a loss per se, but the risk that they may do poorly relative to their peers.

 

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forex trading gear

Essential Gear for Forex Traders

Linux, raspberry pi, gadgets; the whole nine yards.

 

I confess. I’m a technology geek.

 

While forex trading is my passion, I’ll be sure to surround myself with all the tech to be as productive as can be. It probably shouldn’t come as a surprise that over the years, many equipment setups have been put to the test: different gear, tools, software and hardware.

 

gear on table

 

The best equipment allows you to focus on what’s important to you: trading. It doesn’t get in the way, and instead helps you to achieve the best work you can. This essential gear makes the life of a forex trader easier.

 

The best equipment to be most productive as a forex trader.

 

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Thinking

How cognitive biases will affect your trading

More than anything, trading emotions can hurt your account balance.

 

Or, as the famous trader Jack D. Schwager said in Market Wizards:

The key to trading success is emotional discipline. If intelligence were the key, a lot more people would be making money.

 

The wave of trading emotions

Emotions make us enter the markets at the wrong time. Exit at the wrong time. There’s the fear of missing out (FOMO). Emotions probably make us take wrong decisions in between as well. It is the reason we lose out, even when our trading strategy is solid. We are bound to make the wrong errors over and over again, unless we are aware of what’s working against us.

 

Trading cyclus

 

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Best forex sites of 2016

Forex sites of 2016: the shortlist

“So, what kind of forex sites do you visit?”

 

This question got me thinking. My RSS reader has a “Forex” category that is positively bulking out. I mean, next to a list of great forex books, these are the resources I use to learn, share knowledge, read insightful forex analysis and connect with other traders.

 

I’m always on the lookout for the best forex resources. Analysis, price action, fundamental news, forums, automated trading, communities and so on. Unfortunately, I’m often coming across sites that haven’t been updated in recent years or are just not available anymore, so I’ve decided to share my up to date list of the best forex sites of 2016.

 

Of course, this is a quite an opinionated list. It should be! I believe my collection has a bigger focus on personal forex sites with useful insights and less on the bigger news sites or portals with entire editorial teams. Which means it’s more likely you’ll find some sites here that you haven’t come across yet! So without further ado…

 

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