Dec 14, 2009

Forex Crunch Forex and Freedom

Forex Crunch Forex and Freedom

Forex and Freedom

Posted: 14 Dec 2009 03:40 AM PST


While successful forex trading can free us from waking up to the sound of the alarm clock, commute to the office and smile to the boss, it still requires discipline and takes time. There are no shortcuts. Becoming a successful trader does require some characteristics of a day job.

The Forex Guy wrote about the patience that is needed for forex traders, and touched an interesting point – forex traders want to be free of their jobs and their bosses. I’m following up on this point. Here are the characteristics:

  • Education: While you don’t need to spend years in college, basic education is necessary. It can either be done in a forex course, by hiring a coach or by studying alone, if you are disciplined enough. In any case, education cannot be avoided.
  • Training: Learning the theory is nice, but like driving lessons, getting on the road is essential. Using a forex demo account for learning technical analysis is one necessary step. There are more.
  • Discipline: Sticking to a strategy is very important. This means not forcing yourself into a position. It also means not escaping from a position just to calm yourself down. And sometimes this means accepting that you just don’t do anything. The Forex Guy dives into this issue. This discipline is different from the one you have to demonstrate in the office, but it can be much harder.
  • Occasional reassessments: You don’t have to go the meeting room for this, but you should occasionally check out your trades, see what went well and what went wrong, and make modifications to your strategy. The meeting minutes are for yourself.

While similarities exist, the freedom is very rewarding. Do you find additional characteristics?

Trade together with Currensee

Forex Daily Outlook – December 14th 2009

Posted: 13 Dec 2009 01:00 PM PST


The new forex week starts with the Euro at crossroads, after tumbling down on Friday. European industrial production stands out today, among other events. Let’s see what’s up for today:

Arabic version of this daily outlook

Japan provides a strong start to the day, with the release of the Tankan Manufacturing Index. This important indicator is expected to advance to -26 points, following -33 last quarter. This is still in the negative zone. Te complementary figure, Tankan Non-Manufacturing Index is expected to advance from -24 to -23.

In Britain, the Rightmove HPI is predicted to show a small rise in prices, after falling b 1.6% last month. GBP/USD is at crossroads, and its moves are closely watched.

For more on the Pound, read the GBP/USD forecast.

In Switzerland, Producer price index is predicted to rise by 0.2% after a fall of 0.4% last month. USD/CHF is already quite far from parity.

In Europe, Industrial Production is expected to drop by 0.6%, after the disappointing rise of only 0.3% last month. Quarterly Employment Change will probably drop as well, but a more modest scale than last quarter’s 0.5%.

For more on the Euro, also on the verge of a drop, read the EUR/USD Forecast.

Canada’s dollar has shown strength against the greenback. Capacity Utilization Rate is expected to remain almost unchanged at 67.7%. Check out the Canadian dollar forecast for more.

Trade together with Currensee
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