http://www.youtube.com/user/annabelmeade#p/a/u/0/5NcvzH23e-8

Hope you managed to grab a good scoop of pips this week – some nice moves on the GBPUSD. Will be posting some tutorials on my channel soon and working on Forex Training with new clients.

Talk soon – good trading

Annabel

This might be useful to know. Have you ever looked at the EUR/USD with the chart for USD/CHF underneath?

Have you noticed that sometimes when the EUR is strenghtening against the USD then the USD is weakening against the CHF? Sometimes it’s uncanny how these two currency pairs move in the opposite direction, naturally when the USD gains or losses against the Euro zone.

Did you know that there is a website which can give you the exact correlation between these pairs and other commonly traded currencies?

It’s called Mataf.net – here’s the link to the page you need: www.mataf.net/en/tools/correlation

If the currency pair correlates to anyother pair the reading will be 80% or greater. So you need to look for a reading of more than 80% and as close to 100% as you can get. If you enter a position on a currency pair, then you could wait for a similar setup on its correlating pair to trade in the same direction.

If the reading is -80% then the currency pair will be trading in the opposite direction to your compared currency.

Hope that helps. Let me know how you get on!

To Your Success!

Annabel

It’s well known that 94% of all people trading the Forex at home fail. Sometimes this can often be the result of not having a good trading psychology or developing the right mindset for success. What if that was the only thing stopping you making consistent profits for a very long time – wouldn’t you want to make sure you get this right?

Here are 5 things you can do now.

1. Use the ‘3 strikes and your out’ rule. If you have 3 bad trades, take time to stop and reasses what you are doing. Go back to your trading plan and make sure you are sticking to it. It may well be that the market isn’t giving you the trades it normally does. In this case wait until it does!

2. Learn from your mistakes and don’t talk to yourself using negative language.

3. Set your trading hours and then enjoy your time away from the markets. Forex trading is pretty intense and you can run the risk of burning yourself out. Have a balance.

4. Don’t try to pre-determine the market. Yes have a strategy to deal with all eventualities but make sure you aren’t trying to control the market. It will do what it wants. You can, however, control your emotions and reactions to the market. The market will move in 1 of 3 ways – up, down or sideways and you should have a strategy to deal with them all.

5. I can’t stress enough the importance of taking your trading step by step. You won’t make consistent money over night. You may very well make a good living out of Forex trading if you learn how to do it and practise over time. Once you are consistent and confident with your strategy, you will have set yourself up with a good source of income for a long time to come.

Are there any tricks or strategies you have used successfully in your trading to control the psychology of trading? Add your thoughts and comments below!

Thanks for reading. To Your Success!

Annabel

Here are 5 reasons to read around the subject of Forex trading and general economic factors.

1. Firstly factors like Retail Sales figures and GDP will move the market. If your Forex trading strategy includes trading these events and it’s a fully back-tested plan then great. If not then I would advise to close your positions before the news comes out.

2. Secondly you can gain some advantage over other traders by being informed and anticipating how the market might react to certain events. Countries like Australia and Canada are major producers of commodities. If  Australia has had good crop gorwing seasons then this might strengthen the Australian Dollar – which you could anticipate as part of your Forex trading strategy.

3. Exports. Canada exports a large proportion of the goods they produce to the US. If your research shows an increase in goods produced, then you would look to possibly buy Canadian Dollars.

4. The price of oil will have a major effect on currency prices for both oil producing countries in addition to those major consumers of oil – especially for industry purposes. Keep an eye on the price of oil as this will move the currency markets.

5. The general economic stability of countries will also move the market. As we saw last week, the European Summit was successful in coming up with a strategy to deal with the debt problems of Greece which strengthened the Euro – especially in the US session!!

Those are just a few of the factors you can look out for. Having a little more background understanding and taking a look at the bigger picture will make sure you are well informed. This way you can take advantage of potential strengths or weaknesses in the currency pairs you trade – being one step ahead of others.

There are many more tips and strategies over at www.tradeforexfromhome.com Act now and click on the link for much more!

Do you have your own top 5 watch lists for good Fundamental analysis to add to your Forex trading strategy? Add your comments below – would be interested to hear from you.

To Your Success

Best wishes

Annabel

So what do you do if your Forex trading strategy is good for a trending market but not so great when the market is range bound?

Its commonly known that a Forex trader should be able to answer these questions – How is the market moving and how will you trade it?

The Forex market only moves in 3 directions – up, down or sideways. You gotta know how your strategy fits into this.

So do you change your strategy or just sit on your hands if the market doesn’t present itself to your way of trading?

The first thing to do is to identify market sentiment has changed from trending to range bound or from sideways back to trending again. The Forex market is the most trending market in the World so it won’t be long before the market resumes normal service! The more experience you have, the easier it is to decide what to do and to recognise changes in sentiment.

So how do you deal with a sideways moving currency pair? Do you adopt a scalping strategy and ride the waves or wait until the tide changes?

Let me know your thoughts. Good trading to you all.

Best wishes

Annabel

]]> http://www.forextradinginfo.org/forex-trading-tips-trend-vs-range.htm/feed 0 http://www.forextradinginfo.org/forex-trading-strategies-the-mindset-for-trading.htm http://www.forextradinginfo.org/forex-trading-strategies-the-mindset-for-trading.htm#comments Wed, 25 Nov 2009 00:04:10 +0000 Annabel http://www.forextradinginfo.org/?p=306 Does Your Mindset Play A Part In Making Money With Forex Trading Strategies?

Having the right mindset for trading the Forex market – trading psychology if you like, is essential to success. This sometimes over-looked area of Forex trading is detailed below in a video interview from the recent Virtual Money Show event. In case you missed it here it is again – some great advice.

I was at the London Money Show and was very impressed! Lots of great educational seminars for those who want to learn Forex trading plus other forms of trading and investment.

What did you guys think? Oh and I loved the RBS Playstation F1 game…very cool!! A great ay to practise racing the Silverston circuit!!

So here’s the link to the Virtual Money Show…oh and its happening on 16th Novemeber – The Virtual Money Show

What a great idea….see you guys there?!

Happy trading – To Your Success

Best wishes

Annabel

Does learning and following Forex trading charts really help?

Well I got thinking how I learnt to trade and progress my now successful Forex trading career and found this video for you. It really gives you a good solid strategy and some good advice aswell.

Personally I have always had a fascination of how the Stock Market and Forex Market work which keeps my intrigue everyday! Look for the candlestick chart patterns to present themselves to you rather than forcing a trade due to frustration. The Forex trading video below shows a good strategy based on a longer time frame than I trade but it will give you some basics to look out for.

Candlestick chart patterns present a visual representation of the general sentiment of the market. I have written a whole chapter in my Forex trading book Trade Forex From Home about candlestick charts and the most important ones to watch for. You can find it here under Forex Training

Hope you found the video of use in developing your Forex trading profits. Take a look at the strategy and paper trade/use a demo account first to get used to identifying the setup before trading with your live account.

To Your Success

Annabel