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Top 3 Rules of Discipline in Forex Trading

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Discipline is crucial in every area of life, but in Forex trading financial aftermath of the lack of discipline might be devastating. Forex trading is an intellectual activity, and as such, it gets affected by many factors, including your lifestyle, personal situation, relationships, etc. And giving advice on all this seems quite bold and unnecessary. So instead, we’ll take the best Forex trading discipline advice and break it down into three main rules with a bit of bonus advice at the end. 

The rules below will help you minimize the chances of making beginner’s mistakes. Of course, you’ll make a lot of errors anyway, but avoiding stupid mistakes from which you cannot learn anything is going to make your first steps in Forex trading much easier. If you’re up for a more extensive analysis – don’t hesitate to learn more about the professional Forex trading discipline with JustForex. 

Don’t Make the Beginner’s Mistakes

Forex trading plan is a basis for all trading activities. You should create one for yourself, improve it every time you face the unexpected, and stick to it unless you’re sure that it won’t work. Resourcefulness is the key to your interactions with your plans and rules. You should have the discipline to abide by the rules and the flexibility to break them when it’s necessary. 

Beginner Forex traders often try to cut corners and almost always get punished for it because those very unexpected events that might be the sign for you to drop your Forex trading plan don’t occur too often. So when you feel an urge to turn down a part of your trading plan – take a step back and think hard on this. If you’ve missed the chance to buy a pair for the price you’ve decided to be borderline – then give it a go. If you’ve reached your profit goal but there’s a chance to get some more – lock your earnings. If the same situation repeats several times, it might lead you to reevaluate your planning methods but until then – stick with what you have.

Use Your Discipline To Reject FOMO 

Discipline is your friend. FOMO is not. Say it loud and clear every time you feel an urge to chase the train when it’s already left the station. When the news breaks out about some stock skyrocketing, the key players are already locking their profits and ready to move to something else.

Another reason to avoid doing what everyone does is that herd mentality was defined, researched, and understood by all the predators of the Forex market. So don’t become their prey. Be ahead of them because of your careful research and knowledge of the situation. Being behind and figuring out how to exploit the consequences of the herd’s actions is a viable strategy as well.

Embrace New Forex Trading Methods and Technologies 

If you’re not on Forbes top 100 yet – you probably have space for improvement, and to improve, you should force yourself to learn new things. Many beginner traders eventually come to the point when they know enough to tell a story about Forex trading and move around their few thousands of dollars without blowing it completely. At that point, many decide to wait for an opportunity because clearly, all they need to get their first million is luck. But, of course, they’re wrong. Opportunity doesn’t come to those who wait; it comes to experienced traders, able to recognize it and take advantage.

And besides these three – don’t ever forget to place a stop loss. Even if you’re entirely sure that you’re lucky today and you cannot afford to sell your pairs before you turn even – you surely cannot afford to lose it all. 

Forex

Cromwell FX Market View Dollar drifted as Fed taper all but confirmed

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The US dollar drifted lower throughout the week continuing its negative correlation with risk assets. Optimism in risk assets meant the USD lost ground against commodity pairs such as NZD and AUD. Fed Chairman Powell spoke and he confirmed that the taper is coming with a base case start of November. We still see a firmer dollar market in place despite these headwinds given the anticipated growth and yield advantages.

Despite a general risk on move and oil prices continuing to climb, CAD lost ground during the week suggesting a degree of caution and some mild profit-taking setting in on the CAD ahead of next weeks BoC policy decision.

The week ahead sees top tier economic event risk from ECB, BoC and BoJ rate decisions. Markets will be watching  how the central banks are viewing current inflationary trends. Friday sees Core PCE data from the US which is the Feds choice gauge of inflation.

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Source: https://www.blockleaders.io/cromwell-fx-market-view-dollar-drifted-as-fed-taper-all-but-confirmed/

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Forex

Another banking giant joining the digital banking space

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Following the revolutionary updates in banking systems worldwide, UK has witnessed its first entire digital bank in 2015 when Revolut bank was introduced, offering a full range of services conducted wholly by digital means, no physical location and no employees, a pure virtual means of communication offering full banking services to its customer.

Digital banks started to emerge over the last few years to accommodate the recent technological advancement, and to mark the global movement towards everything going digital. Given the unprecedented events that we witnessed the last couple of years, most of the services were performed online, giving the path for more demands for innovative digital service, and giving the digital banks more reasons to exist

Despite the speculations around digital banks, there have been quite successful attempts in India, and in some Eastern European countries, where customers were able to receive banking service virtually, especially in the times of the pandemic, when people were locked in their houses, and everyone tried to social distance themselves from contact, digital banks become the main player in the services industry.

Competing at home

Revolut bank has been home alone so far, enjoying being the sole provider for such service in the U.K. which is about to be disrupted by JP Morgan Chase, the bank giant has decided to launch its neobank named “Chase”. which is set to initiate a direct competition between these two digital banks, yielding high-end services and quality at the user’s disposal.

This new digital bank is intending to introduce a comprehensive set of digital services based on simplicity and swiftness, where customers can open new accounts, change features for current accounts, handle investing and debt accounts, and order new debit or credit cards, all in an online application and without any human contact.

Customer concerns

While some customers might be suspicious about dealing with non-physical banks, it can be associated with the background of that very financial institute, it is challenging to gain customers’ trust when a wholly new name is emerging in the market. However, Chase seems to be relying on its name a classic bank, to gain a sense of trustworthiness among its future customers and is confident to gain customers’ satisfaction by providing a new system of rewards and cashback for account holders.

Another concern about being totally digital is the exposure to hacking attacks, which classic banks are facing every now and then, which can cause major damage considering that all the database and service options are virtually provided and handled. However, having a full range of services provided online, means that highly skilled cyber security developers are hired, and the database is in safe hands.

The future for physical banking

It is expected to shift entirely to a digital banking system within 10 years or so, which can be even sooner given that the whole world has changed in a course of 2 years, and if there will be a winner in this revolutionary change, it shall be the consumer who will enjoy the fruits of quality produces and serves as a result of a fierce competition

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Source: https://www.forexnewsnow.com/top-stories/another-banking-giant-joining-the-digital-banking-space/

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Forex

FX Market View #24

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A slew of central bank meetings in the week ahead will keep the markets engaged in monitoring the currency majors. Specific attention on Dollar strengthening as the market looks for potential trending patterns to emerge. All in all, there will be a release of policy data from 13 different central banks, divided across six major and seven emerging markets. The most significant data release to the global economies will be from the FOMC, however Norway’s central bank can steal some of the limelight. Since the pandemic struck over two years ago, Norges Bank would be the first high-income nation to raise interest rates. It will not surprise that the UK may follow suit behind Norway, however other G10 nations including; Sweden, Switzerland, Japan and the US are lagging behind.
 
The impact on the currency markets has been a pattern of strengthening from the Dollar. Coupled with a speculation of a hawkish tone from the Fed and surprisingly upbeat retail sales data, the Dollar continued its trend from the end of last week. Despite lower jobs growth in August and inflation remaining stubbornly elevated, the Fed rhetoric towards a path of tapering by the end of the year remains intact. However, making a connection from tapering to even a modest rate hike is still one step too far. The Dollar is still the major gainer for the week, advancing more significantly against the emerging currencies. Against the other majors, the currencies from nations which are lagging the rate hike recovery such as; Switzerland, Sweden and Japan are on the slide.
 
Another factor contributing towards a stronger Dollar is the fact that market risk is slowly waning. The lower levels of risk appetite throughout the financial markets since the end of last week, has adversely impacted the broader markets. Equity markets are on the decline, as well as global interest rate yields. Only the Yen and Swiss Franc are remaining firm, however this is mostly due to their status as a funding currency. Other G10 currencies are sliding under these market conditions, most notably the Aussie Dollar and Scandies. Unexpectedly, precious metals are not picking up the slack as investors seek alternative assets during periods of softer equity and yield markets. Other commodities such as oil and gas have pared recent gains.

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Source: https://www.blockleaders.io/fx-market-view-24/

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Forex

Tax reforms are coming for the United States

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The unprecedented events the world has witnessed over the last couple of years has done nothing but increasing the gap between the rich and the poor, while low-income families struggled to make living during the pandemic lockdown and unemployment, billionaires saw an increase in their wealth by $3.9 trillion between March and December of 2020, which is exactly what the IMF has warned about.

Biden has introduced in his last press conferences a new program to increase tax rates for the richest communities in the United States, as he stated “the rich got richer, and corporations have lost the accountability over their employees” the proposed tax raise is intended to finance the government aid programs, such as The American Families program which aims to increase the spending on healthcare, education, paid leave, and other areas that were hugely damaged by the unpleasant event the world has experienced over the last two years.

The newly proposed tax increase would tax the top individuals with 39.6% income tax, a 2.6% increase from the current 37%. While the top corporations will see a 5.5% increase to their tax rate to become 26.5% rather than the current 21%.

Facing opposition

While investors seem unbothered by this news, this tax hike is faced with big opposition by the U.S. Chamber of Commerce as well as other American business groups that will be highly affected by this proposed tax rise. Investors see this step as inevitable in the light of what global economies have experienced as a result of national lockdowns and increased unemployment rates around the world. Moreover, this step would help redistribute wealth among communities and improve the social benefit programs received by low-income families, and will eventually increase their spending which is better for the markets in the long run.

Democrats are looking for the vote of every Democratic senator over this bill, while this represents a real challenge because of the recent signs of cracks between the democrats in a previous vote to discuss the negotiation power over prescription drugs, President Biden is relying on the support of the American families who have always called for a similar program, and who will highly benefit from such move

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
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Source: https://www.forexnewsnow.com/top-stories/tax-reforms-are-coming-for-the-united-states/

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