Market Update – March 3 – Cautious ahead of Powell and OPEC

Trading was consolidative and quiet Tuesday as the markets took stock of recent activity. A lack of fresh catalysts also limited action. There was some jostling in stocks late after Texas announce it is opening up the state economy 100% and removing the mask mandate. US Government suggested that vaccinations could be rolled out quicker than initially expected and after Fed’s Brainard indicated that volatility in bond markets could further delay the turnaround on asset purchases. Stock markets moved broadly higher, leaving JPN225 and ASX up 0.5% and 0.8% at the close, while Hang Seng and CSI 300 are currently posting gains of 2.2% and 1.6% respectively. GER30 and UK100 futures are up 0.5% and 0.6% respectively, US futures are also broadly higher, with a 0.8% rise in the USA100 leading the way. Vaccine optimism and the push back from central bankers against the rise in yields has helped to stabilise sentiment and ease concern over cliff edge scenarios on growth.

Optimism on the outlook remains very supportive, especially with more vaccines on the way and another big stimulus injection on the horizon. Recent data are supporting that point of view with many revising up Q1 and 2021 growth projections. Treasuries have stabilized too which has helped calm jitters regarding the bearish impacts on stocks from rising rates, and over worries inflation pressures will pick up and cause the FOMC to pullback accommodation sooner than expected.

Forex Market

EUR – close to its 20-day moving average at 1.2085
GBP – ranging between at 1.3850-1.4000.
JPY –  at 106.86, retesting 107.00 for a 3rd day in a row.
AUD – reversed nearly 40% of last week’s dip.
CAD – down to 1.2616 from 1.2730.
GOLD – declines further below 50-day EMA, and 8-month Support.
USOil – edged up to $60.10 per barrel, amid growing conviction that the OPEC+ alliance is poised to agree an increase in output this week.

Today: Calendar includes final readings for Eurozone and UK services PMIs for February, which are expected to confirm levels in contraction territory as the sector remains depressed by virus measures. UK Chancellor Sunak will present his budget proposal today, with reports already out indicating that furlough measures will be extended until September, although the Chancellor also seems eager to find ways to finance crisis measures. Also on tab are the ISM Service for February for US along with ADP employment data.

Biggest mover – GBPJPY (+0.37% as of 09:30 GMT)

Click here to access the our Economic Calendar

Andria Pichidi

Market Analyst

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Common Personality Traits of Successful Forex Traders

Novice traders often wonder if there are any common personality traits that are essential for becoming Wealthy and successful Forex traders. First of all, you need to learn that if you are here to get any short-cut and any magical formula for becoming overnight millionaire then my friend, you must search something else. You just have got wrong page. But if really want to learn about some common personality traits of all the successful Forex traders, here is some useful information. If you really have a long-term plan of trading then you should try to develop these traits in your personality. These common personality traits include:

1.Knowledge of Basics:

First of all, you must have the knowledge of the basics of Forex trading. You need to have complete information ranging from account opening, earning profit till understanding different trading strategies. Trading without understanding its basics is just like jumping from a plane without wearing a parachute. Yes undoubtedly, it is intentional suicide. I am sure that you do not want to lose your hard saved money by jumping blindly into it.

2.Patience and persistence:

Patience and persistence is another must trait that helps you to deal with the ever-changing scenario of trading. You need to stick to your dream and do not give up too easily. You need to have persistence to create a trustworthy portfolio.

3.Risk management:

Be reasonable while risking your money. You cannot just bet it all in one go. Think patiently and follow the rules of effective risk management. Like all other professions, risk management holds a great significance in Forex trading as well. It requires a lot of experience to be able to risk huge amounts. Therefore you must not be tempted by the market. Do not forget, it can swallow your money. You must not risk more than 2% on a single deal.

4.Courage and control on emotions:

You should know that you cannot mold market according to your wishes. Rather you must adapt to the current situation of Forex market. Forex trading is a game of mind. You have to defeat your fear of loss, worry, anxiety, greed, over-excitement and depression, in order to become a Professional trader. Thus you need a lot of courage to take timely and profitable decisions. A minor delay can often cost you a lot. So do not be overwhelmed by your emotions. Controlling your emotions while Forex trading, is definitely the key to success.

Ahsan Aslam Khan http://www.vantagepointx.com

Vantage point X - First AI empowered Forex trading EA
For Free Forex Education: https://www.vpxforex.com
Article Source: https://EzineArticles.com/expert/Ahsan_Khan/2785114

Simple Forex Trading Strategy: How to Catch 100 Pips a Day - Beginner Strategy

Check out how to get started here...

Online Forex Trading Strategy - How to Make Currency Trading Systems Work For You

Now that there are hundreds of Forex margin brokers, millions of free Forex trading tips webistes and literally hundreds of thousands of Forex day trading strategy "home based business" Forex traders, we can say that virtually anyone with an internet connection can trade Forex with the pros.

In any power trading strategy, a proven trading method will mean that through Forex strategy testing and by using trading risk management, no more than one or two per cent of a total account value is put at risk in a single trade. This is key in the path to big Forex profits. Any trader beginning out will look at the trading methodologies available to them and decide to create trading rules for their Forex trading strategy.

Forex trading (currency trading) initiates should be aware therefore not only of technical and fundamental analysis and predicting Forex prices, but also of how to be a trading strategy tester and to have strong Forex trading rules that help them to make the big Forex profits they are seeking. The alternative is to have more experienced Forex trading systems used by more experienced traders end up causing you to lose all your money in your Forex business - the harshest possible outcome.

Having the following in place could assist you in getting started right away in Forex trading (currency trading): a Forex trading software platform; a free Forex trading strategy (or a paid for one for that matter); an understanding of fundamental and technical analysis and a trading risk management system. From these elements (and also the support of a daily Forex strategy briefing from a margin broker or some other site) you can start Forex trading in the fx market with your own Forex trading strategy rules.

Learning currency trading online needs to begin with sound trading risk management and how to manage your trading account balance by making intelligent risk decisions with your trading account. The risks can be higher with Forex because the moves in a week can be equivalent to a month in stock moves. Volatility is to be expected.

Currency trading strategy rules for a Forex business can be developed by amalgamating Forex trading systems of others or simply garnering a Forex education to include: fundamental and technical analysis; trading money management (risk management); a daily Forex strategy briefing from a "third party" and a way of creating Forex forecase signals (in other words a means of predicting future Forex prices from perhaps a technical setup on a currency pair or simply from Forex strategy testing that has been carried out.

Forex strategy testing can either be done through using a practice account through your broker or by paper trading your strategy. A third option is to use software such as Forex strategy tester which can run a simulation of what could happen if you trade by your rules with some limitations on accuracy.

Free Forex trading strategy tips are available from Forex ebooks webistes all over the web. The truth is that the Forex trading fx market needs to be treated as a business that runs like a Forex trading machine as much as possible. This is key if you are to make big Forex profits in live trading. Lack of regulation means that anyone can sell a "scalping trading strategy" or so-called "foolproof trading method" and make themselves out to be an expert or even say they are a long term bank trader when they are not. There is a need for caution therefore when deciding on where to get your Forex education because not any Forex trading guide is actually going to help in your predicting Forex prices in the near, medium or long terms.

It behooves you to go out and look at what is on offer from Forex trading websites and learn more about the global currency markets after you have read this article. Some sites are listed in the resource box at the end to start you off. Trading Forex online then presents challenges. The rest of this article will address those challenges. In order to trade effectively, a Forex trading guide is needed for the initiate in to the Forex markets to be able to learn online currency trading, understand trading risk management and how to manage money, discover technical and fundamental analysis, how these types of analysis of the market differ and how to apply them in creating a Forex trading machine.

This means that after all the cogs are set in place you will have a Forex trading machine that enables you to its like a professional and make decisions based in the moment and on the facts that are presented to you, rather than guess or gambling work - although there is invariably an element of risk, your job is to eliminate the risk as much as possible in applying your trading strategy.

To make this happen, you will start to think about what you may need in order to implement your trading strategy. For example, will you be needing a daily Forex strategy briefing from either a paid service or a free provider of its strategy briefings - such as perhaps your broker or a third party service. In your technical analysis will you be utilising traditional indicators such as those involved in a bands trading strategy (Bollinger Bands), will you rely on charts created by a its platform or other currency price forecast type service or will you be professional analyst charts to make your decisions?

A proven trading method is hard to come by. There are educators who have been trading Forex for banks and other institutions for many years. However they are still going to find it incredibly difficult to pass on their years of knowledge, at least not in the time most people want to go from knowing nothing about Forex trading (currency trading) to being an expert and making money with its as a business.

In sum, it is multidimensional. There are several aspects of absolute importance. These include strategy, both in terms of trading and money management, education - both initial and ongoing and focusing in on mastering a specific area whether that be a particular currency pair or aspect within the field - such as global economics of a particular country.

This article is continued as a series of forex trading tips at [http://www.forexilla.com]

Link: [http://www.fasttrackforex.com] For all levels of traders - Learn how to trade currency online.

Remember - you can both win & lose a lot of money trading Forex. Be wise. Get an education.

Article Source: https://EzineArticles.com/expert/Matthew_Bonseas/482367

Article Source: http://EzineArticles.com/3331460