Seomanager, auteur op theforexscalpers

Should I Trade the Non-Farm Payrolls NFP?

Should I Trade the Non-Farm Payrolls NFP?

by Seomanager | Jun 5, 2020 | Forex trading

Although some traders depend on fundamental analysis and others on their technical skills, others are able to make news events and economic releases in good living by themselves. There might be no more critical number for the news trader than the Non-Farm Payrolls report that comes out on the first Friday of each month. It is this number that paints the clearest image of the current state of the US economy, and while unemployment can sometimes be a lagging NFP indicator, it is also a key factor when central banks decide on their monetary policy.

Non-Farm Payrolls are usually published at 8:30 am EST on the first Friday of each month. It contains the U.S. Department of Labor employment information as part of an overall report on the state of the labor market. The monthly figure shows the change in the Non-Farm Payrolls (NFP) compared to last month, and is usually between +10,000 and +250,000 in non-recessional times. The NFP number is meant to reflect the number of jobs that have been added or lost in the economy in the last month, excluding employment related to the agricultural sector.

The Non-Farm Payrolls report causes one of the ever-growing moves of any news announcement on the forex market. As a result, the NFP number is anticipated by many analysts, traders, funds, investors and speculators, and by the directional movement that it will cause. With so many different parties watching and analyzing this report, it can cause significant rate fluctuations even when the number comes in line with expectations. Most Forex traders have the challenge of trading this move without being knocked out by the irrational volatility it can create. This is because it can be very dangerous to speculate about the direction of a given currency pair upon release.

Trading news releases can be very profitable but not for the heart’s weakness. This is because it can be very dangerous to speculate about the direction of a given currency pair upon release. Fortunately, the wild rate swings can be waited for to subside. Then, after the speculators have been wiped out or have taken gains or losses, traders may try to capitalize on the actual market move. Instead of the irrational movement that pervades the first few minutes after an announcement, the purpose of this is to attempt to catch rational movement after announcement.

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Common Mistakes in Forex Trading Market

Common Mistakes in Forex Trading Market

by Seomanager | Jun 4, 2020 | Forex trading

Regardless of how long you have been trading on forex markets, you are forced to experience lapses in trading discipline whether triggered by unexpected developments in the market or emotional extremes. Even if currency trading can seem easy, and you get informed as a trader, and you follow every suggested move, there are some common mistakes and traps at some point in your career that give many traders trouble.

Most inexperienced traders are diving head on the market with high hopes of profit, thinking they’ll get rich in no time. This is not the case. Sure, some people are very good in trading forex, but the majority lose their money. In any case, it takes hard work and a lot of time to achieve success. Building experience will take years, and turning forex trading into a lucrative full time job. One of the most common mistakes that day traders make is that they don’t know the time needed to be successful.

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Opening up a trade without a specific trading strategy is like asking the market to take your money. If the market is moving against you when are you going to cut your losses. When do you profit if the market moves in your favour. If you haven’t decided these standards beforehand, why should you suddenly come up with them when you’re caught up in a live position ‘s emotions. Beginner traders will not have a trading plan in place until they begin trading. Even if they have a strategy made, if things don’t go their way they are more likely to reject it.

A inexperienced trader ‘s principal enemy and greatest cause of mistake is his emotions. Watching the deposit increase or decrease will result in beginners losing their minds and taking hasty measures to get more money or avoid losing it. This is not a good strategy. Decision-making should be reasoned, rather than dependent on emotion. Place a take-profit and a stop-loss in order not to raise uncertainty, and leave the market alone, do not monitor it day and night.

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How Politics Impact on Forex Market

How Politics Impact on Forex Market

by Seomanager | Jun 3, 2020 | Forex trading

While many factors are affecting the path of money movement on the forex market, one country’s political conditions may help people understand some of the forex market movement. The fact that foreign exchange trading has become such a globalized operation means that the role of macroeconomic events in forex is even greater than ever before. The interbank currency market not only has an impact on economic results. Each news story can hold the potential to impact a specific currency negatively or positively.

It is now unquestionable that politics is not economics, are the main force behind fluctuations in currency markets around the world. Traditional relationships between major market fluctuations and economic activities have now come to an end and significant political developments such as Brexit, wars and elections are now in control in their place. When it comes to forecasting forex prices, the science of fundamental analysis includes taking into account several specific economic and political factors for one currency in relation to the other currency in each currency pair considered.

Political situation and economic performance of a country can influence the strength of its currency. A nation with less potential for political instability is more attractive to foreign investors, resulting in more political and economic stability attracting investment away from other countries. Also, increased international capital contributes to an appreciation of the value of the domestic currency. A nation with a sound financial and trade policy will not give its currency any room for uncertainty. But, a country vulnerable to political instability may see exchange rate depreciation.

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The health of the currency of a nation is based upon the actions of its members. Consequently any change in the government of a country will affect its currency by altering the economic policies of the nation. When a policy changes then this will lead to new economic policies which can either cause the currency to rise or fall. Increasing global volatility would result in the forex market being instable. Irregular currency inflows or outflows may result in major exchange-rate fluctuations. A foreign currency’s value is closely linked to the place’s political situation. Overall, the more stable the nation is, the more stable the currency would be.

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Bad Habits to Avoid in Forex Trading

Bad Habits to Avoid in Forex Trading

by Seomanager | Jun 2, 2020 | Forex trading

All behaviors are linked to instinctive behavior, according to Psychology today. Such persistent habits eventually form a habit and dictate your productivity level. It should have a good trading plan for all traders. One of the worst bad habits that a trader can have is to deal impulsively and without direction. FX Traders who take the time to make a trading strategy are much more likely to succeed but we can create poor habits even with a plan in place.

Forex Traders need to base success or failure on and trade in order to break bad trading habits on whether they adhere to their trading plans and not simply on how they make or lose money. If you do a poor trade (i.e with no disciplined trade, not one part of your trading plan), but make money on it, you always have to see it as a failure, you can’t be praised. By praising yourself, you give a small reward for something wrongly done.

One perfect way to begin changing your bad habits is to spot them when they happen. When we seek to break the old and undesirable pattern and train ourselves with the fresh and desirable pattern, we ‘re building new constructive habits. The shift is fragile. Good intentions are weak to loss of momentum, and the old behaviors and patterns can rapidly re-surface. In order to solidify the new pattern of thinking, it is important to develop habits that will help support the new approach.

Humans have an innate need to be in control of circumstances and surroundings. After all, it is the loss of control that causes emotional responses such as fear and anger through which poor trading habits grow. As a result, we sometimes do ourselves a lot of harm in trading because this need to be in control eventually sabotages our trading attempts. The need to be in control while we trade the market causes the following problems: over-trading, closing trades too fast before they have an opportunity to play out, risking too much because we believe we know what’s going to happen next, trying to prevent losses by trading without stop loss / moving stop loss, etc.

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How to Choose Trusted Forex Broker?

How to Choose Trusted Forex Broker?

by Seomanager | Jun 1, 2020 | Forex trading

When opening a retail forex trading account, a major factor includes choosing between the various types of forex brokers available to manage your forex transactions. It is a significant decision as the type of forex broker chosen can influence both the level of service you are providing, as well as your transaction fees and spreads for dealing. A forex broker serves as the intermediary between the end consumer and the market. Carrying this in mind, it is important to choose a trusted forex broker.

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Forex Traders sometimes tend to focus on the advertising hype created by the forex broker when it comes to retail forex trading instead of the significant factors related to their specific trading strategy. Sooner rather than later, traders end up knowing that there are more factors to consider when selecting a brokerage when it comes to long-term trading. The numerous complaints from traders on various forums about how their forex brokers don’t quite meet their hopes are attesting to this reality. It all comes down to making the traders do their homework in advance.

The trader’s first move is to define the instruments they suggest to trade. This may not only be based on instrument preference but can also be handy when it comes to hedging exposure to a forex order against another asset or instrument. A forex broker is usually better off offering a wide range of trading instruments. Simply, if a brokerage can offer a wide range of financial instruments, it is a clear sign that they have access to several different markets, and so have gone through numerous authentication procedures with liquidity providers to obtain price feeds for all the different instruments.

Your approach to selecting a forex broker should be somewhere related to the process of selecting the right bank to trust your money to credibility, accountability, the ease of carrying cash operations, great customer service. After narrowing down your option to a few forex brokers, it’s time to do further research by visiting broker websites and reading about their forex trading rules and policies, knowing the terms and conditions, getting a feeling of the accountability of the business they do, availability of addresses and phones, customer support services, the appearance of information from regulatory institutions.

TheForexScalper recommends you join ICMARKET which is regulated and the most trusted broker. They provide very tight raw spread account with fast execution and having multiples deposit and withdrawal options.

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