Essential Elements of a Successful Trader

Courage Under Stressful Conditions When the Outcome is Uncertain
All the foreign exchange trading knowledge in the world is not going to help, unless you have the nerve to buy and sell currencies and put your money at risk. As with the lottery “You gotta be in it to win it”. Trust me when I say that the simple task of hitting the buy or sell key is extremely difficult to do when your own real money is put at risk.
You will feel anxiety, even fear. Here lies the moment of truth. Do you have the courage to be afraid and act anyway? When a fireman runs into a burning building I assume he is afraid but he does it anyway and achieves the desired result. Unless you can overcome or accept your fear and do it anyway, you will not be a successful trader.

Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity in 2007 - Final results

December 2007

Every three years, the BIS coordinates a global central bank survey of foreign exchange and derivatives market activity on behalf of the Markets Committee and the Committee on the Global Financial System. The objective of the survey is to provide comprehensive and internationally consistent information on turnover and amounts of contracts outstanding in these markets. The exercise also serves as a benchmark for the semiannual OTC derivatives market statistics, which are limited to banks and dealers in the most important financial centres.

Foreign Exchange Market

From Wikipedia The foreign exchange (currency or forex or FX) market exists wherever one currency is traded for another. It is by far the largest market in the world, in terms of cash value traded, and includes trading between large banks, central banks, currency speculators, multinational corporations, governments, and other financial markets and institutions. Retail traders (small speculators) are a small part of this market. They may only participate indirectly through brokers or banks and may be targets of forex scams.

Contents

Forex Market Overview

Introduction

The following facts and figures relate to the foreign exchange market. Much of the information is drawn from the 2010 Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity conducted by the Bank for International Settlements (BIS) in April 2010. 53 central banks and monetary authorities participated in the survey, collecting information from 1,309 market participants.

Foreign Exchange Update: GBP EUR Focus shifts to Widespread USD selling on Debt Default Concerns

Foreign Exchange Update: GBP EUR Focus shifts to Widespread USD selling on Debt Default Concerns

The Pound Euro exchange rate (GBP EUR) is 1.1340. The Pound Dollar exchange rate (GBP USD) is 1.6423. The Pound Australlian Dollar exchange rate (GBP NZD) is 1.4840
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Foreign Exchange Update: GBP EUR Focus shifts to Widespread USD selling on Debt Default Concerns

 

Foreign Exchange Rates : Currency Predictions – GBP, USD, EUR, AUD

Foreign Exchange Rates : Currency Predictions – GBP, USD, EUR, AUD

POUND STERLING The Pound suffered in opening trade this morning falling to a daily low against most majors ahead of the UK Q2 GDP release. The figure was announced as expected and the Pound recovered to close relatively flat on the day. The GDP figures reinforce the outlook that UK interest rates are unlikely to change in the short term
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Foreign Exchange Rates : Currency Predictions – GBP, USD, EUR, AUD

 

Currency Exchange Rates: Sterling rallies on GDP figures

Currency Exchange Rates: Sterling rallies on GDP figures

The Pound Euro exchange rate (GBP EUR) is 1.1330. The Pound Dollar exchange rate (GBP USD) is 1.6440. The Pound NZ Dollar exchange rate (GBP NZD) is 1.8781.
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Currency Exchange Rates: Sterling rallies on GDP figures