The discipline in forex

As everywhere, the discipline plays an important role in forex trading. Successful forex traders have iron self discipline. They plan each of their deals and then simply trade their plans. If you do not develop a clear plan for trade and follow it consistently, you will find difficulties in continuing earning money as a trader.

Doing random profitable deal, even throw away any plan can deliver short pleasure, but making occasional deals can affect negative on the ability to maintain discipline in the long run. When you stop following your plan, but although you're rewarded, you may have believed that pursuing the plan is not a big deal. Unjustified profits increase the tendency to follow any plan in the future. Positive results from this are short and a lack of discipline always ends with a loss. So keep constant your discipline.

Which events are significant in forex?

Central bank policies are a result of all economic data. Think of the economic data as clues which give speculators the ability to predict what the next move of the central banks will be. Most central bankers disclose their policy on a certain date. Therefore, it makes no sense to ignore information that forms their policy.

Fundamental analysis in forex should always begin with Studying the policies of central banks. I am sure that a trader can be successful only if traded an important speech and statements about the interest rates. If you understand given policy, you can see goers data in this context, which will make the image clearer and you can forecast a change in policy before it occurred.

False expectations among traders

Having expectations can be very useful for traders. They are tests, that help us to determine the failure or success, they also gives us goals to follow.

On one hand, expectations are great, but we must be careful with them. If they are too high or unrealistic, we'll probably be disappointed. One of the most common expectations that lead to disappointment among traders is that more transactions equals to faster learning process. It is true that more transactions lead to more experience, but that does not mean that we will learn much more quickly if we make more transactions. This is a dangerous attitude and so can only undergo emotional risk.

The key to faster learning process is to concentrate on the quality of your transactions than on quantity. Instead of doing much deals, our priority should be preparing to enter the deal and making reasonable decisions.

Undeniable truths in forex

Expect the unexpected. Accept it. No matter how much you try in you analyzes, you will not have 100% accurate idea which way the market goes. There is always a chance that surprise waiting around the corner, perhaps in the form of undeclared currency interventions or shocking comments from central banks. In fact, these unforeseen events can not to be caused by the economic scene, but take the form of natural disasters or sudden declared war. Even if you stare at the chart constantly, keep track of forex calendar, listen to the news every day, you probably will not be able to predict such events. Unless you're Nostradamus ...

Zimbabwe will produce bank notes equal to US dollar

Zimbabwean authorities decided to issue banknotes, which will be equal to the US dollar at a ratio of 1:1, according to the British BBC Radio and Television.
This decision is due to a shortage of cash in the country of US dollars, which since 2009 in Zimbabwe are legal tender along with South African rand.
It is planned to print Zimbabwean own banknotes in denominations of two, five, 10 and 20 dollars, which will be equal to USD. Financial support for this idea of ​​the Zimbabwean authorities in the amount of $240 million came from the African Export-Import Bank.
Until 2009, the currency of Zimbabwe have been the Zimbabwean dollar, but due to the huge inflation, it was decided to abandon the national currency, to stop its release and move to settlements in US dollars and South African rands.

Right expectations

Before jumping into the forex world, you need to set up right expections in your mind. Not lying to yourself is just as important as trading well. Even if you trade well, you may end up losing everything.

Forex market can offer you a lot and because of it, traders tend to expect more than they should. The most of the time the market is unpredictable making illogical movements and doing the opposite of the news. The trader has to know that the exact time for entering a trade is a impossible to be catched.

A trader must learn patience and to have less expectations and think more about a trader who has a lot to study than the money he has to earn. Traders, who think only about the money, leave the market very soon.

The biggest problem of the trader

I know a lot of traders since forex become my hobby. Some of them quitted a long time ago, some of them are still on the market but there is one mistake that they share - overtrading. It is like a curse for traders. Perhaps unavoidable. Don't get me wrong, I am not an exception. I think that this is the biggest problem for all traders.

In other words, what overtrading is that you make more deals than you should. This is happening when a trader set goals for a period of time that that he just can't achieve and he is making deal after deals which often leads to the end of his forex career.

The solution - just do not set any goals. Lean to be patience and don't push your luck. Enter the market when you have a clue. You won't improve with more meaningless deals and you won't become millionaire in no time.

In addition to my second post

In addition to my second post I would say that it is very common pattern. You can check it, just go to newbie section in every trade forum and you would see posts about money - how much do you make , how long do I have to trade in order to make money,  how to make money, give me best strategy to make money and so on. All they care is money.

Money are important for sure. The problem is that they are all concerned about money. They don't think how to be better, they don't research the markets, they don't have a trade journal or ask themselves why the markets moves this way.

First prepare yourself, then ask for money.