The Australian dollar rose after the central bank meeting

The Australian dollar rose after the meeting of the Australian central bank, which left interest rates unchanged. The institution did not take changes in monetary policy, leaving the base rate unchanged at a record low of 1.75%. The Australian dollar was among the best performing currencies after hitting 0.7458 - the highest level since May 6. The Australian currency rose one percent against the euro and the yen.
The British pound managed to recover after reaching earlier 3-week low against the dollar. The reason for the good performance were two polls that give priority to the supporters to remain in the UK in the EU. This is in contrast with the results of Monday when the majority of respondents supported the country's exit from the EU. The British pound rose one percent against the dollar, reaching 1.4574. Investors and politicians warned that the eventual exit of Britain from the EU could hit the global economy and financial markets.
The dollar teetered about its direction around the 4-week low as investors speculated about when will be the next increase in interest rates.
The dollar index, showing the performance of the greenback dropped to 93.874, holding near 4-week low at 93.745.

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.

How to recover your trading motivation?

The first step is to look at the delicate details of your trade, but also to keep in mind the big picture. Do you trade the right way?

Return to your trader diary and see your recent transactions. If you do not have one, I advise you to make one. Ask yourself the following questions:
- Is there something you've changed or do anything different from usual trading plan?
- Do you explicitly follow your trading plan?
- Are you doing something wrong?
- Do you miss something ?
When you find your mistakes, it will remove the lack of motivation.

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 ...

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