Entries by Joshua Matumo

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THE BLUEPRINT OF A TRADING PLAN

A trading plan is the ‘business plan’ for us, traders. The most cognizant definition of a trading plan is ‘a well written guide that is prepared when the market is closed to inform your actions when the market is open.’ That kicks the beginning of the real talk! Any trader without a properly documented trading plan that guides all their trading actions when the market is open is doomed to fail. It is the surest tool that keeps us disciplined while trading the forex markets.

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IS FOREX TRADING A LEGITIMATE BUSINESS?

Is forex trading legitimate? We are talking about the most liquid financial market in the world where more than 5.3 trillion dollars is exchanged every day. In economics, we call it an ‘over the counter’ business. This means than no one institution, no one retail company/Individual, no one country can control the forex markets. It is this high liquidity and stability that causes volatility, i.e. prices of different currencies and commodities moving up and down frequently and continuously.

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WEEKLY ANALYSIS TRADE SETUPS: EURNZD & GBPAUD – ( 29th – 2nd Aug, 2019)📈📊💰

Following the double top breakout, price hit our targets, which is usually the height or distance of the tops. This setup gave us slightly more pips than our expectation.With bulls currently in control. We wait for price action to clarify whether their momentum will take price back to our neckline or bears will continue with their waterfall of price after the bullish retracement.