One secret to increase success when trading the Forex market is confidence. Yes, it’s often one of the most overlooked, but essential qualities of an effective Forex trader. While even the most novice traders can pick up on market cues, it’s another story to have the confidence to act on potential trading opportunities.
For example: Due to the recent decline of the Euro, I have been monitoring the EUR/USD pair for trading opportunities. As an educated trader, I can look at the chart below and see that the market is hitting a Fibonacci Retracement, bouncing off a long-term level of support and resistance; reflecting one of the most alluring trades of 2012 so far. From my experience, I can see what could be an almost 1,600 pip potential developing.
Even when the evidence is right in front of you, will you have the confidence to set an entry/exit point and take advantage of this trade potential?
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