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Tuesday, January 31, 2012
Currency Exchange Rates Article
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Forex: Why Psychiatrists Make Better Traders Than Expert Economists?
from: Alexander BrinIt should be noted that millionaire traders, Elder, Williams and
some others are in fact professional psychiatrists. And it is
not accidental that not the economists are the leaders and most
successful traders, but professional psychiatrists and
psychotherapists. Think about it. You will become a successful
trader when you understand why it happens with Forex. You will
understand what your Forex mistakes are, and why you are making
them. And when you correct these mistakes you will become a
trader who has no psychological barriers and obstacles on his
way to better earnings in the Forex market.
So, why do the psychiatrists make better traders than economists
who, as one would think, have the Forex market at their finger
tips?
The economists are confused by:
- the fact that exchange rates are not always related directly
to the economic circumstances in the countries. Well, do you
know any economist who would be bidding for low fx rates when
the economic situation is getting better and better? Or the one
who admits that technical analysis of currency pairs is more
important for Forex trading than the fundamental one? Any
economist is confident that this can never happen because he
knows all the economic dogmas. But it happens in the Forex.
After all, how can a trader lose with the currencies moving up
and down by the economic rules? The currency will surely react
to the economic changes in the country, but who knows when and
how? Here is a tip: there is the Elliott fifth way to teach a
lesson to the ones who believe that fundamental knowledge is
enough (before the trend turns, the currency spurts absurdly by
the old trend), to confuse and draw the newbies into the game,
while the experts wait for the trend to turn back.
- the lack of psychological knowledge that helps to understand
the behavior of the crowd. And that is self-evident.
Are there any methods to overcome this fear?
It seems that every Forex book, every article offers efficient
solutions for psychological difficulties experienced by the
traders.
IN FACT NEITHER OF THESE BOOKS CONTAINS METHODS TO OVERCOME THE
FEAR EXPERIENCED BY A FOREX TRADER!
But what do these books offer instead?
Almost every book of this kind consists of two unequal parts:
- the bigger part of the book narrates about traders' problem
that interfere with their Forex work and make it unsuccessful
(nervousness, doubts, worries, fear, sleep deprivation, etc.).
As if the traders do not know their own problems.
- the considerably lesser part contains conclusions and
recommendations to the traders who are to solve their problems
and overcome their fears to become successful.
The conclusions are disappointing:
Many psychiatrists realize that the new field opens before their
eyes - now they may treat traders whose number amounts to
millions all over the world and is growing with every day. And
since most traders have a dream to become as successful as
George Soros and other famous traders, this new field promises
to be rather lucrative.
One thing is bad though: the overwhelming majority of these
new-sprung trader brain specialists do not even know what the
Forex is all about.
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This Day In History |
Currency Exchange Rates News
Live Forex Exchange Rates for Trading, Corporate Hedging and Currency Conversions Now Available Through OILspace.
New York, Oct. 27 /PRNewswire/ -- OILspace, a technology company that provides web services applications, integration and market data distribution for trading, marketing and supply companies in the oil, natural gas and petrochemical sectors is now offering real-time foreign currency exchange rates
Publication: PR Newswire
China agrees to undertake forex exchange rate reforms.
China agrees to undertake forex exchange rate reforms Beijing, Jan 20 (PTI) China today announced a 10-point strategy to ensure the stable and sustainable growth of the economy in the next five years, including foreign exchange rate reforms and listing of the state-run Agricultural Bank of China.
Publication: PTI - The Press Trust of India Ltd.
The China (forex) syndrome.(Forex Trader)(foreign exchange rates)
The 1979 movie The China Syndrome referred to the risk that a nuclear meltdown in the United States could theoretically go through to the other side of the world: China. The same concept applies to forex trading, describing how the Chinese economy can cause a meltdown in the world's currency
Publication: Futures (Cedar Falls, IA)
RMB exchange rate stable, but daily forex transactions down inNovember
RMB exchange rate stable, but daily forex transactions down in November SHANGHAI, Dec. 8 (Xinhua) -- The exchange rate of Chinese Renminbi remained stable in November, but daily foreign exchange transaction was down six percent from October. Statistics from the China Foreign Exchange Trade System
Publication: Xinhua News Agency
RMB exchange rate stable, but daily forex transactions down in November, XINHUA
URL: httpwww.xinhua.org SHANGHAI, Dec. 8 (Xinhua) -- The exchange rate of Chinese Renminbi remained stable in November, but daily foreign exchange transaction was down six percent from October. Statistics from the China Foreign Exchange Trade System (CFETS) show that in November, China's foreign
Publication: Finance Wire










