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  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/bxQ8s8eGjR
  • Australian Dollar plunged for a fifth week but held key downtrend support at the yearly lows. Get your weekly AUD technical forecast from @MBForex here: https://t.co/uyUWYQoYS7 https://t.co/BXid10FYD1
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/eReyYRYOn1
  • Last week’s march higher in EUR/USD may well extend further after Friday’s Eurozone economic statistics that will likely turn the ECB more hawkish on monetary policy. Get your weekly Euro forecast from @MartinSEssex here: https://t.co/EWrJy5LfOF https://t.co/NQj5xCdw9b
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  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/srqRhfdKUd
  • Cable is pulling off after a strong run; near-term weakness may be the theme before trying to rally again. Get your weekly GBP technical forecast from @PaulRobinsonFX here: https://t.co/030gXzxlEc https://t.co/ux7W6OcBOm
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sZLTs https://t.co/FPKAoLQuuI
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9Flsqcxo9 https://t.co/2L5DGk7cxl
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5cVYOn https://t.co/zRBB1hmhJm
Becoming a Better Trader: A Checklist Before Entering Any Trade (Webinar)

Becoming a Better Trader: A Checklist Before Entering Any Trade (Webinar)

Paul Robinson, Strategist

Join me on Thursday, December 29 for the next session of “Becoming a Better Trader” by signing up here. For a full schedule of live events, check out the webinar calendar.

Today, we discussed the various questions one should ask themselves before entering into a trade. The idea is to answer these questions with the goal in mind of properly identifying opportunities which you should gravitate towards and those which really aren’t perhaps the ones you truly want to be involved with. Accepting the potential outcomes prior to trade entry is imperative.

Focusing on the process of trading is extremely important, because it is easy to get caught up in what the potential results could be. By fully identifying your logic for entering a trade, what your risk parameters are, entry/exit points, a trader can then have a plan already set in place before the P&L starts moving around. Because once the trade is on and the market starts moving around, without a plan, you are more susceptible to making poor decisions. Markets are uncertain, we can’t control how the market moves, but there are factors which we can control.

At the end of the day, when all factors are considered you should have a ‘good feeling’, a feeling of excitement about the opportunity in front of you. This will allow you to execute and manage the trade with greater poise. A lack of conviction or failure to accept the outcome of the trade ahead of time will lend towards a greater likelihood of making mistakes after the trade is on…

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinonFX.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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