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XAUUSD has experienced an exceptionally large movement higher by 3% from 1918.79 to 2010 in the last 2 days.
Resistance at 2019,49
Pivot at 1864,51
Support 1769,63
If we see break at $2020, gold price may go to $2070 today.
About Author: AnnaFx
Anna is highly professional trader who have years of experience in Forex trading. Her trading partners are comprised of Multinational Companies, small and large financial institutions, banks, brokers and money managers.
The more you prepare yourself before entering a trade, the greater your chances of success. Before going into any transaction traders must think about their mindset and psychological preparedness.
What is a trading mindset?
Very often, traders cannot react sensibly to sudden changes in financial market conditions. Overreacting to price fluctuations, economic changes, or other factors that influence the trading process is because of the trading mindset absence.
A healthy attitude to all direct and indirect changes in the market defines the concept of a trading mindset.
Why is a positive mindset important?
It is important to ask yourself what are the main psychological traits that distinguish successful traders from other market participants. 90% of all financial professionals lose money within a few months. But anyone can beat this statistic if the trading strategy used relies on human psychology and patterns known as “positive mindset”.
That is why every experienced trader tells us that the basics of trading are the presence of a positive trading mindset.
We have prepared 6 tips for you to help you create and maintain an effective Forex trading mindset. Let us introduce each:
1. Master your trading strategy
If you want to be successful, it is important to master the trading strategy you chose. This means knowing everything about how and when markets move for them not only to work properly but also to help make informed decisions on whether or not to invest money into certain deals with higher risks than others.
2. Manage your risk properly
To implement this point, follow two simple points:
· trade money with the loss of which your usual lifestyle will not change. In this case, you will save your emotional stability and positive mindset in any failure.
· the second point is related to the choice of a brokerage company that will take care of the security of your assets. With the help of a tested brokerage company like Eightcap, you can minimize your anxiety. You can find the review of Eightcap here.
3. Stop overtrading
The experienced Forex traders can identify when they have a profitable trading edge and then only trade. This way, you won’t get caught up in emotional trades that can be hard if not impossible for someone else who is new or less experienced than you.
4. Become an organized trader
You need to have an organized approach to maintain an effective Forex trading mindset. This means you need both the trading plan and strategy as well as following them consistently so that your emotions don’t get involved with what is going on in the market too much.
An organized trader has also a responsible attitude towards the choice of trading instruments, platforms, and regulated brokers. Look for FCA regulated Forex brokers to get acquainted with the requirements that brokers must match.
5. Never stop learning
It is important to always stay learning new things. You can never have too much knowledge, and the more experienced you become in trading – the less confident you will feel about trading assets. And self-confidence turn affects a positive mindset.
6. Control your emotions
In order to have a positive trading mindset and stay in control when faced with failures, you should not let your emotions get the best of you and hinder you along the way of your trading. Before making any decisions, think rationally without getting lost among all possible outcomes.
Conclusion
Emotion, excitement, and stress are all common emotions that traders experience. But if you have a positive trading mindset then these feelings won’t affect how well or bad things go for yourself as a trader.
About Author – I am Ninoslav Golubovic, the owner and CEO at Profit Forex Signals Company. As per the job profile, my first work is to determine the signals of forex trading and guide my team members in that direction. The next work that I have is to ensure that the risks associated with this trading are minimized to the maximum extent and so that people get maximum profits.
Bitcoin has been exchanging close to its key help level, and the cost of ETH was additionally lower to begin the end of the week, falling beneath $3,200 simultaneously.
Bitcoin
Digital money markets were somewhere near more than 2% on Saturday, with BTC falling by a similar sum to begin the end of the week.
On Saturday, BTC/USD was exchanging near its $42,000 support level for most of the meeting, following a prior low of $42,183.25.
This drop follows on from Friday’s intraday high of $43,903.02, but as unpredictability kept on rising, exchanges sold a few positions, sending costs lower.
Nonetheless, the toss missed the mark concerning breaking out of the floor, as the descending energy facilitated, notwithstanding the moving midpoints approaching the place of a hybrid.
Taking a gander at the outline, force fell as we hit another key help point, this time as the 14-day RSI, which saw the 43.55 floor hold firm.
Should this be broken, bears will probably hope to take BTC/USD towards the $40,000 point, in any case, bulls might actually hope to hang tight.
Ethereum
Subsequent to endeavoring to endure the present red wave, the world’s second-biggest crypto was at last lowered, as ETH fell underneath $3,200 today.
ETH/USD tumbled to an intraday low of $3,179.14 to begin the end of the week, which came under 24 hours subsequent to hitting a high above $3,300.
Saturday’s let implies that ETH is presently fall down near 9% over the most recent seven days, and all things considered, is remaining nearby its drawn out floor.
This present help level in ETH is at the $3,145 point, which has been set up since March 21, following an immersing bullish candle what broke the then roof.
Presently going about as a help, ETH has been exchanging near this zone for the last three meetings, which many consider the indication of a supported spell of union, following its new bullish streak.
The 14-day RSI proceeds to likewise solidify, moving between the 51 and 55 levels, with numerous not anticipating any significant change in force, until these focuses are broken.
