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98% fail because, they don’t know how the forex market works and they have no idea who are the market movers. Apart from risk management system, fundamental and technical analysis, forex traders need to know the market movers and how they operate.
Who are the market movers? The market movers are the major players. They are the government. The government control the price movement of the forex market through central banks and commercial banks. The major banks that control the forex market price are about 25 in number. Example of some of these banks are:
Deutsche bank
JP Morgan
Citi bank
HSBS
Goldman Sachs
Morgan Stanley
Westpac
Credit Susie
Danske bank
ANB
Scotia bank amongst others
This banks fix the price of an asset due to the current nature of the Economic indicators such as GDP, interest rate, unemployment rate, consumer price index, producer price index, retail sales Housing starts, Purchasing managers index and other technical factors affecting the country. This price set by the banks are Released to Hedge Funds, Fund Managers, Sovereign Wealth Funds, Forex Brokers and other financial institutes. Thereafter, published into articles and released by the fundamental analyst. That is the forex News you have been hearing about, in other words fundamental analysis.
Then, Technical Analyst will now compare this prices and the past price actions, and draw a daily, weekly or monthly support and resistance levels to enable them know the direction of the next price moment. You as a trader, whether newbie or expert, always check the news section of the brokers’ trading app, for this price analysis. With this information, most professional traders don’t make use of technical indicators. They rely on this information from these major banks to set up and execute trades for ease of stress.
You as a trader, you need this information as well to give you an idea of the price movement, when to enter a trade, when to exit a trade and the necessary market signals you need. Failure to do so, you will never get the desire results you need in forex trading.
This banks fix the price of an asset due to the current nature of the Economic indicators such as GDP, interest rate, unemployment rate, consumer price index, producer price index, retail sales Housing starts, Purchasing managers index and other technical factors affecting the country. This price set by the banks are Released to Hedge Funds, Fund Managers, Sovereign Wealth Funds, Forex Brokers and other financial institutes. Thereafter, published into articles and released by the fundamental analyst. That is the forex News you have been hearing about, in other words fundamental analysis.
Then, Technical Analyst will now compare this prices and the past price actions, and draw a daily, weekly or monthly support and resistance levels to enable them know the direction of the next price moment. You as a trader, whether newbie or expert, always check the news section of the brokers’ trading app, for this price analysis. With this information, most professional traders don’t make use of technical indicators. They rely on this information from these major banks to set up and execute trades for ease of stress.
You as a trader, you need this information as well to give you an idea of the price movement, when to enter a trade, when to exit a trade and the necessary market signals you need. Failure to do so, you will never get the desire results you need in forex trading.
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