A Traders Mission And Goal

It is the mission of the trader to become a financially successful long-term trader. This can be achieved when the trader adopts and accepts The 10 Keys of Successful Trading. The trader must commit to live by the three disciplines that create the successful trader.

1. The trader must believe in The 10 Keys to Successful Trading and merge them into his personality. His success is dependent on creating a trading plan, and maintaining the discipline to TRADE THE PLAN!

2. The trader must commit himself to continued education and learn as much as he can about technical analysis and the psychology of successful trading. He must use logic, and not his emotions, in trading. The trader must learn to trade in control, not out of control!

3. The trader must map out a sound plan of equity management to insure a return on his investment. A successful plan is to trade no more than 20% of a margin account and risk no more than 5 to 10% of that account on any single trade.

Read this on how to become success and mentally strong

A Traders Mission And Goal

It is the mission of the trader to become a financially successful long-term trader. This can be achieved when the trader adopts and accepts The 10 Keys of Successful Trading. The trader must commit to live by the three disciplines that create the successful trader.

1. The trader must believe in The 10 Keys to Successful Trading and merge them into his personality. His success is dependent on creating a trading plan, and maintaining the discipline to TRADE THE PLAN!
2. The trader must commit himself to continued education and learn as much as he can about technical analysis and the psychology of successful trading. He must use logic, and not his emotions, in trading. The trader must learn to trade in control, not out of control!
3. The trader must map out a sound plan of equity management to insure a return on his investment. A successful plan is to trade no more than 20% of a margin account and risk no more than 5 to 10% of that account on any single trade.

USD/CAD Technical Analysis

According to the market, this week’s trading was dominated by a tight range – 1.0280 to 1.04. Two false breakouts were seen to the downside – USD/CAD went as low as 1.0256 but quickly returned to the range, and closed at 1.0291.

Most lines haven’t changed since last week's outlook. The same range continues into the next week. 1.04 was the long term bottom border of the 1.04 to 1.0750 range, and now works as a tough resistance line. Above, 1.0550 capped the pair several times in the past, and is a minor line of resistance.

The next line of resistance is at 1.0680, which capped the pair in June and several times in July. Apart from being the long term top border of the range, 1.0750 was also tested in May. Even higher, 1.0850 was a swing high in 2009 and a swing high in May as well.

Looking down below 1.0280, the 2009 low of 1.02 is the next line of support. Note that it also worked as resistance after the pair hit parity in April. Lower, 1.01 is a minor line of resistance, and it’s followed by the ultimate support line.

Reported by,

Parita

US Dollar (Usd) monthly forecast from 14/July/10.

The extreme market fear seems to have receded and the other currencies have gaind over the past month versus the Usd. Also analysis of moving correlations seems to suggest that some currencies (such as the Pound0 seem to hold their value despite any daily downturn in the equity / risk markets. This is the prediction for 14th July 2010.

Forecast confidence level = 80 percent.

Currency	current_value	minimum	maximum
Usd/Aud	1.1328	1.1079	1.1617
Usd/Chf	1.0545	1.0036	1.0988
Usd/Inr	46.6800	45.4333	47.7152
Usd/Cny	6.7770	6.5807	6.9477
Usd/Jpy	88.3750	82.1254	92.8253
Usd/Brl	1.7598	1.6897	1.8287
Usd/Gbp	0.6552	0.6462	0.6697
Usd/Nzd	1.3833	1.3524	1.4276
Usd/Cad	1.0317	1.0122	1.0461
Usd/Zar	7.5314	7.2608	7.7512
Usd/Eur	0.7838	0.7733	0.7960

edited by,

Azhar