This section is one of the most important sections you will need to know about FOREX trading. Why is this important?? We want to earn money in our business, and in order to make money we have to learn to control it. Funnily enough, is this a topic that often goes more or less unnoticed. Most traders strive to make profitable trades without regard to the size of the account. You simply decide on the risk of the individual trade and press the “Buy” or “Sell” Button. There is a word for this type of investment, we call it “Play or gamble”!

We have already talked about a wide variety of topics. You already have a great deal of knowledge, but you still don't have a trading plan. What I want to tell you is, You have a lot of information but without a good trading plan and the discipline to always trade on it, you will hardly be successful.

There are many different FOREX traders. Every trader is an individual, has its own schedule, Risk, Commitment or capital framework. Some traders have several good features, others get along well with a strong side. What I want to say, every dealer is unique. Your personality, Preferences and situation during trading, are factors that determine how successful you are.

As a trader, a big part of our work is, assess whether prices are rising or falling, whether overbought or oversold conditions prevail, to plan our trades for the current conditions. How do we do it?? What tools can help us? And how do we react to certain conditions?? This is exactly what we want to find out in this chapter. We will deal with sentiment analysis in the FOREX market.

Here we will list important terms, concerning the topic of FOREX. We are also happy to receive your suggestions!

Ask Price or Ask Price
The Ask is the price at which the market buys a currency pair. So the price at which you buy the base currency. The Ask price or also called the offer price, is always on the right side and is larger than the bid.

With all the currencies you can choose from, there are at least five to ten economic reports almost every day. Which is also pleasant if you focus on trading news, the timing of important press releases is usually announced in advance, so you can plan when the best times are for you to trade.

I have always said, that trading consists largely of psychological components. Traders should therefore spend a lot of their time on it, to work on their attitude. The fact is, that most “Super Trader” have worked on their psychological attitude for at least one year, before they started developing their trading plans and trading systems. When mistakes are made when trading, these are often psychological in nature.