Forex Trading Mind

What I had expected to be the major Forex-related data release of the week has come in, with U.S. Inflation running at 0.1%, slightly less than the consensus estimate of 0.2%.

Developments have moved quite fast since my piece last Sunday in which I outlined the U.K. government’s new agreed policy of pursuing an extremely soft, even “name only” Brexit with the European Union in final negotiations which must be concluded before the U.K. final withdrawal from the E.U. on 29th March 2019.

If you are struggling to become a profitable trader, it will probably help you in your quest if you understand the law of large numbers and try to make it work in your favor.

There hasn’t been a great deal of major scheduled economic data releases this week, and on Monday and Tuesday the market was (maybe unsurprisingly) quiet.

If you haven’t read “Reminiscences of a Stock Operator”, you really should. It’s a thinly veiled autobiography of Jesse Livermore’s trading career, or at least the first twenty-five years of it, which were often wildly successful

Yesterday we had the keenly awaited FOMC releases from the U.S. Federal Reserve, which is usually expected to have a strong impact on the U.S. Dollar.

A great method to use to put the odds of achieving a long-term profit in Forex in your favor is to try to trade in the direction of whichever currency is the strongest against the weakest.

At the start of this week, in my “pairs in focus” item, I highlighted some potential trading opportunities I saw as likely to come along this week, including long USD/MXN (shorting the Mexican Peso).