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Currency Master FX, Ho Chi Minh City (2026)

11/10/2023

👉 Gold prices hit their highest level in more than a week as Fed officials took a dovish stance on interest rates

① Gold prices fluctuated higher on Wednesday, after hitting a more than one-week high of $1,867.87 an ounce, up about 0.4%. As a result, some Federal Reserve officials who previously suggested that the recent rise in US spot bond yields could dampen the need for further rate hikes have fallen to a near two-week low.

② The 10-year US Treasury yield is now down 1.89%, hitting a more than one-week low at 4.565%.

③ Kelvin Wong, senior market analyst at OANDA Asia Pacific, said: "The obvious debate among Fed officials is how long this final rate will be maintained before a cut first interest rate reduction."

④ Minneapolis Fed President Neel Kashkari said Tuesday that it's "possible" that the recent rise in long-term bond yields means the Fed won't need to raise rates further, but it's still difficult to say for sure.

⑤ Tensions in the Middle East also increase safe-haven demand for gold, but the next movement of gold prices depends on US inflation data this week, which will be important in determining The Federal Reserve's upcoming interest rate trajectory.

⑥ Wong added, "While the geopolitical risk premium factor still exists, attention has now turned to key US CPI data due for release on Thursday."

⑦ Minutes of the Federal Reserve's September meeting will be released early Thursday morning Beijing time. Investors also need to pay close attention. Also, keep an eye out for US September PPI data on Wednesday evening.

11/10/2023

💥 Master These Seven Habits Of Successful Traders In A Week (cont)

5. Patience and Persistence
Contrary to popular belief, successful trading is not just about skills and insights. Making mistakes is human. Learning from them is wisdom. The more brilliant traders accept their wrongs and move on. You must keep pursuing your trading plan and be patient.

Patience takes practice, and any profits you will see will take time. Do not give up.

6. Do Not Panic
A trick to remember in the markets is selling on greed and buying on fear. Do not be afraid of disruptions and sudden losses. The best traders never panic and stick to their trading plan.

The less you panic, the more successful you will be. If you do panic, you play a part in benefiting other traders who do not panic. The profits go to them while the losses come rolling in to you.

11/10/2023

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11/10/2023

Forex Glossary (cont)

Carry Trade
In Forex, holding a position with a positive overnight interest return in hope of gaining profits without closing the position in order to gain from the central banks interest rates difference. See the carry trade strategy.

CCI (Commodity Channel Index)
A cyclical technical indicator that is often used to detect overbought/oversold states of the market.

CFD
A Contract for Difference — special trading instrument that allows financial speculation on stocks, commodities, and other instruments without actually buying or selling those assets. See the list of CFD brokers.

Commission
Broker commissions for operation handling.

CPI
Consumer Price Index — a statistical measure of inflation based upon changes of prices of a specified set of goods.

EA (Expert Advisor) or Robot
An automated script that is used by the trading platform software to manage positions and orders automatically without (or with little) manual control. See our free expert advisors for MetaTrader.

ECN Broker
A type of Forex brokerage firm that provide its clients direct access to other Forex market participants. ECN brokers do not discourage scalping, do not trade against the client, do not charge spread (low spread is defined by the current market rates) but instead charge commission for every executed order. See the list of ECN brokers.

ECB (European Central Bank)
The main regulatory body of the eurozone's financial system.

Elliott Waves
A set of principles for chart analysis based on 5-wave and 3-wave patterns. See the relevant lesson in our free Forex course.

Fed (Federal Reserve)
The main regulatory body of the United States of America financial system, whose division — FOMC (Federal Open Market Committee) — regulates, among other things, the federal interest rates.

Fibonacci Retracements
Levels with a high probability of trend break or bounce, calculated as the 23.6%, 32.8%, 50%, and 61.8% of the trend range. See the Fibonacci calculator.

11/10/2023

Forex Glossary

ADX (Average Directional Index)
A standard technical indicator that measures the strength of a trend.

Ask (Offer)
Price of the offer, the price you buy for.

ATR (Average True Range)
A standard technical indicator that measures the currency pair's volatility. See a detailed guide on ATR.

Aussie
A Forex slang name for the Australian dollar.

Bank Rate
The percentage rate at which central bank of a country lends money to the country's commercial banks. See central banks' interest rates table.

Bid
Price of the demand, the price you sell for.

Broker
The market participating body which serves as the middleman between retail traders and larger commercial institutions. See the complete list of Forex brokers.

Cable
A Forex traders slang word GBP/USD currency pair (Great Britain pound vs. US dollar).

11/10/2023

Five reasons to keep a trading journal (cont)

True mirror of weaknesses and strengths
Numbers and statistics do not lie.

As it maintains a record of your successes and failures, a trading journal offers valuable insights into your strengths and weaknesses as a trader.

You can use these to validate good trading tactics and correct flawed moves..

Because it forces you to be accountable for all your trading decisions, you also will work to elevate your trading proficiency.

A journal helps you cultivate more effective trading skills and achieve higher gains.

Journal tip #5
Apart from trading mistakes, review your data points for missed opportunities. These can be just as costly. Learning from your past oversights can go a long way in growing your future trading pot.

11/10/2023

Five reasons to keep a trading journal (cont)

Stay on the planned path
Discipline is a crucial trait all forex traders should have. It keeps them on the path laid out in their trading strategy.

A journal establishes accountability and records every decision they make. It will reveal if they stuck to the plan or strayed under pressure.

This motivates traders to stay on track. It serves as a useful reminder that they should not act on impulse.

Journal tip #4
Make it a habit to input your journal entry the second you make a trade. Then take the time to review your data points and establish patterns of losing trades. This helps identify mistakes, so you can avoid making the same errors in the future.

11/10/2023

💥 Master These Seven Habits Of Successful Traders In A Week (cont)

3. Never Gamble
Of course, there are risks, but good traders will only take risks they know they can manage. Blind trading is gambling, and that never ends well. Always understand the market situation and calculate the odds before you even begin to trade.

A lot of thinking ahead is involved in trading. You cannot alter your positions or place trades based on gut feeling or luck.

4. Adjust Expectations
There is no such thing as luck here. There will be days where you lose. But, even in the most hopeless situations, you must keep believing there is a way out. In a way, this extends from discipline - sticking to your trading plan. Eventually, good results will come through from your insights and planning.

Do not forget to take note of outliers too. Sometimes, you profit 15% in a single day. Other times, you lose 15%. Keep track of the progress you have made and adjust your expectations accordingly: being too proud or being too demoralized could be your downfall.

11/10/2023

Five reasons to keep a trading journal (cont)

Keep emotions in check
Because it provides hard data, a trading journal will prove especially crucial when you are feeling emotional after a tumultuous trading day.

It encourages you to see things objectively. It also clears any doubts you may have about your trading strategy.

It stops you from losing patience and making bad decisions, particularly when your trades do not pan out.

A data-driven journal also forces you to analyze your own behaviour patterns and address any shortcomings.

Journal tip #3
Some additional data fields can also be useful, such as reasons you traded, price charts, and market commentaries that you found helpful.

11/10/2023

Five reasons to keep a trading journal (cont)

Finetune trading strategies
The more you trade, the more challenging it is to keep track of your transactions and progress.

Maintaining detailed records of your past trades allows you to determine if a particular trading strategy has yielded high gains or resulted in losses.

It provides important insights you need to assess the effectiveness of that trading plan. It surfaces mistakes and flaws you then can work to resolve. It also allows you to continually fine-tune a trading strategy to produce better results.

And if you rather not test new trading strategies with your hard-earned money, why not try out demo accounts? These are great for beginners as well as traders who want to test-run a trading strategy in a live market without providing any capital.

Journal tip #2
Identify key data points you need to track. These should include the date and time of transaction, traded instrument, position size, and result of the trade after closing.

Currency Master FX

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