WHAT TO EXPECT FROM THE FOMC TODAY

The US Federal Reserve is having its two-day meeting, and will reveal its latest economic policy decisions this Wednesday. There's no press conference scheduled past the event, neither the FED will update its forecast, which means market attention will center in the accompanying statement, and at the same time that no action is expected. 

The FED will likely refrain from announcing a rate hike this week, and market is not expecting any explicit change in the wording of the statement. If it does, however, will be increasing the chances of a September lift-off which should trigger a strong USD rally. 

YESTERDAY'S TRADE SIGNAL CAME TRUE

Yesterday's trade signal came true, generating 80 pips. The strategy employed was by drawing trend lines to mark what is known as a CHANNEL ( Descending channel, lower highs and lower lows).

TRADE SIGNAL FOR EURUSD

Follow the direction of the arrow and be happy making pips. Best of luck.

PRECAUTIONS TO FOLLOW TO AVOID LOSING MONEY TRADING FOREX

The following are helpful tips to help traders avoid losing money trading forex:

(1) Knowledge Deficiency:

      For one to really be good in the act of trading forex, one should be very knowledgeable no matter the cost. In my years of experience as a trader and a broker, I have noticed this as the major reason why a lot of traders lose money on daily basis and the successful one's are those who are very knowledgeable. A lot of traders both new and old don't take the time to learn the factors that drive's the currency rates (primarily fundamentals). Forex is ultimately dependent on economic conditions far more than stocks or futures. Before engaging in forex trades, learn about trade imbalances, current account deficits and interest rates, fiscal and monetary policy. Trading without understanding these vital factors is a recipe for disaster.