2 - Beware with all the “Automatic Systems” that promise to make a fortune overnight. Most of these systems don’t work, and that’s why they sell them in the first place.

3 - Before you buy any system or course, make sure you make a good research about it. There are some good products on the market but most products are a waste of time and money. Visit regularly Forex reviews websites so that you know what are people talking about each product. This will save you time and money.

4 - Beware with unregulated brokers or those that trade against their customers. Make sure you’ll be able to withdraw your money when you want to before you decide to send money to any broker.

5 - Don’t ignore your results and never blame the market for your losses. The market is always right, and if you lost money than you done something wrong, not the market.

6 - Don’t try to test multiple systems at once. Test 1 or 2 different systems at a time to avoid all the confusion that happens when you test plenty of different systems at the same time.

7 - Don’t try to trade plenty of different currencies. Each currency has a different personality, so if you try to trade 10 different currencies at once, you don’t even know how each currency trades. Try to trade 1-4 currency pairs.

Here’s a list with the most important Forex ETF’s:

• FXB - British Pound ETF
• FXE - Euro ETF
• FXC - Canadian Dollar ETF
• FXF - Swiss Franc ETF
• FXY - Japanese Yen ETF

If you take a look to the EUR/USD chart, you’ll see it’s exactly like the FXE chart:

The same applies to the other ETF’s. So, if you prefer to trade currencies directly on your stock broker, you can do it by using Forex ETF’s.

Usually the Christmas and the New Year weeks are the worst ones to trade Forex. I personally prefer to stand on the sidelines during this period since there aren’t much opportunities to make money anyway.

Next week, the market will return with much more opportunities.

I wish you an happy and profitable 2009.

This rally started on the triangle breakout that I told you about, and in case you joined the trend, you’re already sitting on 1000 pips profits.

The buy point was at 1.3081.

The EUR/USD has been crashing all the resistance points, but is now approaching the 61.8% Fibonacci retracement. With this in mind, I sold 2/3 of my holdings just to lock some good profits.

If you take a look at the weekly chart, you ‘ll see that in just 2 weeks the EUR/USD had a massive rally.

This kind of rally shows you strength. However I believe it’s a good move to lock some gains at this point especially considering we’re entering on the holidays season where we shouldn’t have much volume or volatility.

I see this trade as a great way to close the year.

Usually the Christmas and the new Year weeks don’t have much volume or volatility, so you can take this time to take a well deserved vacations.

The most important economic indicators of the week will be released this Tuesday.

The US consumer price index (CPI) will be released at 13:30 GMT and the US Federal Committee rate decision will be released at a9:15 GMT.

The EUR/USD took 3 days to finally complete the breakout, but once it reached 1.3081 it quickly jumped nearly 300 pips.

The EUR/USD is now in uptrend so it’s time to check the most important resistances:

• United States Dollar - Greenback
• Australian Dollar - Aussie
• New Zealand Dolar - Kiwi
• Canadian Dollar - Loonie
• Swiss Franc - Swissie
• Great Britain Pound - Sterling or Cable

This EUR/GBP chart shows the Euro has been in a rally against GBP for a long time.

If you take a look at GBP/JPY and GBP/USD you’ll see the GBP has been the weakest link:

The long term trend is clearly against the GBP. GBP is currently getting hit against the most important currencies.

If you’re looking to be a successful Forex trader, you need to work on it and have patience.

You can’t expect to start trading today and make a fortune in 1 year. You need to learn how this complex market works and practice on a demo account.

You need to find what type of trader you are. You can be a day trader or a swing trader.

You need  to learn good strategies and develop your owns.

Other good idea is to keep a trading diary so that you can take notes on all your trades and on the rules that made you trade a specific currency.

To make money in Forex you’ll need time and patience. Don’t try to make a fortune overnight because it won’t happen.

And remember: think on your own. Avoid all the gurus and their profecies because in the end you’r ethe best person to manage your own money.

For the 3rd day in a row, the EUR/USD is trying to break above this resistance area, but so far it wasn’t successful.

The horizontal line represents the previous high on this triangle (1.3081). A break above this line would be a bullish sign.

If the EUR/USD can’t break above this resistance area soon, it will probably fall to the triangle bottom near 1.2500.