David Cameron has sought to achieve consensus among European leaders about his decision, especially after French President Nicolas Sarkozy has been conducting a personal attack on his leadership. The Prime Minister told MPs to be in close contact with their counterparts in other Member States and insisted that the country is not one against 26.

But tensions between Britain and France increased further last night, after an unconfirmed report, published by a French magazine, mentioning the words spoken by President Sarkozy in which he accuses Cameron behaving like a stubborn child. From the words of Sarkozy you understand that Cameron has acted like a stubborn child with a single obsession: to protect his city.

Speaking of the decision reached during the weekend, Sarkozy said it was positive. The agreement may not put an end to the crisis, but it is a tool to deal with it.

Cameron has confirmed the call to the leaders of the Czech Republic and Sweden, two countries not adopting the euro could falter when it comes to sign the agreement, as he called the Irish Prime Minister Enda Kenny.

Downing Street said that David Cameron has reiterated the position of the United Kingdom. For each call, the leaders agreed to develop close cooperation with the resolution of European issues, promoting jobs and growth through the single market. They agreed that the priority for the European economy is global and decisive action.

In Berlin, Chancellor Angela Merkel has tried to mend the rift with London saying that without a doubt Britain will continue to be an important partner within the European Union.

Downing Street has confirmed that in all cases the position has not changed and that Britain will be registered with the Treaty and will only guarantee of the City of London.

After the last increases of the euro, Dopo gli ultimi rialzi della nostra valuta, there are those who think that we can have maybe two or three days of calm, but nothing has really changed. Spain, for example, has stopped growing in the third quarter, creating doubts about its deficit reduction targets.

The European leaders are still in crisis on how to face the deep crisis. The pression grows on the European Central Bank in order to make it act forcefully.  According to many, the ECB will become a complete provider of last resort, like the Federal Reserve and the Bank of England. According to the British prime minister, Cameron, there is turbulence in the markets and the real question is whether countries are able to deal with their debts.

Russian Prime Minister Vladimir Putin has expressed doubts that Europe can have the strength necessary to avoid the catastrophe of an Italian collapse. Russian experts believe that without the direct intervention by the ECB, this problem will be solved. Putin himself said that the EFSF, alone or in collaboration with the IMF, does not have the resources necessary to bring the euro zone out of the crisis.

According to many, it is a complex challenge to increase the EFSF fund, since the political turmoil that has been seen in the last 10 days may reduce the potential for leverage. There are also many doubts that the addition of money to the capacity of the EFSF fund will be able to solve the structural problems that are afflicting the political and the euro area.

Germany, Europe’s largest economy, is strongly opposed by the ECB to take a larger role in this crisis, arguing that it would compromise the independence of the central bank. Papademos, Greek current prime minister and former deputy president of the ECB, in front of the great challenges now facing the leadership of his country, made ??it known that it will take time but you can make it. According to him “with the unity of all people, you will succeed.”

Papademos has about 100 days to begin to meet the terms of the rescue plan that will keep Greece solvent.

In Greece, the parliament has given initial approval for a new round of restrictive measures necessary to avoid a default that could have a strong reverberation in the whole euro area. The Greek police clashed with protesters in black this week outside the parliament and workers also did the largest strike in recent years to protest the cuts required to help their country in return.

Slovenia, the last member of the euro zone to suffer a downgrade of the credit,  has weakened. Standard & Poor has cut its rating for long-and short-term sovereign debt. The Prime Minister of Finland Jyrki Katainen said that by tomorrow we should resolve the debt crisis in the euro area, although according to him at the summit will not reach this goal.

The EU Commissioner for Economic and Monetary Affairs, Olli Rehn, said he is trying to find a solution, even after Wednesday’s meeting between Merkel and Sarkozy. The hope for the euro area remains that leaders can agree to reduce the debt of Greece, strengthen bank capital and take advantage of the eurozone bailout fund to stem the spread to larger economies.

With regard to the fund, officials of the euro zone have said that an alternative model for the EFSF would be to allow follow a series of newly issued debt securities. Delivering the first 20 or 30 percent of the losses, the EFSF could last up to five times more, giving the market a pause for reflection.

However, analysts are convinced that a plan involving a guarantee of military losses would be a success at first, but become useless without an explicit commitment by the ECB to continue to buy the debt at risk. On paper, in fact, this solution has some merit because it is useful but in reality is full of complications that most likely will fail.

We know that there is a great crisis in the euro zone that keeps the markets stalled. Saturday and Sunday  the leaders of the areas will meet in an attempt to find a permanent solution, but hardly something like that will happen. If things go as saod, therefore no solution found, this may not do anything but further undermine the confidence of financial markets, already shattered, towards the euro area and from its ability to cope with the crisis debt that now lasts two years and that threatens the long-term viability of the single currency.

The Financial Times opens another fundamental question, that of predicting the strengthening of the banking system. The latest official estimate said 100 billions should be enough to helpthe banks in deficit, while the Financial Times said it needed 200 billion euros, the latest estimates of analysts want 275 billions intstead.

A senior of the European Union, which deals with finding the solution to the crisis, said that the only switch capable of temporarily turn off this crisisis that the ECB should engage in the purchase of debt securities of euro area for as long as is necessary, something that Trichet has said that should not happen.

However, Barroso said that the decisive intervention of the ECB on the secondary bond market was and still is a critical element to ensure financial stability in the euro area. Uncertainty about the future of the euro area has increased a few days ago after Moody’s issued a downgrade of the rating twice in Spain, the day after the agency has warned France that its triple-A could be put under pressure.

It is therefore hoped that in the meeting this weekend, starting tomorrow, the politicians fail to reach agreements to the solution of the crisis.

Plans to address the debt crisis in the euro area are stalled, with Paris and Berlin that are currently at odds over how to increase the firepower of the rescue fund. Sarkozy told French lawmakers about the dispute and flew to Frankfurt to talk with German Chancellor Angela Merkel, in an attempt to break the stalemate ahead of the summit on Sunday. The two leaders then left the meeting without speaking to reporters.

When asked about whether an agreement had been reached, Jean-Claude Juncker, president of the Eurogroup of eurozone finance ministers, who attended the evening meeting, has said he will wait for the meetings on Saturday and Sunday. As other major economies have tried to put pressure on European leaders to get a response, Canadian Finance Minister Jim Flaherty said that such slow progress in the resolutions of this problem are staggering, also the number one World Bank has urged politicians to take concrete initiatives.

Sarkozy was expected to return to Paris where his wife, Carla Bruni, has given birth to a baby girl yesterday, according to French media. A source close to the French Presidency has told that the French and German leaders have been meeting with various political leaders and the International Monetary Fund, like Christine Lagarde, just to find a solution.

But where’s the disagreement? France argues that the most effective way to exploit the European Financial Stability Fund is to turn it into a bank which would then have access to funding from the ECB, but both the central bank and the German Government opposed to this solution. In Germany, the coalition is divided. Not only is there to convince Angela Merkel, Sarkozy said, but other legislators. The French president’s comments fueled doubts that the great leaders of the euro zone may agree on a clear and convincing plan for Sunday.

You cannot have long-term success as a trader in the currency market if the expectations and objectives that are not rational. This way of thinking is very simple to do and follow, absolutely logical, but often the expectations of the new traders of the Forex market are irrational.

Before you start trading Forex you should answer a series of questions whose answers can then be evaluated in an objective way. First you need to know what percentage of the monthly increase your trading account points to. Then you need to know how many hours a week are expected to dedicate to Forex.

There is an important reason to ask these questions at the beginning,  you need to know that you have to be reasonable with your goals and objectives. At first most people usually declares the objectives of their account monthly increase ranging from 15% to 25%. Although it is a difficult thing, it is certainly possible. But, in the later stages, some people try to earn even 10% per day. Here’s how they set themselves unrealistic goals.

Having realistic expectations for your Forex and your goals means that any successful trader will not lose concentration and does not expect to have $100,000, from $500 in just 6 months.

Any professional trader considers a ROI of the annual 50% as an enormous success. Indeed there are a large number of fund managers who can achieve results that are much less profitable than that amount.

Quando un trader Forex ha degli obiettivi di trading irragionevoli vuol dire che si troverà sempre in difficoltà ad un certo punto della sua avventura. Avere delle aspettative che non sono molto realistiche quasi sempre causa il prendere un rischio eccessivo.

When a Forex trader has irrational trading objectives it will mean that he will always be in trouble at some point of his career. Having expectations that are not very realistic always causes excessive risk taking.

The company Fitch has downgraded the sovereign rating of Italy and Spain, saying that the long term prospective for both countries is negative due to the heavy debts and of the prospectives of small growth. Fitch has also let known that the it has also aimed the debt rating of Portugal, that could be subject of a possible downgrade by the end of the year. Portugal has been the third and last country of the euro zone to receive an international salvage plan, after Greece and Ireland.

This decision is a heavy blow on the hopes of containing the debt crisis. Italy and Spain are the third and fourth economy in the euro zone, and are considered to be too expensive for a salvage plan. Fitch has downgraded the Italian debt from AA- to A+, due to high public debt, small growth rate and difficulty in finding valid solutions to earn back the investor’s trust.

The recent austerity measures introduced in Italy have not improved its position, since that the initial hesitant answer of the Italian government regarding the spread of the disease has eroded the market’s trust in the government to bring Italy out of the crisis.

The high public debt, high taxes, inefficient public sector, competitive barriers, an inflexible labor market and the notorious division “North-South”, are the causes that Fitch has cited as the source of its decision. Despite the downgrade, Fitch stated that Italy‘s sovereign credit profile remains relatively strong and that its fiscal position is comparable to that of other European countries.

As it did with Italy, Fitch has also downgraded Spain, but it is expected that the country could remain in a solvent future.

The euro holds modest gains during the first hours of the session today thanks to the possibility that European leaders will surprise the markets and make progress on the Greek debt crisis at a conference to be held in the day. Confidence in the euro area has remained fragile after the alarm for the debt that has reached new high values with Italy, forced to pay higher interest rates for its bonds since joining the euro in 1999.

The conference is expected today, held by Germany, France and Greece, will also serve to keep the nerves calm and can provide 24 hours of respite. Investors have the clear perspective that there is a growing possibility of a Greek default, a possible downgrade in the rating of the main French banks and a possible negative vote by Moody’s on the Italian debt.

In Washington, Treasury Secretary Timothy Geithner will attend, which is something unprecedented, at a meeting of the EU finance ministers in Poland, next Friday. It will be his second trip to Europe in a week, after meeting with finance ministers from the G7 countries.

Volando in oriente, gli investitori inoltre sono cauti su un possibile intervento da parte del Giappone al fine di indebolire la propria valuta. Lo yen è stato il principale beneficiario dello status di rifugio sicuro e dei flussi che ne derivano dopo che la Banca nazionale svizzera ha preso delle azioni aggressive per arrestare l’aumento di valore della sua moneta.

Even the comments from Chinese Premier Wen Jiabao have affected the market. He said that China is willing to invest more in European countries. Earlier this week, the currency rebounded after the news, that was then denied by Italian officials, that Italy would ask China to buy a big chunk of the Italian debt.

Flying in the East, investors are also wary of a possible intervention by Japan to weaken its currency. The yen was the main beneficiary of the status of safe haven after the Swiss National Bank has taken aggressive actions to stop the increase in value of its currency.

The President of China Investment Corporation has met the Italian Minister of Finance last week in Rome. It is unclear whether an agreement has been reached. The news comes as a result of the fact that Italy is preparing to sell up to 7 billion euros of bonds a day after borrowing costs rose in the short term and the markets are worried that Greece is slipping into default.

Italy is selling its debt to help itself pay 14.5 billion of bonds maturing on the 15th of September.

Italian bond yields are at their highest since the European Central Bank began buying bonds in the country, last month, to ease the pressure on the government that tries to pass a package of austerity.

Markets in Europe have lost heavily on the ground yesterday in response to concerns related to the debt crisis in the Euro zone. The concerns on Wall Street have recovered only at the end of the day, after the release of reports in Italy seeking help from China.

Meanwhile, the situation in the euro area continues to be delicate. The credit swaps indicate the possibility of a default by Greece within the next five years, since the country’s debt does not seem to slow down. The Hellenic country would in fact run out of money within a short time without the next tranche of aid of about 8 billion euros.

Greece is held on by a loan package of 110 billion euros by international aids, while an agreement in July of this year has doubled the size of the bailout. However, politicians in the euro area have threatened to withhold the money since the country can not seem to respect the commitments that have been provided as a condition to get such aid.

The failure of Greece is no longer a taboo, according to the German Minister of Economy, Rösler. Rumours about a possible failure of Greece are increasing and these statements create and reinforce the context of market turmoil and unrest within the ECB.

The European Commission said that in the coming days they will send experts to Greece to conclude, by the end of September, the agreement on the payment of a further tranche of funding. Experts from the European Commission will return to Athens in the coming days to provide technical support to the Greek authorities in their work. This return could mean that the EU will pay the sum demanded by Athens.

This announcement follows the one issued yesterday by the Hellenic country in which it is said that the Greek government has put in place new measures to limit the deficit of the country: a special tax on real estate.

Also on Sunday, Finance Minister Evangelos Venizelos announced the new restrictive measures and new savings, for a total of 2 billions, as requested by the EU and the IMF. Saturday, in a speech at the Fair of Thessaloniki, the prime minister, George Papandreou, stressed the need for his country to take without delay the commitments with the international community.

But while Papandreou was speaking, more than 20,000 demonstrators gathered in Thessaloniki for this reason. Police fired tear gas to disperse the young demonstrators, with hundreds of arrests.

But despite there are rumors of an imminent default of Greece. The same Spiegel said that the Germans are preparing for the bankrupt of Greece. The German economy minister said that, to stabilize the euro, the failure of the country could no longer be a taboo. We’ll see what happens in the coming days.