It seems like all you hear about these days is how people are going crazy over these forex robots that have become so en vogue. But do they actually work? Think about it! In all this time that you've read about them in forums, chat rooms, etc..... have you ever know anybody who had success with them trading in a real (not demo) account? My guess is you haven't.
Have you ever noticed that the ones you do hear about having success in the demo accounts, the moment they are traded on a real account with real money, the account crashes. Funny how that works, huh?
The fact is that I, not only wouldn't trust the robot to trade for me, but I wouldn't trust the broker I am using the forex robot on. Forex brokers (all brokers for that matter) are renowned for their questionable trading policies (e.g. hunting for stop losses), so you could imagine all the questionable tactics they could use on trading robot, which is something you have no control over.
Also, the fact that some automated system can tell you where the market is going to go is absurd. The market is too complicated for a machine to follow blindly based on the parameters of the developer. You think a forex robot has any idea what to do if the Fed comes out and lowers interest rates by half of a point instead of a quarter of a point. It would have no idea. This is something that they just cannot simulate.
John Templeton has been a successful forex trader after learning how to trade price action. Once he understood that all he needed to trade forex was on a plain chart with no indicators, his profits soared. You too could learn how to trade.
Article Source: http://EzineArticles.com/?expert=John_Templeton
http://ezinearticles.com/?Do-Forex-Expert-Advisors-Actually-Work?-The-REAL-Truth&id=1666131
I can certainly understand the fascination that many traders have with forex EAs. For those that don't know what they are, they are basically these automated trading systems that can trade the forex market without any kind of human interaction. So technically 24 hours a day, 6 days a week, as long as your computer is on and you've got some kind of internet connection, you don't even have to look at your computer,yet your account will be buying and selling. Ah.....just like our forefathers did.
Honestly, I have nothing against the concept of forex EAs, if they actually worked. I would love to spend less time on my computer and more time on my boat, but if you are forex trader, that's just not really feasible.
Let's face it. The market is too complex to just blindly let an automated robot handle your trading for you. Do you honestly think that a trading robot would be able to handle NFP news? It has no idea what analysts expected? It has not idea what the actual numbers were? It has no idea how the market is going to interpret them?
Also, have you personally ever met anybody that has had success with Forex EAs? I certainly haven't. If you have, then I would consider you to be in the vast minority. The truth is, the concept of trading hasn't really changed since the first share of stock was traded. We just happened to add a lot of needless bells and whistles along the way. I suggest you look at a simple price chart and see what its REALLY telling you before you go crazy over another Forex EA.
John Templeton has been a successful forex trader after learning how to trade price action. Once he understood that all he needed to trade forex was on a plain chart with no indicators, his profits soared. He has created a forex trading education course called Trading In The Buff to help fellow traders see the power of price action.
Article Source: http://EzineArticles.com/?expert=John_Templeton
http://ezinearticles.com/?Whats-the-REAL-Truth-Behind-Forex-EAs?&id=1730972
The internet has made it much easier to learn forex business trading online. This article will give a simple Forex tutorial that will give traders faster profits and faster results. Keep reading to get free access to my Forex video tutorials.
The first part of this Forex tutorial involves the price always being the leading indicator. This is because generally currencies always trade well and for that reason it is critical that you follow the clues that Forex is giving you.
When you learn Forex business trading online it is critical that rely wholeheartedly and trust explicitly what the Forex indicators are telling you. You must always believe what they are telling you without exceptions. This Forex tutorial recommends that you never second guess them and always act upon the clues that your Forex business trading is giving you.
The next part of your Forex tutorial involves pivot points. Where would any Forex business trader be without them? It is critical that you always draw pivot points on your 15 minute chart. You may find this time consuming but if you want to be a successful Forex business trader you can't be successful without it.
There are places where you should never trade when you learn Forex business trading online. The best Forex trade is always made in and around the pivot points. Consider all areas in between these points as no man's land. This is why Forex signal system trading is so important when starting to learn Forex business trading online.
This Forex tutorial will now reveal when the major rallies for the Euro begins. When you learn Forex business trading online you must be aware that the busiest time on the Forex market is at 2am New York time.
When you are starting to learn Forex business trading online you should always look for a clearer signal than just one that you have been given. That does not mean you can't just act on one signal but you will feel more confident if you wait for other clues first before taking action.
Forex business online trading is actually not as complicated as you may at first believe. It's as easy is buying the dips when the trends are up and selling the rallies when the trend is down.
Check out the website to fast track your Forex education and learn the best Forex business system online with free Forex video tutorials.Copyright 2007. Are you ready to learn Forex business online with guaranteed winning results? “Fast Education For Fast Forex Profits” is what this online Forex business tutorial is all about. Learn how to start making money trading the Forex market in your first 30 days. Study, practice, trade. Get a FREE trial to practice Forex trading before you risk your own money. Start your beginner Forex education tutorials today in Forex trading at http://www.best-forex-trading-system-course.com/
Article Source: http://EzineArticles.com/?expert=Karin_I_Manning
The first part of this Forex tutorial involves the price always being the leading indicator. This is because generally currencies always trade well and for that reason it is critical that you follow the clues that Forex is giving you.
When you learn Forex business trading online it is critical that rely wholeheartedly and trust explicitly what the Forex indicators are telling you. You must always believe what they are telling you without exceptions. This Forex tutorial recommends that you never second guess them and always act upon the clues that your Forex business trading is giving you.
The next part of your Forex tutorial involves pivot points. Where would any Forex business trader be without them? It is critical that you always draw pivot points on your 15 minute chart. You may find this time consuming but if you want to be a successful Forex business trader you can't be successful without it.
There are places where you should never trade when you learn Forex business trading online. The best Forex trade is always made in and around the pivot points. Consider all areas in between these points as no man's land. This is why Forex signal system trading is so important when starting to learn Forex business trading online.
This Forex tutorial will now reveal when the major rallies for the Euro begins. When you learn Forex business trading online you must be aware that the busiest time on the Forex market is at 2am New York time.
When you are starting to learn Forex business trading online you should always look for a clearer signal than just one that you have been given. That does not mean you can't just act on one signal but you will feel more confident if you wait for other clues first before taking action.
Forex business online trading is actually not as complicated as you may at first believe. It's as easy is buying the dips when the trends are up and selling the rallies when the trend is down.
Check out the website to fast track your Forex education and learn the best Forex business system online with free Forex video tutorials.Copyright 2007. Are you ready to learn Forex business online with guaranteed winning results? “Fast Education For Fast Forex Profits” is what this online Forex business tutorial is all about. Learn how to start making money trading the Forex market in your first 30 days. Study, practice, trade. Get a FREE trial to practice Forex trading before you risk your own money. Start your beginner Forex education tutorials today in Forex trading at http://www.best-forex-trading-system-course.com/
Article Source: http://EzineArticles.com/?expert=Karin_I_Manning
Currencies are traded in dollar amounts called “lots”. One
lot is equal to $1,000, which controls $100,000 in currency.
This is what is known as the "margin". You can control $100,000
worth of currency for only 1,000 dollars. This is what is called “High Leverage”.
Currencies are always traded in pairs in the FOREX. The
pairs have a unique notation that expresses what currencies
are being traded. The symbol for a currency pair will always
be in the form ABC/DEF. ABC/DEF is not a real currency pair,
it is an example of a symbol for a currency pair. In this
example ABC is the symbol for one countries currency and DEF
is the symbol for another countries currency.
Here are some of the common symbols used in the Forex:
USD - The US Dollar
EUR - The currency of the European Union "EURO"
GBP - The British Pound
JPN - The Japanese Yen
CHF - The Swiss Franc
AUD - The Australian Dollar
CAD - The Canadian Dollar
There are symbols for other currencies as well, but these
are the most commonly traded ones.
A currency can never be traded by itself. So you can not
ever trade a EUR by itself. You always need to compare one
currency with another currency to make a trade possible.
Some of the common PAIRS are:
EUR/USD Euro / US Dollar
"Euro"
USD/JPY US Dollar / Japanese Yen
"Dollar Yen"
GBP/USD British Pound / US Dollar
"Cable"
USD/CAD US Dollar / Canadian Dollar
"Dollar Canada"
AUD/USD Australian Dollar/US Dollar
"Aussie Dollar"
USD/CHF US Dollar / Swiss Franc
"Swissy"
EUR/JPY Euro / Japanese Yen
"Euro Yen"
The listed currency pairs above look like a fraction. The
numerator (top of the fraction or "left" of the / however
you want to SEE it) is called the base currency. The
denominator (bottom of the fraction or "right" of the
/however you want to SEE it) is called the counter currency.
When you place an order to buy the EUR/USD, for instance,
you are actually buying the EUR and selling the USD. If you
were to sell the pair, you would be selling the EUR and
buying the USD. So if you buy or sell a currency PAIR, you
are buying/selling the base currency. You are always doing
the opposite of what you did with to base currency with the
counter currency.
If this seems confusing then you're in luck. You can always
get by with just thinking of the entire pair as one item.
Then you are just buying or selling that one item. Thinking
like this will still enable you to place trades. You only
need to be aware of the base/counter concept for Fundamental
Analysis issues.
So why is it important to know about the base/counter
currency? The base/counter currency concept illustrates
what is actually taking place in a Forex transaction. Some
of you reading this, know that short-selling was restricted
in the stock market *(Short-selling is where you sell a
stock/currency/option/commodity first and then try to buy it
back at a lower price later). But in the FOREX you are
always buying one currency (base) and selling another
(counter). If you sell the pair you are simply flipping
which one you buy and which one you sell. The transaction is
essentially the same. This allows you to short-sell with no
restrictions.
You want to be able to short-sell with no restrictions so
you can make money when the market drops as well as when it
rises. The problem with traditional stock market trading is
that the market has to go up for you to make money. With
FOREX trading you can make money in all directions.
http://www.1-forex.com
Omar Vargas; FOREX Trader and Freelance writer.
http://www.1-forex.com
Article Source: http://EzineArticles.com/?expert=Omar_Vargas
lot is equal to $1,000, which controls $100,000 in currency.
This is what is known as the "margin". You can control $100,000
worth of currency for only 1,000 dollars. This is what is called “High Leverage”.
Currencies are always traded in pairs in the FOREX. The
pairs have a unique notation that expresses what currencies
are being traded. The symbol for a currency pair will always
be in the form ABC/DEF. ABC/DEF is not a real currency pair,
it is an example of a symbol for a currency pair. In this
example ABC is the symbol for one countries currency and DEF
is the symbol for another countries currency.
Here are some of the common symbols used in the Forex:
USD - The US Dollar
EUR - The currency of the European Union "EURO"
GBP - The British Pound
JPN - The Japanese Yen
CHF - The Swiss Franc
AUD - The Australian Dollar
CAD - The Canadian Dollar
There are symbols for other currencies as well, but these
are the most commonly traded ones.
A currency can never be traded by itself. So you can not
ever trade a EUR by itself. You always need to compare one
currency with another currency to make a trade possible.
Some of the common PAIRS are:
EUR/USD Euro / US Dollar
"Euro"
USD/JPY US Dollar / Japanese Yen
"Dollar Yen"
GBP/USD British Pound / US Dollar
"Cable"
USD/CAD US Dollar / Canadian Dollar
"Dollar Canada"
AUD/USD Australian Dollar/US Dollar
"Aussie Dollar"
USD/CHF US Dollar / Swiss Franc
"Swissy"
EUR/JPY Euro / Japanese Yen
"Euro Yen"
The listed currency pairs above look like a fraction. The
numerator (top of the fraction or "left" of the / however
you want to SEE it) is called the base currency. The
denominator (bottom of the fraction or "right" of the
/however you want to SEE it) is called the counter currency.
When you place an order to buy the EUR/USD, for instance,
you are actually buying the EUR and selling the USD. If you
were to sell the pair, you would be selling the EUR and
buying the USD. So if you buy or sell a currency PAIR, you
are buying/selling the base currency. You are always doing
the opposite of what you did with to base currency with the
counter currency.
If this seems confusing then you're in luck. You can always
get by with just thinking of the entire pair as one item.
Then you are just buying or selling that one item. Thinking
like this will still enable you to place trades. You only
need to be aware of the base/counter concept for Fundamental
Analysis issues.
So why is it important to know about the base/counter
currency? The base/counter currency concept illustrates
what is actually taking place in a Forex transaction. Some
of you reading this, know that short-selling was restricted
in the stock market *(Short-selling is where you sell a
stock/currency/option/commodity first and then try to buy it
back at a lower price later). But in the FOREX you are
always buying one currency (base) and selling another
(counter). If you sell the pair you are simply flipping
which one you buy and which one you sell. The transaction is
essentially the same. This allows you to short-sell with no
restrictions.
You want to be able to short-sell with no restrictions so
you can make money when the market drops as well as when it
rises. The problem with traditional stock market trading is
that the market has to go up for you to make money. With
FOREX trading you can make money in all directions.
http://www.1-forex.com
Omar Vargas; FOREX Trader and Freelance writer.
http://www.1-forex.com
Article Source: http://EzineArticles.com/?expert=Omar_Vargas
Currencies are traded in dollar amounts called “lots”. One
lot is equal to $1,000, which controls $100,000 in currency.
This is what is known as the "margin". You can control $100,000
worth of currency for only 1,000 dollars. This is what is called “High Leverage”.
Currencies are always traded in pairs in the FOREX. The
pairs have a unique notation that expresses what currencies
are being traded. The symbol for a currency pair will always
be in the form ABC/DEF. ABC/DEF is not a real currency pair,
it is an example of a symbol for a currency pair. In this
example ABC is the symbol for one countries currency and DEF
is the symbol for another countries currency.
Here are some of the common symbols used in the Forex:
USD - The US Dollar
EUR - The currency of the European Union "EURO"
GBP - The British Pound
JPN - The Japanese Yen
CHF - The Swiss Franc
AUD - The Australian Dollar
CAD - The Canadian Dollar
There are symbols for other currencies as well, but these
are the most commonly traded ones.
A currency can never be traded by itself. So you can not
ever trade a EUR by itself. You always need to compare one
currency with another currency to make a trade possible.
Some of the common PAIRS are:
EUR/USD Euro / US Dollar
"Euro"
USD/JPY US Dollar / Japanese Yen
"Dollar Yen"
GBP/USD British Pound / US Dollar
"Cable"
USD/CAD US Dollar / Canadian Dollar
"Dollar Canada"
AUD/USD Australian Dollar/US Dollar
"Aussie Dollar"
USD/CHF US Dollar / Swiss Franc
"Swissy"
EUR/JPY Euro / Japanese Yen
"Euro Yen"
The listed currency pairs above look like a fraction. The
numerator (top of the fraction or "left" of the / however
you want to SEE it) is called the base currency. The
denominator (bottom of the fraction or "right" of the
/however you want to SEE it) is called the counter currency.
When you place an order to buy the EUR/USD, for instance,
you are actually buying the EUR and selling the USD. If you
were to sell the pair, you would be selling the EUR and
buying the USD. So if you buy or sell a currency PAIR, you
are buying/selling the base currency. You are always doing
the opposite of what you did with to base currency with the
counter currency.
If this seems confusing then you're in luck. You can always
get by with just thinking of the entire pair as one item.
Then you are just buying or selling that one item. Thinking
like this will still enable you to place trades. You only
need to be aware of the base/counter concept for Fundamental
Analysis issues.
So why is it important to know about the base/counter
currency? The base/counter currency concept illustrates
what is actually taking place in a Forex transaction. Some
of you reading this, know that short-selling was restricted
in the stock market *(Short-selling is where you sell a
stock/currency/option/commodity first and then try to buy it
back at a lower price later). But in the FOREX you are
always buying one currency (base) and selling another
(counter). If you sell the pair you are simply flipping
which one you buy and which one you sell. The transaction is
essentially the same. This allows you to short-sell with no
restrictions.
You want to be able to short-sell with no restrictions so
you can make money when the market drops as well as when it
rises. The problem with traditional stock market trading is
that the market has to go up for you to make money. With
FOREX trading you can make money in all directions.
http://www.1-forex.com
Omar Vargas; FOREX Trader and Freelance writer.
http://www.1-forex.com
Article Source: http://EzineArticles.com/?expert=Omar_Vargas
As with most things in life, education is the key to success and the Forex markets are no different. The currency markets are creating new wealthy people world wide on a daily basis and the first step the vast majority on the newly rich took was to learn currency trading from is fundamentals concepts to its most advanced trading and investing techniques. A Forex trading system is a piece of software that collects data, processes it and collates it according to its level of importance.
There is nothing in the world that produces more statistics on a daily basis than the currency markets. It is humanly impossible to review this much material and make use of its information without the use of a computer and software dedicated to this task. All professional currency investors utilize the best tools available to them and today and in the foreseeable future the best tools will be currency trading software systems.
There are numerous exceptional Forex course on the internet that teach currency investing at its highest level. My favorite are the Forex mentoring programs that are instructed by a professional currency investor. The best of the best of these programs are named Straight Forex, Fap Winner and The Forex Brotherhood.
As far as dedicated software is concerned there are also hundreds of products on the markets. The ones that have successfully gone through my testing process and that I utilize on a daily basis are called, Fap Turbo, Forex Trend Systems, Forex Funnel and Supra Forex.
If you truly desire to become a successful currency investor doing so have never been easier than it is today. With the advent of the internet we have witnessed an explosion of Forex related products that facilitate this process. While most of the items start out with good intentions, that does not necessarily translate into good products. If you stay with the top rated products in each category you can be sure you will be receiving good value for your money and a product that is a tried and true winner.
If you start out by learning currency trading as your first step towards becoming a wealthy investor, you will find you are on a path many with the same goals as you have undertaken and become prosperous. The next step is to acquire a Forex trading system and learn how to use it to process the currency data and it becoming a important decision making tool for you. By completing the two simple instructions above you will find yourself leaps and bounds above the competition and reaching your goal will now be within your reach.
We have researched, tested and reviewed 100's of Forex Training Courses, Software Systems and Brokerage Firms. We kept the best and eliminated the rest for you to examine at TOP RATED FOREX PRODUCT REVIEWS.
For the internet's MOST comprehensive FREE Forex learning tools, which included 100's of FREE training articles and FREE tutorials check out FREE FOREX TRAINING. Good luck on the trading floor today! William R. Alheim, Jr., CPA, MA
Article Source: http://EzineArticles.com/?expert=William_Alheim_Jr
http://ezinearticles.com/?If-I-Want-to-Learn-Currency-Trading-Do-I-Also-Need-a-Forex-Trading-System-to-Make-Big-Money?&id=1869502
http://ezinearticles.com/?If-I-Want-to-Learn-Currency-Trading-Do-I-Also-Need-a-Forex-Trading-System-to-Make-Big-Money?&id=1869502
Forex scalping is a term that is synonymous with the term "Day Trading," which is so often associated with the stock market. A currency course named Forex Trading Made E Z has been instructing this method of trading for numerous years and has developed a substantial reputation due to the effectiveness of the instruction taught in this class.
When utilizing this particular trading technique an individual is attempting to enter and exit the market very quickly, almost always in less than one day and make a Return On Investment (ROI) of approximately five percent. This method of trading can be particular effective when implemented properly and has proven to produce sizable profits and with very little down side risk.
One of the reasons Forex Trading Made E Z is such a popular currency program is that is was developed by a novice investor as opposed to an investment banker that had been employed by a multi national financial institution. Because it was uncovered by a investor without any formal FX education the class is formatted in laymen's terms which makes it very easy for almost anyone to understand and even simpler to start trading with.
Although a five percent ROI does not seem like very much, you must remember that this goal is accomplished in one day, as opposed to a week, month or year. In addition, due to its low risk factor and the fact you have very few losing trades it is quite possible if not probable to double you investment account in less than one month.
The person that researched and found this specific trading technique was a retired pilot that was essentially looking for a way to keep his day full. So he started dabbling in the Forex market when he realized at a specific time of the day something almost always happened. He then can to the understand that if watch this one little indicator it would tell him if it was going to happen or not.
That was how Forex Trading Made E Z was discovered and since that time has been taught to thousands of happy students in his currency course. Forex scalping is certainly not for everybody. But, if you're looking for something that is easy to understand, simple to do and makes a lot of money for a lot of people, well then maybe it could be right for you. It only takes a few minutes to research the class and I don't think it would be a waste of your time.
We have researched, tested and reviewed 100's of Forex Training Courses, Software Systems and Brokerage Firms. We kept the best and eliminated the rest for you to examine at TOP RATED FOREX PRODUCT REVIEWS.
For the internet's MOST comprehensive FREE Forex learning tools, which included 100's of FREE training articles and FREE tutorials check out FREE FOREX TRAINING. Good luck on the trading floor today! William R. Alheim, Jr., CPA, MA
Article Source: http://EzineArticles.com/?expert=William_Alheim_Jr
http://ezinearticles.com/?Forex-Scalping-is-Taught-at-it-Highest-Level-in-a-Currency-Course-Named-Forex-Trading-Made-E-Z&id=1869506
There are many advantages to Trading FOREX as your main income generator. Let’s start by something that may be worrying you already.
“Do I need a Diploma or some kind of Certification to trade FOREX?” The answer is this:
When attempting to make more profit than losses on the
fluctuation of exchange rates between major currencies
(i.e., Trading the FOREX), nobody is going to ask you for a
diploma, a formal license or verify the amount of hours
you've spent studying the Foreign exchange market and
banking industry. All you need is the proper training.
But this is not the only advantage you get when trading FOREX, compared to other ways of investment and speculation; i.e. Stocks and Commodities. You have a whole bunch of advantages over these other options that will be enumerated in the following paragraphs.
The Main Benefits of Trading the FX Spot Market:
1): FOREX is the largest financial market in the world.
With a daily trading volume of over $1.5 trillion, the spot
FOREX market can absorb trading sizes that dwarf the
capacity of any other market. In fact, when compared with
the $50 billion daily market for equities or the $30 billion
futures market, it becomes quickly apparent this gives you,
and millions of other FOREX traders, almost infinite trading
liquidity and flexibility.
2): FOREX is a TRUE 24-hour market.
The FOREX Market never sleeps. Trading positions can be
entered and exited at any moment - around the globe, around
the clock, six days a week. There is no waiting for an
opening bell as in the case of trading stocks. It is a 24-
hour, continuous electronic (ONLINE) currency exchange that
never closes. This is very desirable for you if you want to
trade on a part-time basis, because you can choose when you
want to trade: morning, noon or night.
3): There is never a Bear Market in FOREX.
You can have access to a seamless, mutually-inclusive (two-
way) exchange of currencies. Meaning, because currencies
trade in "pairs" (for example, US dollar vs. yen or US
dollar vs. Swiss franc), one side of every currency pair
(for example, USD/JPY - JPY = YEN) is constantly moving in
relation to the other. Thus, when you buy a particular
currency, you are actually simultaneously selling the other
currency in that particular pair. As the market moves, one
of the currencies will increase in value versus the other.
Of course, it is up to you to choose the correct currency to
be long or short. Since currency trading always involves
buying one currency and selling another, there is no
structural bias to the market. This means you have equal
potential to profit in both a rising or falling market.
4): High Leverage - up to 200:1 Leverage.
You are permitted to trade foreign currencies on a highly
leveraged basis - up to 200 times your investment with some
brokers. This is primarily attributed to the higher levels
of liquidity within the currency markets. Standard 100,000-
unit currency lots can be traded with as little as 1%
margin, or $1,000. Mini FX accounts are permitted to trade
with just 0.5% margin -- in other words, just $50 allows you
to control a 10,000-unit currency position. Futures traders,
who are accustomed to margin requirements generally equal to
5%-8% of the contract value, will immediately recognize that
the FOREX market provides much greater leverage, and for
stock traders, who must post at least 50% margin, there’s no
comparison. If you are looking for an efficient use of
trading capital, this is it!
5): Price Movements Are Highly Predictable.
Although currency prices in the FX market may be volatile,
they generally repeat themselves in relatively predictable
cycles, creating trends. The strong trends that foreign
currencies develop are a significant advantage for traders
who use the correct "technical" methods.
Unlike stocks, currencies rarely spend much time in tight
trading ranges and have the tendency to develop strong
trends. Over 80% of volume is speculative in nature and, as
a result, the market frequently overshoots and then corrects
itself. As a technically-trained trader, you can easily
identify new trends and breakouts, which provide for
multiple opportunities to enter and exit positions.
6:) Commission-free Trading and Low Transaction Cost
When you trade FOREX, through one of our recommended brokers
(this info is in our private resources section), you'll do
it totally commission-free! These brokers don't charge
commissions to trade or to maintain an account, and that
goes for all clients trading the FOREX through them,
regardless of your account balance or trading volume. Even
Mini FX traders can buy and sell currencies online,
commission-free.
What about trading fees? There are none of the usual fees to
which futures and equity traders are accustomed -- no
exchange or clearing fees, no N_F_A or S_E_C fees. Because
currencies trade over-the-counter (OTC), via a global
electronic network -- in FOREX, what you see is what you
get, allowing you to make quick decisions on your trades
without having to worry or account for fees that may affect
your profit/loss or slippage.
In the equities markets, you must pay both a commission and
exchange fees. The over-the-counter structure of the FX
market eliminates exchange and clearing fees, which in turn
lowers transaction costs.
So, if FOREX broker don't charge commissions, how do they
make money? Like all traded financial products, over-the-
counter currency trading involves a bid/ask spread, which
represents the prices at which your counterparty is willing
to trade. Because the currency market offers round-the-clock
liquidity, you receive tight, competitive spreads both
intra-day and night. Stock traders can be more vulnerable to
liquidity risk and typically receive wider trading spreads,
especially during after-hours trading.
7): Instantaneous Order Execution and Market Transparency.
Market transparency is highly desired in any trading
environment. The greater the market transparency, the more
efficient the market becomes. Unlike other markets where
transparency is compromised (like in the Enron scandal),
FOREX markets are highly transparent (i.e., analyzing
countries, and having access to real-time research / news,
is easier than companies).
Because of this transparency, as an FX trader, you will be
able to exercise risk management strategies in accordance to
the fundamental and technical indicators we teach at
RapidForex.com
The FX market offers the highest level of market
transparency out of all the financial markets. Because of
this, order execution and fill confirmation usually occur in
just 1-2 seconds. Markets that do not offer executable
prices and force traders to absorb slippage obviously
compromise the trader's profit potential considerably.
In the forex world, order execution is all-electronic and
because you'll be trading via an Internet-based platform,
instantaneous execution is routine. There are no exchanges,
no traditional open-outcry pits, no floor brokers, and
consequently, no delays.
http://www.1-forex.com
Omar Vargas
Forex trader and freelance writer
http://www.1-forex.com
Article Source: http://EzineArticles.com/?expert=Omar_Vargas
http://ezinearticles.com/?Advantages-of-Trading-FOREX-Over-Stocks-and-Commodities&id=32868
There is one very important factor that you should consider with great care if you are willing to become a successful, profitable Forex trader. This ever important factor that must be always present in the trader's portfolio, is the ability to read the charts.
The beauty of FOREX charts, as opposed to charts used for, say, daytrading stocks, is that they are pretty easy to interpret and use. They're a reflection of a slower-moving, stable economy (the one of a country) compared to the future and daily drama of company reports, Wall street analysts and shareholder demands.
And, unlike stocks, currency charts rarely spend much time in tight trading ranges and have the tendency to develop strong trends (even though the FX market
may be volatile, it's more predictable). And, rather than tens of thousands of stocks to analyze, you only have a few mayor currencies to trade.
The most common types of price bars, used in FOREX trading, are the Bar Chart and the Candlestick chart:
Bars Charts - Price bars are a linear representation (a line)of a period of time. This enables the viewer to see a graphic representation summarizing the activity of a specific time frame. For example they can be one minute or five-minute time
intervals depending on the system you are using. Each bar has similar characteristics and tells the viewer several important pieces of information. First, the highest point of the bar represents the highest price that was achieved during that time period. The lowest point of the bar represents the lowest price during the same period. Regular bars display a small dot on the left side of the bar which represents the opening price of the period and the small dot on the right side represents the closing price of the period.
Candlesticks - Japanese Candlesticks, or simply Candlesticks as they are now known, are used to represent the same information as Price bars. The only difference is that the difference between the open and close form the body of a box which is displayed with a color inside. A red color means that the close was lower than the open, and the blue color represents that the close was higher than the open. If the box has a line going up from the box it represents the high and is called the wick. If the box has a line going down from the box, it represents the low and is called the tail. Many interpretations can be made from these "candlesticks" and many books have been written on the art of interpreting these bars ( Visit: http://www.1-forex.com).
So, the main thing to keep in mind between the two types of price charts is this:
Candlestick charts are similar to bar charts in that the top tip of a vertical line represents the high and bottom tip represents the low. However, market activity between the
OPEN and the CLOSE is represented differently by the use of candlestick bodies.
Because of their colored bodies, candles provide greater visual detail in their chart patterns than bar charts. Which is why many experts recommend you become intimately familiar with Candlestick charts.
Omar Vargas is a freelance writer with articles published in a number of places. You can learn more about Forex trading and its great advantages over other kind of business at this useful website: http://www.1-forex.com
Article Source: http://EzineArticles.com/?expert=Omar_Vargas
http://ezinearticles.com/?The-Meaning-of-FOREX-Price-Charts-and-How-to-Use-Them&id=55189
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To make a profit, in the FOREX, a trader can enter the market as a *buy position* (known as going "long") or a *sell position*(known as going "short").
For discussion, let's assume you've been studying the EURO.
Your trading methods, rules, strategies, etc., tell you that prices will rise during a particular timeframe. So you buy the EUR/USD pair (or, technically, you will simultaneously buy euros, the base currency, and sell dollars).
You open up your handy trading station software (provided to you for free by the online broker), which resides on your desktop, and you see that the EUR/USD pair is trading at:
<< EUR/USD: 1.3242/45 >>
REMEMBER: the quote to the left of the / (1.3242) refers to the bid or "sell" price (what you obtain in USD when you sell EUR). The quote to the right of the / (1.3245) is used to obtain the ask or "buy" price (what you have to pay in USD if you buy EUR).
So, since you believe that the market price for the EUR/USD pair will go higher, you will enter a *buy position* in the market. For simplicities sake, let's say you bought one lot at 1.3245. As long as you sell back the pair at a higher price, then you make money.
But, no worries. This seemingly elaborate process is handled, and even calculated for you, via the broker's software mentioned above. The chart software and the quote board are in agreement with all sides of the currencies.
To illustrate a typical FX SELL trade, consider this scenario involving the USD/JPY currency pair:
REMEMBER ~ Selling ("going short") the currency pair implies selling the first, base currency, and buying the second, quote currency. You sell the currency pair if you believe the base currency (USD) will go down relative to the quote currency (JPY), or equivalently, that the quote currency (JPY) will go up relative to the base currency (USD).
NOTE: while the Profit Calculations, on the Short-sell trade scenario below, may seem somewhat complicated if you've never been in the FOREX market before, trust us when we say, "this process is nearly seamless through your broker trade station (software). We're just showing you this thought-process below so you can SEE how a PROFIT occurs even when
SELLING a currency pair.
The current bid/ask price for USD/JPY is 105.26/105.30, meaning you can buy $1 US for 105.30 Japanese YEN or sell $1 US for 105.26 YEN.
Suppose you decide that the US Dollar (USD) is overvalued against the YEN (JPY). To execute this strategy, you would sell Dollars (simultaneously buying YEN), and then wait for the exchange rate to rise.
So you make the trade: selling US $100,000 and purchasing 10,526,000 YEN. (Remember, at 1% margin, your initial margin deposit would be $1,000.)
As you expected, USD/JPY falls to 104.26/104.30, meaning you can now buy $1 US for $104.30 Japanese YEN or sell $1 US for 104.26
Since you're short dollars (and are long YEN), you must now buy dollars and sell back the YEN to realize any profit.
You buy US $100,000 at the current USD/JPY rate of 104.30, and receive 10,430,000 YEN. Since you originally bought(paid for) 10,526,000 YEN, your profit is 96,000 YEN.
To calculate your P&L in terms of US dollars, simply divide 96,000 by the current USD/JPY rate of 104.30.
Total profit = US $920.42
Omar Vargas is a freelance writer with articles published in a number of places. You can learn more about Forex trading and its great advantages over other kind of business at this useful website: http://www.1-forex.com
Article Source: http://EzineArticles.com/?expert=Omar_Vargas
http://ezinearticles.com/?Example-of-a-Profitable-Transaction-in-FOREX&id=38472
Below I will describe three basic principles that may come in handy for currency traders. They are very easy to implement and potentially take advantage of as you will see.
Principle 1
Some currency traders find that it is useful to always trade a given currency pair at the very same time every day. The reasoning for this is that most of the other traders buying or selling that currency pair may also trade at the same time. Major trading pits may also be working the exact same shift every day. This technique may be especially useful for currency traders who exploit technical analysis. Again, the reasoning for this is that it may be possible to standardize the trading conditions if one trades during the same time frame every day, if only for a very little bit. However, that small bit of standardization may yield several pips worth of profit. Nevertheless, it is readily obvious that the foreign exchange market can be very volatile and random.
Principle 2
Certain currencies trade with a certain volatility at a certain time. Once you've finished practicing your trading skills on a demo account and you decide to test the waters using your own investment capital, you may want to minimize the amount of liquidity and volatility to hedge your risk. Alternatively, you may want to increase the risk involved, and potentially increase your profit potential. (It should be noted that very heavy risk is involved under any circumstances.)
The foreign exchange market follows the sun around the world moving from the United States to Australia and New Zealand to the Far East, to Europe and finally back to the United States. Overall foreign currency trading volume is determined by which markets are open and the overlap in the times that these markets are open. Currency trading volume is relatively high 24 hours a day, but there are considerable peaks in activity when the British, European, and US markets are open simultaneously, which is from 1 pm GMT to 4 pm GMT. Pacific Rim markets, such as Japan and Hong Kong, show a dip in their trading volume while there is extensive volume in the US market at the very same time. Nevertheless, it is still possible to perform technical analysis on Pacific Rim currencies. By trading during a certain time frame, one may be able to either minimize or maximize the level of volatility (and risk) for a given currency pair.
Principle 3
Although the above is a general statement about the activity volume for certain currencies, it may be a good idea to attempt to capture the level of volatility for given currency pairs. You can potentially use Bollinger bands, a tool used by technical analysts, to quantify volatility. Bollinger bands compare volatility and relative price levels over time. Some currency traders cannot trade a day in their life without using Bollinger bands, while others may not find any use for them; it is really up to you to decide whether Bollinger bands are of any use to your specific situation.
I have described three basic principles that may potentially come in handy for currency traders in the foreign exchange market. They are very easy to implement and may reap rewards (or lack thereof) depending on market conditions. Hopefully these principles will help you come up with your own successful strategies for trading currencies in the foreign exchange market.
Joshua M. Kunken is Currency Analyst for ForeignMarketWatch.com. His articles may also be found at ForexTrack.com.
Article Source: http://EzineArticles.com/?expert=Joshua_Kunken
http://ezinearticles.com/?Be-a-Smarter-FOREX-Currency-Trader:-Three-Basic-Principles&id=28219
You may be asking yourself "how does one begin to trade profitably as a currency trader?".
First, it is important to closely monitor foreign equity markets to attempt to predict or model how their respective currencies will perform against other currencies, ideally, currencies that are not very closely related, nor proportional, to the former currency.
For example, Mexico's economy is closely linked the the U.S. economy, in some respects, but in other respects, they are not very directly proportional since Mexico's economy is currently improving as a consequence of increased consumer financing, an increased number of remittances from family members in the U.S., and other factors.
Back to our original point, when you begin to notice that an equity market is about to become bullish, it may be a signal that the currency of the country in which the equity market you're looking at is based may be about to rise. Conversely, if the market turns bearish, that may be a bad sign for the country's respective currency. Nevertheless, you may still be able to capitalize on bear markets and economies by short-selling a currency pair. That is one distinguishing feature in currency trading: you may bet against a country's economy (including your own!) by betting against that country's respective currency.
Other currency fundamentals to consider include a country's interest rates, deficit, exports and imports, as well as, and probably very importantly, oil prices. Look at how the recent OPEC meeting affected oil prices and how that in turn had a considerable effect on the DJIA.
Joshua M. Kunken is Currency Analyst for ForeignMarketWatch.com. His articles have been featured at ForexTrack.com.
Article Source: http://EzineArticles.com/?expert=Joshua_Kunken
http://ezinearticles.com/?Trading-Profitably-on-the-Foreign-Exchange-Market&id=28193
The essence of the FX2u Forex strategy is that it does not have any Forex trading system but could forecast the market trend accurately.
Every set of Forex trading system available has its disadvantages. The market trend could not be forecasted. If the market could be forecasted, by depending on the RSI, PAR, MOM analysis techniques and some other theories, Forex traders could easily make a fortune.
Many Forex traders could not obtain the anticipated outcome by using these analysis tools, and suffer huge losses. The main reason is relying on some imperfect tools to forecast the unpredictable market trend is just a waste of effort. Therefore the FX2u Forex strategy spirit is to abolish the entire subjective analysis tool.
To survive in the market is to follow the market trend, following the market trend is the essence of the FX2u Forex strategy. By using the opposite theory to enter the market, will only lead to lost. The reason is that if the market rises, it may continue to rise. If the market drops, it may continue to drop. No one is able to forecast when the market trend will stop.
By following the market trend, the market risk could be reduce to the lowest, the FX2u Forex strategy will advance the following the ten principles:
fully understand the how market function and the market trend, else don’t trade
After entering the market, the Forex trader MUST immediately put a market stop.
If the stop order has been hit it MUST be executed immediately, NEVER make changes by lowering the stop order price.
If the forecast is wrong, Forex traders should leave the market immediately, then analyze again.
If the forecast is wrong, Forex traders should stop loss and should not increase trading.
Forex traders should admit mistakes, do not continuously make mistakes.
All analysis tools are imperfect, mistakes could always occur.
If the market rises Forex traders should buy, if the market drops Forex traders should sell, always follow the market trend.
Forex traders should not forecast the market price because such forecast will not be as easy as forecasting the market trend.
If the forecast is wrong, once the loss reach 10%, Forex traders must stop loss immediately, do not let it surpasses 10%, otherwise it would be difficult to recoup the capital again.
Alvin Han is the editor of http://www.forex2u.com; http://www.forex2u.com/fx2u-forex-strategy.html
Article Source: http://EzineArticles.com/?expert=Alvin_Han
http://ezinearticles.com/?Forex2u-Forex-Strategy-On-Successful-Forex-Trading&id=21409
FOREX is the world’s largest and most liquid trading market. Many consider FOREX as the best home business you can ever venture in. Even though regular people have had the opportunity to take part in trading foreign currencies for profit (in the same way banks and large corporations do) since 1998, it is just now becoming the cool, hip, new "thing" to talk about at parties, business events, and other social gatherings.
Even though it has been somewhat of a loosely guarded secret, every day more and more investors are turning to the all-electronic world of FOREX trading for income and profit because of its numerous benefits & advantages over traditional trading vehicles, like stocks, bonds and commodities.
But, still, whenever something seems new or is just becoming a part of social conversation, news articles, and water cooler gossip, misconceptions have to be overcome, the mind
has to be open and the slate has to be clear for starting out fresh with the CORRECT information.
So, in this article, it is my attempt to give you some solid, but not over-detailed, information on just what the heck "FX" (FOREX) means, what it is, and why it exists.
As a successful trader said, Trading FOREX is like picking money up off the floor. Not trading FOREX is like leaving it there for someone else to pick up." Others in the industry
have also said, Trading FOREX is like having an ATM machine on your own computer.
Here's an explanation (one I feel you'll appreciate) of what FOREX is and how a bunch of traders, profit from it:
The Foreign Exchange Market, also referred to the "FOREX" or "FX" market, is the spot (cash) market for currency.
But, don't mistake FX as trading the futures market, where you buy a contract to purchase a particular currency at a future price in time.
What FX traders do is much less risky than trading currencies on the futures market, much more profitable, and a lot easier, than trading stocks.
So, you're probably wondering where it's at ... or ... how to access the FX market?
The answer is: FX Trading is not bound to any one trading floor and is not centralized on an exchange, as with the stock and futures markets. The FX market is considered an Over-the-Counter (OTC) or 'Interbank' market, due to the fact that the entire market is run electronically, within a network of banks, continuously over a 24-hour period.
Yes, if that's the first time you've heard about an all-electronic market, I know this may sound somewhat intriguing to you.
Here's what you are actually trading when you participate in the Foreign Exchange (FOREX) market:
Essentially, like the large banks who use the FX market to protect themselves from the fluctuating exchange rate of different currencies, as an investor, what a FX trader is doing is
simultaneously exchanging one countries currency for another. So, in actuality, they're electronically trading a currency-pair and the price that is quoted to us is the exchange rate
between the two currencies.
In other words, simply the quoted price is how many of the one currency is worth 1 of the other currency.
Example:
EUR/USD last trade 1.2850 - One Euro is worth $1.2850 US dollars.The first currency (in this example, the EURO) is referred to as the base currency and the second (/USD) as the counter or quote currency.
The FOREX has a DAILY trading volume of around $1.5 trillion dollars - 30 times larger than the combined volume of all U.S. equity markets. This means that 1,498,574 skilled traders could each take 1 million dollars out of the FOREX market every day and the FOREX would still have more money left than the New York Stock exchange every day!
The FOREX plays a vital role in the world economy and there will always be a tremendous need for the FOREX. International trade increases as technology and communication increases. As long as there is international trade, there will be a FOREX market. The FX market has to exist so a country like Japan can sell products in the United States and be able to receive Japanese Yen in exchange for US Dollar.
There's plenty of money to be made using FOREX for plenty of traders that use the right trading techniques / tactics that will allow them to profit immensely. And, with only 5% of the daily turnover of volume coming from banks, government and large corporations who need to hedge, the other 95% is for speculation and profit.
http://www.1-forex.com
Omar Vargas; Forex trader and freelance writer. http://www.1-forex.com/
Article Source: http://EzineArticles.com/?expert=Omar_Vargas
http://ezinearticles.com/?A-Short-Introduction-To--FOREX&id=21350
Q1: When you consider that the foreign exchange market has become the world's largest financial market, with over $1.5 trillion USD traded daily, where does it go from here?
A1:The FX market is unique, in the UK there is no central exchange, we trade via the inter bank market. With more and more private individuals taking up margin trading and new forex brokers setting up, I can only see the market grow in the near future.
Q2: Other than great liquidity, what are the principal benefits attached to the forex market?
A2: There is less to consider when trading the forex markets, there are only a number of variables that affect the pricing.
Main advantages include
Forex Market allows 24 hour trading
Greater leverage - with most brokers offering 100 – 1,
Less starting capital required,
More Liquidity - day trading has to have enough volume to make it worth our while. The currency market is more liquid than all the world stock markets put together. Currencies are always in action,
Free trading systems
Better for shorting - There are artificial controls built into the market to prevent it from going down too fast. The reason is that we live in a biased world that likes to see things go up instead of down. One of these artificial contraptions is the "uptick rule," which comes into play when shorting stocks, making it more difficult to sell a stock short than to buy it. This is unheard of in the currency market. Selling currencies short while day trading is just as easy as buying them.
Ideal for Short Term Traders -
Q3: Limited market access, liquidity issues-after market hours, commission fees, capital requirements and short selling/stop restrictions are just some of the issues investors face when considering other markets. Given that the forex market removes many of these traditional barriers and therefore does not restrict the forex traders' ability to make a trade at the right time, are we likely to see an increase in trading volumes this year?
A3: With all these advantages, traders are finding it hard not to trade currencies, online trading volumes across all products is increasing at a substantial rate, however FX trading, predominantly amongst retail investors is becoming very popular.
Q4: There is stiff competition amongst online forex service providers for retail forex traders with some claiming to offer the same degree of technical analysis enjoyed by the world's largest banks and institutional traders. Is this possible?
A4: Technical Analysis has come a long way, more and more forex provides now have partnerships with firms who provide analysis. However the banks still have an advantage, the markets are still not under perfectly competitive economic model. The banks will always have access to information that is not readily available, ISX FX currently sources its information from a number of banks to fill this gap.
Q5: Do you subscribe to the theory that forex is less volatile than stocks because the market is much deeper?
A5: As a bet on the direction of a national economy, no currency has ever dropped 25 percent in a day, or imploded as rapidly and completely as an Enron or a Parmalat. In the wake of those scandals, many companies are meting out information more cautiously, making it harder to get the real "scoop" on stocks one problem of trading with too-high leverage is that one piece of surprise news can wipe out one's capital. If you treat forex trading like a business, including proper money management, you have a better chance of success."
Q6: U.S. interest rates-decade lows; global trade wars and terrorism fears have dominated the headlines recently. What impact has this had on retail volumes?
A6: The above factors have all led to a decline in the dollar. This coupled with tighter regulation of brokers has given investors more confidence in brokers. Also the stock market crash has driven individuals to look at the profit opportunities offered by forex.
Q7: Stateside the Commodity Futures Trading Commission (CFTC) has brought 58 actions against firms, since its new powers were awarded in 2000. Given that certain brokers continue to abuse the system, with investor money sometimes not being traded in the markets promised. What can investors do protect themselves?
A7: The retail forex market is in essence betting, as with any bookmaker there is always a risk that you will not get your winnings, or the odds will be highly stacked against you. With tighter regulation and increased competition, this risk of default has largely disappeared. The risk of price manipulation still exists and this will never really go away. Investors need to ensure that they have an independent price source and trade with a broker who offers true one click dealing.
Most brokers work on the basis of the law of large numbers, acting like the bucket shops of 50 years ago, they do not hedge any positions and are directly competing against there clients. This will always lead to price manipulation and further actions by authorities will inevitably be taken.
Q8: What is this best way for “currency rookies” to get involved in the market?
A8: Like with any new form of trading you need to know what you are doing, especially as there is margin involved. Take all the time you need to learn this new trading skill well -- practice everything you learn with a demo account before you consider going 'live' with your own money. Investors should read books, attend seminars and paper trade until they are comfortable with there strategy.
http://www.fsp-search.com
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There are so many resources out there, both online and offline to begin your research on trading and making money, I couldn't list all of them here. You can find seminars, articles, workshops, video tutorials, and books on the topic of how to make money currency trading.
If you decide to go with a broker, it's wise to consider all the various brokers' systems available to you before making your choice.
A well designed trading system will reduce your work dramatically. This in turn gives you time to focus on studying the market and plotting your strategy.
If you're like me however, there never seems to be enough time in the day between my family obligations and work to put in the serious study it takes to master the Forex market.
It is a pretty steep learning curve, and it can be pretty daunting at first for someone just learning how to trade.
There is one more way to make money currency trading. It's probably the best bet for beginners and those of us who are pressed for time. The process is an auto-trading system, generally called a Forex Robot.
There are many of these Forex Robots out there, but they aren't all created equal. Many of these so called automated systems are nothing more than scams.
In my last article, we took a look at the potential profitability of trading with a Forex Robot. We also discussed that that there are many Forex Robots that are downright scams. In other words, all Forex Robots are not created equal.
I recently had a friend call me who had been trading on the currency market for some time, and was making some pretty good money trading Forex the traditional way. He excitedly told me that he had recently found a Forex Robot that was recommended by a fellow trader.
He went on to tell me that although he was skeptical of these automated Forex Robot systems, and believed like I did that most of them were scams, he decided to give it a try. The results were nothing short of phenomenal.
After setting the system up, he invested $ 350.00 I also tried it and found that the robot was choosing about 95.5% winners and I too more than doubled my money.
Before you invest in any of theses products however, make sure you find out what the risk/reward profile is with the trading software you are looking at.
As an example, some of these software products come with risk/reward ratios of 2:1, while some even have a risk/reward ratio as high as 35:1.These ratios are not acceptable, and you need to look elsewhere, otherwise you'll lose all your trading funds pretty quickly.
Any automated trading software that comes with more than a 1:1 risk should be avoided like the plague.
I want to emphasize that there are great Forex expert advisors and trading Robots that can make you good money, but you need to know how to recognize them.
It has been conclusively proven that automated products which adopt strict and professionally set guidelines and that will never allow you more than a 1:1 run, reduce the risk of destroying your trading account.
Did you know that there are average people out there making between $3500.00 to $4000.00 per month trading in the Forex market? How are they doing it? Find out how a powerful and "smart" Forex Robot is creating life-changing incomes for many people who have never traded the Currency market before.
Read more about this amazing Forex Robot here: http://www.squidoo.com/Automatic-Forex-Investing
Eric Jacobson has been in some facet of Internet Marketing for the past 4 years and trading in the Forex market for the past seven years. He is always on the look out for the most effective, affordable , and profitable ways to make money.
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The traditional use of the RSI indicator is to tell when the forex market is overbought or when it is oversold that is, any reading below 20 indicates that the market is oversold and any reading above 80 indicates that the market has been overbought but mind you in forex trading as you should have known by now that no indicator is to be used in isolation, you are to also consider the readings of other indicators,and one indicator that I use that I have found to be very effective in combination with MACD and RSI is the stochastic oscillator.
Here is how I use these indicators I look at where RSI is in relation to its watermark that is for example if RSI is below its watermark I know we are in a down trend and if it is above its watermark or 50 line then I know we are in an uptrend then of course I check macd for divergence and also check stochastic to see if we are overbought or oversold traditionally any reading below 30 indicates an oversold condition for the market and any reading above 70 indicates an overbought condition for the market.
The RSI is a very simple technical tool that can be used in conjunction with other indicators to make a trading decision and lock in profits from the forex market. Note here off course that to enter into any position in the forex market it is best to enter at the break of a pivot point as this is the safest place to enter a trade according to my experience in trading the forex. understanding the RSI can be one step to success in your trading
Do you want to learn free forex strategies that are tested are easy to implement? then visit http://freeonlinetips4u.blogspot.com to discover more topics on trading the forex.
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I want to share three HIGHLY important things that can help you be a more profitable trader and investor.
The first thing you need to do is determine, if you're truly comfortable risking money in the market.
It's really amazing, as I've talked to many traders around the world and of course they're all really excited to make the big dollars in the market, but…
When I ask them, "are you prepared to lose money trading"? You wouldn't believe the puzzled looks that I get when I say that.
You see, they're so focused on only making money in the markets that they forget that to make money in investing you actually have to risk money.
The bottom line is, every time you enter the market you have to risk money to make money. I wish there was another way around that, but there simply isn't.
Let me ask you this, if you gave me $100, and I gave you $200 in return, how many times would you do that? I think it would be safe to say, that you would do that 24 hours a day every day for the rest of your life.
Well this is what trading is all about, in other words, you may have to risk $100 to make a potential $200 back. Without risking the hundred dollars, there is no way to make the potential $200. The only difference in trading is that you have to risk the money to make the money versus the initial example I gave you where was no risk on your part.
Successful trading involves nothing more than using a strategy that gives you a mathematical edge. For example, say you have a system that wins 60% of the time, and each time it wins it makes $200, and every time it loses, it loses $100.
Let's do the math very quickly… six times out of 10 were going to make $200, which equals $1200. Four times out of 10 you are going to lose $100, which equals $400 in losses. That means an overall were going to make $800 with a system that wins 60% of the time.
This is what trading is all about; it's simply a game of mathematical statistics. As long as your system keeps performing in the guidelines of statistics, you will come out ahead.
One of the biggest problems with mathematical statistics in trading is that traders don't like the losing part of the equation. They're all happy when they're in the 60% winners part of the equation, but when they start experiencing their 40% losers they become unglued and start second-guessing what they're doing. Whats makes things even tougher is that you never know when the 40% losers are going to show up. Many times at this point, they start researching on the Internet for another system that hopefully doesn't experience any losses.
As I have already said, losses are part of the game and there's no way around it.
Another really important thing when it comes to risking money in the market is that you can’t trade with scared money. What that means is, if you try to trade with money that should be for your rent or perhaps risking money that should be a going to feed your family, then what happens is…
You start focusing so much on the potential losses that you trade out of fear and as a result keep doing the wrong things.
Another thing that I can't stress enough about being profitable in the markets is that you need to be prepared to put some good old-fashioned hard work and time in learning how to trade. You would be surprised how many traders think they can just spend a few weeks learning how to trade and they're going to go turn in a $2000 in the $50,000 in a very short period of time.
Yes, there are amazing success stories of traders taking a small amount of money and turning it into a fortune in a very short period time, but… the reality is, that these cases are very few and far between.
As a side note, one of my UK students using my Trade Secrets program did turn 1000 pounds into 109,000 pounds in ten months, but… That is the exception as he truly was the "Tiger Woods" of my system.
Think about this…
When you go to college, you know that you have to spend four years there to get your degree and then even after that there are no guarantees that you're going to get a job and make a lot of money. When you first started college, you didn't have any crazy expectations that you are going to start making a lot of money in your first semester of college.
You knew that you would have to put in four years of hard work to get your degree and then you would be able to think about starting to make some real money. So, it's really crazy, when you think about it how a lot of traders think that in a few weeks or months that they can be another Warren Buffet. I will be the first to admit that I was this way too when I started out. It seemed so easy as I would look at a chart where a big move occurred and say, "wow, if I bought here and sold there I would have made $3000.' Little did I know that it wasn't quite as easy as it seemed!
Ironically, thinking that you can beat the markets in a unrealistic timeframe is going to backfire and prevent you from achieving your goals. No, you don't necessarily have to spend four years studying the markets to learn how to trade more profitably, but you do need to be realistic, and put in some good old-fashioned hard work.
As motivational guru Anthony Robbins says, "there are no unrealistic goals, just unrealistic time frames."
A lot of the so-called hard work isn’t really that hard when you get down to it. It simply involves you spending hours and hours looking at charts real time, so that you really understand how the markets move. By doing this, your eyes get trained to spot new trade setups and opportunities in the markets really quick. Additionally, when you spend a lot of time studying charts, you begin to develop a sixth sense in the market.
After you've spent all his time looking at charts, you really understand how the markets move, when they move and what they're most likely to do next. I can definitely help you speed up this process by many of the articles and programs that I teach, but once again… There is no replacing the time spent watching the market real-time.
The last thing I want to talk about is the lack of focus. What I'm talking about specifically, is that traders will buy a new system and the minute they get a few losses in a row, they get discouraged and they blame the system and then they're off buying yet another program. What ends up happening is that the same cycle repeats over and over again and before long they've spent thousands of dollars on trading programs. And yet they're not one step closer to actually making money in the markets. The bottom line here is, that they never took the time to focus long enough to make one system work.
Let me give you a real example involving a program I teach called “Trade Secrets". I'll have traders buy it and after a few short days ask for a refund and say it doesn’t work.
Now here’s the interesting thing… During the same time I receive e-mails from traders that are extremely happy and that they were actually becoming profitable for the first time ever. Now if the program didn't work, these traders wouldn't be reporting these results.
So why is it one group of traders were making it work and the other didn't see any potential in the program? Well for starters, unfortunately there are some people who are plain ripping me off. They buy the program, download it an make a lame ass excuse and ask for the refund.
As a side note, my all time favorite was by a guy that said he didn’t know how to use a computer. Hmmm… He managed to go to my web-site, order the program and then download it. Hmmm…
Other traders simply don’t have the patience and discipline to stick to one thing and make it work and give up the minute they find any obstacles.
Several things I've noticed from talking with traders who are very successful are… 1. They're always asking themselves, how can I make this work?
2. They are always looking at what is good about something versus what isn't.
3. They also understand that no system is perfect and that trading is simply a game of mathematical probabilities.
4. They get good trading one system before they learn another.
The bottom-line is that whether you use one of my programs or any other one, you will only get what you put into it.
I understand that much of what I have said is either something you have already heard or plain common sense, but… In my experience traders are so busy trying to find the most advanced and sophisticated strategies that common sense often takes a back seat.
I hope these trading tips help keep you on track or get you back on track.
Dr. Jeffrey Wilde, a trading veteran with 16 years of experience is a trading coach to over 5500 traders in 72 countries.
His new blog http://www.askjeffwilde.com offers free trading articles, tips and advice.
He also teaches a variety of courses found at http://www.win-at-trading.com
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