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The Foreign Exchange Market (also known as Forex )
The size of Forex has now made any other investment market smaller to a great extent. It is becoming more and more popular every day.
Forex traders can make exchanges 24 hours a day 5 days a week, from Monday to Friday. There are many opportunities for the forex trader in the Forex market because of the constant movements of the exchange rates.
Traders can make profits both when the prices are high and low. Anyone can learn how to trade on the market. But it is very important to get the proper training and education before you start doing any live trading. The good thing is that anyone can practice with a demo account before starting any live trading. The good thing is the amount of money someone needs to place a trade is all that they can lose. Unlike other markets it is possible to start trading with only $100.
The transaction cost is very low and the market is the most liquid of all markets, so the trader can enter or exit it in almost any condition. Because of the forex market's twenty 24 hours trading, Orders are processed quickly without slippage. It is easy to find good brokers, with a little research who will close some or all of open positions if the account's fall below the level required to hold the positions. Everybody can trade online from home. It is a great opportunity for people who want to work from home, All that is needed to start trading is a computer with Internet access and a proper training.
The market is so huge in forex that it is impossible for anyone to control the market price for a long time. Trading currencies is much simpler than stocks. There are only a few major currency pairs. There is no waiting for months like in futures market. Trades in forex rarely take more than two days. The huge marketplace will grow bigger as more people are joining it every day.
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Fundamentals + Investor Perception = Price
Now that simple! But consider its significance and understand that most traders don't, because they base their forex trading strategies on the following forex myths:
- Following the breaking news stories is a great way to make money
- Day trading limits risk and can be rewarding. - Forex prices can be predicted.
- Markets move to a scientific theory.
Believe any of the above and you will lose and lose quickly.
Let's take a look at the equation in more detail.
We all know the supply and demand situation affects the price but it's not the fundamentals that are important it is the way humans perceive them.
We all have the same facts to look at but we all decide what they mean in our own way, with the emotions of greed and fear controlling the bulk of traders.
Try and trade news stories and you are simply seeing a story nothing more and if traders got rich trading the news there would be a lot more traders who make money.
Day trading works of course it doesn't - the time span is to short how can you possibly predict what millions of traders will do in a few hours? - You can't.
Forex prices cant be predicted either, as that's just another word for hoping or guessing and you wont make any money doing that and this is linked to the fact there is no scientific theory of market movement. If there were, we would all know the price in advance and there would be no market.
What you really need to understand regarding the above equation is:
Forex trading is chaotic but you can win if you trade the odds.
It's a fact that traders throughout history push prices too far - this is trader psychology at work. Short term price spikes never last for long and their easy to see on a forex chart and their tradable for profit for savvy traders who can spot them.
Certain chart patterns reflect human psychology, if you can learn to spot them and trade them you can trade the odds and win.
You simply react to the reality of price change and go with the trends - no hoping or guessing just trading the reality of price.
If you use charts you can you see the fundamentals as well as the trader psychology.
All a forex chartist does is assume that all fundamentals are immediately reflected in price action and in today's world of instant communications that's truer than ever before - but forex charts give you something more.
You get to see how the participants perceive the fundamentals and its humans that determine the price.
If you have read this article and understood it you will see the common myths that most traders fall for and lose and a better way to win.
Think about the above equation and what we have said here and you will have a valuable piece of forex education which can set you on the road to learning forex trading the right way and help you enjoy long term currency trading success.
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Making money is fairly easy if you get the timing right. The right currency trading system helps you get the right timing. By definition, a trading system is well known for its use to invest money so you can make more money. The Forex exchange to be precise is all about investing money for a different currency, to make money and profits.
Forex is dependent only on the success of the stock markets.Using a Forex trading system can give you many advantages
1) in which you could invest in your own currency rates,
2) your money can be changed to another currency, and
3) can invest with a foreign company right from your own country.
So that you know, a currency Forex system was initiated by world-renowned investors, multinational corporations, and worldwide currencies.
Currency exchange Forex online system may have the same results as in a currency offline Forex trading system. However in a trading system online, access is definitely faster and you can see trade changes faster than offline systems. Also, in an online system, you could invest, trade, move investments and withdraw money faster. In addition, systems currency swap Forex can build wealth to potential investors willing to learn about their investments and whom to trust as their brokers to have other decisions.
However, making up your mind on the kind of Forex system to trust can be a decisive factor for your company. Typically in the treatment of any type of investment, whatever you want to meet other traders have met at another time. Thus, when the currency Forex trading system agent cant be contacted in person, by telephone, e-mail or fax, it is possible that you are working with a false company. A society that currently uses Forex trading systems currencies and offers many opportunities for global investments should contact you at different times ofthe trade.
Also, having to invest and work with a currency system Forex company that puts your money first and listens to whatever you need is a good thing. However, if they call you with suggestions opposing your decisions at regular intervals, it can get irritating. So it is advised to avoid doing business with such a currency system Forex business. Always remember that to cope with any type of investment, you should understand that you need time to learn the ropes before you get in.
Sometimes, a currency trading system Forex agency will call and ask you for money, because it could help you get involved in the scene, and here you have to be careful. Any good agent will give you time to make decisions without pressure. So look for one you are comfortable with investing.
Lastly, when you are sure you have a good agent, you will be able to work relaxed and feel your money is secure.
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There are many ways to trade forex but this is a simple system anyone can understand and use - it's timeless and it WORKS.
1. Support and Resistance
All successful systems are based on the concept of support and resistance and these are levels that if broken are considered valid by the market participants. Generally you are looking for several tests preferably in two or more time periods that are widely spaced i.e. weeks or months between them.
2, Breakouts
One of the biggest myths of currency trading is you should buy "low or sell high" to make money - this is not the way to catch the big moves.
The majority of big moves start from new market highs or lows and you need to buy or sell the breakout. When these moves occur the supply and demand equation has gone in favour of the break and you need to go with it.
Most traders can't do this!
They want to buy or sell at a better price and wait for a pullback which never occurs and prices sail over the horizon and the trader never gets on board and misses a great move
3. Trade the Reality
Another myth is you have to predict where prices are going - well that's just hoping or guessing and you don't get rewarded for that in any venture let alone forex trading.
If you buy a breakout there is no hoping or guessing you are buying the reality of price change and have the odds on your side - and that's the only way to win.
4. Confirm Confirm Confirm
When a break occurs you need to decide whether it's a false break or a valid one and here you need to understand price momentum which should support the break.
If you don't know about momentum oscillators you need top learn (look up our other articles) and great ones for confirming a move are:
RSI The stochastic and the ADX Line
5. Stops
The stop on a breakout is obvious behind the breakout point and you then need to hold it back (don't trail too quickly) so that you are behind normal volatility and don't get stopped out to soon - when the trend is underway you can start to trail your stop up - don't move to quickly.
6. Patience
The big breakouts don't come that often only a few times in each currency per annum but you don't get rewarded for how often you trade your forex trading system - you get rewarded for being right.
If you trade the big breakouts you can be in on all the best trends and make huge profits and you will know most traders don't like buying or selling them - if you do then you can make a lot of money
Finally!
You may think that all sounds very simple and it is - but it works.
Do not confuse complicated trading strategies with success.
It's a fact that all the best forex trading systems are simple as they are very robust in the face of ever changing brutal market conditions.
A simple method with discipline can lead you to success with your forex trading system and the above system is simple to learn, easy to understand and can be applied in 30 minutes or less a day.
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The reason trader can't make money and follow a trend is routed in human nature.
The first reason is that traders try so hard to avoid risk they actually create it.
Many traders get excited when they get a profit and the bigger it gets the more nervous they get - every tick in open equity against them causes them inner turmoil and in the end they snatch it or more their stop to close and get clipped out by normal volatility and get a mediocre profit.
What happens next?
The trade goes exactly the way they thought it would and goes on to pile up $3000, $5000 $10,000 or more and there not in despite the fact they thought it would go that way!
The fact is its easy to pick market direction and trends but quite different trading the trends for profit and most traders fail to make big money even from trrends they knew were gfoing to happen and their forex trading strategy never realises its full potential.
The fact is if you look at any forex chart, the big trends last for months and sometimes years and there are big dips in open equity - but if you want to win on the big trades, you have to accept these dips to make the really big profits.
If you are trailing a stop, you need to wait until the trend is well in motion before moving it up and trail it behind normal market volatility - we use a 40 day moving average a lot of the time and although you give a good bit back at the end, if it's a strong trend you can pile up a lot of profit.
If you caught just 50% of all the major trends then you would be very rich and that's a fact.
To hold these trends you need to have inner conviction, based on understanding and confidence which will give you the discipline, to accept dips in equity which will inevitably occur.
You will understand that it's necessary to do this, to catch the really big trends and take it as a consequence of seeking big longer term profits.
Forex trading is risky (don't let anyone tell you otherwise) but trading is all about taking calculated risks at the right time and having the courage of your conviction.
If you can do this you can enjoy long term currency trading success.
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Forex, the largest financial market in the world also known as 'The Foreign Exchange' is a market where the currency of one nation is traded with another. With the enhancement of the technology, with electronic economy, online Forex trading companies starts to offer a lot of services to all traders around the world. Anyone with an Internet connection can easily start to trade currencies, but professionalism and trading skills are very important to succeed in the Forex market. With the following article you will understand more on how training in forex trading can equip you to become an efficient player in the Forex market.
Forex trading is very lucrative. And the currency market is by far the most liquid and volatile market in the world and with this comes various opportunities for working from home. Online forex training offers you professional training through their successful traders, experienced in currency trading, private account management and fund management.
The following points discuss how forex training works:
The higher the level you aim to trade the greater the rewards. Higher the level of trading higher is the risk too. Therefore, forex training provides you with the best preparation to build your efficiency and help you face your challenges and meet your goals in future. Forex trading training will provide you guidance on how to follow a trading plan, maintain a trading system, follow your money management rules, and your commitment to the business. It also teaches how to think and evaluate your trading business to ensure good results.
As a forex trader your primary concern is to complete the work in time, which can be a change when working from home. Forex trading training trains you in such a way that it helps you set your objectives when trading to focus on the appropriate time frame chart. The course should advise you on how much capital you need to start a currency trading business and do it efficiently.
They should help you build a significant trading sum through cautious approach and planning. These approaches will help you manage your time and opportunities to make sure it meets all criteria of your trading business.
The above are just a few of the important things that forex trading training should offer you to ensure successful forex trading and make you more eligible to make money working from home with a forex trading job. Forex training will help you keep your feet on the ground, build your income and at the same time keep your risk factor low. There are online forex training courses that will provide you with just the right approach for a productive trading business.
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1. Forex Trading is NOT Easy
You wouldn't expect it to be either with the rewards on offer - which can be life changing. On the other hand it's not hard either, you simply have to learn the right knowledge and get a forex trading strategy to win.
Today, traders try and take the easy route in all aspects of life and they think they can buy success. All for $100 they can get a trading system which will make them $10,000 a month - The advice to these people is get in the real world.
The good news is:
If you accept that forex trading is not easy but can be hugely rewarding for the effort you put in then you will make the required effort to succeed.
2. Don't Work Hard Work Smart
Many people think the more knowledge they acquire the better when learning currency exchange - but the fact is:
You don't get paid for effort; you get paid for being right with your market timing and trading signal and that it.
It doesn't matter if you spend 20 minutes on it or 20 hours, it's the outcome of the execution of your trade that determines how much money you make.
You need to work smart and learn the right knowledge and this should only take you a few weeks or less (see our other articles for full breakdown) you're then ready to trade forex and win.
After your initial forex training it should take you 20 minutes or less per day to trade and that's it.
3. Keep It Simple
Many people that not only is it good to put in a lot of effort, it's a great idea to be clever and build complicated forex trading systems, as they are likely to have more chance of success - Wrong!
Just like in the application of time to currency trading, you need to learn not to over complicate it - keep it simple.
It's a fact that simple trading systems work best, as they are more robust in the brutal world of real trading and have fewer elements to break, than complicated ones.
4. Find Your Own Road
No one else is going to make you rich - its all on your shoulders, your alone and that's the best place to be, remember the 95% of losing traders cant accept responsibility for their actions trust a mentor, guru or broker and lose so being away from the losing herd and trade in isolation. You will even if you take advice know exactly how your forex trading strategy is going to work.
The above is essential because from understanding comes from confidence and from this combination comes discipline. Discipline is vital to your forex trading success because if you can't apply a forex trading method with discipline - you don't have one!
5. Your Trading Edge
This is what will separate you from the losing majority of forex traders and allow you to enter the elite 5% of winners that make the big profits.
The edge can be anything you like but it must give the confidence to beat the majority and win. If you don't know what it is - then continue your forex education until you do.
Learning currency exchange is easy but learning the discipline to apply your method is hard and will only come from understanding exactly what you are doing and trading on your own.
If you understand all the above about getting the right forex education then congratulations you have taken your first step on the road to currency trading success.
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One of the most important points in your forex education should be that if you try and predict forex prices you are 100% guaranteed to lose. The reason is obvious yet more novice traders make this mistake than any other - yet you don't have to predict to win let me explain why ...
Predicting is simply another word for hoping or guessing and that will not make you money in any venture in life and certainly not currency trading.
Let's first dispel the myth of prediction and then explain what you really have to do to win.
Why Predicting Forex is as Accurate as Your Horoscope
There is a huge industry in guru's who tell you they can predict market tops and bottoms and that markets move to a scientific repetitive pattern and pedal ridiculous theories based upon Gann, Elliot wave or Fibonacci numbers.
They all lose and its again common sense why markets don't move to a scientific law.
Why Dont they?
Because if they did, we would all know the price in advance and there would be no market - a market by its very nature moves on uncertainty.
Also if their was a scientific theory that applied to forex trading whoever had it, would not need to sell it to you, as they would be making to much money!
How to Win
The way to enjoy currency trading success is not to attempt to predict - but to act on the reality of the price change.
Let me give you an example that will make this clearer.
Let's say you see a currency coming into test major support and you think it's going to hold.
You do not simply execute a trading signal into the level of support - you wait.
You wait for support to hold and prices to turn away from the level - supported by price momentum.
Using Momentum
If you don't know anything about momentum indicators, then make them an essential part of your forex education.
These momentum oscillators will help you confirm changes in price momentum and allow you to see visually when price is strengthening away from support. You may say I will miss the turn and sure you will - but you don't know its going to turn in advance!
There is an old saying:
"A bottom picker becomes a cotton picker"
And its right, try and predict market lows or highs and you will end up losing your trading account equity.
Great momentum indicators to use are:
The Stochastic, RSI, ADX etc - we don't have time to cover them here, just look them up in our other articles.
They are excellent indicators and will get the odds in your favour.
This is what forex trading is a game of odds - not certainties.
Don't let that worry you though if you can trade the odds you can make a lot of money.
If You Want To Win
Trading is not about trying to be clever and catching the exact turn, know one can do that - so don't try.
Trading has one aim making money and don't worry if you could catch just 60% of all the major trends you would be very rich.
If you learn forex trading the right way and get the right forex education you will now know you need to to act on the reality of price change, use momentum indicators to get the odds in your favour and if you do, your currency trading profits will soar.
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Stock markets are always associated with immense wealth. People trade on stock exchanges all over the world on a daily basis and a lot of these people make immense returns on the stock market ventures which they involve themselves in. In the stock market people mostly trade shares which are units of ownership of companies and businesses. These units of ownerships rise and fall accordingly to different market forces that can be monitored. Forex trading has some similarity to the trading of stocks but in forex trading people trade the various currencies of the world and not shares, bonds and other similar units of ownership.
Foreign exchange brokers work by selling currencies in one form or the other. At certain moments the different prices of currencies all over the world fluctuate in different variations. For example people who trade currencies do so in pairs. If the value of the U.S dollar is low compared to British pound you can purchase trade your dollars for pounds. When the value rises then the trader can turn a profit. With so many currency pairs and a market that is literally open 24 hours a day, you can turn a profit because the tiny variations in daily currency prices can mean so much in terms of the amount of money you make or not.
Studying how to make money from foreign exchange trading is hardly a difficult thing, but being successful at it is not easy. A lot of websites offer accredited forex brokerage courses to people who want to study the art of forex trading. By studying forex trading from any of these accredited institutions you learn the current trends in the art of trading forex and how to make money from it. It is not too difficult to understand the basics of making money from the currency markets and all it really takes is a bit of patience and dedication to learn the mechanics of currency trading.
Making money in foreign exchange currency trading depends on how much you have to invest into your trading account and your ability to control the level of risk in your account. You can make hundreds of dollars a day or you can make millions. It actually all depends on how much that you have available for trading. Having a larger account makes managing your money easier as you will be able to tolerate more losses and market fluctuations. A small account can be wiped out in only a few trades.
If you are trading other people's money, you should be really careful. You can lose money as quickly as you can make it. Make sure you never trade money that you can not afford to lose in the buying and selling of currencies. If you study hard and attend the necessary courses and seminars that are necessary in the field of forex brokerage, you'll get all the knowledge that you need to become a success.
Forex brokers can work anywhere, professional brokers may work in investment firms or they may work for themselves, it all actually depends on their preferences and what they want from their occupation. The foreign exchange currency market is a very relaxed market at most times you can actually trade foreign currencies from the comfort of your home, all you need is a fast internet connection and the necessary software platform with which you can start trading.
For the savvy forex trader the best opportunities are at big market turning points. Although the majority never spot them they offer the highest reward and the lowest risk and if you can spot them you can enjoy forex trading success.
A market (any financial market not just currency trading) moves to this equation
Market Fundamentals + Human Perception = Price
It's a fact that humans are not creatures of logic but of greed and fear and they always push prices to far up or down away from the fundamentals and then prices return to more realistic values.
All short term, accelerated price spikes in forex trading are short lived and prices tend to turn when the fundamentals are most bullish or bearish and that has been true since the start of trading.
The majority of losing forex traders get caught at these turning points (95%) and the savvy pros make a killing - so how do you spot these changes and enjoy currency trading success?
They can be seen on any forex chart and if you have the right technical tools you can act on them and get your market timing right and execute a great contrary trade.
Here are some clues on how to spot these turning points.
Watch for a forex trend that is moving quickly and accelerating upwards, moving based upon bullish or bearish news that says there is no end in sight.
Bollinger Bands
Next watch for high volatility and a great way to spot this is a price at the outer Bollinger Bands or beyond it.
Now you can be alert for a trend change.
You don't predict you wait for confirmation and check 3 other indicators (all the indicators here are discussed in our other articles so look them up)
Look for the ADX Line to be above 40 combined with RSI in overbought territory.
Now Confirm Your Trading Signal
To trigger the move, watch for a stochastic reading to cross down with bearish divergence (in a bull market) or up with bullish divergence (in a bear market), to trigger a sell from overbought or oversold levels.
This set up is even better if it has been preceded by an ADX signal turning down from above 40.
Trading Price Momentum Divergence
The above tools if used in the above way, in a forex trading system, on strong bull or bear markets, will help you catch a counter trend as the bullish or bearish news peaks and momentum diverges with price.
With a little practice you will never miss a big turning point again also, the more volatile and exaggerated the move the better!
100% + Profits
These are what I call the 10:1 trades and they will normally see the amount of potential reward to be 10 times the risk.
Most traders can't do the above.
They get influenced by the herd and the news - but if you stay detached watch your charts and execute your forex trading system with discipline, you can pile up huge profits.
Emotional Price Spikes Will ALWAYS Occur
Human nature is constant and humans always push prices to far up or down - so this method will always work.
Savvy forex traders and make sure their smiling and making big profits while the losing majority get hammered.
If you want to enjoy forex trading success, practice the above and you will soon be piling up some big FX profits.
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Can you really make money by following a computerized forex trading system? Well a while ago I bought one and knew the vendor and knew one of his clients made $1.4 million with it REAL MONEY in just a few years. Now that sounds great - but there is a catch with computerized trading systems ...
The catch is executing them - let me explain this in more detail.
I bought the system and it consisted of one parameter and that was it. The logic was easy to understand and you could see why it worked longer term - but do you know what?
I couldn't execute the system in line with the signals and this is a common problem.
My reason was it was at the start of my trading career and I was trading money I couldn't really afford to lose - I put my own input in ruined the system and got my reward - a huge loss.
Serves you right you may say and yes it did - but there are other related problems why traders lose.
Most of the Systems Sold Are Junk
I know now with my experience of trading 99% are junk and will never re produce the gains they make on track records presented - Why?
Well at least on the one I traded had a real time track record - but most sold today, are by marketing companies who simulate in hindsight a track record - well we can all do that knowing the closing prices!
They are normally based upon rules that are not revealed, or rules that have been curve fitted (if you don't know what curve fitting is look up my other articles) and the trader who thinks he will get rich for a few hundred bucks or so gets wiped out - lesson learned.
To trade a system, you really need to look for a real time track record but even with this, you face a problem:
Drawdown
Drawdown is the problem with any system. Those losses on paper, don't hurt like they do when you lose real time.
If you are following a forex trading system always assume the worst drawdown is ahead (and very few good ones drawdown by less than 30%) so, when studying the track record, don't look at average drawdown, look at worst peak to valley drawdown in amount and period of recovery and accept that's going to happen - that way things can only get better.
Following the markets
If you follow a purely mechanical trading system don't watch the news!
Whilst we know its wrong and reflects the herd, when your trading system opposes those sensible news stories, you have a problem of discipline and believe me, those news stories can frighten the hell out of you and make you feel dumb for following even the best systems.
Pay to much attention and you are tempted to interfere with the system and that means the end of your system.
Following mechanical trading systems is hard and you must be disciplined at all times.
You need to ignore the news, accept drawdown cheerfully and understand the system logic and ideally to instil confidence, have a real time track record, to know the system has at least worked and is based upon sound logic.
If you can do the above, then mechanical systems are a great way to make money.
If you cant, then you should devise your own with as much human input as necessary, to make you feel comfortable.
The system I traded on and lost, won for many people and its logic is timeless - but I made no money with it which taught me one of the biggest lessons of my Forex trading career.
Can you really make money by following a computerized forex trading system? Well a while ago I bought one and knew the vendor and knew one of his clients made $1.4 million with it REAL MONEY in just a few years. Now that sounds great - but there is a catch with computerized trading systems ...
The catch is executing them - let me explain this in more detail.
I bought the system and it consisted of one parameter and that was it. The logic was easy to understand and you could see why it worked longer term - but do you know what?
I couldn't execute the system in line with the signals and this is a common problem.
My reason was it was at the start of my trading career and I was trading money I couldn't really afford to lose - I put my own input in ruined the system and got my reward - a huge loss.
Serves you right you may say and yes it did - but there are other related problems why traders lose.
Most of the Systems Sold Are Junk
I know now with my experience of trading 99% are junk and will never re produce the gains they make on track records presented - Why?
Well at least on the one I traded had a real time track record - but most sold today, are by marketing companies who simulate in hindsight a track record - well we can all do that knowing the closing prices!
They are normally based upon rules that are not revealed, or rules that have been curve fitted (if you don't know what curve fitting is look up my other articles) and the trader who thinks he will get rich for a few hundred bucks or so gets wiped out - lesson learned.
To trade a system, you really need to look for a real time track record but even with this, you face a problem:
Drawdown
Drawdown is the problem with any system. Those losses on paper, don't hurt like they do when you lose real time.
If you are following a forex trading system always assume the worst drawdown is ahead (and very few good ones drawdown by less than 30%) so, when studying the track record, don't look at average drawdown, look at worst peak to valley drawdown in amount and period of recovery and accept that's going to happen - that way things can only get better.
Following the markets
If you follow a purely mechanical trading system don't watch the news!
Whilst we know its wrong and reflects the herd, when your trading system opposes those sensible news stories, you have a problem of discipline and believe me, those news stories can frighten the hell out of you and make you feel dumb for following even the best systems.
Pay to much attention and you are tempted to interfere with the system and that means the end of your system.
Following mechanical trading systems is hard and you must be disciplined at all times.
You need to ignore the news, accept drawdown cheerfully and understand the system logic and ideally to instil confidence, have a real time track record, to know the system has at least worked and is based upon sound logic.
If you can do the above, then mechanical systems are a great way to make money.
If you cant, then you should devise your own with as much human input as necessary, to make you feel comfortable.
The system I traded on and lost, won for many people and its logic is timeless - but I made no money with it which taught me one of the biggest lessons of my Forex trading career.
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The first point you need to understand as part of you forex education is your success will not just depend on your method but your discipline to execute it. Most traders can't and lose and this is because they don't understand that discipline can only be acquired, if you take on traits that are not acceptable in normal society.
Discipline in forex trading means - you have to accept that you are going to need to act in a way that would normally be seen as acceptable in everyday life. People find this hard to do and some explanation will make this clearer.
1. Be a Loner
Man is a pack animal and since stone age times we have sought safety in groups - they make us feel safe, wanted and accepted. In forex trading however if you run with the pack you are going to lose, as 95% of traders do and thats a fact.
When man gets in a group he runs with the herd and the herd is always wrong in forex trading, as you are infleunced by the emotions of the crowd.
You need to be a loner and not listen to others - don't share your opinions with others and don't let others influence you. You're on your own - but that's the best place to be in forex trading and could make you a fortune.
2. Break & Make the Rules
You will hear lots of common wisdoms spouted in forex trading and do you know what?
Most of them are wrong.
This again goes with the fact the majority of traders lose.
In life were used to order:
We stop at red lights, don't drop litter, don't drink and drive etc or we know what the consequneces will be - our lives are ordered for us.
Forex trading is different we get to make the rules and they will decide our financial destiny, as there are none to start with.
The forex market is chaos, an all powerful force, moving as when it wants and only it can be right and only the trader can be wrong.
You need to create a set of rules to work with it and earn your living.
You're a bit like the captain of a ship - the ocean is all powerful but you can make a living from it.
You can navigate it correctly and make a living or you can drown the choice is yours.
Most traders cannot take responsibility, cannot make their own rules and follow the herd, news wires gurus, or sure fire trading systems and lose.
3. The Work Ethic Doesn't Apply
In most jobs the more hours you put in the more you get out in terms of reward - not so in forex trading, you only get rewarded for being right and that's it.
You can spend 20 minutes a day or 5 hours - but that will not influence how much money you make.
Many traders work hard but they don't work smart they learn lots of information and lose - others work short periods work smart and win.
4. Most Traders Can't Accept Big Gains
This may sound odd but it's true.
Traders hit a trend and then rather than follow it want to snatch the profit.
Why?
Because they think it's too easy, they haven't put enough effort in and it really won't run on - but it does and they snatch it early, before it gets away.
In many instances they can't believe they can make a huge profit for so little effort or they simply don't have inner confidence in their ability and these traders let huge profits get away all the time.
Spotting big trends is easy, holding them requires huge mental discipline.
So if you learn one thing from your forex education, learn that it is not hard to learn a method but it is hard to learn the discipline to execute a method.
Discipline is hard because it sets us against the market on our own and makes us responsible.
Running with the pack, listening to the news or a guru won't help - you're on your own and most traders simpy cant accept this fact.
Of course if you accept the above, take responsibility for your actions and understand yourself, you can earn huge rewards.
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As the Forex market gets more and more attention with the deficit of the dollar looming, so are the Expert Advisors that drive the more powerful players of the Forex game.
Why do 90% of forex traders lose? Traders are humans and like all humans, we suffer from greed. Like all humans, in crucial moments (or market conditions) we lack confidence, we have fear of what might happen and most importantly, we are usually (90% of the time) - inconsistent.
Taking this into consideration, 90% of traders WILL LOSE MONEY IN FOREX. They will consistantly give away their money to the other 10%. This, together with the illusion of becoming millionaires overnight trading some "guru's" trading system from an ebook, is what keeps the Forex market a great business for Forex brokers and the so called guru's.
An Expert Advisor is a "robot". Robots beat humans at chess and they beat humans at trading. An EA robot will watch the market for you, placing trades under certain parameters (strategies), avoiding the fear, greed, lack of confidence and inconsistency which characterises most traders.
The Expert Advisor has a plan. It sticks to it no matter what, no matter how ugly or uncertain the market looks. It has no greed and will be running 24 hours a day for you.
Some quick highlights of the Kiss Trading System:
* Requires no technical indicators * Uses a "Set and Forget" strategy to free up your time * Makes only 1 trade per day at the same exact time * Requires only 3 minutes per day (or less) * Is fully automated with a metatrader Expert Advisor (EA) * No losing month for over one year * Averages +75 to +150 pips per month * Average returns of 5-25% per month
Trading, whether it is stocks, commodities, or derivatives (like futures and options) can be a very lucrative business to be in.
With the decision to become a trader, you must also choose what type of market you will focus on and what instruments you will trade. Will it be shares of publicly traded companies, commodity future contracts like oil and gold, or currencies.
Most of the financial markets that exist in the world today are within the framework of a central exchange, and for that reason they are limited in their scope and daily trading volume. Every market except one, which is the foreign exchange currency market.
The foreign exchange (forex) market has no central exchange, and instead it exists only as a highly interconnected web of bank servers and individual brokers. The 'over the counter' type of trading tends to be much larger in scope than trading centered around a central exchange (such as the NYSE), and for the reason the forex market is hands down the largest financial market in the world with daily volume surpassing $2 Trillion USD.
The forex market is the only true global market that exists, as it is not based in one specific country and instead is created by the perpetual buying and selling of banks and financial institutions in every major city, 24 hours per day.
Unlike traditional exchange-based markets which have set times that they are open and closed, the forex market literally follows the span of daylight around the planet.
When you are a forex trader you need to be familiar with the term 'global trading day.' The global trading day begins with the London market open hours (about 3AM New York time) and continues across all the major cities and time zones.
There are three distinct times throughout the global trading day when there is the most trading activity (and consequently the most liquidity). These times are based around the open-hours of the three major cities in the world where the largest volume of forex activity takes place: London, New York, and Tokyo.
So what does this mean for you, the trader? Because the forex is a global market and there are no set open and closed times, it is possible to trade at any time during the day (except on weekends).
It also means that due to the level of daily trading volume, this market is very liquid and it is virtually impossible to get 'stuck' with an open position.
Because of these lucrative trading features, many firms and brokers have sprung up to cater to the large demand of forex market access. Many of these companies offer highly advanced trading platforms that feature very low commission trading and seamless market entry/exit.
All in all, forex trading is by far one of the coolest ways around to make money today, since all you really need is a broadband-enabled laptop and a funded trading account to make money from anywhere in the world.
The trading software is one of the more overlooked aspects of trading Forex online. For those who are not familiar with the Forex market, it is extremely fast-paced and volatile. That is why all brokers claim that their software offers the minimum latency in providing real-market updates. Unfortunately, this is a very generous statement and it does not take into account the client's internet connection or his geographic location.
The client's connection to the web is obviously the most important factor regarding receiving real-market updates from the broker. It really should be the best connection that one can afford, whether it is cable, satellite or ISDN. Cable is the preferred connection, as it is more secure and offers greater bandwidth.
And then there is geography. It is common sense that Broker X who is located in Toronto can establish contact with Client A located in Montreal much faster than Client B, who is located all the way down in Mexico City. The fact is that all internet connections are affected by distance. The farther a client is away from his broker, the more delay he will receive as a result because of the physical limitations imposed on wiring. Thus, always research your broker's geographic location before selecting it as the right one for you. For best results, always choose a broker who is closer to you.
Any decent broker will offer its trading software for free. Some will even offer different versions of its software for traders of different skill levels. Usually, "advanced" versions loaded with extra features are available for free to those who request them.
Trading software comes in two flavours- web based and client based software. If your broker offers both kinds, great! Each has its own advantages, but it is the general consensus that web-based software is better.
Web based software operates completely on the broker's server and is interfaced through a web browser like Internet Explorer or Mozilla Firefox. This creates a lot of flexibility for the client, as he can access his Forex account anywhere providing he has access to an ISP and a browser. Security with web based software is not an issue, as all exchanges between the client and the broker take place over secured sockets and are heavily encrypted.
Client-based software is downloaded onto the computer and executed from there. It is faster and more convenient to access, and is more "homely" in the sense that it will blend into your desktop environment. However because client based software resides on your computer and stores sensitive information like name and passwords locally, it is very vulnerable to hackers. If they managed to sneak pass your firewall through Trojans or some other backdoor virus, they can do great harm to your bank account.
If you are just starting off with Forex, be sure to take these factors into consideration when selecting the best broker. Analyse the features of the provided software to make sure that they're right for you. So with all that said, good luck and happy trading!
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Here we will look at a simple method anyone can understand and use and a potential opportunity shaping up right now that could yield big gains with low risk for any forex trader. Let's discuss this forex trading method and give you an example, shaping up right now.
The method is really common sense and easy to understand and is based on this equation.
This article is being written on Thursday November 1st.
Fundamentals + Investor Perception = Price.
It's a fact that currency markets move in line with the fundamentals but it's not as simple as just looking at the news - in fact if you try and do this you will lose.
The reason for this is the markets are a discounting mechanism.
News is discounted in a split second in today's world of instant communications furthermore; humans have to decide what the facts mean and their not logical or sensible!
They are influenced by greed and fear and a host of other inputs.
Prices Have Gone to Far a Turn Coming
The fact is throughout history humans spike prices away from fair value when greed and fear take hold and then prices return back to fair value.
If you look at news and its influence on price and then use forex charts to spot prices being pushed to far from fair value, you can get some great contrary trades - now let's look at a specific example.
If you have read my previous articles you will have seen how bullish I have been of the commodity currencies and with the Aussie and Canadian dollar making new multi decade highs we have cleared 1,000 pips - that's right, a 1,000 so, not a minor profit! You can see the reasons we used in our other articles.
The above was not doing anything complicated just following the long term trend but now if you look at the news - the bullish news has pushed prices too far - here's why.
Yesterday we had FOMC and they cut rates by 0.25% - this was expected and discounted but there was some bullish news the market ignored.
First, the Fed tempered the view that they would cut rates further but the most interesting bit of news was.. The economy expanded by 3.9%, versus calls for 3.0% GDP growth and up slightly from the previous quarter at 3.8%. This is the strongest growth since Q1 2006.
The short Term Bearish Scenario Is Peaking.
Of course, this doesn't mean that the dollar is "out of the woods" long term - but short term the market bearish news has peaked. Many investors were looking at 3.0% in terms of GDP and 0.5% in rates so we could see a turn.
Non farm payroll on Friday could be it at expected levels or better and the dollar could rally.
The market has pushed to far from fair value and the fundamentals and a short covering rally could be on the cards. There are a huge number of speculators long, making money and the market will flush them - it's just a question of when.
Watch The Following:
Let's take the Canadian dollar as an example.
Were long but we can see the warning signs that it could turn and there is also another factor with this currency - Crude oil.
Crude has made a huge rise and many are talking of $100 a barrel maybe we will get one but only as a spike. Fact is there is no shortage of oil, this spike is pure emotional trading and a retreat to the $80.00 level could come any day and longer term $60 - 70, looks fair value.
With the Canadian dollar were looking closely at oil for a top which should add weight to the fall as Canada is a major exporter.
What are the charts saying?
Pull up a daily chart of the Canadian Dollar and you see new highs and no warning signs of a top - but pull up a monthly or weekly chart and you will see the "wood from the trees", a spike that needs to correct.
When will it come? No one knows but the odds are the daily chart will show signs in the next few days on the Canada and a low risk high reward correction will occur.
There' an old saying...
"If you can hold your head when others are losing theirs you probably haven't hear the news"
In this instance it is simply you have heard the news - but you are stepping back from the majority view, getting your forex charts out and seeing the reality - a profit opportunity.
Watch action after non farm payroll and see what happens - don't jump to soon, prices will tell you what to do.
Good luck and good trading!
I've seen some new traders have some incredible winning results in a short period of time. However, quite often they will lose those gains as just quickly. They don't do anything different and will come to us for some sort of insight. The reason is usually the same in that they forget to first identify the mood of the market before finding their trade.
What I mean by that is to first identify the direction of the trend on the daily chart and then to find your trade. If the daily trend is up, then only look for buys and if the daily trend is down, then only look for sells. If the daily chart shows a range bound market, then look to buy above support and sell below resistance. If you are not sure of the trend, then the play is to move onto another currency pair where the trend seems obvious.
I see many traders buying the pullbacks on a currency pair that is in a strong uptrend and enjoy tremendous success. Then when the trend stalls out or changes, they continue to buy and may lose all of the gains. Being on the right side of a trending move can result in some great trades while trading against the trend can lead to many quick losses.
A good way to see if this may be one of your problems is to run a report on your FX Trading Station to see all of the trades you have made. Then take a look at the daily chart and note where you entered into the trade. Now ask yourself how your results would have been if you had only traded in the markets where you could confidently identify the trend. You may find that adding this simple first step of identifying and trading with the daily trend increases your chance of success.
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Forex scalping is one of the most popular ways for new traders to get into forex trading and offers the appeal of regular profits and low risk. In this article we are going to cover all the facts related to forex scalping for beginners, so lets get started.
Forex scalping in essence, looks to trade within daily time frames making small regular profits, using tight stops to generate big profits overtime - the big problem is it has never worked and never will.
Why?
Because the logic it is based on is simply incorrect and if you read on, we will tell you why and show you the evidence, which shows why one of the best ways to lose money in forex trading is.
Let's take a look at the market first and how they move.
We have trillions of dollars traded daily, by millions of different traders and to say that you can say what this vast mass of traders is going to do in such a short time frame, as a few hours is laughable.
Fact:
All short term volatility is random.
This means that prices can and do go anywhere in a day - support and resistance levels are not valid, so it doesn't matter how good your technical indicators are they will fail in this random environment.
I have seen successful track records though!
Sure you have - and their sold by vendors with a vested interest.
There are loads of them and they are all designed to bring forex scalping to beginners - for a few hundred bucks you get rich, sure you do.
Take a reality check!
These vendors make money selling forex scalping systems, NOT trading them - their far too clever for that.
What you will see is an unbelievable track record that shows great profits with little or now drawdown and common sense tells you that if it's too good to be true and it most are!
Many traders however fall for the ploy and buy the system, lose and wonder why.
If they were to take a closer look at the forex scaling track records presented, they will see the words "hindsight" or "simulation" written all over the track record as a disclaimer.
What does this mean?
Well - the track record is done in hindsight and simulated, knowing the closing prices!
How hard is that?
My eight year old daughter could do that and so could anyone who can read and write and you can to - these track records are totally meaningless and really not worth the paper their written on.
You can of course find a real-time track record but you will spend a long time in your search - I have spent 25 years trying, so if you find one let me know.
The fact is forex scalping for beginners takes advantage of naive and gullible investors who think winning is easy and they don't stop to think about the reasons these systems cannot and never will work
If You Want to Win
You need to trade the odds and that means using time frames that allow you to get the odds in your favour and this means trading longer term.
If you are a beginner at forex trading and want to get a forex education that will help you win look at forex swing trading or long term trend following here you work with valid data and can get the odds on your side.
Avoid forex scalping and forex day trading and like I said earlier if you find a real time track record let me know.
Forex charting and technical analysis is a great way to make money, the problem is - many traders make common mistakes and lose. Let's look at the ones you need to avoid.
1. Don't Predict
The most common mistake of all is to try and predict where prices may go.
If you get involved in prediction you are simply hoping or guessing and this is not going to work in any venture.
Don't predict - you should only act on confirmation of price changes and this always means trading with price momentum on your side - when applying your forex trading strategy.
2. Confirmation
Rather than trying to predict - confirm price momentum and the odds of success will increase dramatically.
What you need to do is see a level tested or broken and take a trading signal with price momentum ALWAYS going the way that your trading signal indicates.
Wait and see the price change FIRST on your forex chart don't simply guess!
This way you are trading with price strength on your side and the odds will be to.
If you don't know about momentum oscillators - its time to learn about them.
Good ones to start with are: the stochastic, Relative Strength Index (RSI) and Average Directional Movement (ADX) - There are others but this is a good place to start.
3. Being to Complicated
Many traders think 10 indicators must be better than 2 but this is not true. The simpler your forex trading system is the better it will work
Why?
Because simple systems are more robust than complicated ones in the brutal world of trading and have fewer elements to break. All the top traders use essentially simple currency trading systems and you should to.
4. Using Time Frames That Don't Work
Forex day trading! If you try it you will lose don't make this fatal error. All volatility you see within daily time frames on forex charts is random; you can never get the odds in your favour and will never win.
Stick to longer term trend following or swing trading - when using your forex charts.
You can get the odds on your side and that's what you need to do to achieve currency trading success.
5. Using Indicators That Don't Work
There are plenty of these and most of these are routed in the belief that you can predict forex prices. Good examples are:
Elliot wave Gann angles and Fibonacci numbers. Stick with logical indicators.
Another error linked to the above is using indicators for entering trades which are lagging indicators ( such as buying dips to moving averages) or using volatility indicators to generate trading signals ( Bollinger bands) both are great indicators but you should NEVER generate trading signals from them alone.
6. Being to Subjective
Many traders like to be subjective and that fine - but make sure your entry is governed by objective indicators to execute trading signals.
If you are too subjective and start using cycles and other indicators that cause you to think to much you will lose.
Why?
Because your emotions get involved and this means staying away from news stories they really will confuse you and hurt your discipline.
7. Forex charts and volatility
Them major problem for most traders who use forex technical analysis or forex charts is they have no understanding of how to deal with volatility from a entry, or stop point of view.
We don't have enough room to cover it here but you must understand standard deviation of price and build a forex trading strategy to combat it.
Volatility is the big enemy, when it comes to forex trading and you must learn to deal with it. Get reading and make an understanding of it part of your forex education.
FINALLY!
Keep in mind when you are using forex charts and learning forex trading, that you are involved in a game of odds - NOT certainties.
Your aim is always to keep the odds on your side, protect what you have and run your profits.
If you can avoid the above mistakes, you can build a forex trading strategy to help you make big profits from your analysis of forex charts - good luck!
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If you're serious about Forex trading, or foreign currency exchange trading, you'll need a way to monitor and control your transactions without having to keep up with it around the clock. That's where automated Forex systems can help a great deal. Many automated Forex software programs have been developed to make trading life easier. Let's explore the benefits of these systems and see how they can work for you.
Save Time on Forex Monitoring
With automated Forex, you can analyze your Forex trading in real time and make changes to your real account - all through one application. Many newer systems will connect to Forex signals that are generated by the trading systems. The signals go to your real account so you can know your open positions and manage your Forex trading from one place. These easy day trade signals make management much easier from day to day when you are unable to take time to monitor all your trading systems or to open and close positions as needed. It's like having an expert advisor system right in your computer!
No Hands-On Trading Needed
With automated Forex, there's no need to do hands-on Forex trading. The software does it for you. And the good news is it keeps on working while you sleep! It takes trades day or night so you can rest easy while the software keeps your Forex trades up-to-date and profitable.
Save and Make More Money with Forex Automation
Time management is one of the keys to Forex success. Automated Forex gives you an opportunity to save and make more money because you won't miss important Forex trading opportunities as you would when you have to monitor your trading systems all on your own. As a professional trader, you can have multiple trading systems in different markets (EUR-USD and others) and still keep up with them all successfully when you automate. The software will trade multiple systems for you, which enables you to reduce your trading risks and level out your equity curve.
Practice Forex Trading
Some automated Forex systems will allow you to create practice accounts so you can learn how to use the system properly without risk. It's much better to make mistakes with a dummy account and virtual money than to lose your real money as you're learning! If you are unable to create a practice account with your automated system, find a separate software program or an online application with which you can practice.
Trader Psychology Not a Factor
Automated Forex goes beyond your own thinking and analyzes the market using real data related to the Forex market. Your own trading psychology might cause you to make costly decisions due to emotions or rash thoughts about the market. You might be too emotionally involved to do your own trading at times. But automated Forex will do it for you, helping you overcome this issue.
With automated Forex trading, you can have peace of mind knowing that your little "expert advisor" is always watching and trading for you!
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Forex day trading is popular and there are numerous Forex day trading systems sold on the net - but you need to be aware of one illusion, if you buy a system or back test it yourself. This relates to "curve fitting" - If you don't know what curve fitting is read on.
If you are going to trade any forex trading system you will normally test it on back data first and this is where you have to be very careful. Many "traders curve" fit - either deliberately or without thinking of the consequences.
The Illusion of Curve Fitting
"Curve fitting" involves tweaking the system to fit the data. A common occurrence is for forex traders to find their system doesn't work first time around, so they create rules and parameters to make it work.
This was once likened by a trader I knew, to shooting at a barn door with a shotgun and then drawing a bull-eye around every shot AFTERWARDS to make each shot perfect.
Of course, no data sample EXACTLY replicates itself going forward and in real time trading the system collapses. To spot a "curve fitted" forex day trading is easy, look for lots of rules and parameters and unique ones used in certain instances.
The Worst Form of Curve Fitting
Many vendors who sell systems don't even bother trying to curve fit.
They simply make up a track record and put simulated or hypothetical on the disclaimer!
This is done by lots of vendors, who are simply assuming the buyer will believe the simulated track record WITHOUT questioning it and by putting the disclaimer they can say what they want and as they are back testing and know the closing prices its easy to make a profit.
Clues to these forex day trading systems are marketing copy which says the following or similar - "picking tops in advance", "earn a regular income", "make x pips a day" and track records with extraordinary performance with no drawdown - all for a few hundred bucks!
These forex day trading track records should not be trusted and you should ask yourself:
If these systems are so good why are they being sold as the vendor could make so much money why bother me for a few hundred bucks?
Well now you know the answer.
The fact is you should only buy a track record in day trading if its real time and shown over two years and you won't find one - Why?
Because forex day trading doesn't work.
Why?
Because all short term volatility is random and you cannot get the odds on your side.
There are millions of forex traders trading trillions of dollars in equity daily and to say you can tell which way a market will go in a few hours is laughable.
If you don't believe me look at the track records ( you will never find a real one) there all done in simulation and hindsight and anyone can make a profit doing that - problem is we have to trade in the real world and that means not knowing the closing prices!
The Appeal and the Reality
Day trading systems appeal to greedy novice or naive investors as it looks an easy way to make money but of course trading is not so simple - keep in mind 95% of traders lose and in forex day trading you can increase this number to 100%.
The logic is wrong and these systems will lose - the fact you cannot ever find a forex day trading system with a real time track record over the longer term proves the point.
If you want to trust a simulated track record and base your forex trading strategy on it, go ahead - but chances are in one form or another it's been "curve fitted" and that makes it odds on to lose.
Online FOREX trading is the Largest money maker across all forms of financial instruments available on the investment floor. Although it is not the first form of trade investment, it has increased in popularity and is now the more common and preferred investment tool.
As a matter of fact, FOREX today is larger than all other markets combined with trades raking in trillions of dollars everyday on the exchange. Unlike stock or futures exchanges, FOREX doesn't have a trading floor.
Forex is the abbreviation for foreign exchange. It is a financial market where currencies are being traded with other currencies. The actual trading doesn't involve commodities like shares or stocks.
It exists through a network of banks, telephones and the world wide web. Because of its availability, it is no wonder it has grown so much and kept growing over time.
The benefits of online FOREX trading are unlimited. Equipped with enough know-how, it could increase your earnings a hundred times without you having to leave the comforts of your own home or basement office.
It will also maximize your income since there is no need for expensive ads or online promotion. Nor do you need a physical store or a warehouse where you will have to pay a high lease or rent.
Online FOREX trading services are easily available. With some providers offering training ebooks or simulations and some others with specialized software that can teach the patrons, who can then opt for sale and purchase strategy.
To commence your career in FOREX online trading, you will need a bank account with a brokers (there are a few which offer maintaining balances as small as $400) and then you will be all set to go.
One important thing to know about online FOREX trading is for you to purchase currency when the price is close to rock bottom. In a matter of seconds, the prices will rise. This is the time to make some money, so you sell. Timing and good business sense is crucial at this part of the trade. If done right, you could easily make up 50% or more of your investment!
In trading FOREX online, it is not necessary for you to monitor the movement of your trades every hour. You only have to purchase your trades and state the prices by which you would like to sell and then forget about it. When the best deal is attained, meaning the prices of your currencies goes up and reached your selling rate, the system will automatically sell your trades for you.
However, like every speculative trade instruments, while being able to make big profits for you, the potential to lose money is also big risk as FOREX trading, like every speculative financial instruments rely highly on the trend of the economy, which is volatile. As a FOREX trader, you must minimize your risk. So how do you do that?
First, you must stay up to date with the economy. Listen to the news. Know what is going on inside your country and around the globe. Know the global political and social landscapes.
You should also do your research. An good understanding of economics is crucial. You have to learn the rules of supply and demand so you can make a wise decision when you begin buying and selling your currencies on the market.
It will also do you good to speak to brokers and professionals in the industry. Watch how they do business so you learn from them. Join FOREX forums online where you will get valuable tips that you can apply later on when you begin trading.
