Forex Trading Is Easier With The Right Software

Monday, November 2, 2009

Foreign exchange transactions involved in international currency exchange in the world market. For example, buying a book and the dollar exchange rate. Equivalent use this transaction is a unit of other currencies.

Well, this is a simple explanation of foreign exchange. In foreign exchange trading can bring wealth. You just need to take risks, to see if you do.

Forex market is the largest and most liquid planet. There is no actual construction can move into action to testify Exchange. Unlike in New York and Chicago Stock Exchange, the exchange took place in the position of completely virtual world. Banks, government and large corporations trading continuously, all day and night in the open market and other countries to shut down. Foreign exchange, in itself is a series of computer networks and systems.

Money does not have a fixed value. Monetary value of each country's rapidly changing, and many times during the day and evening classes trade. Including foreign exchange value of money can be changed, because there are too many or no reason. Because of this uncertainty, all foreign exchange transactions is based primarily on speculation.

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New York (Dow Jones) - the dollar rose slightly against major currencies on Friday as traders booked profits and squared positions ahead of the week the high-level public policy.

In addition, the contribution to the crowd on Friday, the euro and other high-yielding currencies back part of the day, as the dollar rebounded late in the day. The dollar has been slipping for two weeks over a wide range of currencies stopped falling even lower Thursday U.S. stocks.

"The dollar has become very oversold in recent weeks, there are no U.S. economic data (Friday), which was ideal environment for profit," said Kathy Liene, chief strategist of world currencies trade in New York.

And U.K. Sterling under pressure on Friday on reports that the UK's largest financial controls designed to Lloyds Banking Group PLC, will probably not attract enough capital to leave the United Kingdom Government's plan for property insurance.

Late Friday night in New York, the euro was 1.4699 from $ 1.4737 late Thursday, according to the iron through CQG. Dollar at Y91.44 from Y91.17. Euro at Y134.41 from Y134.38. And U.K. The British pound to $ 1.6232 from $ 1.6440 and the dollar to CHF1.0297 from CHF1.0285.

Forex: Dealing with your losses

One of the most important rules of Forex trading is to keep your losses as small as you possibly can. With small Forex trading losses, you can stick it out longer than those times when the market moves against you, and be well positioned for when the trend turns around. The one proven method to keeping your losses small is to set your maximum loss before you even open a Forex trading position.

The maximum loss is the greatest amount of capital that you are comfortable losing on any one trade. With your maximum loss set as a small percentage of your Forex trading effort, a string of losses won't stop you from trading for any particular amount of time. Unlike the 95% of Forex traders out there who lose money because they haven't begun to use wise money management rules to their Forex trading system, you will be ok with this money management rule.

To use as an example, If I had a Forex trading float of $1000, and I began trading with $100 a trade, it would be reasonable for me to experience three losses in a row. This would reduce my Forex trading capital to $400. It would then be decided that they're going to bet $200 on the next trade because they think they have a higher chance of winning after having lost three times already.

If that trader did bet $100 dollars on the next trade because they thought they were going to win, their capital could be reduced to $250 dollars. The chances of making money now are practically nil because I would need to make 150% on the next trade just to break even. If the maximum loss had been determined, and stuck to, they would not be in this position.

In this case, the reason for failure was because the trader risked too much money, and didn't apply good money management to the play. Remember, the goal here is to keep our losses as small as possible while also making sure that we open a large enough position to capitalize on profits and minimize losses. With your money management rules in place, in your Forex trading system, you will always be able to do this.

Opening A Forex Brokerage Account

Monday, October 26, 2009

Trading forex is similar to the equity market because individuals interested in trading need to open up a trading account. Like the equity market, each forex account and the services it provides differ, so it is important that you find the right one. Below we will talk about some of the factors that should be considered when selecting a forex account.

Leverage is basically the ability to control large amounts of capital, using very little of your own capital; the higher the leverage, the higher the level of risk. The amount of leverage on an account differs depending on the account itself, but most use a factor of at least 50:1, with some being as high as 250:1. A leverage factor of 50:1 means that for every dollar you have in your account you control up to $50. For example, if a trader has $1,000 in his or her account, the broker will lend that person $50,000 to trade in the market. This leverage also makes your margin, or the amount you have to have in the account to trade a certain amount, very low. In equities, margin is usually at least 50%, while the leverage of 50:1 is equivalent to 2%.

Leverage is seen as a major benefit of forex trading, as it allows you to make large gains with a small investment. However, leverage can also be an extreme negative if a trade moves against you because your losses also are amplified by the leverage. With this kind of leverage, there is the real possibility that you can lose more than you invested - although most firms have protective stops preventing an account from going negative. For this reason, it is vital that you remember this when opening an account and that when you determine your desired leverage you understand the risks involved.

Commissions and Fees
Another major benefit of forex accounts is that trading within them is done on a commission-free basis. This is unlike equity accounts, in which you pay the broker a fee for each trade. The reason for this is that you are dealing directly with market makers and do not have to go through other parties like brokers.

This may sound too good to be true, but rest assured that market makers are still making money each time you trade. Remember the bid and ask from the previous section? Each time a trade is made, it is the market makers that capture the spread between these two. Therefore, if the bid/ask for a foreign currency is 1.5200/50, the market maker captures the difference (50 basis points).

If you are planning on opening a forex account, it is important to know that each firm has different spreads on foreign currency pairs traded through them. While they will often differ by only a few pips (0.0001), this can be meaningful if you trade a lot over time. So when opening an account make sure to find out the pip spread that it has on foreign currency pairs you are looking to trade.

How to Trade Forex

Now that
you know some important factors to be aware of when opening a forex account, we will take a look at what exactly you can trade within that account. The two main ways to trade in the foreign currency market is the simple buying and selling of currency pairs, where you go long one currency and short another. The second way is through the purchasing of derivatives that track the movements of a specific currency pair. Both of these techniques are highly similar to techniques in the equities market.The most common way is to simply buy and sell currency pairs, much in the same way most individuals buy and sell stocks. In this case, you are hoping the value of the pair itself changes in a favorable manner. If you go long a currency pair, you are hoping that the value of the pair increases. For example, let's say that you took a long position in the USD/CAD pair - you will make money if the value of this pair goes up, and lose money if it falls. This pair rises when the U.S. dollar increases in value against the Canadian dollar, so it is a bet on the U.S. dollar.

The other option is to use derivative products, such as options and futures, to profit from changes in the value of currencies. If you buy an option on a currency pair, you are gaining the right to purchase a currency pair at a set rate before a set point in time. A futures contract, on the other hand, creates the obligation to buy the currency at a set point in time. Both of these trading techniques are usually only used by more advanced traders, but it is important to at least be familiar with them. (For more on this, try Getting Started in Forex Options and our tutorials, Option Spread Strategies and Options Basics Tutorial.)

Types of Orders
A trader looking to open a new position will likely use either a market order or a limit order. The incorporation of these order types remains the same as when they are used in the equity markets. A market order gives a forex trader the ability to obtain the currency at whatever exchange rate it is currently trading at in the market, while a limit order allows the trader to specify a certain entry price. (For a brief refresher of these orders, see The Basics of Order Entry.)

Forex traders who already hold an open position may want to consider using a take-profit order to lock in a profit. Say, for example, that a trader is confident that the GBP/USD rate will reach 1.7800, but is not as sure that the rate could climb any higher. A trader could use a take-profit order, which would automatically close his or her position when the rate reaches 1.7800, locking in their profits.

Forex and Go (Part 2)

Like with the other two PDFT strategies we saw earlier (Forex Cash Cow and Forex Runner) I will teach you step by step how to identify and place a high probability Forex Flip & Go trade. And again, as with all my strategies , Forex Flip & Go is 100% mechanical! You will not use any type of judgment or discretion in your trading. You will only learn to follow simple rules: if A = B do C!

All the strategies you will learn in Forex Trading Methods have incredible benefits that simply make them unique, the best of the best. Forex Flip & Go is no different: One of the only daytrading strategies that is capable of catching a large part of those 80-100 pip EUR/USD daily moves! Rules are 100% mechanical. You will not use any type of judgment or discretion, all your trades will be placed according to simple objective rules. This is a very important aspect of all my strategies and is one of the reasons why Forex Trading Machine traders are so successful. Large profit objectives and VERY small stop losses. This is key. As a daytrader you want to always limit your risk but at the same time you want to ride your winners and squeeze out the last available pip!

Forex Flip & Go allows you to do exactly that. In fact, in order to accomplish this objective I created a mechanism that I have not seen in any other forex daytrading strategy. You will be amazed how this small "trick" keeps you out of bad trades BEFORE you even know you are in a bad trade! Completely disclosed rules. Stop using those trading services or so called "black box" systems. Be in control of your trading. So simple to learn that a 15 year old can trade Forex Flip & Go! No indicators, no vague patterns, no pivots, nothing! Since this is a PDFT strategy you will only use the price of the currency to identify, enter and exit trades. No sitting in front of the computer all day long. Most days you will not trade more than 3 hours. Some days much less. Once 90% of traders realize the market started moving to a certain direction you will already be in the move and profiting from it. Profit objective is pre-set. This means you do not have to think and speculate where to place it. Once you enter the trade you will simply enter a "take profit" order and forget about it.

While most traders will struggle in choppy market days (and of course, lose money in the process!) Forex Flip & Go will keep you out. And much more...

Forex and Go (Part 1)

You already know that the forex market is a 24 hour market. But did you know that every currency pair has it's own special behavior (sort of "personality"!) throughout this 24 hour period? Well, professional traders sure know this and they exploit this characteristic of the forex market to pull in incredible profits day after day.

Now, with Forex Flip & Go (another of my PDFT day trading strategies), you can take advantage of a certain EXPLOSIVE characteristic of the EUR/USD pair (the most liquid of all currency pairs) which produces HIGH PROBABILITY/LOW RISK trades over and over again.

The EUR/USD's daily range is about 80-100 pips ($800-$1,000). As daytraders we want to catch a big portion of this daily move and we want to do it with as little risk as possible. Here is where this beautiful strategy comes to our help! The strength of the Forex Flip & Go strategy is that it catches a large part of these $1,000 swings right at the beginning of the move.Let's look at some examples so you can see exactly what I mean when I say that Forex Flip & Go catches large swings at the very beginning of the move and impressively limits risk:NOTE: Trade examples open in a new window.

Many of the best performing professional traders agree that the key to make serious money in daytrading is having small losses and large gains. That is exactly what Forex Flip & Go does, it identifies a large move at the beginning BUT if it is wrong it will get you out of the market with a minimal loss. I hope you had the chance to view the example charts I put above, they show exactly how Forex Flip & Go does an amazing job of exiting the market when it is wrong (with losses many times smaller than 10 pips!) and how it exploits large moves from beginning to end.If you are serious about being a successful forex daytrader and learning one of the best methods to consistently capture profitable trades then Forex Flip & Go is for you!