Thursday, December 30, 2010

What currency pairs to trade in Forex?

How to Make a Living Trading Foreign Exchange: A Guaranteed Income for Life (Wiley Trading)









Although there is lots of currency pairs offered to Forex traders, if you are a beginner it is easier to start with major currency pairs:


EUR/USD

GBP/USD

USD/JPY



There are several good reasons for that:

1. These currency crosses are widely traded, thus providing liquidity which is needed in order to benefit from price changes.

2. They have tight spreads, except may be for GBP/USD, which most of the time receives higher spread quotation from Forex brokers as it is more volatile (e.g. has wider price ranges than other pairs).

3. They all are traded against US dollar, which automatically suggest that the most active trading hours would be during New York trading session – the session with the highest volume of trades.

4. And finally, there are many Forex trading systems that are developed for trading those pairs and can be found online.



What currency pairs to avoid?

Exotic and uncommon currency pairs should be avoided by novice Forex traders as some further knowledge is needed to trade such pairs successfully.



Here is the list of major currencies beginner traders should focus on:

Euro (EUR)

US Dollar (USD)

British Pound (GBP)

Swiss Franc (CHF)

Japanese Yen (JPY)

Australian Dollar (AUD)

Canadian Dollar (CAD)



Also novice Forex traders should try to avoid currency pairs which have high spreads. Spreads vary from broker to broker. The information about spreads can be found at brokers’ websites, or at the special column called “Spread” on the trading platform itself, or from the Ask/Bid table (found also on the trading platform) by subtracting Bid price from the Ask.


Forex Strategy 10: Low Risk/High Return Currency Trading
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Wednesday, December 29, 2010

Forex Trading Mobile Apps for BlackBerry, Iphone and Windows Mobile

Forex Trading Secrets: Trading Strategies for the Forex Market

Forex Trading Mobile Apps for BlackBerry, Iphone and Windows Mobile

Trade Forex On Your Mobile Device (BlackBerry, Iphone & Windows Mobile) Step by Step:


a) FKCM Register for a Demo Account (link)

b) Download The FXCM Mobile Trading platform (link)

On other supported forex trading mobile devices (BlackBerry, Iphone & Windows Mobile), go to http://www.fxcm.com/m on your mobile device and you will be prompted to download the application.


fxcm.com – Forex Trading Mobile Apps

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Forex Trading Secrets : Trading Strategies for the Forex Market
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Friday, December 24, 2010

Make Volatility and Risk Work for You with Forex Trading!

“This book should be in every trader/investor’s library. As we come out of this depressed market . . . this book can be your companion, helping you avoid mistakes and enhance your trading/investment program.”
 
—Bill M. Williams, author of Trading Chaos
 
“Whether you’re just getting started trading the world’s most exciting financial market, or you’re looking to add to your trading edge, [the authors] have written an engaging book packed with powerful techniques that you can use right now.”
 
—Rob Booker, trader, author, educator, and founder and host of TraderRadio.net
 
The foreign exchange market is the largest trading market in the world, with average daily volume well into the trillions. Because the market is always characterized by high liquidity, forex traders benefit most from volatile markets—making it the ideal investment approach today and well into the future.
 
Mastering the Currency Market is a comprehensive guide to currency and futures trading strategies and techniques for both highly volatile and nonvolatile markets.
 
Putting to work their vast and highly diverse experience in forex trading, the authors explain how to take advantage of the many benefits of foreign exchange trading, including its low cost of entry afforded by margin, and the dynamic pricing by nature of the competitive marketplace. Mastering the Currency Market is divided into five sections covering:
 
The basics of trading currencies  
  1. Fundamental analysis of price valuation
  2. Technical analysis and trading charts 
  3. Trading philosophy and psychological discipline 
  4. Volatility and risk management
 With four decades of combined experience, the authors clearly communicate to you a trading method that will give you the confidence to both analyze markets and execute trades successfully, regardless of underlying market conditions. 
 
As 2008 introduced nightmare scenarios for investors around the world, it was Al Gaskill’s most productive period of his trading career. He used the same trading methods spelled out in this book. 
 
Apply the lessons inside and you’ll see profits rise during periods of high market volatility, and when the market slows down, you can downshift to countertrending methods. It’s a win-win investing method, and Mastering the Currency Market leads you through it every step of the way. 
 
Forex traders perform exceptionally well in highly volatile, risky, and active markets. And with the leveling out of international markets and the increase in competition this breeds, dramatic growth is virtually assured—so now is the time to enter this exciting and lucrative market.  
 
Mastering the Currency Market walks you through all the steps for entering the market with the confidence and smarts you need. It provides a solid foundation on the basics of foreign exchange, then examines more advanced topics, such as:  
  1. Hedging against fluctuations in currency values  
  2. Long-range planning and risk management  
  3. Techniques applicable to countertrending and low-volatility markets

 
About the Author  Mastering the Currency Market: Forex Strategies for High and Low Volatility Markets
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Monday, December 20, 2010

Forex Tip Trading for the Shrewd Player

The Forex market is considered to be one of the toughest markets to crack by trading experts all over the world. The reason for this is that the Forex trading market is not a regulated market and tends to flow with the trends. Therefore, if you are looking to enter Forex trading you need to keep certain things in mind. The following is a Forex tip trading list that you can utilize to earn more.
  1. Forex trading brokers:
    There are many Forex trading brokers on the internet that have tall claims and unbelievable advertisements. You should be aware of the fact that every Forex trading broker online is not reliable, and that their claims of impending success without any investment of effort must be taken with a pinch of salt. Instead of going for the cheapest and the most attractive advert of the Forex trading module, the first ‘tip\' in Forex tip trading is that you should do thorough research into the best modules available online and only then go for any particular one. It would be especially beneficial for you if you discuss the pros and cons of the best modules with someone who is experienced in the field.
  2. Discipline: 
    The second tip for Forex tip trading is that you should never lose control and go all in. Forex trading is not gambling and hence must not be treated like poker. It is common for new people to fall into the trap of treating Forex trading like a gambling game and start trading on the basis of their instincts. Forex trading is almost a science in itself and requires the trader to calculate and measure before investing. You will have access to charts and graphs which must be studied in detail before you decide on any one investment option.
  3. Leveraging:
    The third tip with regards Forex tip trading is related to leveraging. The majority of Forex trading brokers will allow you to leverage your deposit to a ratio of almost 200 to 1. However, if you go so far out with your leveraging then the most positive outlook would be that it will eat into your profit margin. Over leveraging your deposit also has much more dire consequences, with the worst case scenario seeing you lose your whole deposit. Biggest tip here: Manage your capital!!!
  4. Strategies:
    You should try not to make your strategies too complex or too stringent. Instead, try to simplify things and go for the current trends in the market. Falling in line with the trends in the market is a way for you to ensure that you have the best chance of making profits by the end of the day. Furthermore, if you are new, this is one of the safest ways for you to get the hang of Forex trading.
In addition to each and every aforementioned examples of Forex tip trading, there are many more that seasoned Forex traders can equip you with. Therefore, in order to learn as much about Forex trading as possible, you should find a mentor who can help you with Forex tip trading on an everyday basis.

About the Author
Eva Iles is a Forex trader who regularly writes about Forex trading tips, Forex trading platforms and help on how to read Forex charts on High Probability Trading Strategies: Entry to Exit Tactics for the Forex, Futures, and Stock Markets (Wiley Trading)
The Hottest Forex Tip Trading secrets can be found at
Forex Trading Made Simple: A Basic Guide On How To Profit From Foreign Exchange
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Sunday, December 19, 2010

Forex Trading Secrets; Trading strategies for Forex Market

Follow this simple Forex trading system for faster profits and faster results. Only a select group of 10 percent of Forex traders consistently perform winning trades. This article will discuss a simple Forex trading system for you to implement to fast track your Forex education and profits.

Simple Forex Trading System One:
Generally currencies always trade well and the price always is the leading indicator so be sure to look for convincing clues and follow the lead.

Simple Forex Trading System Two:
Your indicators are really your best friend. You must believe in what they are telling you 100 percent of the time with no exceptions. Analyze the clues that they are giving you and act upon them. Never second guess them.

Simple Forex Trading System Three:
Always draw pivot points on your 15 minute chart with no exceptions.

Simple Forex Trading System Four:
The area between never points is never the place to trade. The best trade are always made in and around the pivot points. Avoid all other areas at all costs.Simple Forex Trading System That Works

Simple Forex Trading System Five:
After 2am New York time is the busiest time on the Forex market as it\'s when the major rallies for the Euro begins.

Simple Forex Trading System Six:
If you are anxious to follow one signal that you have been given then by all means one signal is all you need. However, for a clearer signal and clue wait for more.

Simple Forex Trading System Seven:
Always be aware for combinations of price patterns as well as obvious price patterns when looking for clues.

Simple Forex Trading System Eight:
The most successful Forex traders only think one way, in one direction. If the trend is up then buy the dips and if the trend is down then sell the rallies. Forex trading does not need to be any more complicated than that.
Simple Forex trading system Nine:
Make sure you get the best Forex trading system education that you can. Avoid free Forex trading system courses and find one that you can budget for. Also be sure to expand your Forex trading education throughout your Forex trading career.

About the Author
Always dream of being Rich? Never able to make a Consistent Profit through trading?
Get your Simple Forex Trading System That Works and be Successful forever!
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Friday, December 17, 2010

Forex Tips - 8 Essential Forex Trading Tips For Bigger Forex Profits

If you are new to Forex trading then the Forex tips enclosed will help you win and enjoy currency trading success - let's take a look at them.
These 8 essential Forex trading tips are in no particular order of importance there all important!

1. Don't Trust Forex robots or Expert Advisors
These are a guaranteed way to lose your money quickly. Naïve and greedy traders buying thinking they are going to get a life long income for a hundred dollars or so - it looks to good to be true and it is. Avoid these cheap get rich quick systems and do it on your own.

2. Learn Technical Analysis

You can learn to trade in Forex quickly, so make sure you get the right education. By far the most time efficient way to trade is to use Forex charts and simply follow the reality of price change as it occurs on the chart, this may sound simple but prices trend and if you can learn to trade these trends, you can simply lock into them and hold them for big profits.

It should 0nly take a couple of weeks to put a robust Forex trading strategy together and then you can start making big profits in 30 minutes or less per day.
3. Keep Your System Simple

Your system should only consist of chart support and resistance and a few confirming indictors. Never make your system complicated or it will break, in an odds based market like Forex, simple systems are more robust so always keep your strategy simple.

4. Don't Over Leverage Your Account

You can get leverage of up to 400:1 with most brokers but don't use it all! Novice traders should use 10:1 maximum leverage and even after they become experienced, they never use all the leverage granted to them. Over leveraging destroys more accounts than any other single reason.

5. Use Stops and Accept Short term Losses

If you want to win, you need to learn to lose short term and keep losses small. Never let losses run and always use stops. Forget your ego and don't angry when you lose, all traders need to take losses, while they wait for gains. The best traders always keep their losses small and you must to.

6. Run Your Profits

Many traders snatch their profits to quickly and never run them but unless you run your profits, you will never cover your inevitable losses - so if you have a winning trade have the courage to milk it for all its worth.
7. Always Understand Discipline is the Key to Success

If you have a trading system you need to apply it with discipline and not deviate from it. In a losing period many traders simply get frustrated and over ride their rules and if you do this you simply have no system and will lose.

8. Have Confidence in Your Trading Edge

When trading Forex, you reply on your skills and judgement and success comes from within. You must have confidence in what you are doing and know why you will win. This will allow you to trade with discipline; cut your losses and have the courage to hold your winning trades to achieve long term currency trading success.

Anyone Can Win at Forex if they Want too!

Anyone can learn to win at Forex and although you need a good method, you also need the right mindset to trade with discipline.

Top Forex Trading Tips And Strategies: Proven Strategies To Maximize Your Profit With Forex Trading
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Thursday, December 16, 2010

Forex Tips: Benefits of Forex Trading

The forex market is a global financial market that operates on the counter. The fact that there is no central location for foreign exchange transactions or perform analysis forex market is decentralized. The relative values of currencies are determined in the foreign exchange market. This market is considered unique because of various factors, including high liquidity (due to huge volumes of transactions), geographical dispersion and the use of leverage. Another important factor that makes this market position is its continuous operation. That means it runs 24 hours a day except weekends.

What are the advantages of the scene Forex Analysis weekend in Forex currency trading?

As the proverb says "Plan your trade - and trade your plan," a move intended to help you achieve your business goals smoothly. The main advantages of conducting analysis weekend in forex trading:

Weekend lets you create analysis has big picture view of a Specific Market That You are interested in.. Düring cette période, The Markets are free from dynamic flow As They are closed to trading. Establish an overview: analysis Weekend lets you create a view overview of a specific market that interests you during this period, the markets are free of dynamic flow because they are closed to trading. This helps traders think objectively, away from emotion.

By performing analysis over-the-weekend trading traders Cdn set up trading Their plans for the Week Ahead. Develop plans for negotiation: In conducting the analysis of bargaining over the weekend traders can develop their negotiation plans for the coming week. This in turn allows them to decide what business plans they would implement. Advance preparation always pays off.When markets are closed on weekends, traders can study and find weekly charts and new models that may affect their business. You can find new or experts pointing to a market downturn where the reason may be making a double top. Experts can sometimes be just a trap and hope you get caught in it are attracted by the market. This will allow them to sell their positions on the increased liquidity. These actions make it vital for operators to formulate their trading week ahead rationally.

Many traders Perform a weekend routine analysis to ESTABLISH a preparation method. Method of preparation routine: Many traders to analyze weekend to develop a method of preparation routine.This helps to create a business plan in the specific area they are concentrated. This further allows them to establish the mental state required for the coming week.

Basically, to understand the current situation in the foreign exchange market, operators must take weekend analysis as a basis. It is a cornerstone of forex trading.

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