Answers
There is no "trick"... Just hard work and dedication. Read a new book on trading every month (if possible). Include books on FX, Technical Analysis, Money Management/Psychology of Trading.
Do this for 2-3 years... On occasion "paper trade". If you do well on paper trading... do not think your're "ready"...... it's an illusion.
Do not buy "software" or "alert services" that will "make the money for you"............
In 3-5 years you can be profitable in FX (especially if you have other trading experiance)................................
ForexAutopilotSystem.org - Blade Forex Strategies - Learn About Forex Scalping and Breakout Techniques Do you want to have profitable Forex ...
Forex Avenger - I heard about Forex Avenger a lot is it good? It seems Forex avenger is giving a lot of profits to many forex investors as i have read all the reviews of Forex Avenger and would like to purchase it, any tips for Forex Avenger ?
Forex Avenger nails trades with 82.69% accuracy. It works on any market conditions, and steadily banks 10 or MORE consecutive winning trades in a row.
Forex Avenger will teach you how to preserve your capital. It will show you how not to lose money.
Forex Avenger will give you the ability to follow a proven plan. It will also give you the ability to be focused and disciplined.
"Foreign Exchange" is the simultaneous buying of one currency and selling of another. I understand is a good business but I have no knowledge about it. I read books but could not understand the trick. Can someone put me through all the steps and tricks I need to trade in the forex market. Thanks.
There is a wise way to look at trading foreign currencies. Learn how ordinary people can make extraordinary incomes with FREE ACCESS to a unique foreign currency trading system at http://www.homebusiness-opportunityseeke r.com/learn-forex-currency-trading-onlin e.html
I need information about forex trading. Need a broker, trading program, anything.
Forex trading is personality bound which makes it difficult for someone to figure out what works for you. You'll have to start studying the most popular technical indicators and find out which setup works for you. Some traders are successful with for example a "moving average-candle patterns-oscillator" configuration, others fail with the very same setup.
So you need to work at it in making a trading plan that is consistent and that you can use over and over again.
You could do a course but then again there's no guarantee of success exactly because someone else's' trading plan is not always "transferable".
You need to feel comfortable with certain technical indicators and the most popular ones are the following (in random order):
- Moving averages
- Bollinger Bands
- RSI
- Stochastics
- Fibonacci
- Candle patterns
- CCI
- MACD
These indicators are all you need to find your personal setup. You do not need to use all of them, 2 or 3 is enough. Some traders use RSI with Boll. bands and an oscillator, other only exponential moving averages and candle patterns, ...etc.
Keep in mind, however, that price is the ultimate indicator. Technical indicators are merely tools to help you guide through the waves of the market, in other words, how price is currently behaving. You therefore need to establish whether price is ranging or trending up or down. Once established how price is moving , the next step would be applying the indicators.
One more tip, the larger the time frame the more reliable signals are. A buy signal on a daily chart is more reliable than on a 5 minute chart because a daily chart holds much more market information. This doesn't necessarily mean you can't trade with 5 minute or other short term timeframes, it means you need a larger timeframe to back up your trading decisions on the 5 minute.
Words of wisdom:
- Always start with a free practice account
- The Forex market is not a get-rich-quick opportunity
- Beware of fear and greed, you HAVE TO be relaxed
- What you see on the charts is the absolute truth, so believe what you see. If the charts don't make sense then you are absolutely right. Wait for the market to be less confusing.
- Patience is a virtue.
- Losses are part of the game, with a solid trading plan there's no need to fear a loss once in a while, because the confidence you have in yourself and the trading method let you know the next trades will be winners.
- Always limit your losses, either with a automated stoploss or a mental stoploss.
Websites:
www.babypips.com
www.investopedia.com
www.forexfactory.com
www.fxcm.com
the better brokers:
FXCM, FXSOL, ACM, DBFX, Saxobank, MGForex
Success and always think positive...
Is FOREX a good invsetment outlet? Honest answers will be highly appreciated? Rank the risks involved from a scale of 1-10, 10 being the highest. I need to be oriented about it. Thanks!
The FOREX market is mostly for trading, not investing. The risk is the same as in the stock market...by itself, of course, the risk in FOREX is larger because of the leverage, but if you apply money management, and have a positioning strategy that risk can be highly minimized. I cannot give a scale because every person has a different risk aversion.
"The charts" or technical analysis, does take some time to learn, but the charts and the indicators are exactly the same in stocks, so it does not require any special knowledge.
An individual can easily trade FOREX IF they apply proper money management and size positionig strategies. Because the FOREX is a 24 hour, 6 day a week market, there are plenty of profit taking opportunities.
If you have any further questions, contact me through my profile.
Thanks!
What You Need to Know About Forex Trading! | Financial Articles
The discussion trading is as old as mankind himself and is still turn in nowadays men. Although it comes in contrary forms and processes, trading carries the same in essence that it did thousands of years ago, which is the swop of a meticulous secure for another.
The origins of trading up from a dispose of named bartering. The barter transform is really an market of goods. In the break of dawn times, one would buying an apple, for polemic welfare, to get a potato in recrudescence.
In give out chance, bartering has evolved and though the principals are the same, trading one complimentary for another is made mild by the use of bread. Cabbage is the standard that makes trading imaginable and without this lump of legal papers no goods and services may be acquired.
In today’s earth, trading has infatuated a far more advanced advance compared to its accustomed counterpart. Trading over the years has evolved in such a way that it not only constitutes of goods and services but goes far beyond that. The 21st century has stated confinement to currency traders who buy/tell on the currency of one woods to that of another hinterlands.
This fascinating market, where buying or selling the currency of a fatherland against another, is called forex. With a staggering US$3.5 Trillion traded per day, this makes the forex supermarket the biggest existing pecuniary hawk to assignation. No other retail compares to the currency hawk and its volatility.
Millions of dollars are traded by main corporations everyday. These companies assemble part of the wholesale supermarket and comprises of banks and big hedge funds. They have the power to move the bazaar from one handling to the other due to the humongous mass and amount of wherewithal traded on every cull inclination captivated. Those moves chiefly results in currencies accepted up and down in any sole day thus changing the quotes of each currency throughout the day. The variety in quotes most plausible relates to profit made or breakdown incurred.
What makes the Forex trade in even more appealing than the genealogy and futures furnish is the truly that it is a 24-hour demand which is opened barely 7 days a week. Trading opens in Sydney, Australia on Monday morning. Then the Tokyo furnish opens followed by the European vend. One hour after the unresolved of the European retail the London customer base becomes strenuous. The UK buy is considered to be one of the largest and most quick markets in the currency coterie. Definitively we reach the New York trade in, which is the last buy to disclose each day.
...News
WORLD FOREX:Bernanke Helps Dlr;Gains Not Set To LastWall Street Journal - Oct 09, 2009
Globe and MailLONDON (Dow Jones)--Ben Bernanke lifted the dollar in Europe Friday, saying the US Federal Reserve stands ready WORLD FOREX: Dlr Rises Vs Yen, Euro On Bernanke RemarksFOREX-Dollar rebounds on Bernanke; Canadian dollar jumpsForex Traders Reacting to Bernanke's Comments -all 1,239 news articles »
Wall Street Journal - Oct 09, 2009
TORONTO (Dow Jones)--The dollar rebounded against most widely traded currencies Friday, rising on a combination of more Taking US dollar weakness in strideStrong Dollar TalkCurrency Market This Week: October 11all 27 news articles »Wall Street Journal - Oct 08, 2009
BBC NewsNEW YORK (Dow Jones)--The dollar declined broadly Thursday as better-than-expected global economic FOREX-Dollar falls on recovery hopes; Aussie soarsFOREX-Dollar slides, led by Aussie; ECB, BoE unchangedForex: EUR/USD: Euro hits session high at 1.4800 on Trichet's comments - -all 1,096 news articles »
Wall Street Journal (blog) - Oct 09, 2009
Two companies have recently sprung up to address this space: Currensee Inc., which operates a social network for forex traders, and Tradonomi LLC, and more »Wall Street Journal - Oct 08, 2009
("=WORLD FOREX: Cautious Markets Give Dollar Broad Support " published at 4:56 pm EDT, misstated the day of the week in the second paragraph. CORRECT:WORLD FOREX: Dollar Still Under Pressure; Yen RalliesWORLD FOREX: Dollar Falls, Aussie Soars On Jobs DataWORLD FOREX:Dlr Dn Vs Yen,Euro On Strong Australia Jobs Data - -all 18 news articles »