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Daily Forex
Daily Forex or day trading can be a very stressful way to go to earn money. Today we will analize why this is happening, and may be some things to help you through the stress can light. Some people change the title of psychology, and it might be more appropriate. This is a very important part of daily trading Forex live.
It is time to recognize that feelings are a part of daily foreign exchange. It is important to know your list was quite possible this company. Well, not all emotions are a bad thing. It's good to win and have some input from him. Remember not to win go to your head too. Fear and greed are the emotions most important experience in daily trading.
Fear ultimately destroy any chance of succeeding. The fear is the money you can not run the risk of losing. Use your account to understand more about the benefits, is a good way, the negotiation of the exchange market to increase still ongoing. This can also make you way back from the agreement because it was a great contribution. With a strong risk that is feared more comfortable flying experience in daily trading.
It is time to recognize that feelings are a part of daily foreign exchange. It is important to know your list was quite possible this company. Well, not all emotions are a bad thing. It's good to win and have some input from him. Remember not to win go to your head too. Fear and greed are the emotions most important experience in daily trading.
Fear ultimately destroy any chance of succeeding. The fear is the money you can not run the risk of losing. Use your account to understand more about the benefits, is a good way, the negotiation of the exchange market to increase still ongoing. This can also make you way back from the agreement because it was a great contribution. With a strong risk that is feared more comfortable flying experience in daily trading.
Forex Strategy
Many novices or beginning trader who usually can not understand the concept of leverage. Basically, if you or your partner has a capital of $ 1,000 to negotiate, and if a margin of 1:50 to effectively manage and trade legal capital increase of up to $ 50,000. But the Big Draw is back, one or two less than one percent completely against you and your negotiating position wiped out capital to zero. If it was a start in the forex dealers no longer than 1:20 margin, at least comfortable and profitable and then and only then after we can try to use higher margins.
Most of the questions is 1:20, what margin? This means that $ 5,000, you will be able to control a capital of $ 100,000. Suppose you go to the currency pair to trade EUR / USD and by using our entry strategy beginners and decided one side of work. This means you are betting that the dollar be devalued against the euro. Proffit and learn Forex
Suppose the price in euro / dollar is 1455, for example. Even if your trading capital is $ 5000 and you are still operated with 1:20 and the efficient exchange of 100,000 a million dollars. If the current interest rate of 1.455 means that you get 100 000 / 1455 or approximately € 68.728.
If the trade does not go is a very good job will be increased in your favor and 1% in U.S. dollars in your direction margin has fallen from 20% of the average starting capital of your negotiating partner. So, if EUR / USD rate moves from 1.455 to 1.469, we will be able to € 68,728 $ 101,000 will revert with a profit of $ 1,000. and profits are high. From the beginning of your capital account was $ 5,000, in fact, a 20% increase in your account. However, if you appreciated against the dollar trade 1% against the euro in your account will be reduced $ 4,000. It is good for Forex Strategy.
Most of the questions is 1:20, what margin? This means that $ 5,000, you will be able to control a capital of $ 100,000. Suppose you go to the currency pair to trade EUR / USD and by using our entry strategy beginners and decided one side of work. This means you are betting that the dollar be devalued against the euro. Proffit and learn Forex
Suppose the price in euro / dollar is 1455, for example. Even if your trading capital is $ 5000 and you are still operated with 1:20 and the efficient exchange of 100,000 a million dollars. If the current interest rate of 1.455 means that you get 100 000 / 1455 or approximately € 68.728.
If the trade does not go is a very good job will be increased in your favor and 1% in U.S. dollars in your direction margin has fallen from 20% of the average starting capital of your negotiating partner. So, if EUR / USD rate moves from 1.455 to 1.469, we will be able to € 68,728 $ 101,000 will revert with a profit of $ 1,000. and profits are high. From the beginning of your capital account was $ 5,000, in fact, a 20% increase in your account. However, if you appreciated against the dollar trade 1% against the euro in your account will be reduced $ 4,000. It is good for Forex Strategy.
Brokage of forex
Any Forex traders than other occupational groups in the tools needed for the creatures. One of these instruments to the Forex market offers very significant markets, Forex Broker, and particularly the Internet - Online Forex Broker - a company that is real-time market information, information to provide dealers and import orders. Although you look like the right Forex broker things for the following:
* As a professional company you can trust
* Gives you a real-time Courses
* Give orders quickly and accurately
* Do many jobs
* Support for drag / deposit methods you can use
The introduction of Forex traders I recommend these four brokerage firms, that's probably the best Forex brokers.
* As a professional company you can trust
* Gives you a real-time Courses
* Give orders quickly and accurately
* Do many jobs
* Support for drag / deposit methods you can use
The introduction of Forex traders I recommend these four brokerage firms, that's probably the best Forex brokers.
Forex info : Six Steps to Success
Step 1. Choose an online Forex Firm
What to look for in an online Forex Firm:
1. Low Spreads.
In Forex Trading the ‘spread’ is the difference between the buy and
sell price of any given currency pair. The lower the spread saves
the trader money. Most firms offer 4-5 pip spreads in the Major
Currency pairs. The best firms offer clients 3-5 pips.
2. Low minimum account openings.
For those that are new to trading, and for those that don’t have
thousands of dollars in risk capital to trade, being able to open a
mini trading account with only $200 is a great feature for new
traders.
3. Instant automatic execution of your orders.
This is very important when choosing a Forex firm. You want instant
execution of your orders and the price you see and ‘click’ is the price
that you should get. Don’t settle with a firm that re-quotes you when
you click on a price or a firm that allows for price ‘slippage’. This is
very important when trading for small profits.
4. Free charting and technical analysis
You need a firm that gives you access to the best charting and technical
analysis available to active traders. The firm that I recommend gives
clients FREE professional charting services and even allows traders to
trade directly on the charts!
5. High Leverage
You want high leverage—the ability to trade a large amount with a small
margin deposit. Some of the best firms offer .25% or 400:1 leverage.
6. Hedging Capability
You want the flexibility of opening positions on the same currency pair in
opposite directions without them eliminating each
What to look for in an online Forex Firm:
1. Low Spreads.
In Forex Trading the ‘spread’ is the difference between the buy and
sell price of any given currency pair. The lower the spread saves
the trader money. Most firms offer 4-5 pip spreads in the Major
Currency pairs. The best firms offer clients 3-5 pips.
2. Low minimum account openings.
For those that are new to trading, and for those that don’t have
thousands of dollars in risk capital to trade, being able to open a
mini trading account with only $200 is a great feature for new
traders.
3. Instant automatic execution of your orders.
This is very important when choosing a Forex firm. You want instant
execution of your orders and the price you see and ‘click’ is the price
that you should get. Don’t settle with a firm that re-quotes you when
you click on a price or a firm that allows for price ‘slippage’. This is
very important when trading for small profits.
4. Free charting and technical analysis
You need a firm that gives you access to the best charting and technical
analysis available to active traders. The firm that I recommend gives
clients FREE professional charting services and even allows traders to
trade directly on the charts!
5. High Leverage
You want high leverage—the ability to trade a large amount with a small
margin deposit. Some of the best firms offer .25% or 400:1 leverage.
6. Hedging Capability
You want the flexibility of opening positions on the same currency pair in
opposite directions without them eliminating each
Forex info
Before we begin looking at the specifics of the FPS and how it works, let’s look at
4 building blocks that I believe to be foundations to the Forex Profit System.
Foundation #1: Currency Trading is not a Get-Rich-Quick Scheme.
Currency trading is a SKILL that takes TIME to learn. Skilled Traders
can and do make money in this field, however like any other occupation or
career, success doesn’t just happen overnight. Here is a great ‘formula’
for success:
Practice + Patience + Persistence = Profits
As they say, there is no substitute for hard work and diligence. Practice
trading on a demo account and pretend the virtual money is your own real
money. Do not open a live trading account until you are profitable
trading on a demo account. Stick to the plan and you can be
successful.
Foundation #2: I highly recommend that you follow 1 or maybe 2 major currency pairs.
It gets far too complicated to keep tabs on all four. I also recommend that
traders choose one of the majors because the spread is the best and they
are the most liquid. The Euro/USD is the most commonly traded pair and
usually has the best ‘spread’ because of its liquidity. The USD/Swiss Franc is
usually the most volatile and moves the most during the trading week. The
USD/Yen moves a lot on the news out of Japan and normally the Pound
Sterling/USD is more stable in it’s moves than the other three.
Foundation #3: Follow and understand the daily Forex News and Analysis of the
professional currency analysts.
Even though this system is based solely on technical analysis of charts, it is
important to get a birds-eye view of the currency markets and the news that
affects the prices. It is also important that you know and understand what the
key technical ‘support’ and ‘resistance’ levels are in the currency pair that you
want to trade. Support is a predicted level to buy (where currency pair should
move up on the charts), resistance is a predicted level to sell (where the
currency pair should move down on the charts).
Fortunately, all the best Forex news and analysis is offered free on the
Internet. Here is what you should do first:
*While you are reading the daily news and technical analysis, write
down on a piece of paper what direction the analysts are saying
about the major currency pair you are following and the key support
and resistance levels for the day.
A. Go to http://www.forexnews.com/ and you will find 24hr news and analysis on
the spot FX markets. The site will give you the big picture of how the
economic calendar and central banks affect the currency markets. A
great resource.
B. Then go to http://www.fxstreet.com/ and click on the ‘Top Forex Reports’. Here
there is a wonderful listing of all the major daily currency analysis and
forecasts with support and resistance and direction forecasts.
C. Click on http://www.currencypro.com/ and go to ‘Today’s Market Research’ and
there you will find more excellent analysis on the Major Currency pairs.
Another great Forex Portal.
Foundation #4: Learn how to use the technical indicators in this course and
always trade with stop losses!
It is worth your time to be patient and learn how to use the technical
indicators on the charts that you will be reading about shortly.
6 It is important when you are trading Forex, to be disciplined and to stick to
a plan. Don’t just trade your ‘gut’ feeling. Use the technical indicators
outlined and always enter in stop losses on every trade. Remember that
everyone who trades has a different tolerance for losses. Depending on
your risk capital, and strategy, set your stop losses accordingly.
4 building blocks that I believe to be foundations to the Forex Profit System.
Foundation #1: Currency Trading is not a Get-Rich-Quick Scheme.
Currency trading is a SKILL that takes TIME to learn. Skilled Traders
can and do make money in this field, however like any other occupation or
career, success doesn’t just happen overnight. Here is a great ‘formula’
for success:
Practice + Patience + Persistence = Profits
As they say, there is no substitute for hard work and diligence. Practice
trading on a demo account and pretend the virtual money is your own real
money. Do not open a live trading account until you are profitable
trading on a demo account. Stick to the plan and you can be
successful.
Foundation #2: I highly recommend that you follow 1 or maybe 2 major currency pairs.
It gets far too complicated to keep tabs on all four. I also recommend that
traders choose one of the majors because the spread is the best and they
are the most liquid. The Euro/USD is the most commonly traded pair and
usually has the best ‘spread’ because of its liquidity. The USD/Swiss Franc is
usually the most volatile and moves the most during the trading week. The
USD/Yen moves a lot on the news out of Japan and normally the Pound
Sterling/USD is more stable in it’s moves than the other three.
Foundation #3: Follow and understand the daily Forex News and Analysis of the
professional currency analysts.
Even though this system is based solely on technical analysis of charts, it is
important to get a birds-eye view of the currency markets and the news that
affects the prices. It is also important that you know and understand what the
key technical ‘support’ and ‘resistance’ levels are in the currency pair that you
want to trade. Support is a predicted level to buy (where currency pair should
move up on the charts), resistance is a predicted level to sell (where the
currency pair should move down on the charts).
Fortunately, all the best Forex news and analysis is offered free on the
Internet. Here is what you should do first:
*While you are reading the daily news and technical analysis, write
down on a piece of paper what direction the analysts are saying
about the major currency pair you are following and the key support
and resistance levels for the day.
A. Go to http://www.forexnews.com/ and you will find 24hr news and analysis on
the spot FX markets. The site will give you the big picture of how the
economic calendar and central banks affect the currency markets. A
great resource.
B. Then go to http://www.fxstreet.com/ and click on the ‘Top Forex Reports’. Here
there is a wonderful listing of all the major daily currency analysis and
forecasts with support and resistance and direction forecasts.
C. Click on http://www.currencypro.com/ and go to ‘Today’s Market Research’ and
there you will find more excellent analysis on the Major Currency pairs.
Another great Forex Portal.
Foundation #4: Learn how to use the technical indicators in this course and
always trade with stop losses!
It is worth your time to be patient and learn how to use the technical
indicators on the charts that you will be reading about shortly.
6 It is important when you are trading Forex, to be disciplined and to stick to
a plan. Don’t just trade your ‘gut’ feeling. Use the technical indicators
outlined and always enter in stop losses on every trade. Remember that
everyone who trades has a different tolerance for losses. Depending on
your risk capital, and strategy, set your stop losses accordingly.
Forex history
Did you know that more and more business opportunity seekers worldwide are
discovering the powerful profit potential of Foreign Exchange trading? In this
business, there are no employees to hire, no advertising, no products to stock,
no downlines to fill--just you, an Internet connection and a computer. That's all
you need to make money on the worlds largest market. If you are searching for
an alternative to more traditional home-based business opportunities, then Forex
trading may be what you’ve been looking for.
Our purpose is to empower, mentor and train currency traders all around the
world who would like to Day Trade Forex as their main source of income. For
those looking for a significant part-time income, we believe Currency Trading is
the vehicle to use. Our aim is to assist you to:
1. Stay Disciplined—To learn how to manage risk effectively.
2. Keep Objective—To trade in a non-emotional, intelligent way.
3. Trade with Confidence—To know exactly when to trade.
4. Become Systematic—To generate your own Forex buy/sell signals.
Currency exchange is very attractive for both the corporate and individual
traders who make money on the Forex - a special financial market assigned for
the foreign exchange. The following features make this market different in
compare to all other sectors of the world financial system:
• heightened sensibility to a large and continuously changing number of
factors;
• accessibility to all traders in the major currencies;
• guaranteed quantity and liquidity of the major currencies;
• increased consideration for several currencies, round-the clock
business hours which enable traders to deal after normal hours or during
national holidays in their country finding markets abroad open and
• extremely high efficiency relative to other financial markets.
This goal of this manual is to introduce beginning traders to all the
essential aspects of foreign exchange in a practical manner and to be a source of
best answers on the typical questions as why are currencies being traded, who are
the traders, what currencies do they trade, what makes rates move, what
instruments are used for the trade, how a currency behavior can be forecasted and
where the pertinent information may be obtained from. Mastering the content of
an appropriate section the user will be able to make his/her own decisions, test
them, and ultimately use recommended tools and approaches for his/her own
benefit.
discovering the powerful profit potential of Foreign Exchange trading? In this
business, there are no employees to hire, no advertising, no products to stock,
no downlines to fill--just you, an Internet connection and a computer. That's all
you need to make money on the worlds largest market. If you are searching for
an alternative to more traditional home-based business opportunities, then Forex
trading may be what you’ve been looking for.
Our purpose is to empower, mentor and train currency traders all around the
world who would like to Day Trade Forex as their main source of income. For
those looking for a significant part-time income, we believe Currency Trading is
the vehicle to use. Our aim is to assist you to:
1. Stay Disciplined—To learn how to manage risk effectively.
2. Keep Objective—To trade in a non-emotional, intelligent way.
3. Trade with Confidence—To know exactly when to trade.
4. Become Systematic—To generate your own Forex buy/sell signals.
Currency exchange is very attractive for both the corporate and individual
traders who make money on the Forex - a special financial market assigned for
the foreign exchange. The following features make this market different in
compare to all other sectors of the world financial system:
• heightened sensibility to a large and continuously changing number of
factors;
• accessibility to all traders in the major currencies;
• guaranteed quantity and liquidity of the major currencies;
• increased consideration for several currencies, round-the clock
business hours which enable traders to deal after normal hours or during
national holidays in their country finding markets abroad open and
• extremely high efficiency relative to other financial markets.
This goal of this manual is to introduce beginning traders to all the
essential aspects of foreign exchange in a practical manner and to be a source of
best answers on the typical questions as why are currencies being traded, who are
the traders, what currencies do they trade, what makes rates move, what
instruments are used for the trade, how a currency behavior can be forecasted and
where the pertinent information may be obtained from. Mastering the content of
an appropriate section the user will be able to make his/her own decisions, test
them, and ultimately use recommended tools and approaches for his/her own
benefit.
Forex Brokers
buy and sell financial instrument with one click
- No commisions or fees on your trade
- you can start trading as little as $1
- open your account for free and get $5 free
- real time econimic news and forecast
- free chat with your friend in the market
- advance personal charting
- Get the friendly, easy software
- International support (bahasa indonesia support)
Forex For The Small Speculator
Today was a banner day for me... trading the AUD/JPY with a return of more than 10% NAV. The market simply walked up and down my trend lines bringing me profits with every pass. How come this doesn't happen more often?
Anyway, as a small time speculator I thought I'd outline some issues that we face compared to some of the larger traders:
Small Lot Sizes
If you want to trade in small lot sizes you need to find a broker that doesn't charge you an arm and a leg for the privilege. I trade at Oanda and they let you trade with any lot size without any adjustment in spreads. I recommend them and I'd give a referral link if they had an affiliate program.
Trading Large NAV Percentags
There is nothing wrong with trading a large percentage of your NAV as long as you know what you are doing. It's a problem if you are trading this way because you keep acquiring positions as the market moves against you. It's okay if you take a measured defined risk because the market has entered a condition that you have decided represents an opportunity. It is very important to get out of losing positions once you know that your market position is unfounded.
Carry Trading Becomes Useless
If you only have hundreds of dollars in your Forex account, then there is no point trying to take advantage of carry trades. If the market didn't fluctuate so much it might be worthwhile, but in all likelihood you'll make a few bucks here and there and end up wasting your time. So what if you make 200% over a year, you still only have several hundred dollars in your account.
Concluding Thoughts
When you are trading relatively large positions relative to your account size, it can be exciting. You'll quickly win or lose tens of percentage points. If you are good you'll be able to build up a bit of a nest egg before too long and then start trading more appropriately for the size of the account you've built up. Quite simply, as your account gets larger the need for large risks dissipates.
Get out there, take your time, make sure the market sets itself up for you just right, and then stomp around and rip a few dollars out!
Anyway, as a small time speculator I thought I'd outline some issues that we face compared to some of the larger traders:
- We trade in very small lot sizes
- To make any meaningful revenue we may trade with a large percentage of our NAV.
- Carry trading strategies may be meaningless
Small Lot Sizes
If you want to trade in small lot sizes you need to find a broker that doesn't charge you an arm and a leg for the privilege. I trade at Oanda and they let you trade with any lot size without any adjustment in spreads. I recommend them and I'd give a referral link if they had an affiliate program.
Trading Large NAV Percentags
There is nothing wrong with trading a large percentage of your NAV as long as you know what you are doing. It's a problem if you are trading this way because you keep acquiring positions as the market moves against you. It's okay if you take a measured defined risk because the market has entered a condition that you have decided represents an opportunity. It is very important to get out of losing positions once you know that your market position is unfounded.
Carry Trading Becomes Useless
If you only have hundreds of dollars in your Forex account, then there is no point trying to take advantage of carry trades. If the market didn't fluctuate so much it might be worthwhile, but in all likelihood you'll make a few bucks here and there and end up wasting your time. So what if you make 200% over a year, you still only have several hundred dollars in your account.
Concluding Thoughts
When you are trading relatively large positions relative to your account size, it can be exciting. You'll quickly win or lose tens of percentage points. If you are good you'll be able to build up a bit of a nest egg before too long and then start trading more appropriately for the size of the account you've built up. Quite simply, as your account gets larger the need for large risks dissipates.
Get out there, take your time, make sure the market sets itself up for you just right, and then stomp around and rip a few dollars out!
How To Become A Currency Trader
If you are anything like me, you probably imagine that it is difficult to become a foreign currency trader. Perhaps there are rules, regulations and other hoops that have to be jumped through. Maybe you need large amounts of cash in order to get started.
No.
Becoming a Forex currency trader is incredibly simple!
Get A Demo Account
As I beginner I'd suggest you sign up with Oanda. Not only do they have a good reputation but they offer other advantages for a beginning trader as well:
So, that's what I did. I started with $100 in my account and was off to the markets. Sweet, I'm a forex trader!
Learning To Trade Foreign Exchange
If you have a demo account, enter some trades. See what happens. Then, after the results come in, search for information about what happened. You'll find some helpful advice in blogs, such as mine, as well as various tutorial and forum sites. I would suggest that you buy a book or two on forex trading, technical analysis and perhaps something concerning the attributes of successful traders. I've listed some books that I found helpful on this blog post about getting aforex education.
Trading With Real Money
Don't rush to trade with real money. One of the most important things to realize is that there is always another opportunity -- there is no need to let the fear of missing out intrude on your good sense. In fact, the issue of psychology is immensely important in trading and once you move to real money trading you'll realize this very quickly.
Frankly, though I counsel otherwise, I wasn't be able to trade realistically while not actually risking my own money, so I started trading with a tiny account, funded with $100, almost immediately. Personally, with a few dollars on the table, I found that my interest level, formality and trading style were all upped a notch.
Trading Sessions
Except for weekends the markets are open all the time. However, different periods of time often have different characteristics. This is because trading in currencies generally follows the business day around the world from timezone to timezone.
Account Safety
Oh, I should mention, these days Forex trading with a reputable company (such as Oanda) is quite safe. While there are large risks and large rewards, my risks are essentially limited to the capital that I have put into my account. With wise strategies I can limit risks further, but as a beginner it is comforting to know that I can't lose more than I let sit in my account no matter how foolish a beginner mistake I might make.
I should stress that you could lose all the capital you put in your account, so do not start out with a large account with the idea that you will only conduct small trades. At the very least, create some sub-accounts and keep the majority of your capital out of harms way until you have blown up your play money account, learned a few lessons, and know how to protect your capital.
What You'll Learn
Above and beyond the simple mechanics of opening an account and executing trades there are tons of things you'll need to study to become a successful trader. These include:
I also invite you to read my blog. I started out from scratch and can address issues in a way that can be helpful for a beginner. Please feel free to ask questions and I'll do my best to point you to useful information if I can't give you a good answer myself.
No.
Becoming a Forex currency trader is incredibly simple!
Get A Demo Account
As I beginner I'd suggest you sign up with Oanda. Not only do they have a good reputation but they offer other advantages for a beginning trader as well:
- You can sign up for a live account with very little initial capital.
- You can execute trades of just about any arbitrary (small) size.
So, that's what I did. I started with $100 in my account and was off to the markets. Sweet, I'm a forex trader!
Learning To Trade Foreign Exchange
If you have a demo account, enter some trades. See what happens. Then, after the results come in, search for information about what happened. You'll find some helpful advice in blogs, such as mine, as well as various tutorial and forum sites. I would suggest that you buy a book or two on forex trading, technical analysis and perhaps something concerning the attributes of successful traders. I've listed some books that I found helpful on this blog post about getting aforex education.
Trading With Real Money
Don't rush to trade with real money. One of the most important things to realize is that there is always another opportunity -- there is no need to let the fear of missing out intrude on your good sense. In fact, the issue of psychology is immensely important in trading and once you move to real money trading you'll realize this very quickly.
Frankly, though I counsel otherwise, I wasn't be able to trade realistically while not actually risking my own money, so I started trading with a tiny account, funded with $100, almost immediately. Personally, with a few dollars on the table, I found that my interest level, formality and trading style were all upped a notch.
Trading Sessions
Except for weekends the markets are open all the time. However, different periods of time often have different characteristics. This is because trading in currencies generally follows the business day around the world from timezone to timezone.
Account Safety
Oh, I should mention, these days Forex trading with a reputable company (such as Oanda) is quite safe. While there are large risks and large rewards, my risks are essentially limited to the capital that I have put into my account. With wise strategies I can limit risks further, but as a beginner it is comforting to know that I can't lose more than I let sit in my account no matter how foolish a beginner mistake I might make.
I should stress that you could lose all the capital you put in your account, so do not start out with a large account with the idea that you will only conduct small trades. At the very least, create some sub-accounts and keep the majority of your capital out of harms way until you have blown up your play money account, learned a few lessons, and know how to protect your capital.
What You'll Learn
Above and beyond the simple mechanics of opening an account and executing trades there are tons of things you'll need to study to become a successful trader. These include:
- Reading candlestick charts.
- Interpreting indicators.
- Support and resistance levels.
- Fundamental economic analysis.
- National economic news events.
I also invite you to read my blog. I started out from scratch and can address issues in a way that can be helpful for a beginner. Please feel free to ask questions and I'll do my best to point you to useful information if I can't give you a good answer myself.
Forex Scalping Information
Okay, I've been trying to find information on forex scalping and the pickings are mightly slim indeed. In fact, the so-called information on the net is so bad I'm going to write up a small post of my own... because I'm sure if you found this page you are desperately looking for some real information.
What Is Scalping?
Quite simply, very short term trading.
Why Don't Brokers Like Scalping?
Well, some brokers don't like scalping because of how they are set up. If they are not able to execute your trades quickly or efficiently enough then they risk being the source of your profits.
Does Scalping Work?
I've seen some people claiming that it works great as well as others claiming that it is impossible to do profitably. The reality is that if you can predict the direction that an equity pair will move, either up or down, then you can hop into the market and grab a few pips when it happens.
How Easy Is It To Predict Equity Pair Price Changes?
Well, that's the million dollar question! I don't have any books to sell or anything, but a lot of people claim to have solutions for you. Personally, I think if they really had solutions that worked they wouldn't waste time telling you about it, they'd be busy trading. However, in an effort to be informative, when you spend enough time watching a market (which is quite boring) you'll get a feel for it's current state and how it is moving. Often, until conditions change, you can be fairly accurate with your predictions.
Can Anyone Do This?
If you find a market maker that doesn't mind scalping, you can try. However, you must know how to place stop and limit orders with their trading platform. In particular, it would be very nice if you were able to have someting known as a trailing stop. As well you will want to understand the concept of leverage as it applies to a forex account. Basically, I'd suggest throwing $100 at a starter account and playing around, carefully, until you've made enough bad decisions to learn how things work. After that, you should have the tools needed to try out various strategies.
How Much Effort Is It?
Scalping is very time consuming. You have to spend a lot of time watching the markets, to the point that it would be difficult to do well if you had an existing full time job. Also, scalping is very demanding from a psychological point of view, as you will have large amounts of your capital ready to put into play, but you may have to wait hours before you spot a good entry point. Then, upon entry, you might find you are back out with a small loss in no time. Alternately, you might get a small profit, take it, and then watch the market skyrocket after your exit. The shorter your trading is the more attention it will take and the more nerve wracking it will be.
Are You Scalping?
I'm thinking about it. I've been opening up a grid strategy to catch swing trades, but I have noticed that using half of the scalping mentality to accumulate positions in trends may be able to have a significant positive impact on my results. I guess I'll end up letting you know how things work out.
What Is Scalping?
Quite simply, very short term trading.
Why Don't Brokers Like Scalping?
Well, some brokers don't like scalping because of how they are set up. If they are not able to execute your trades quickly or efficiently enough then they risk being the source of your profits.
Does Scalping Work?
I've seen some people claiming that it works great as well as others claiming that it is impossible to do profitably. The reality is that if you can predict the direction that an equity pair will move, either up or down, then you can hop into the market and grab a few pips when it happens.
How Easy Is It To Predict Equity Pair Price Changes?
Well, that's the million dollar question! I don't have any books to sell or anything, but a lot of people claim to have solutions for you. Personally, I think if they really had solutions that worked they wouldn't waste time telling you about it, they'd be busy trading. However, in an effort to be informative, when you spend enough time watching a market (which is quite boring) you'll get a feel for it's current state and how it is moving. Often, until conditions change, you can be fairly accurate with your predictions.
Can Anyone Do This?
If you find a market maker that doesn't mind scalping, you can try. However, you must know how to place stop and limit orders with their trading platform. In particular, it would be very nice if you were able to have someting known as a trailing stop. As well you will want to understand the concept of leverage as it applies to a forex account. Basically, I'd suggest throwing $100 at a starter account and playing around, carefully, until you've made enough bad decisions to learn how things work. After that, you should have the tools needed to try out various strategies.
How Much Effort Is It?
Scalping is very time consuming. You have to spend a lot of time watching the markets, to the point that it would be difficult to do well if you had an existing full time job. Also, scalping is very demanding from a psychological point of view, as you will have large amounts of your capital ready to put into play, but you may have to wait hours before you spot a good entry point. Then, upon entry, you might find you are back out with a small loss in no time. Alternately, you might get a small profit, take it, and then watch the market skyrocket after your exit. The shorter your trading is the more attention it will take and the more nerve wracking it will be.
Are You Scalping?
I'm thinking about it. I've been opening up a grid strategy to catch swing trades, but I have noticed that using half of the scalping mentality to accumulate positions in trends may be able to have a significant positive impact on my results. I guess I'll end up letting you know how things work out.
Part Time Currency Trader
As I've written before it is quite easy to become a currency trader. The harder part is being a currency trader that doesn't lose money. You see, according to the scuttlebutt on the forums, about 90% of new traders end up losing their money to the market.
Are you thinking about trying your hand?
I'm not here to talk you out of it. I myself am a part time currency trader. By day I work at my office job and by night I fight crime with a mask and cape. Wait, no, that's not right. By night I trade online when family duties allow me to squander a chunk of time.
Trading part time has it's challenges. You will see endless market movements that you did not participate in. You will miss opportunities to open or close a position even though your ideas about what would happen next were proven right. In fact, a very large part of trading well involves being able to deal with the psychological aspects of trading, whether part time or not.
If you read other posts in my blog, such as this one on trading philosophy, you'll see that I recommend working with very small trades. If you take larger trades, relative to your available capital, you'll find the emotional stress greatly magnified. It is very difficult to make good decisions as you watch your capital evaporate before your eyes.
Nothing will drive you from the market quicker than watching your capital shrink, panicking and saving what little you can, and then watching the market reverse leaving you without a stake. Or, perhaps worse, you do get back in after seeing a healthy rise, only to watch the market reverse yet again and wreak havoc on your capital once again.
It happens. I'm sure it happens a lot.
Did I mention that I'm not trying to talk you out of becoming a currency trader? It certainly isn't impossible to trade successfully but you really have to understand that there are many different ways to be unsuccessful. One very easy way to fail is to enter the market during a period in which it is easy to understand market behavior, think that trading is quite easy, and then have the market turn upside down and brutally fleece you.
Let's see. Yes, another painful lesson is developing the discipline to set stops and then have them tripped trivially, while the market does in fact go in the direction that you expected. Of course, this sets you up for the opposite, hanging on to a trade endlessly expecting to go as you expected, while it sucks up more and more capital.
My advice, do become a currency trader. Take your time. Learn with a practice account. Eventually, switch to a micro or nano account and trade with very small amounts of money. Continue to play with very small capitalizations until you have blown up your account once or twice -- this happens when you get a margin call and all your funds (except active margin) are forfeited.
Take the long view. There is always going to be another opportunity. No currency pair moves only up or only down. When trading part time you must either make accurate predictions or tread softly enough that the market can't move far enough to cause a margin call.
Anyway, to get into some information you can act on, if you are totally new to the game you'll want to know the following:
Are you thinking about trying your hand?
I'm not here to talk you out of it. I myself am a part time currency trader. By day I work at my office job and by night I fight crime with a mask and cape. Wait, no, that's not right. By night I trade online when family duties allow me to squander a chunk of time.
Trading part time has it's challenges. You will see endless market movements that you did not participate in. You will miss opportunities to open or close a position even though your ideas about what would happen next were proven right. In fact, a very large part of trading well involves being able to deal with the psychological aspects of trading, whether part time or not.
If you read other posts in my blog, such as this one on trading philosophy, you'll see that I recommend working with very small trades. If you take larger trades, relative to your available capital, you'll find the emotional stress greatly magnified. It is very difficult to make good decisions as you watch your capital evaporate before your eyes.
Nothing will drive you from the market quicker than watching your capital shrink, panicking and saving what little you can, and then watching the market reverse leaving you without a stake. Or, perhaps worse, you do get back in after seeing a healthy rise, only to watch the market reverse yet again and wreak havoc on your capital once again.
It happens. I'm sure it happens a lot.
Did I mention that I'm not trying to talk you out of becoming a currency trader? It certainly isn't impossible to trade successfully but you really have to understand that there are many different ways to be unsuccessful. One very easy way to fail is to enter the market during a period in which it is easy to understand market behavior, think that trading is quite easy, and then have the market turn upside down and brutally fleece you.
Let's see. Yes, another painful lesson is developing the discipline to set stops and then have them tripped trivially, while the market does in fact go in the direction that you expected. Of course, this sets you up for the opposite, hanging on to a trade endlessly expecting to go as you expected, while it sucks up more and more capital.
My advice, do become a currency trader. Take your time. Learn with a practice account. Eventually, switch to a micro or nano account and trade with very small amounts of money. Continue to play with very small capitalizations until you have blown up your account once or twice -- this happens when you get a margin call and all your funds (except active margin) are forfeited.
Take the long view. There is always going to be another opportunity. No currency pair moves only up or only down. When trading part time you must either make accurate predictions or tread softly enough that the market can't move far enough to cause a margin call.
Anyway, to get into some information you can act on, if you are totally new to the game you'll want to know the following:
- Most, if not all, companies that offer online foreign exchange trading provide free forex demo accounts. These practice accounts are the same as live accounts except of course that you don't trade real money.
- A currency trading platform is simply a fancy name for what is usually branded currency trading software. This software will let you view charts for various currency pairs, add indicators and execute trades
- Forex trading is global. You can trade starting on Monday moring in Asia until Friday night in New York. Trading is 24 hours a day during this period though each trading session will offer differing market volume and behavior.
- If you are looking for a place to open your first forex demo account I'd suggest Oanda. To ensure that you don't think I'm compensated to say that I'll ask you to search Google to find them. They are a reputable company that allows you to trade with very small amounts -- which is great for starting out.
Getting A Forex Education - Forex Books
How many of us in the Forex market simply jumped in the market and started trading? I know that was my path. I tossed a few dollars in an account and figured losing it would be a paid lesson in how the markets work.
I can't say that this hasn't been a valuable path. I've learned some good lessons along the way:
No, don't worry, I'm not going to buy some silly multi-thousand dollar Forex training course. That would be stupid. Forex trading is very related to trading in general and there is no shortage of information on either subject. To make a long story short I've purchased four books recently:
More importantly, let me list the credentials of the authors of the above books. Respectively, they are:
I've had some days with a NAV appreciation of 10%, 20% or more. I'd like to have a lot more days like that... and I don't think that online sources created for the purpose of flogging affiliate commissions will do that for me.
I can't say that this hasn't been a valuable path. I've learned some good lessons along the way:
- it's important to let go of losses early so you have enough capital to sink your teeth into an opportunity that does work.
- No indicator or strategy has all the answers -- stop looking for the holy grail of trading
- The market can easily whipsaw you to tears if you aren't careful
- If you place close stops they will often be taken out before the market goes your way
No, don't worry, I'm not going to buy some silly multi-thousand dollar Forex training course. That would be stupid. Forex trading is very related to trading in general and there is no shortage of information on either subject. To make a long story short I've purchased four books recently:
- Currency Trading for Dummies
- Swing Trading for Dummies
- The 10 Essentials of Forex Trading
- Technical Analysis for Dummies
More importantly, let me list the credentials of the authors of the above books. Respectively, they are:
- Mark Gallant: Chairman and founder, GAIN Capital Group. Brian Dolan: Chief currency strategist, FOREX.com
- Omar Bassal, Head of Asset Management, NBK Capital
- Jared Marinez, FXCHIEF and founder of The Market Traders Institute, Inc.
- Barbara Rockefeller, International economist and trader
I've had some days with a NAV appreciation of 10%, 20% or more. I'd like to have a lot more days like that... and I don't think that online sources created for the purpose of flogging affiliate commissions will do that for me.
Quantitative Analysis?
So far, I've been satisfied to determine a long term fundamental direction, presumably with relatively low risk, and then develop a trading strategy that tries to take advantage of variations against that trend. However, I'm not against brushing off the old math skills to see if there is any way to integrate them into future trading strategies.
The biggest issue is time. Until I can get to the point that I'm a full time trader, I can't sit around all day rediscovering my math skills in order to develop complex software systems. However, I might be able to spend some time looking into these ideas -- perhaps getting a book or two on the subject -- to see how they may fit into future trading efforts.
The biggest issue is time. Until I can get to the point that I'm a full time trader, I can't sit around all day rediscovering my math skills in order to develop complex software systems. However, I might be able to spend some time looking into these ideas -- perhaps getting a book or two on the subject -- to see how they may fit into future trading efforts.
FX Trading And Analysis
I've become a little frustrated with most of news sources out there. If you've been an active forex trader for any length of time you'll notice that talking heads are always trying to tell you why something happened.
That's really nice, and might possibly help you learn about various financial interactions, but it's absolutely useless from a trading point of view. If you are trading you need to figure out what's going to happen -- not what just happened. Check out this video (complete with atrociously low audio levels).
That's really nice, and might possibly help you learn about various financial interactions, but it's absolutely useless from a trading point of view. If you are trading you need to figure out what's going to happen -- not what just happened. Check out this video (complete with atrociously low audio levels).
Recent Forex Efforts
Since the recent yen cross meltdown started I've been trying to keep from getting caught on the wrong side of any massive downward moves.
As I generally trade only the AUDJPY, mostly on the long side, things have been pretty quiet!
However, we are now facing some resistance at 74.50 on the 1hr -- which should be illustrative. We have done what might be a triple bounce off of support in the vicinity of 70.90 or so too. I'm thinking we may have another downturn to confirm support but we could certainly get right back to business without it.
In any case, as the market is starting to act rational, I'm just about ready to start trading according to my own particular style.
As I generally trade only the AUDJPY, mostly on the long side, things have been pretty quiet!
However, we are now facing some resistance at 74.50 on the 1hr -- which should be illustrative. We have done what might be a triple bounce off of support in the vicinity of 70.90 or so too. I'm thinking we may have another downturn to confirm support but we could certainly get right back to business without it.
In any case, as the market is starting to act rational, I'm just about ready to start trading according to my own particular style.
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