Tag Archives: currencies

How To Succeed At Forex Day Trading

The Forex trading market is the largest market in the world by far. In fact it is bigger than all the stock exchanges in the world combined. Trading goes on day and night seven days a week and there are millions of individuals, companies and even governments using the Forex to make money every minute. However, do not let this trick you into thinking that trading Forex is easy money, because it is not.

Most Forex traders trade on a long term basis, but others trade much more frequently, buying and selling the same position within 24-72 hours. These traders are called ‘day traders’. In order to trade Forex profitably you will have to learn the ropes.

One of the best methods of doing this is to open a practice Forex trading account. Most of the online Forex trading companies offer a practice account and the best ones offer free accounts and free practice accounts too. Again, the best Forex trading companies offer free technical and fundamental analysis along with access to all historical financial data and current financial information.

If you have never traded Forex before, you will almost certainly lose money, unless you are fortunate, but you do not want to be relying on luck when you use your own, real money. You will want to be relying on ability and information, although hoping for a bit of luck too is not unusual.

At the same time as you are learning to use all the financial and analytical tools at your disposal, you should try to develop a sense of detachment from your trades. Never become emotionally involved with one of your trades. It sounds daft, but people do become attached to a trade and lose touch with reality. This is a big mistake and one that professionals do not make.

So, when the statistics tells you to sell, just sell, do not attempt to fool yourself into thinking that everything will be all right next week. This may work for long term trading, but it does not work for day trading, it ties up too much of your capital. When you have developed a system that you think you can trust, say, one that uses the results from a combination of charts, you should stick to it unerringly. This is the only way that you can tell if your scheme works. This is why you need detachment from your trades.

Fear and greed are treacherous emotions, but they play a big part in the strategies, or lack of them, of many day traders. People are frightened of losing money, so if their choice goes down, they hang on praying that it will rise again. This is a dangerous game. You could lose a lot more than if you had got out in the first place.

Likewise, if your judgment was correct and the currency rises as you forecasted, get out when it reaches your goal, do not hang on in there hoping to make more. Greed will get the better of you in the end, if you do. Following a rapid rise, there is often a correction in the price. ‘Correction’ is a euphemism for ‘fall’ and you will be kicking yourself for not selling when you knew you should have.

So beware greed and fear, do not become emotional and stick to your system. However, if your system does not work, even when you follow it to the letter, then change it and test it again. This is the only way that you will be able to progress and make some decent money at Forex trading.

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Gold is bottoming and longs soon to be rewarded

My more recent forecasts for Gold were intermediately bearish from the $1390’s area as we saw a clear triple top breakdown from the 1425-1430 ranges about 8 weeks ago. However, the drop to $1310 fulfills a potential Fibonacci pivot low according to my Elliott Wave views on Gold, and investors can begin building long positions with the following views in mind if I’m right.

The rally up from the February 2010 $1,044 lows has been a large “Wave 3” structure which is not yet complete. We have completed 3 of the required 5 waves for this structure, and the current correction is a 4th wave. This pattern looks like what I call or Elliott termed a “3-3-5” pattern. This means you see 3 waves down, 3 waves up, and then 5 waves down to complete the correction. Note below the chart I sent my subscribers several days ago forecasting a possible pivot at $1310:

Now, as you can see above we did end up dropping back down from $1,345 an ounce to $1,310 last week and pivoted higher. This confirms a possible 4th wave bottom after a 7-8 week correction period. This type of movement works off the overbought sentiment levels of traders. In addition, we had the exchanges increasing position limits in the New Year and caused some additional liquidation selling.

The long term views now are for $1287 to hold as a worst case bottom in this 4th wave, and the 5th wave to begin if it has not already to over $1,500 per ounce at the next interim highs. I expect this could take quite a few months before we can even consider attacking the $1430 areas, but in time we should climb back above that wall. See my updated long term Elliott Wave based chart below. The general advise for traders is to take a long position with a stop at $1285, but add to your position on any tests of $1310 and down to $1287.

Gold is in a 13 Fibonacci year bull market. This is much like the Tech Stock bull from 1986-1999 in fact, and this would be similar to 1997 in the Tech Bull, still a lot of room on the upside to come for both Gold and Gold Stocks yet.

The Fibonacci 8 year period ended around $905 last August, which is when I forecasted a huge 5 year bull run in gold and gold stocks to commence. Don’t fall off the wagon on the shakeouts.

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Precious Metals and Stocks Converging To Top Together in January

In recent articles and forecast updates for my subscribers, I have been preparing them for a top in Precious Metals and US Markets around Mid January. We may have already seen the intermediate top in Gold and Silver recently, and the SP 500 and US markets are not far behind.

There are a few factors I look at to forecast pivot tops and bottoms consistently and a little ahead of the curve when my crystal ball is clear. I look at Sentiment readings, Elliott Wave patterns (As I view them), and Fibonacci relationships and time. If all of these are lining up to give me enough evidence of a convergence and a bottom or top, then I go ahead and make the call or begin to forewarn.

In the case of Gold, we see a really muddy chart pattern over the last several weeks that to me can only be read as toppy after a near $390 rally off the February lows this year. There are no clear Elliott Wave patterns anymore over the past few weeks, and the recent drop from $1422 to the $1360 ranges also doesn’t compute well for me if I’m a bull.

I have been on the long side of Gold since February of 2010, with the one intermittent bearish call I made in June before a huge drop. It looks like now is a good time for Gold and Silver to pause in the long uptrend, which still has about 3-4 years remaining if I’m right. This next pullback is likely to take Gold down to $1270-$1280 and then I will assess from there the next direction and price action. As you can see in the chart below, the recent action is toppy looking and could be read as bearish.

The SP 500 as I have outlined near year end 2010 is in the final stages of the advance from the Summer lows of 1010 on the SP 500 on July 1st. The Fibonacci and wave relationships then have been quite symmetrical and I see no difference on this final leg up. The difficulty is assessing whether this final 5th wave to the upside will extend past my 1285 targets and run to 1315, or truncate just below and begin the correction. I am looking for about 105 points SP 500 correction from the 1285-1315 topping areas over 7-10 weeks.

This too will work off extremely bullish sentiment readings which are running at or near the same highs as the January 2010 and April 2010 highs which I had forecasted as well. The areas that would be hit hardest in the coming wave 2 correction will be small cap stocks, so lightening up in that area and buying protection is not a bad idea to protect your long portfolio positions.

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What Are The Best Times For Forex Trading?

The foreign exchange market, or forex market for short, is open 24 hours per day during the business week. New York, Tokyo, London and Sydney are the four major trading hubs of the global currency trade and each market has its own hours of operation. These hours overlap at times and because trading at peak hours generally means a better chance of making a profit, it is important for every trader to know when the markets are open.

It is important to note that these listed periods are only in relation to the United States Eastern time zone. The New York market opens at 8am, and closes at 5pm. Tokyo opens at 7pm, and closes at 4am. Sydney runs from 5pm to 2am, and London, from 3am to 12pm.

Since there is little money to be made during the slow period of each of these markets, it is vital to learn when they will be active. For each, the morning hours are a good time, as are the evening. These are periods just before people leave to go to work, and the time just after they arrive home for the night.

The best times to trade, however, are during the hours where the markets overlap. This is the only time when many traders will do business.

These overlaps include the periods where London and New York overlap between 8am and 12pm. Sydney and Tokyo overlaps between 7pm and 2am. London and Tokyo overlap as well. This occurs between 3am and 4am. Again, all of these listed periods are based on United States Eastern time. If you are not on the East coast, you will need to adjust these periods accordingly.

These overlap periods are the peak hours for Forex trading. Naturally, some of these overlaps happen when you are likely to be asleep. You can try to adjust your sleep schedule to take advantage of these times if this is possible for you.

If this is not an option for you, then you can try to trade during the busiest hours for your local market, especially where they coincide with the hours of other markets. The value of different world currencies will move less when there are few if any people trading them, so times when the trading volume is low are the least advantageous times to trade.

If you are a newcomer to the Forex trading market, then make sure to memorize the hours that your local markets are open as well as when they overlap with other markets. Since your goal is to make money, you have to ensure that you trade during the best possible times.

The uprising of forex techniques will always make things a little extra competitive to all. Whereas, you as a wise trader, must always look at the fundamental fx trading strategies.

Just what Functions Are Offered By using Fap Turbo?

By simply dealing on forex markets, people can make or lose money according to the choices they’ve created. It could be a rewarding business or a total mess. Those who have good experience of the industry have greater odds of making money. But if you are a novice to this business you could look for quite a few forex robots which make-up on your bit of understanding for this field. Fap Turbo is an computerized software which does foreign exchange for you. It locates these trades on its own and trades for you delivering revenue using numerical calculations.

Benefits of Fap Turbo: This software could trade five distinct values at a time, the EURUSD, EURCHF, GBPCHF, EURGBP, and USDCAD. Fap Turbo yields income in a short-term. It provides a great safety attribute to safeguard your capital. It includes safe filters with small fixed stoploss to limit big deficits. In foreign exchange, the market situations vary all the time and the software should handle all sorts of markets. In such cases, the software could be sometimes incorrect and results in loss. Though with the stoploss safety feature that Fapturbo has, the losses are tremendously protected and then your funds are covered. You may make investments with as little as $50. The software has been back tested efficiently all the way to 1999 with 96% rate of success specifying that it makes use of useful methods which lead to profits.

Brokers dissuade forex robots and attempt to destroy those trading end results by banning those records or stoploss searching. Fap Turbo works in a stealth method which makes it undetectable by brokers so they don’t find out that you’re having a forex robot. There’s an option where you may even switch your computer off and the software keeps functioning. Absolutely no technical knowledge is required to utilize it and make revenue out of it. Because it’s a unit program that bases its selection on mathematics, there’s no human emotion element connected to it making it have a totally logical approach.

Cons of Fap Turbo: When you activate the copy of Fap Turbo after buying it, you cannot change your broker. You need to keep to the same broker because the content is branded to the metatrader ID you gave. So, in order to improve your agent platform you have to purchase a new copy of the software.

This software takes a day off on Friday and does not trade on that day. A lot of traders suggest that you don’t trade on Friday because exchange is sluggish and unstable. This is probably the reason why the software doesn’t work that day. Even so, if you feel otherwise you may be passing up on the right investments. This particular software package does not have any written guarantee, though the actual rate of success is extremely high. So if you are fascinated by generating some fast revenue you may test out Fap Turbo. You can start with a modest amount and see how it goes. Open an account using a reliable broker, and let Fap Turbo assist you with your personal currency trading.

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Top 20 Terms You Need to Know To Trade Forex

When you begin a new hobby or even profession, you are certain to come across terminology that you do not comprehend. The problem with not understanding the terminology of the industry, is that it hinders your progress in your chosen field.

I know many people, especially older people, who think that they will never be able to grasp computers, because the terminology sounds like a foreign language. The same can be said for Forex, so I am going to explain my top 20 terms to trade Forex that I think you have to be aware of.

Ask, Offer – the price at which a trader will buy a currency; it is the seller’s price

Base Currency – the currency that all trades are quoted in. This will normally be the USD, but some set-ups allow the trader to decide

Bear – someone who thinks that the market or position will go down

Bull – someone who believes that the market or position will go up

Broker – the person who places and deals with the trade for the trader. In FX there are no fees as such, as they are dealt with by the spread.

Cable – dealers’ slang for the USD/GBP exchange rate

Currency Risk – the risk of incurring losses ensuing from an unfavorable change in exchange rates.

Day Trading – refers to opening and closing the same position or positions within one day’s trading (day trader)

ECB – the European Central Bank

Forex, FX or Foreign Exchange – the concurrent buying of one currency and selling of another. The currencies are written in pairs such as USD/GBP.

GTC – ‘good till cancelled’ – this means that an order is left with the dealer to buy or sell at a price pre-established by the trader. When the price is met the trade will be automatically carried out.

Initial Margin – this is the initial deposit of collateral required in order to enter into a position. It is a guarantee on future performance

Margin – clients must deposit funds as security to cover any potential losses from adverse movements in currency prices

Market Maker – is a dealer who offers prices and is prepared to buy or sell at those stated bid and ask (offer) prices. A market maker keeps a trading book

Open Position – this refers to any deal which has not been settled by monetary payment or reversed by an equal and opposite deal for the same value date.

Pip or Points – in currency markets refer to the smallest move an exchange rate can make. This could be 0.0001 in the case of EUR/USD, GBD/USD, USD/CHF or 0.01 in the case of USD/JPY

Resistance – is the level at which charts suggest that selling will take place

Spread – this is the difference between the bid and offer (ask) prices. It is used to measure market liquidity, narrower spreads often indicate higher liquidity

Stop Loss Order – an order to buy or sell when a particular price is reached, either above or below the price that prevailed when the order was given

Technical Analysis – is an attempt to predict future market activity by analyzing historical market data. It is usually represented in the form of charts, price trends and volume graphs.

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What To Look For In An Online Forex Trading Platform

There are a number of different ways that you can make money on the internet, and the forex is just one great example. As far as trading goes, you don’t necessarily need to make the move to New York city, especially with the advent of the Internet. You can watch Forex News online and avoid Forex scam from the comfort of your own home! That being said, let’s talk about a few methods that you can use to familiarize yourself with the Forex and get on the right track once and for all.

Free Demo Account in Real Time

You may not want to start trading with real money right away because let’s face it that’s a huge step, and one that you will need to think about. You could however start with a free demo account that allow you to trade on a Forex platform without the risk. You will be able to experience trades, but you will find that you are trading with virtual currency and gaining a basic idea of what occurs in the Forex on a daily basis without taking any risks.

Unlimited Access to Tutorials and Other Educational Materials

You’re not going to win every single time, and this is something that you need to understand. If you expect to make money from Forex, you will need to know how the system works, when you should buy, sell, and even back off. There are plenty of tutorials and educational materials that will help you to make the right decision, and you will undoubtedly be able to keep those losses to a minimum.

Forex Trading Tools

As a numbers game, those who have the right knowledge in the Forex will obviously have the upper hand. Knowing the movement of currency and having a visual representation of the changes will help you in ways that you could never imagine!

It might not be easy, finding a good Forex platform, but once you do, you will find that you can stop guessing and start winning. Keep practicing with the demo software and carve a path to some serious cash flow.

What would a very effective forex trading tactic bring to your fx trading business instantly? Every type of forex trading strategy that is introduced must be scrutinized really well.

Why Do Forex Enthusiasts Make Use of the Forex Auto Money Software?

Ever since foreign exchange market emerged in the 1970s, it has been on a fast track growth without any let up. New York, London, Tokyo, Singapore and Hong Kong are the major currency trading centers in the world. The market sees no let up and is on a steady fast growth curve. One reasons for this is the high level of investment into this market from money managers who deal with pension funds and hedge funds. The major portion of the Forex trading is actually speculative trading. This speculative trading is valued at more than US$2 million per day.

Forex trading is a way of earning money. This can also be carried out online. It requires the knowledge of the exchange rate between two currencies across the major trading centers in the world. This exchange rate keeps fluctuating at all times. It requires a lot of hard work to know how to invest in what and when. The Forex market spews out huge volume of figures. Moreover, these figures keep changing constantly day in and day out. Often those involved in currency trading have wished that some one or other, or something or other will take care of going through all these figures and simply indicate to them the pros and cons in the market at any point of time.

These days a number of Forex trading software programs area available to assist in the trading. The Forex Auto Money is one such software. This software provides updates every day, 6 times every day and on a weekly basis. The program also can be directly used for making the investment.

Using complicated algorithms, the software programs makes use of the data to make market prediction of what will be the exchange rate between two currencies in the short term. What must be remembered is that the predictions are valid only for short duration. The money manager will have to make use of the output provided by the software program to take investment decisions. The software program is only a tool to assist the money manager to take decisions. It does not and is not capable of monitoring or analyzing factors external to the exchange rate that has a direct bearing on the way these rates will change.

When you engage in business, its usual to note that you don’t have all the knowledge. So, don’t hesitate to find help from the Forex Auto Money software.

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Forex Trading Tools

Everybody needs money, that is clear enough, but how do you get it, or enough of it, on a regular basis to be able to enjoy a fairly comfortable life? Most people work for somebody else, some others prefer to set up their own company in order to be their own bosses and still others choose to buy and sell intangible goods like stocks and shares. A concept comparable to this last one is trading currencies on the foreign currency exchange, which is normally shortened to Forex or even FX.

The Forex is the biggest market in the world. It turns over trillions of dollars every day and is actually open 24/7. Every country in the world has access to the Forex and every government and every bank trades on it every day. With all this money sloshing about it is obvious that there is a lot of money to be made from trading on the Forex. However, one must never forget that when someone wins, someone else loses. Billions of dollars are made and lost every day.

Never let anyone persuade you that making money on the Forex is easy. If it were straightforward, everyone would be rich and if everyone were rich no one would be. There is no easy money. However, what Forex traders try to do is establish a strategy that works for them. Once a profitable strategy has been developed, traders try to apply that same strategy over and over again. This is a way of minimizing risk and, it is hoped, maximizing profits.

As you are developing your own strategy or maybe adapting one that you have read about in a book on Forex strategies, you will come across different terms which describe tools that are employed in parts of those strategies. One of the most common tools is known as ‘Leverage’.

Leverage actually multiplies the value of your trading account. Leverage is often 100 times the actual, funded value. Therefore, if you have $1,000 in your account, you can exploit leverage to ‘play’ with $100,000. This evidently gives you higher gains or losses and is a dangerously useful tool.

Another tool to be utilized in your overall strategy is the ‘Stop Loss Order’. In many ways, the stop loss order can be used to stop you making a complete idiot of yourself with leverage. For instance, if you bought the USD/GBP at 1.50 and expected it to go to 1.60 and it does head off in that direction all well and good. However, you could place a stop loss order on the transaction at, say, 1.47, so that if it goes in the wrong direction you can only lose a ‘little bit’. The stop loss order is there to permit you to run your profits, but minimize your losses.

An ‘Automatic Entry Order’ allows you to enter the market at a price prearranged by you. So, for example you may think that the USD would never sink below GBP 0.66 in a million years, but if it does hit 0.66, you are so sure that it will rebound that you want to buy at that price at any time. You set an automatic entry order and you will never miss that chance, if it ever arises.

These tools or strategies can be used in an overall strategy to minimize risk, but not eliminate it, you still have keep your eye on the ball and learn the rules of the game.

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Hard Calculations Can Now Be Solved With The Forex Trading Robot

The foreign exchange market has become an important global economic activity. The market is worth over US$4 million every day. Money managers and Forex traders have to keep track of the exchange rates between two currencies constantly. This is a backbreaking task. Fortunately a number of computer software programs are available which makes tracking of all these data and making basic analysis. This has made the task of investors easier. Some of these programs also incorporate live trading.

The program analyses the short term opportunities that are available in the Forex market by trading in major currencies. The program makes predictions in the immediate future using mathematical algorithms. The program is capable of analyzing the trends in trading. But they are not capable of monitoring or analyzing the factors that influences or determining these trends. This is the limitation in the use of the program. There are many who feel that such software programs have immensely helped them to make better decision for investment. Consequently they have benefited significantly by using these programs. There are also others who feel that such software programs have not made them any richer. These programs have their limitation. One should know that there are limitations to what such program can do. They actually reduce some of the tiresome calculations. Finally the decision of the investor or money manager is what matters.

The Forex trading robots are computer programs that assist you with all the hard calculations that were earlier done manually by the money managers. The program has to be installed and initial data fed in. Online purchase of the program is easy.

The computer software program monitors all the changes that take place with the currency exchange rates. It shows the trend that is indicated by the figures. It indicates which pair of currencies can be exchanged at what rate. This information is constantly whipped out from all the data from all the Forex trading centers across the world. The investor or money manager takes in what the program indicates and takes decision taking into consideration all other relevant factors that are required for taking the decision.

Engaging in the Forex business involves difficult calculations. By using tools like the Forex Trading Robots, calculations will be easier than ever.

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