If like so many people you have become dis-illusioned with the financial system and you feel like you need to take charge of your own investments then forex trading might well be a good option for you.
If you are new to forex though, it can all seem very daunting. Figuring out where to start your education is key. So in this post I wanted to lay down the basic structure of a good trade, so that you have at least some idea what you need to learn.
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In recent years, the Forex industry has managed to gain additional exposure by way of social media. Some Forex brokers are attracting new clients by using social media to share knowledge and important information. They’re using social media to make important connections with FX traders and prospective traders.
For example, Deutsche Bank’s online retail foreign exchange trading platform, dbFX, uses Twitter, Facebook, YouTube, and Linkedln to connect with FX traders and attract new visitors to its website.
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Most forex traders fail. While we don’t have completely accurate statistics to back up this statement, it is estimated that 90% – 95% of forex traders lose more money than they make.
The question that unprofitable traders continue to ask is, “Why can’t I make money in the foreign exchange?” Sometimes it even seems like the whole world is against you – your broker, your government, and, many times, even yourself.
But fear not. There are some common reasons why traders tend to lose money in the forex, and with a bit of knowledge, experience, and discipline, most of the reasons can be overcome. Let’s take a look at 4 common reasons for trading failure now.
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Are great traders born or are they made? This is the most important question that comes to the mind of anyone thinking of taking trading as a profession. This exactly was the topic of discussion between Richard Dennis and William Eckhardt, two great traders. Richard said that good traders are made and not born while Bill thought that good traders were only born.
Forex Binary Options are a new phenomenon that most investors and traders are not familiar with. In the last few years, binary options has become quite popular amongst the day traders. Many day traders are switching to trading forex binary options.
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Everything in the currency market is interlinked to some extent. Most of the currency pairs show correlations. Knowing about these currency correlations is important for you in order for you to reduce risk and diversify your portfolio. This knowledge of currency correlations will help you diversify and double up your investment portfolio without having to invest in the same currency pair plus also reduce your exposure to the market.
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Bad risk management can create stress and ruin your forex trading career. You might have the best forex trading system in the world but it will fail if you don’t practice good risk management. Losses are inevitable with any forex system. But what if you have bad risk management? You will blow out your account soon and most probably don’t have enough money to make those profits that you had dreamed when you started trading forex.
Bad risk management is one of the main reason that fails the budding career of many new forex traders. Many people start trading forex dreaming of making a million in just a few months. They overtrade, take on too much risk and get blown out by the market.
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Why you need to keep a trading journal? Trading is all about being disciplined. Successful traders don’t have any holy grail of systems or indicators. What they have is a lot of common sense and discipline. The importance of keeping a trading journal cannot be overemphasized if you want to become a successful trader. This is how hedge fund managers train their new traders. No doubt, leading banks are able to train and breed successful and pro traders using this simple strategy of inculcating the habit of keeping a trading journal and being disciplined in trading.
Using the higher timeframe to confirm a trading signal on a lower timeframe is a skill that can be highly rewarding for a trader. Many traders take a trade that is coordinated on the lower timeframe but not the higher timeframe which often gives them bad trades and a waste of time and energy.
Suppose, you find the trend on the intraday chart and the trend on the daily chart in the same direction, it is like having the wind at your back.If you can master the art of identifying currency pairs that have the intraday trends in the same direction as the daily and the weekly trends, you can reap immense rewards.
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Breakout trading can be highly profitable. But the problem is most breakouts tend to fail often. A breakout fails when the price returns to a point before the breakout. Suppose the price breaks out above the resistance line but soon retraces back below the resistance line. This means the breakout was false. But in many cases, prices retraces itself slightly above or below an important breakout level before continuing in the direction of the breakout.
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Divergences are considered to be pretty strong trend reversal signals. Divergence happens when the price action and the indicator in this case the histogram moves in the opposite directions. For example, the price action makes a new high while the indicator makes a new low or the price action makes a new low while the indicator makes a new high.
When divergence between the price action and the indicator develops, it means a potential trend reversal in the market. MACD is a very versatile technical indicator that can be used to trade these divergence patterns.
A MACD Histogram is a bar chart. The slope of the MACD Histogram is very important. This is the best indicator that tells whether bears or bulls are controlling the market. An upward slopping histogram indicates that the bulls are getting stronger while a downward sloping histogram indicates that the bears are getting stronger.
The price trend whether up or down is likely to continue if it is in the same direction as the slope of the MACD Histogram. When the slope of the histogram and the price action are moving in opposite direction, it means that the trend is in jeopardy. As a rule, always try to trade in the direction of the slope of the histogram.
The Forex market is an unpredictable scene and anyone determined to guarantee any outcome is probably a scammer. Because this market is practically unregulated, those looking to profit from inexperienced traders are doing so via online means. Its a shady enterprise, but it appears as legitimate.
The rule of thumb is, if it’s too good to be true, then it’s just that… be cautious, these promises about making money while you’re asleep or making quick money without any effort is just a load of crap. Wealthy people don’t get to their wealth without doing anything, without making any sacrifices. When approached by an unbelievable offer, don’t get screwed. Here’s what you need to look for.
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In the Forex market, everyone wants to become the infamous powerhouse broker with an unending stream of money coming out of their pockets. The reality is, according to Forex brokers, 90% of traders fail terribly because they just do not know what they are doing, how things work, or that they aren’t prepared enough. The other 10 percent, well, consider that only 5% comes even while the other 5% experiences repeated success. How do they do it? In this post, I’ll explain five key principles required to become a power trader:
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Fibonacci and Online FX Trading offers the capacity not only to react promptly to market change but to react using an online platform which has the necessary strategic resources. The Fibonacci pattern is a well regarded mathematical sequence and can be applied to the forex way of thinking.
The foreign exchange market, aptly known as forex is the biggest financial market in the world and as a result the sheer level of variables, opens a vast array of possibility regarding technical analysis and trading patterns.
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Forex trading is a fast paced, complex, high risk, high reward activity. Good split second decision making can be the difference between riches or ruin on the forex markets. That’s why so many forex traders use computer programs to make forex trading decisions. Many forex traders make consistent profits using computer programs designed to help make forex trading decisions. Don’t quite understand how a forex trading computer program can make decisions for you? Read on.
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Do you know this fact that the Bollinger Bands can be used as a very effective tool for detecting and trading trends even though most of us have only be taught to use them in a range bound market. Here is how to capture the trend with Bollinger Bands (BBs). Bollinger bands are used to measure the deviation or what we call volatility in the market. Bollinger bands measure the standard deviation of price action away from its 20 period moving average.
As a Forex trader, your natural desire is to reduce risks as much as possible. Inevitably, you develop risk management strategies to combat the side-effects of risky trades. In doing so, Forex traders must pay close attention to the size of their lots. Forex strategists assert that the smaller the lot size is, the better, consequently boosting flexibility and overall risk management. So what are the types of Forex slots? Forex slots come in three forms: 1) Micro Lots, 2) Mini Lots and 3) Standard Lots.
This is a daily timeframe strategy that can make hundreds of pips per trade for you without you having to spend hours staring at your computer monitor. Wake up in the morning, scan the charts on the daily timeframe, setup your trade and that’s it. After that you are free to do whatever you want to do.
Let’s discuss this Daily Timeframe Strategy. This Daily Timeframe strategy uses only two indicators. These are the Bill William’s Accelerator Oscillator (AC) and the Stochastic Oscillator. The Bill William’s Acceleration/Deceleration Indicator (AC) measures the acceleration and deceleration of the current driving force.
Perfect order takes places when the moving averages are stacked in a sequential order. For example, suppose you are using a three simple moving average system, 10 day SMA, 20 day SMA and 50 day SMA. In an uptrend, a perfect order world be when the 10 day SMA is above the 20 day SMA and the 20 day SMA is above the 50 day SMA. In the same manner, the 100 day SMA should be below the 50 day SMA and the 200 day SMA should be below the 100 day SMA.
A basic definition of Forex Trading can be unraveled relatively easily however utilizing this definition to your maximum advantage requires broader foundations. The roots of Forex Trading are derived from and are an abbreviation for, the Foreign Exchange market. The foreign exchange market is a constant hubbub of activity both for the financial and domestic world.
The forex market need not involve substantial financial knowledge; in fact you have probably already taken part in the forex community as the result of a simple trip to your local bank to convert that leftover change from your trip overseas.
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Three stick candlestick patterns are more complicated than the single stick and two stick patterns. These patterns take three days to emerge as a valid signal. One such three stick candlestick trend reversal pattern is the Morning Star. However, a Morning Star and the Bullish Doji Star look almost the same but are in fact two different three stick candlestick patterns. You need to know how to distinguish between them.
In case of the Morning Star and the Bullish Doji Star Patterns, the first day is a large bearish candle, the second day in case of the Doji Star Pattern is a True Doji while in case of the Morning Star it is almost a Doji. The price action behind these two patterns is almost the same.
Carry trade strategy entails buying a high interest rate currency and selling a low interest rate currency. Suppose, New Zealand Dollar NZD offers an interest rate of 4.35% while the Japanese Yen JPY offers 0.35%. Carry trade strategy involves buying NZD and selling JPY. The investor earns a profit equal to the interest rate differential of 4% as long as the exchange rate between the two currencies does not change.
Carry trade is one of the fundamental trading strategies that uses the basic economic principle that money constantly keeps on flowing from a low interest market to a high interest market. Markets that offer the highest interest rate attract the most capital. Countries are no different. Countries offering a better interest rate attract more capital as compared to countries offering low interest rate.
Forex trading online can be a very exciting and lucrative hobby. However, you need to know what you are doing to limit the amount of money you could lose. Here are some of the basic things you should know before you even attempt to trade online.
Are you interested in taking part in Forex trading online? If so then you may find that it can be slightly confusing. Many companies let you open a trading account with just $250. However, while this may seem like a very small amount, you need to think that it could let you control more than $25,000.
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In the last article, we discussed how to trade breakouts with Fib Projection Levels. Let’s discuss that breakout situation again. But this time, let’s assume it fails. Again assume that breakout scenario where EURUSD price rise from 1.2200 to 1.2300. But you are less confident that the price action will continue to rise. You still want to take the trade with one standard lot (100,000 units).
You enter the market with 1/4 lot (25,000 units) at 1.2300 just like before. If the prices continue to rise just like before, you can still profit from that move by gradually adding to the partial position to target the exit of 1.2400. Now, suppose the price doesn’t rise.
When we think of a Forex robot, we’re hoping that another Wall-E could make our Forex decisions for us, but that’s no the case. There are all sorts and varieties of Forex software that use automation (i.e. a robot) to create several charts and diagrams to analyze our stocks. We, nonetheless, need to make a choice on what software is the best for us and so, this post will explain what to look for in a Forex robot software.