Saturday, November 14, 2009
What Is Forex trading Platforms?
Through this article, you will come to know about the forex trading platforms. Here I would like to share some knowledge regarding forex trading platform. In addition, how these trading platforms are related with forex brokers. While entering the world of finance and trading, you will find this information very helpful when you start trading. You should not face any problem from the information provided by forex brokers and experienced persons. As it take more time to study this information, you can better understand forex trading platform and how it works as well, so please take
Wednesday, October 28, 2009
5 Characteristics of a Forex Demo
One of the aspects of a Forex demo that you need to know about is that it must be designed in such a way to actually and factually emulate the ins and outs of the market. I mean, that is the whole point of the Forex demo account in the first place, to give you first hand view of the market and how it can be as virtually as possible. The best Forex demo account out there are those that are able to as accurately as possible make the demo as real as possible.
One other thing that you need to do is to also look at how the demo is designed and this is what you have to do on your own. Research on how the demo account and the programme that you are going to be assigned is constructed and from there you can make your decision. There is a lot of maths and engineering to do when one is making a good demo account. So, you need to research as much as you can and look into it as well to make sure that you get a good account.
One thing also, is that the company that is giving this demo programme to you is also transparent. Most companies who are denoted as scammers are those who do not share with you what the demo account and programme is all about, how it is designed and what it can do for you. If you spot a company that doesn't share with you these details, then, more often than not, you are running into a scam artist that is trying to steal some money from you and give you a dud that will not help you with your trading at all. This is something that you should seriously look into.
The next thing you need to know about this is there should be a part of the demo programme that allows you to have real time access to your broker or financial contact in the financial company. You should be able to contact and have someone to actually guide you throughout the process. I mean, the whole point of this for you is to actually learn something and you need some sort of human element there for you to learn as best as you can. This way, you will be able to get the most of the account that you are given.
The last thing that you need to look out for of course is the technical support that you should be getting. Technical support is really one of the most important things in the whole demo account. A Forex demo that does not work nor has conflicts on your computer is useless, so you need to be able to actually get some sort of support when this happens. So these, are some of the things that you need to know when you are trading with a demo account, and how to get your hands on the best ones on the online trading market
One other thing that you need to do is to also look at how the demo is designed and this is what you have to do on your own. Research on how the demo account and the programme that you are going to be assigned is constructed and from there you can make your decision. There is a lot of maths and engineering to do when one is making a good demo account. So, you need to research as much as you can and look into it as well to make sure that you get a good account.
One thing also, is that the company that is giving this demo programme to you is also transparent. Most companies who are denoted as scammers are those who do not share with you what the demo account and programme is all about, how it is designed and what it can do for you. If you spot a company that doesn't share with you these details, then, more often than not, you are running into a scam artist that is trying to steal some money from you and give you a dud that will not help you with your trading at all. This is something that you should seriously look into.
The next thing you need to know about this is there should be a part of the demo programme that allows you to have real time access to your broker or financial contact in the financial company. You should be able to contact and have someone to actually guide you throughout the process. I mean, the whole point of this for you is to actually learn something and you need some sort of human element there for you to learn as best as you can. This way, you will be able to get the most of the account that you are given.
The last thing that you need to look out for of course is the technical support that you should be getting. Technical support is really one of the most important things in the whole demo account. A Forex demo that does not work nor has conflicts on your computer is useless, so you need to be able to actually get some sort of support when this happens. So these, are some of the things that you need to know when you are trading with a demo account, and how to get your hands on the best ones on the online trading market
Sunday, August 23, 2009
Embrace Your Flaws
Hi Forex Nation
I have returned! Sometimes you need a vacation from your vacation, if you know what I mean! While I was enjoying beautiful Southern Califoria I had time to reflect on my trading. I had some good points and some ... well, let's just say some not so good points. Instead of getting down about what I felt were flaws in my trading game I thought I would list them out and embrace them.
I had no problem listing my top five areas of trading psychology that required attention. I did this in order to identify strategies to counter these feelings and allow me better overall trade execution. That's what it's all about after all.
Before I continue, remember that I am a flawed individual, so be kind! I also recognize that these flaws serve me well in life and in trading I simply need to understand that they are present and devise methods for incorporating them into my trading plan so they have a positive effect.
Here they are!
1. Afraid of Failure
This is presetn in almost every traders life.
Counter - read trading plan and mission statement before every trading session.
2. Lack of Discipline
I still find myself occasionally chasing trades.
Counter - I maintain a detailed trading journal that reminds me of how effective I am when deciplined.
3. Impulsive
My arch enemy!
Counter - I find I am more impulsive when tired. If I do not have enough rest I do not trade.
4. Competetive
The old athlete in me. In the past I have joined the herd.
Counter - I trade live in a focus environment with CNBC off and ensure that I make all decisions based on my trading plan and what the market is willing to allow me to take.
5. Greed
It cannot be a true list without fear AND greed.
Counter - Ironically, I employ discipline to maintain a rigid pip goal in my compounding account. Another trait that usually raises it's ugly head when I did not get enough rest.
Kowing what these negative trading traits are and when they are triggered will allow you too to manage your mind-set and turn these into positive currency trades!
I have returned! Sometimes you need a vacation from your vacation, if you know what I mean! While I was enjoying beautiful Southern Califoria I had time to reflect on my trading. I had some good points and some ... well, let's just say some not so good points. Instead of getting down about what I felt were flaws in my trading game I thought I would list them out and embrace them.
I had no problem listing my top five areas of trading psychology that required attention. I did this in order to identify strategies to counter these feelings and allow me better overall trade execution. That's what it's all about after all.
Before I continue, remember that I am a flawed individual, so be kind! I also recognize that these flaws serve me well in life and in trading I simply need to understand that they are present and devise methods for incorporating them into my trading plan so they have a positive effect.
Here they are!
1. Afraid of Failure
This is presetn in almost every traders life.
Counter - read trading plan and mission statement before every trading session.
2. Lack of Discipline
I still find myself occasionally chasing trades.
Counter - I maintain a detailed trading journal that reminds me of how effective I am when deciplined.
3. Impulsive
My arch enemy!
Counter - I find I am more impulsive when tired. If I do not have enough rest I do not trade.
4. Competetive
The old athlete in me. In the past I have joined the herd.
Counter - I trade live in a focus environment with CNBC off and ensure that I make all decisions based on my trading plan and what the market is willing to allow me to take.
5. Greed
It cannot be a true list without fear AND greed.
Counter - Ironically, I employ discipline to maintain a rigid pip goal in my compounding account. Another trait that usually raises it's ugly head when I did not get enough rest.
Kowing what these negative trading traits are and when they are triggered will allow you too to manage your mind-set and turn these into positive currency trades!
Forex and the Job
So you live in the western part of North America (I trade from Phoenix, Arizona) and you have discovered the power of trading the Forex market. Your passion runs so deep that almost instantly you are convinced that you want to do this full time. You get your requisite training and are ready to trade your live account. Just one problem … the job is keeps getting in the way!
Those of us who live in the Western part of the United States and Canada have a unique challenge when it comes to currency trading. Our time zones are not conducive to trading the European session and our window is small to trade the New York session before we must pack it up and hit the road. The Asian session is perfect timing, but not very active in the currencies rookies tend to focus on first.
I absolutely love trading the European session, but I am wasted the entire day from lack of sleep. I am very selective when I trade with London, because you ALWAYS want to be focused and on top of your game when trading!
Here are some simple recommendations to help you through your transition period.
1. Do Your Homework! This is valid with any trader, but for those of us who have a small window to trade peak hours need to be prepared to take advantage of any pips the market is offering up. This is really not a disadvantage. This can build and nurture a most profitable habit.
2. Go to Bed Earlier! It is very important to get your rest and trading in the Pacific Time zone requires an early wake up call to trade the London-New York overlap session. I awake 4:00 am pacific time to make sure I am awake and prepared when New York opens.
3. Develop a Solid Exercise Plan! I find when I am in decent condition I can get an additional 2 hours more of focused time out of my day. Those two hours I dedicate to making myself a better trader.
4. Find Your Trading Style! Synergize your trading style with your trading session. If you are like me and primarily trade from the 15-minute, 1-hour and 4-hour charts the European and New York sessions are my bread and butter. I use the Asian session to do my homework. If you are a position trader a whole new set of synergies come into play.
5. Be confident in your analysis. When I first started seriously trading currencies and juggling the job I found I had done my homework, planned an entry only to miss it because it occurred while I was in the middle of my mid-morning meeting. I learned very quickly to get comfortable with entry orders.
As you can see from these simple examples that becoming successful in currency trading requires two key elements…
Persistence will allow you to climb the learning curve and learn from your mistakes!
Change of mindset to not allow life to dictate the level of your currency trading success!
Those of us who live in the Western part of the United States and Canada have a unique challenge when it comes to currency trading. Our time zones are not conducive to trading the European session and our window is small to trade the New York session before we must pack it up and hit the road. The Asian session is perfect timing, but not very active in the currencies rookies tend to focus on first.
I absolutely love trading the European session, but I am wasted the entire day from lack of sleep. I am very selective when I trade with London, because you ALWAYS want to be focused and on top of your game when trading!
Here are some simple recommendations to help you through your transition period.
1. Do Your Homework! This is valid with any trader, but for those of us who have a small window to trade peak hours need to be prepared to take advantage of any pips the market is offering up. This is really not a disadvantage. This can build and nurture a most profitable habit.
2. Go to Bed Earlier! It is very important to get your rest and trading in the Pacific Time zone requires an early wake up call to trade the London-New York overlap session. I awake 4:00 am pacific time to make sure I am awake and prepared when New York opens.
3. Develop a Solid Exercise Plan! I find when I am in decent condition I can get an additional 2 hours more of focused time out of my day. Those two hours I dedicate to making myself a better trader.
4. Find Your Trading Style! Synergize your trading style with your trading session. If you are like me and primarily trade from the 15-minute, 1-hour and 4-hour charts the European and New York sessions are my bread and butter. I use the Asian session to do my homework. If you are a position trader a whole new set of synergies come into play.
5. Be confident in your analysis. When I first started seriously trading currencies and juggling the job I found I had done my homework, planned an entry only to miss it because it occurred while I was in the middle of my mid-morning meeting. I learned very quickly to get comfortable with entry orders.
As you can see from these simple examples that becoming successful in currency trading requires two key elements…
Persistence will allow you to climb the learning curve and learn from your mistakes!
Change of mindset to not allow life to dictate the level of your currency trading success!
Make Forex Education Your Top Priority
I have been doing a ton of reading this summer. This is not atypical for me. Reading is a way to continue my education and renew my focus on the task at hand. I have recently been exposed to several Forex training evaluation sites, as well attended some of those FREE Forex workshops you see on TV (some of them are still calling me!). It got me thinking
… “What advice can I provide to all those who are eager to learn the currency market with all that information out there without getting burned?”
I have come up with 3 Golden Rules to follow when evaluating currency training opportunities.
1. Know Thy Self – This is probably the most important advice I can provide. There is good training and bad training. Often the worst training has the best marketing plans. First figure out how you best learn information. Are you the type of person that can read a manual on rocket science and build a spaceship or are you a person that needs to be shown things through personal instruction and repetition? Figure out how you receive and process information and align Forex training source that fits your method of learning.
2. Don’t Believe the Hype – There is no golden system and it will take considerable effort to trade currencies successfully. Accepting these realities before embarking on your Forex Journey can save you tons of money and more importantly time spent climbing up the learning curve! If it sounds too good to be true, then it probably is. This should be no surprise! It is buyers beware market out there. Look for a Forex education company that can provide you with some solid aftercare resources.
3. Be Realistic – It is a journey and all good journeys take time to develop and flourish. This can be a remarkable journey, but one where you are apt to lose your account a few times before you surrender to the market and learn to take what the market is offering for profits that day. Listen to recommendations, but make decisions based on your own criteria, because in the Forex market this skill will serve you well!!
When reading internet-based sales letters or infomercial or forums, just remember that everyone has an opinion, but in the end the only one that matters is your!!
Happy Trading!!
… “What advice can I provide to all those who are eager to learn the currency market with all that information out there without getting burned?”
I have come up with 3 Golden Rules to follow when evaluating currency training opportunities.
1. Know Thy Self – This is probably the most important advice I can provide. There is good training and bad training. Often the worst training has the best marketing plans. First figure out how you best learn information. Are you the type of person that can read a manual on rocket science and build a spaceship or are you a person that needs to be shown things through personal instruction and repetition? Figure out how you receive and process information and align Forex training source that fits your method of learning.
2. Don’t Believe the Hype – There is no golden system and it will take considerable effort to trade currencies successfully. Accepting these realities before embarking on your Forex Journey can save you tons of money and more importantly time spent climbing up the learning curve! If it sounds too good to be true, then it probably is. This should be no surprise! It is buyers beware market out there. Look for a Forex education company that can provide you with some solid aftercare resources.
3. Be Realistic – It is a journey and all good journeys take time to develop and flourish. This can be a remarkable journey, but one where you are apt to lose your account a few times before you surrender to the market and learn to take what the market is offering for profits that day. Listen to recommendations, but make decisions based on your own criteria, because in the Forex market this skill will serve you well!!
When reading internet-based sales letters or infomercial or forums, just remember that everyone has an opinion, but in the end the only one that matters is your!!
Happy Trading!!
Friday, July 31, 2009
The Five Most Traded Currencies in FOREX
currencies are traded in dollar amounts called 'lots'. one is equal to 1,000$, whcih control 100,000.$ in currency.
currencies are always traded in pairs in FOREX.
some of common pairs are
EUR/USD EURO /US DOLLAR "EURO"
USD / JPY US DOLLAR / JAPANESSE YEN "DOLLAR YEN"
GBD / USD BRITISH POUND / US DOLLAR "CABLE"
USD / CAD US DOLLAR / CANADIAN DOLLAR "DOLLAR CANADA"
EUR /JPY EURO / JAPANESSE "EURO YEN
this are most useful currecies
currencies are always traded in pairs in FOREX.
some of common pairs are
EUR/USD EURO /US DOLLAR "EURO"
USD / JPY US DOLLAR / JAPANESSE YEN "DOLLAR YEN"
GBD / USD BRITISH POUND / US DOLLAR "CABLE"
USD / CAD US DOLLAR / CANADIAN DOLLAR "DOLLAR CANADA"
EUR /JPY EURO / JAPANESSE "EURO YEN
this are most useful currecies
Technical Analysis
Technical analysis is an industry term that more often than not sounds much more complicated than the actual process is. Really, it ought to be referred to as “price analysis”, as this would be a more accurate description.
Through the use of charted data traders around the world analyze their market of choice. The objective: attempt to determine future price movement. The means: understanding price movement patterns of the past.
Through the use of charted data traders around the world analyze their market of choice. The objective: attempt to determine future price movement. The means: understanding price movement patterns of the past.
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