Author: lockearticles1
Article:
Forex trading will be easier if you hire a forex broker. A forex
broker will not only be a “middleman” between you and the
forex market, but it will also be the one to supply facts and
figures, suggest forex trading strategies, and offer trading
decisions whenever necessary.
Forex brokers are trader companies with a level of experience in
the forex market. Their experience can be crucial for you for
higher chances of winning. On the other hand, you may hire the
wrong forex broker and end up losing instead of gaining profit.
That is why you have to make the right choice and browse through
the forex brokers list. To effectively choose a broker, you only
have to follow these easy tips:
Choose a Broker with Proper Credentials
How can you identify those forex brokers with the right
credentials? You can immediately create a shortlist by
eliminating prospective broker companies that are not registered
with the Commodity Futures Trading Commission as a Futures
Commission Merchant.
The designation of FCM will mean that the trading client will
have protection against fraud or anomalies that violate existing
trade practice regulations. It will also be a good way to
preserve your personal security and to ensure your safe entry to
the trading circuit.
Make an Effort at Research
Research has gone a long way since the advent of the Internet.
Nowadays, if a company has no website, you will think twice
about its business acumen. This is because if a company is
maintaining a website, it will usually mean that they are
exerting an effort to penetrate new horizons such as the
Internet. Companies like these are to be taken seriously.
Try to look up some of their existing clients and how they fare
in their trading. Note that facts and figures are easily made-up
in a website, so be sure to cross-check any information that you
may find.
Test Their Response Time
Now that you have researched about the prospective forex broker,
try to test their response time to their clients. You can do
this by sending an email to their customer service.
A company that timely answers inquiry requests from prospective
clients is serious in its business. The response time reflects
the level of their customer service to their clients and is a
sign of professionalism.
Know How Much You Are Going to Pay
Keep in mind that forex brokers are never free. Never let your
guard down just because they gave you free trading tips.
About the author:
Though some offer free advice, you will always have to pay for
their services so when choosing the right forex broker, be sure
to be aware of how much they charge for their services. To get
some great tips on forex, visit
http://www.forextradingmethods.net now! The best forex
information on the net, guaranteed.
Saturday, July 5, 2008
Sorting Through a Forex Brokers List
Currency Trading System - a Free Profitable Trading System is
Author: kelly Price
Article:
The currency trading system enclosed, works, will continue to
work and you can get started with it and use it to seek forex
trading success. All you need to know about it is enclosed.
Don't confuse this currency trading system with the junk robots
you see online for sale which come with made up track records
simulated in hindsight, this one has been used by savvy traders
for over 20 years and works.
The system was originally devised to trade commodity markets but
works on any trending market and of course forex markets offer
excellent trends.
The System is known as the 4 Week Rule and was devised by
Richard Donchian one of the most influential traders of all time
and here is the system and its very simple but don't be put off
all the best trading systems are - here you go:
Buy a new 4 week calendar high and reverse to a short position
on a break to any 4 week colander low maintaining a position in
the market at all times.
That it and while it sounds simple it is based on sound logic
and this system if you test it makes money here's why:
- It trades breakouts and it's a fact that most trends start
from new lows or highs
- It trades infrequently and is after the longer term trends
The advantage of the system is
- It will put you on the right side of EVERY big trend
- It is totally objective all you do is follow the rule
- It takes very little time to use this system
The only disadvantage of the system is when markets don't trend
and of course it can generate signals that cause losses so you
may wish to add a filter:
Exit any position on a one or two week low and then wait for the
next 4 week signal to re enter. You can also use short term
moving averages to exit the trade as well.
This system may not be complicated but it is effective at making
money longer term. You need discipline to follow it as its not
fussy about exact market timing but it puts dollars in the
pocket longer term and will beat 95% of sold systems online.
If you think that a simple system couldn't make money test the 4
Week Rule and you may be very surprised!
About the author:
NEW! 2 X FREE ESSENTIAL TRADER PDFS
ESSENTIAL FOREX TRADING COURSE
For free 2 x trading Pdf's, with 50 of pages of essential info
and more on href="http://www.learncurrencytradingonline.com/subscribe.html">C
urrency Trading System visit our website at:
href="http://www.learncurrencytradingonline.com">http://www.learn
currencytradingonline.com.
Forex Trading - Poker Players Often Become Trading Millionaires
Author: Sonia Kristina
Article:
If you thought that poker paying couldn't teach you much about
forex trading you would be dead wrong. If you can play poker
successfully you can trade and win because there is a unique
mindset needed for both. Even if you don't play poker you will
learn the skills needed from this article.
Any successful poker player will tell you that to win you need
to know when to bet ( when the odds are in your favour) how much
to bet and when to quit, to preserve equity and the skills
needed are neatly summed up in the old gamblers saying:
"There's a time to hold them a time to fold them and a time to
get out of town fast"
The successful poker player relies on himself there is no one to
help him at the table (contrast this with most forex traders who
trust mentors gurus or junk robots) and they rely on tremendous
discipline to not trade at all, or quit and take a loss and keep
their losses small (contrast this with the forex trader who
hates admitting their wrong), now you can see why they make
great traders.
Trading relies on you - no one else can help you.
You must get the right education and have confidence in it and
then the hard part - apply your trading system with discipline
in the market. Just like in poker your playing the odds not the
certainties, many guru's would have you believe.
You have to have total confidence in what you are doing and the
equation for market success is:
Logical well thought out method + the discipline to execute it =
forex market success.
If you don't have the discipline to execute your trading system
- you may as well not have one!
The poker player will take loss after loss - but he will have
the confidence and discipline to know that his time will come,
when he can load up his trades and win big. Most traders simply
cannot take a strong of losses but that's part of trading and
you must do this.
You need to understand you have to lose to win.
Forex trading is actually quite simple anyone can learn to trade
currencies but 95% of traders lose. The reason is not because
they can't learn to trade, it's because they like to follow
others or want to win all the time.
They simply don't have the discipline, or mindset to win and the
poker player does.
So learn this:
You need to stand on your own two feet. No following others or
believing all the hype that forex trading is easy - its not.
You then need to have confidence in what you're doing, to give
you confidence and the discipline to preserve your equity by
taking small losses and wait for your opportunities and run them
to big profits, when they come.
So if you play poker successfully or for that matter blackjack,
then you already have the traits needed to win. If you don't
play poker you will see the logic of the material enclosed and
can incorporate it in your forex trading strategy and seek forex
trading success.
About the author:
NEW! 2 X FREE ESSENTIAL TRADER PDFS
ESSENTIAL FOREX TRADING COURSE
For free 2 x trading Pdf's, with 50 of pages of essential info
and more on href="http://www.learncurrencytradingonline.com/subscribe.html">W
in at Forex Trading visit our website at: href="http://www.learncurrencytradingonline.com">http://www.learn
currencytradingonline.com.
Forex Trading - Commonly Held Views That If You Believe Them
Author: Sonia Kristina
Article:
Here are some commonly held views on forex trading that if you
believe them will see you lose and most traders do, so don't be
with the majority avoid these beliefs at all costs - here they
are...
1. Forex Robots Work
You have seen them, present great track records but there all
simulations in hindsight!
If you want to lose use one and you can do it quickly, by buying
a forex robot with a simulated track record!
2. Trade Short Term
Day trading and scalping is destined to lose as all movements
within a day are random. Again when you see a track record of
someone saying they win at it - look for the world "simulated in
hindsight" Day trading is a mugs game.
3. You Need to Predict to Win
If you think about this it's simply guessing and no one knows
what will happen next, so don't predict, trade the truth and
reality of price change only.
Before I forget don't be taken in by all the scientific theories
of market movement, if there was one, there would be no market
as we would all know the price in advance!
Forget predicting and trade the truth of change of price as you
see it in black and white on a forex chart.
4, Trading Breaking News
Waste of time - markets don't move on the news, they move on how
traders perceive it, that's why markets rally when there most
bearish and crash when there most bullish. If you think you can
make money trading news, think again.
4. You can Make Big Profits on $100.00!
The amounts that many brokers ask for today is tiny and with the
leverage and volatility in currency trading it's like tossing a
coin.
No one should consider trading less than $1,000 and preferably
$5,000.
5. Use Leverage Available
This is the one that traders hang themselves with. Brokers give
200:1 as standard and even 400:1 and most traders like to use it
- but volatility kills them.
Over leveraging wipes out the bulk of new traders 10 - 20: 1
leverage is enough for most traders.
6. All You Need to Win Is a Good System
Not true, its like having a high performance racing car, if you
don't have a careful disciplined driver, the car will crash.
In forex terms you can have a good system - but its going to
lose and you are going to have to stick with it and ride out the
losses. If you cant execute your trading strategy with
discipline in these periods, you will never hit the home
straight and win.
Think discipline is easy - think again, its not, even for
experineced traders its hard to stay on course, when your losing
money and the market makes you look stupid.
HOW TO WIN!
As you can gather you need to avoid the majority and get a
simple system that's logically and you can apply with
discipline. It sounds easy but its not you need to work at it
but don't be dismayed your effort will be well worth it and you
can soon be enjoying great forex profits on a regular basis.
About the author:
NEW! 2 X FREE ESSENTIAL TRADER PDFS
ESSENTIAL FOREX TRADING COURSE
For free 2 x trading Pdf's, with 50 of pages of essential info
and more on href="http://www.learncurrencytradingonline.com/subscribe.html">C
urrency Trading System visit our website at:
href="http://www.learncurrencytradingonline.com">http://www.learn
currencytradingonline.com.
Forex Day Trading and the Road to Financial Freedom and a
Author: Sonia Kristina
Article:
Forex day trading seen as the road to financial freedom by many
traders and the appeal is obvious take small risks and build a
fantastic second income. If you are a day trader not making as
much as you think you can or a novice trader looking to start
read this article...
Fact is day trading and forex scalping will lead you to
financial ruin should you decide to base your forex trading
system on them. The reason will become clearer if you ponder the
problem below and it's a hard one and one day traders cannot
solve no matter how clever they think they are.
Think of how many traders all around the world and how different
they are, in terms of their makeup, in terms of strategies they
use, education they have and the degree to which they are all
influenced by their emotions.
Your task (should you wish to accept it!) is to guess or predict
what they are going to do in a matter of minutes or hours - is
it possible?
No!
In days gone by the floor traders made money day trading and had
an advantage over the bulk of retail forex investors, as he had
the news ahead of the crowd and could react quickly - but today
we all have the information in a split second, in all corners of
the world and the edge has gone and you don't hear of this now
as we live in a world of electronic currency trading.
Daily movement of price is random and as you cannot use support
and resistance in these periods, you can apply technical
analysis and tools that work in longer time frames cannot by
there very nature work on random data - you may as well toss a
coin.
You can be lucky for a while - but at the end of the day the
market will sooner or later take your money.
What about all the forex day trading and scalping systems that
have great track records?
Well take a read of the following snippets that normally
accompany these stellar track records and it will make you think
and see them differently
"CFTC RULE 4.41 - Hypothetical or simulated performance results
have certain limitations. Unlike an actual performance record,
simulated results do not represent actual trading.
And the following will also be seen
Simulated trading programs in general are also subject to the
fact that they are designed with the benefit of hindsight. No
representation is being made that any account will or is likely
to achieve profit or losses similar to those shown".
Would you trade a system which had that written on it? Rather
you than me.
The day trading myth is you make profits but the reality is
different. Forex day trading is the road to ruin not financial
fredome
So get the right forex education and get a forex trading
strategy, based on data that can put the odds in your favor and
this will allow you to get on the road to financial freedom.
About the author:
NEW! 2 X FREE ESSENTIAL TRADER PDFS
ESSENTIAL FOREX TRADING COURSE
For free 2 x trading Pdf's, with 50 of pages of essential info
and more on how to href="http://www.learncurrencytradingonline.com/subscribe.html">W
in at Forex Trading visit our website at: href="http://www.learncurrencytradingonline.com">http://www.learn
currencytradingonline.com.