Forex Trading Basics

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The foreign exchange, or forex, market is relatively young, having begun in the early 1970s after the United States dropped the gold standard and national currencies started to fluctuate widely.

For about 30 years prior to that, most nations had agreed to keep their currency values stable in relation to the U.S. dollar, making a forex market unnecessary.

With that no longer the case, banks quickly realized that a profit could be made in “buying” currency when it was devalued and “selling” it after it strengthened, just like any other commodity.

Today, the forex market handles about $1.9 trillion in transactions every day, and it runs 24 hours a day, five days a week. (With nations around the world involved, it’s always daytime somewhere.)

The most traded currencies are the U.S. dollar, the euro, Japanese yen, British pound, Swiss franc and Australian dollar.

The forex market is overwhelmingly dominated by international banks, government banks, investment banks, corporations, and hedge funds. In fact, individual traders account for only about 2 percent of the market.

Nonetheless, a lot of people do try their hand at it, with varying degrees of success.

In the forex market, transactions are always handled in pairs: You buy one currency and sell another one.

The idea is to make a trade when you believe the currency you’re buying is going to go up in value compared to the one you’re selling.

Then, if it turns out your prediction was correct, you do another trade in the reverse direction -- selling the currency you originally bought and buying the one you sold -- in order to reap the profits.

For example, let’s say the market reports this: GBP/EUR 1.2200.

That means the cost of buying one British pound is 1.22 euros.

If you believed that course was going to change, and the euro was going to become more valuable than the pound, you might sell 100,000 pounds, buy 100,000 euros, and wait.

Then let’s say a few weeks later, the exchange rate fluctuates to this: EUR/GBP 1.3100.

Sure enough, the euro is now worth 1.31 pounds, a profit of 0.11 per unit.

The forex market is vast and daunting and mostly inhabited by giant organizations.

But it can be navigated by individuals who have studied the finer points and who want to take a risk on something potential profitable.

And since the whole world uses money, the trading of that money is always going to be a major force in the financial world.

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Is It Suitable For You To Trade Forex?

Being a forex trader: Is it for you?

Being a forex trader is not for the faint of heart.

The foreign exchange market is a fast-paced world that operates 24 hours a day, 5 and a half days a week.

For some traders, fortunes are made and lost very quickly.

Yet for someone with the right know-how and enough motivation and drive, forex trading can be rewarding both personally and financially.

How many people make their living as forex traders?

It’s hard to say for sure, but we know the number is smaller than the number of stock traders.

Most forex traders are actually international banks and other huge corporations; private citizens comprise only about 2 percent of the entire forex market.

Nonetheless, they are out there, and the number is growing.

As the Internet and other technological advancements make it more accessible, the forex market becomes more manageable and more average citizens become traders.

To begin with, most of these “day traders” keep their regular jobs and do forex as a side project.

It’s notoriously difficult to make a living as a forex trader at the start, and most new investors find they must allow for the learning curve before they’re really ready to do it full-time.

Once a new trader gets the hang of it, buying and selling currencies with some degree of confidence and turning a profit, he may find that he can quit his day job and focus on trading full-time.

There is certainly enough activity to fill a forex trader’s day, with news that could affect currency rates coming in almost constantly.

A smart trader watches this information continually, almost obsessively, always on the watch for a sign that the time is right to buy or sell.

With home computers and high-speed Internet service available nearly everywhere, being a trader from home has become feasible.

Some traders eventually become brokers, but the excitement -- and the potential profit -- lies in working for yourself.

With a stock market, a bad day could mean disaster.

But with the forex market, a bad day for one nation’s economy hardly matters, since there are still a dozen more strong, viable currencies to be traded. In that way, some consider being a forex trader slightly more stable than being a stock broker.

Either way, there is always risk when money and speculation are involved, but with dedication and resourcefulness, you can make a handsome living as a forex trader.

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Take Part In Forex Contests!

If you want to know how good your trading is, you can always take part in Forex contest help by various websites.

Recently, i took part in a forex contest organized by FX Pro.

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It only take a few minutes to register and every contest will have different time lenght.

Some would last 2 weeks while some goes on for a month.

For example, the one that I am in now goes on for the whole month of May 2013.

So, where can you find these contests?

You can find them in MyFxBook.com

Sign up with an account and you will be able to link MyFxBook to your trading account to see how your trading is fairing up.


At the time of this post, my position is at 304 out of 4234 competitors.

My account is up by 57.65%.
It is a long way behind the top guy who has registered a 7982.6% gain in just over week.

These high flyers are mostly trading Gold and Silver.

I checked them out of course :)

So why enter Forex Contents?

There is a prize money!

For this one, the winner will get $3000 funded into a FX Pro account.
So, to get the money, you need to register as a FX Pro user. Of course, you can trade with the money or withdraw it out after 1 day.

Pretty good huh... You can practice and win money at the same time.

The 2nd place will get a $2000 account and 3rd will win a $1000 account.

So, if you come across any forex contest out there, you can simply join the contest to see how well you perform againts traders from all over the world.

So, wish me luck.

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Your Forex Trading Strategy Is Everything

A good forex trading strategy can mean the difference between failure and success.

No sane person would jump into the forex market blindly.

You might as well set your money on fire if that’s what you’re going to do.

Sensible investors study the market carefully first, learn the ins and outs of currency trading -- and even then, before they launch into it, they devise a smart forex trading strategy.

The market is constantly changing and is not always predictable, true.

But you still need a strategy, one that allows for unknowns and surprises.

Your strategy should begin with how much money you can afford to lose.

That may sound like a negative outlook -- after all, the goal is to MAKE money, not lose it -- but common sense tells you that the forex market is a gamble.

There are precautions you can take that will make you less likely to lose your initial investment, but there’s no way to guarantee it.

Your strategy must allow for the possibility that you’ll take a bath, and for that reason you should never invest more than you can afford to lose.

Another good tip for your trading strategy is to avoid putting all your investments in one currency.

What’s the old saying about eggs and baskets? Yeah, don’t put ‘em all in one.

Spreading them out makes it much, much less likely that you’ll be wiped out, the way you would if you relied on one currency and it bottomed out.

As you prepare your trading strategy, make yourself aware of what the market is doing right now.

Is it trending upward, or downward? What’s the general mood among traders? They all have a strategy, too, and are eager to know what others are thinking.

Consider also what your timeline is.

How long do you want to stay in the market before taking your profits and getting out?

Your strategy must also involve learning the timing of the business.

Timing is everything: Too late or too early and your potential profit evaporates. As you learn to gauge the market and make trades at just the right time, your profits will increase.

A good strategy will factor in this learning curve and allow for a few mistakes at first.

Above all, to prepared to accept surprises when it comes to forex trading.

Strategy can only get you so far. The rest is ingenuity and a little bit of luck.

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Forex Demo: Always Trade Demo Account Before Trading Live Acount

Before airplane pilots actually fly on their own, they usually practice in simulators that re-create what flying will be like without any actual risk.

Since currency trading is as dangerous financially as flying is physically, it makes sense that there would be a forex demo available, too.

A forex demo is a smart way for a new investor to start.

Reading books and taking online courses can teach you the basics, but the best way to learn anything is to get some hands-on experience.

However, with forex, hands-on experience could mean losing your shirt.

So a demo gives you real-world training with no actual money being involved.

Usually, the demonstration comes courtesy of a brokerage or other financial Web site that has an interest in currying your favor.

The plan is that once you’ve tested your skills in the demo, you’ll get into the real thing and take advantage of the paid services the demo provider has to offer -- forex signals, managed accounts, automated trading, etc.

The demo is like a free sample, offered in the hopes that you’ll enjoy it so much that you buy something, too.

For that reason, be should be highly suspicious of any

Web site that wants to charge for a demo.

Considering there are literally dozens of sites that offer free demonstrations, there is absolutely no reason that you should pay for it.

When you sign up for a forex demo, you’re given a username and password and shown how to use the demo system.

Sometimes it involves downloading a piece of software unique to the company; other times it’s simply done over the Internet.
(Some demos require Macromedia Flash, which most browsers have installed, but which you’ll need the latest version of.)

You determine how much imaginary money you want to start with, and off you go!

Once you’re signed in to the forex demo, you do all the things you would do if it were a real-world situation: reading the charts, following the trends, visiting online forums to get other traders’ opinions, and making trades.

The trades are recorded in the forex demo only and don’t go anywhere into the actual market since there’s no real money involved.

When the market changes, the program determines how much you’d have gained or lost based on the decisions you made.

You’re able to say, “Whew! Good thing this was only for practice!” or “Too bad this wasn’t real!” And once you’ve gained some expertise using the forex demo, you can move on to the real thing and start making some money for real.

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Trading Forex Right In The Comforts Of Your Own Home

Trading in financial institutions is one of the best ways to earn money.

 It is also one of the most promising career choices that people make today.

With the opportunity to earn a lot of money, more and more people who are interested in trading in the financial institution have left their jobs to get a piece of the action in the financial market.

Today, the Forex market is the best choice for people who are considering making a career out of trading in the financial market.

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Besides, who wouldn’t want to trade in the largest and the most liquid market in the planet which involves all the countries in the world?

The Forex market operates 24 hours a day with currency exchanges that can go as high as 2 trillion dollars each trading day.

Also, it is the most liquid market in the world which also means that traders can enter the market anytime they want and get their profits easily.

In the past, Forex was limited to large financial institutions and multinational companies.

Only banks, central banks and large companies were allowed to participate in the Forex market.

However, thanks to modern communications technology and high speed internet and decreased sanctions in the Forex market, ordinary people can now trade and participate in the world’s largest financial market.

Because the Forex market is now open to everyone and because it is a very profitable industry, online

Forex brokerage firms began improving their services and accessibility.

They now also designed different trading platforms suitable for different Forex traders.

Not only has online Forex brokerage firms made their trading platforms accessible, they also began and still continuing to improve their software.

They also allow people to register with a Mini Forex account that can let them trade with a minimum margin of 100 dollars only or even less.

If you are interested in joining the Forex market, you only have to have a few things to get you started.

First, you need a computer with a high-speed internet connection.

The high-speed internet connection is very important for an effective trade to work.

It will also minimize the risk of slippages that can cause you to lose money.

So, if your area doesn’t have any high-speed internet connection available, you should forget about trading in the Forex market online.

This will only make you lose a lot of money.

Second, you need to choose which Forex brokerage company you should hire.

These companies will provide you with the Forex trading platform that you can easily download and install in your computer.

The Forex trading platform is simply a software program that is essential for an online Forex trader.

It is important for you to choose a trading platform that you are comfortable using.

You should also make sure that the trading platform you choose provides accurate and up to date real time information, security, and stability.

It is also recommended that the trading platform you choose should provide information on at least 16 currency pairs, execute orders with just a click of the mouse, have charting tools to perform technical analysis, and should also have a recording feature that will store your trading history.

With all these features, you can really improve the way you trade in the Forex market and also minimize the risk of losing money.

Look for a Forex trading platform that is simple to use and easy to understand.

If you wish to know more about the Forex trading platform that a Forex trading brokerage firm offers, you can consider opening a dummy or practice account.

By doing this, you will never risk real money on trades while learning the ropes.

You will also get hands on experience on the Forex trading platform and really determine if the platform is for you or not.

Risk management is also a very important feature that you should look for.

If it takes too long to select a risk management order, you should consider looking for another Forex trading platform.

These are some of the things you should look for in a Forex trading platform.

With a little practice in the dummy account, you can be sure that you can get the hang of it in no time at all and start making money through online Forex trading with a reliable Forex trading platform.

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Start your Forex journey with JustFxTrading

Get The Freedom You Always Dream Of!


Happy Trading!!!

Should You Use Automated Forex System

With the improvement of technology, many things are beginning to be automated. The same thing is already happening in the Forex market with Automated Forex Systems.


But before you jump right into the Forex bandwagon, shouldn't you know the reason why more people are trading Forex?

Why Forex trading?

This is probably one of the questions that you need a reasonable answer. There are hundreds of investments out there that you can prefer, but why go trading foreign currencies instead?

Forex investment is unique in various aspects.

* Its trading volume is relatively huge compared to other market.
* It has extreme liquidity or the capability of either buying or selling the currency without causing significant movement in the market price.
* It has the largest number and variety of traders.
* It is one of the markets that have long trading hours (24 hours each day, except during weekends.
* Trading locations are almost everywhere, not just in the United States or major cities of Europe.
* There are different factors that affect foreign exchange rate.

Another whooping fact that will make you excited to go on Forex trading: it has an average turnover in traditional foreign exchange market of around $4 trillion daily, according to the Triennial Central Bank Survey of the BIS (Bank for International Settlements).

Here are the daily averages of turnover on the Forex market for the last 17 years:

* $500 billion (April 1989)
* $750 billion (April 1992)
* $1.18 trillion (April 1995)
* $1.48 trillion (April 1998)
* $1.16 trillion (April 2001)
* $1.88 trillion (April 2004)

From the figures alone, you will notice that the average trend of Forex turnover is increasing.
It is estimated to reach as high as 2 to 3 trillion dollars within the next 8 to 10 years, if the number of traders around the world will continue to increase.

As a matter of fact, everyone have the chance of getting a substantial slice of the Forex market wealth pie, especially that the Forex trading marketing is now on its automation process.

The concept of automation becomes the new trend to the foreign exchange trading market.

The Interbank spot Forex market has also considered switching to the automated method as well.

There are several benefits that a Forex trader can derive from automated Forex trading.

Source: e-junkie.com

Here are some of such benefits and figure out why Forex trading as well as other investments (futures and commodities) prefer the automated process.
* Through automated process, transactions can now be done in real time. 

Although manual systems have existed for quite some time now, it is difficult to achieve such benefit that the automated Forex system can offer to its traders.

All of the trades can happen within a few milliseconds and can be a big plus for automated transactions against the manual system.

In fact, there are problems that are addressed using automated Forex trading especially if the trader is losing a few times in a row that prevents him from making new trades.

Such problem could be addressed using the automatic trading system.

* With automated Forex trading, you will have a greater diversification. 

It means that you can trade in various markets in different time zones at a time.

You can execute trades with traders from Singapore or London even it is already 12 midnight in the United States.

This benefit allows you a multiple exchange model option.

You can use varying trading models to evaluate short-term data.

This means that you will be able to predict the trend for a shorter period of time, let us say from fifteen minutes to half an hour.

* As previously mentioned, the Forex market is unique because of its extreme liquidity. 

This liquidity is increased when the market goes automated.

* Risk management problems are solved through automated Forex trading. 

International checks, which are commonly used in making purchases on Forex market, are synchronized through automated technology.

Since the transaction in an automated process is now on real time, there is a slim chance that the payments will be delayed, reducing the risk of non-payment by either parties.

Although there are problems noted with the use of the automated system, it can be fixed through consistently-updated technologies.

With automated Forex trading market, the prediction of $2-3 trillion average daily turnover within the nest 8 to 10 years can be changed within the next 4 to 5 years.

Given the quick yet efficient trades on varying time zones, automated Forex trading will now be among the existing lucrative business around the world.

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Forex Trading: Double Your Account In A Year!

If you are interested in Forex trading, you may have been informed that forex trading is a high risk high return  type of investment.

You see, most expert traders out there will tell you that they are able to double their account balamce in one year's time.

Is that a high return?

Yes, if you compare it with a conventional type of investment like saving money in the bank.

In my country, a fixed deposit account usually provide just over 3% return in one year.

Compare to this, a 100% return in Forex would be masive.

Now, I am not saying that 100% return in a year is not good. But with the amount of risk that we put in forex, shouldn't the return be much higher?

Ask yourself this question.

For me, a good return in Forex would be doubling my account in every 2-3 months.

That is what i call high return. 

Sounds hard to believe?

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In Forex, one can achieve a 100% return by just making 10 pips a day.

Yes, that is true, I attended a training before and the person giving the training said that.

Just think, if you make 20 pips a day, you will be making 400pips a month.

By using the leverage in the lot sizes, it won't be hard to calculate how much we can really earn.

The answer is simple because there is so much money to be made in Forex.

Simply increase your lot or contract sizes every week will allow you to grow your account like crazy.

All of this is only possible if you have a good trading strategy.

Without it,  everything will be useless.

It doesn't matter if you initial deposit is 100,000.

What matters most is your winning ratio. If you have a 80% win rate, you can turn $1000 to $1000000 in a year.


That is how powerful forex can be.

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WHy Use A Forex Simulator?

There are different reasons why many people are trading in the forex.

It includes free demo on real time, leverage of 400:1, or simply getting into the action of trading. 

However, even if traders performed practices on real time trading by testing its services and strategies, they sometimes fail. 

The trading demo is not enough unless the trader know what he is doing.

Source: www.trade2win.com

There are different important factors that traders should do in order for them to succeed. 

Remember, forex trading involves practice, reinforcement, and repetition. 

This process requires refined strategies and skills. 

So, traders should incorporate forex simulators to help them save money and never start as a loser.

Compared to forex demo that provides real time functions, forex simulators helps the traders to upload, review, and view historical data any time.

 It tests the traders understanding if they could recognize trading signals and patterns which can be fast forwarded and rewound.

 In this manner, the traders can retests their forex trading knowledge and find out what are the things to improve and change to stay in the pace of the forex market conditions.

Forex simulators are very essential to traders because they can be trained for months even within a few days of working. 

It is because the traders can rewind, pause, or fast forward whatever knowledge they have learned. A five-minute timeframe can be set-up to whatever chosen area. 

The traders can also get trade snapshots, use the indicators that they like, or keep journal trades to refine strategies.

Forex simulators are compared to PC games. 

The player has a mission to accomplish and repeating the games so many times can lead to perfection. 

The forex simulators also works this way, it requires a lot of practice, repetition, and reinforcement to be a good trader.

The traders are more prepared before they try opening a live account on forex trading. 

Forex simulators are serious tools for traders who wanted to learn how to trade before investing their real money on it.

Keep in mind that there are thousands of forex traders in the forex markets. 

So, how will the traders invest their money successfully if they don’t understand the basics? 

If forex simulators are clearly defined and practiced then a trader’s success is always possible. 

The first thing that traders should avoid is forex trading pitfalls so that they could really make money out of their investments.

- Forex simulators are helpful guides to forex traders so that they could successfully trade forex in the forex markets.

It teaches the traders on how to trade in pairs instead of currencies.

The traders learns the relationship of one currency from the other and its impacts.

Take note, the failure or success of trading forex depends on the right combination of currencies.

- The market conditions are also important when trading forex.

Forex stimulators help the traders in understanding the basics of forex trading markets to the best of the trader’s advantage.

It also updates the traders about economic events and news affecting the market conditions.

Most novice traders can be shocked by market fluctuation brought about by these phenomena.

So, they missed the opportunity to trade because they wait for the market to calm down before trading. Remember, the potential market condition lies in its volatility and not in tranquility.

- Traders also study the advantages of short-term and long-term trading.

They can obtain helpful techniques to gain profits by being an ambitious trader.

The bid and ask price should be understood well in making profits especially when making either a small or large trades.

- Forex stimulators enable the traders to weigh the effects of trading with too much caution.

The incremental profit on small scales does not make any difference. 

Placing stop losses that are too tight can increase the risks of trading failures.

- The traders can choose whether to become an independent trader or with an aid of a broker.

The risks are clearly explained as well as the outcome of trades.

In any way, the traders should analyze it by themselves or seek advice from different reputable sources to prevent committing trade mistakes.

Forex trading simulators can help the traders developed helpful strategies before starting their forex trading business. 

 

Simulated forex trading is worth it because it starts with a plan, proper knowledge, and skills to achieve success in trading forex.

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Forex Trading: Get A Good Forex Program

How you ever thought about doing a trade globally? 

Some people might be a bit hesitant to do such a thing, but the opportunity is just waiting for you out there.

You don’t actually have to travel outside your country, if that's your concern.

With the availability of the Internet, you can actually do forex trading on a global scale even in your own home, at work, and regardless of your location.

The FX market seems complex, especially to new traders, and they find it rather difficult to go about the trade. But nothing is impossible once you've learned the trade.

It is a worthwhile venture that you might want to consider even on a tight office schedule.

Being employed in a particular company may not give you all the money that you would need to finance your everyday living.

Doing some extra work is often recommended specially in today's times when money is difficult to find. Worry no more; the FX market is not far from your reach.

Identify your goals upon entering the FX market. This is the primary step, so that you will stay focused in your endeavor.

Once you've set up a goal, you have to do all it takes to reach that goal, but it should be in a reasonable manner.

In going through forex trading, you will need an investment program, and a good one. Don’t settle for anything less because an effective way to succeed in forex trading is a good program.

Most rookies commit the biggest mistake of their lives by availing fake programs.

The FX market is a huge industry, and the fact is, many scams and con artists abound the Internet, which actually provides useless materials for beginners.

This often leads to frustrations of beginners because they've already failed even before they get to start the actual trade.

Find a legitimate forex investment program. Although it might require a bit of looking around, as well as a bit of your time, once you get what you’re looking for, you're in a good start.

You don’t have to settle with expensive programs, nor with programs promising easy and quick profits with less the risk.

You must be aware that though the FX market offers a lot of opportunities, it is also surrounded with a lot of risks.

To become like the pros, you need to learn the forex trading system; and you have to be serious in learning it.

A good forex program is dynamic.

It provides daily advice, manuals, DVD materials, computer disks, and other important forex trading stuffs or resources to transform you into a succesful trader.

Check if their previous clients are satisfied with their services, and see if the company has built a good reputation in the business.

Professional traders regard forex trading as a science, some thinks it's an art; and to start the real trade, you must undergo a lot of practice.

After all, practice makes a perfect trader. Demo accounts are surefire ways to learn the different techniques used in the FX market.

After you've mastered it, you can proceed to a mini account. Here you can do an actual trade but the risks are minimal.

If you think you're quite ready, then get a regular trading account.

This is a highly effective step-by-step process because you get to learn a lot of things while your practicing.

Always maintain calmness, and act like the pros. You are about to make big money, one that you probably never imagined in your entire life.

Forex trading is done on a margin. Margin trading allows you to control more money than what is actually in your hands.

For you to trade one million US dollars, you should have a security deposit worth ten thousand US dollars. This is a typical example with the rate at 1%.

The FX market spans around the globe, so you can trade twenty-four hours a day.

If you choose to do margin trading, the spread rate is much lower compared to futures trading.

The requirements are also quite low.

Familiarize yourself with all the in and outs of forex trading.

Trading globally poses a lot of risk; you must learn to overcome all these risks in order to earn big profits. Get a good forex trading program.  

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Happy Trading!!!