Review Category : Brokers

Trade Forex But Don’t Become Too Greedy

In order to trade forex successfully, you have to trade forex according to some plan or system. The reason for this is that without a plan – or, a system – you run the risk of having your emotions take over and, unfortunately, human emotions are not known for being astute financial guides. Technical analysis and advanced charting techniques can stop this kind of thing from happening. They take the emotion out of a trading situation and are good at pinpointing trends, resistance and support levels plus entry and exit points. In fact, in Japan, there’s an indicator called the “Ichimoku cloud” which provides all the data you need – in order to trade successfully – on 1 chart. If you’re thinking of trading the USD/JPY, you might want to investigate “the cloud” before you start trading because many Japanese traders trade off of it.
You only need 1 winning strategy in order to profit from trading forex. Keep it simple, like using the crossover of 2 moving averages on a 15-minute AUD/JPY chart.

Trade Forex In The Best Way

Experienced traders always have a trading plan and at least 1 winning trading strategy. Stay with a “demo account” until you have a well thought out plan and a trading strategy that can make a profit at least 6 out of 10 times. It doesn’t have to be that fancy. In fact, it could be as simple as this: on a 15-minute AUD/JPY chart, trade the crossover of a 10-period exponential moving average against a 20-period exponential moving average, using a “Linear Regression” to show you where the trend is, an “Awesome Oscillator” to monitor momentum, a “Fisher Transform” to confirm trade entry and exit points and a leverage ratio of 50:1 or less, with a 20-pip trailing stop.

Trade Forex With Lower Risks

There’s a school of thought that says that the use of high leverage ratios in forex trade is the source of all wrecked trading accounts. Upon investigation, you’ll discover that’s only partly true because the overall degree of financial risk inherent in any particular trade really depends upon how long a trade is in the marketplace and how well the stops are placed. For instance, if you are involved in 1-minute “day trading” and the global economic calendar does not have any significant events due for quite some time, then your overall risk is relatively low, even if your trade is highly leveraged. If you have well placed stop losses protecting your position, then your overall risk is even lower to trade forex.

How Greed Can Prevent Success As You Trade Forex

One of the main reasons for having a trading plan and a strategy is to prevent your ego from getting in the way of making a profit. Egos tend to be reactive. In forex, profitable trades are usually the opposite (i. e., pro-active). In other words, a good trade is one that is set up to take advantage of an unfolding pricing discrepancy – not one that is just already finished. Use a trading system that signals the existence of potentially profitable trades coming up. Pay no attention to any egotistical screams that “everyone else is long” (or short or squared, etc., etc.). That trade is almost already over. You want the profitable trade forex that no one is talking about – yet.

 

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FX Trading Strategies You Can Use To Execute Long-Term Trades

Long-term FX trading is a delight, particularly if you’re successful at discovering major inflection points. It’s kind of like an escalator ride. In such a situation, of course, the trick is finding the right moment to jump on. This is why long-term traders are basically infomaniacs. They know that the only way to spot something that hasn’t happened yet is by looking for all the signs that something very big is about to unfurl. In this regard, 2013 is turning out to be a bumper crop year. First, there was the election of Mr. Kuroda to be governor of the Bank of Japan (which then radically changed its monetary policies, weakening the Japanese yen). Then, there was the US Federal Reserve’s “taper” decision (which is going to widen the gap in interest rates between the European Union and the US plus put interest rate pressure on all AUD-related currency pairs).
To be successful in long-term trading, reduce your leverage ratios. And, add more contracts from your growing cash margin pile.

Why Long-Term FX Trading Can Deliver Better Results

A successful long-term trend fx trading strategy usually involves identifying a trend that is just starting up and riding it into the sunset, potentially adding on more contracts, based upon the profits that are piling up. This means that you are using the impulsive nature, of whatever momentum is going on, to move your trade toward success. This also means that you are going to be in the market for a relatively long period of time, so you must reduce your leverage (to 30:1 or lower) in order to survive any price spikes that come along. Since you are not moving in and out of the market in any kind of rapid fashion, your overall execution costs should be relatively low.

Is Long-Term FX Trading Any Riskier?

In fx trading, there are 3 kinds of risk. The first kind is “structural risk” (i. e., the risk that you structured your trade incorrectly). In a long-term trade, this is a big risk, particularly if you use a relatively high leverage ratio. The second kind is “market risk”, meaning that something bad happens to you because of market forces. In long-term trading, there’s definitely this risk (which is why you need to keep your leverage ratios low in order to protect yourself from being whipsawed). Finally, you have “event” (or “economic”) risk. This can happen to any trade, at any time, so compared to other forms of forex trading, long-term trading is not overly susceptible to this kind of risk.

Why You Need A Strategy For Long-Term FX Trading

When you are “day trading”, you hardly have to worry about any kind of long-term factors that might be at work, since you are not in the market for very long. With trend-trading, the opposite is true, and if you do not judge “the trend” (and all factors affecting it) correctly, there’s a high chance that your trade will not be successful. For example, the US Federal Reserve’s 2013 “taper” decision will – ultimately – cause interest rates in the US to rise, propelling the US dollar to higher highs. Anyone who is not aware of this and decides to short the USD/JPY (or USD/CHF) – on a long-term basis – could have a very hard time making a profit. Better to go long.

 

 

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Your Economic Situation & Currency Trading

Currency Trading and Economic Situation

A lot of people do not fully consider the impact of their current financial situation on their currency trading.  The impact is actually a lot bigger than many traders think.  It is important that you know what this impact is and how it actually affects your currency trading.  You should also consider what you can do to overcome any of the limitations that you may be facing with your currency trading.

When You Start Currency Trading

The first point where your economic situation can affect your forex trading is when you start trading. The reasons why you want to trade are often linked to your economic situation and your overall trading mindset can be affected at this point.  Very few people are satisfied with their current economic situation and turn to forex trading to change this.  It is important that you consider the reasons and how they affect your currency trading.

There are some traders who are in debt and view trading as a means of making money to pay off this debt.  These people should not actually be looking at trading because it is not a way to pay off debt.  The money you use to trade should be disposable income because you are likely to lose it.  When you cannot afford to lose the money this affects the way you trade.

There are traders who look at forex trading as a new career because they are unhappy with the one they have.  These traders fall into two groups: the ones who want a change and the ones who think they can make more when trading.  The first group generally have a better mindset than the second because they are not looking at a monetary goal.  Monetary goals are a problem when you trade because they can cause you to use greater risks.

When You Actively Trade

When you trade you could find that your economic situation changes.  As it has been estimated that only 10% of all traders make consistent monthly income from the market you can see that you might be worst off.  A lot of traders start out as part-time and work their way to full-time when they are making profits.  This is the best way to go about this and you do not have to worry too much about your economic situation when you do this.

However, if you went straight to full-time trading you could find that you are not making what you expected.  This can have a negative impact on your trading as your trading psychology is affected.  When you are not reaching goals that you have set you will start to worry and become depressed.  This leads to lethargy or risky trading because you start trying to make more money from every trade.

Overcoming the Limitations

There are a few ways that you can limit the effects of your economic situation.  The first is to never trade when you do not have the money to lose.  By only using money you can afford to lose you never have to worry about putting yourself in debt.  You should also try trading part-time and work toward full-time trading.  This gives you the buffer of your salary so you do not have to make consistent profits from the market.

 

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Common Patterns: Foreign Exchange Melbourne

Foreign Exchange Melbourne Triangle Pattern Chart

When you trade on the foreign exchange Melbourne market you should consider the chart patterns.  There are many different types of chart patterns that you should be aware of.  However, there are 5 patterns that are the most commonly seen on the foreign exchange Melbourne.  You should learn what these patterns are, how you can identify them and what they signify.

The Double Tops Pattern

‘Double tops’ is a bearish reversal pattern that, as the name suggests, is formed by successive peaks with a single trough between them.  The peaks will be located at a similar level to each other.  The neckline for this pattern is formed through the trough. The sell stop of the trade is set at the neckline and the first profit target is the pip distance between the peaks and neckline.  This chart pattern is one of the most commonly found on the foreign exchange Melbourne.

Head and Shoulders on the Foreign Exchange Melbourne

As the name would imply this pattern takes the image of a head and shoulders.  The pattern forms when the highs of the forex chart forms two troughs and three peaks.  The first peak will be followed by a trough and lead onto a second higher peak.  A trough will follow the second peak before the third peak forms around the same level as the first peak.  The neckline for this pattern is formed by drawing a line between the trough low points.  This pattern is a bearish signal with this pip distance between the head and neckline as the profit target.

The Descending Triangle Pattern

The descending triangle pattern is a bearish pattern.  This pattern forms through the convergence of lower highs in the upper trend and a horizontal lower trend line.  When this pattern forms a bearish breakout is likely to soon follow.

The Channel Patterns

There are three different channel variations of horizontal, ascending and descending.  Regardless of the variation the definition is the same.  Channels are the technical ranges that currency prices have traded in for a prolonged amount of time.  Horizontal channels occur when prices are sideways, ascending channels are prices trending up and descending channels are prices trending down.  Channels help traders identify resistance and support levels to make purchasing positions easier.

The Wedge

The wedge is a pattern that actually has two variations of falling and rising.  The wedge pattern is known as a reversal pattern meaning it shows a reversal in pattern is about to occur.  The falling wedge pattern is considered bullish while the rising pattern is considered bearish.  To form this pattern the highs and lows on the candlestick graph should be connected.  The pattern should have the upper trend dipping lower than the lower trend, a falling wedge.  The pattern may also have the lower trend rising above the upper trend, a rising wedge.

These chart patterns are the 5 most common that you are going to find on the charts.  However, there are many others that you may come across.  There are few traders who will only use the pattern to trade and these patterns are generally combined with technical analysis.

 

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Preparing Yourself For Foreign Exchange Melbourne

Foreign Exchange Melbourne Analysis

When entering the foreign exchange Melbourne market you will be required to acquire different skills for effective trading.  You will need to learn about different aspects of the market and gain an understanding of trading systems.  In order to do this you will have to test and research the forex market as a means of preparation for trading.  However, irrelevant knowledge can be just as damaging as none at all so you must know what to research and how to test your strategies.

Researching the foreign exchange Melbourne market

The first point that you need to research and test is the foreign exchange Melbourne market.  The research that you have to do centres around whether or not you should actually trade on it.  This research should look at what drives the forex market and how you can trade on it.  The more research you do on the market, the better your understanding of the market and the risks that come with trading on it.

Researching forex brokers

In order to trade you need a forex broker and it is very important that you research the broker you are looking to use.  The broker should be reliable and have a good reputation.  You should also see what accounts they offer and the minimum deposits you need to make in order to open an account.

Testing the trading strategy

Before you look at anything else you have to consider the trading strategy you are going to use to trade on the market.  There are numerous strategies available, but you have to find the one that best suits you.  This is where research comes into play.  You have to research the different time frames that you can trade in and what is needed to trade in them.  Once you have done this you can determine which trading time period is best for you.

After determining the best timeframe you need to look at the actual strategies that you can use.  You have to research their complexity and whether they suit your trading style or not.  If the strategy is very complex you should consider not using it.

Researching trading analysis

You also need to research your analysis methods.  There are two ways of analysing the foreign exchange Melbourne market and they are technical and fundamental analysis.  It is recommended that you use a combination of the two methods for most trading strategies.  However, with technical analysis there are a number of analysis tools that you need to research.

You have to see what the analysis tools will be checking and how they fit into your trading strategy.  Some tools are classed as leading and others as lagging.  It is important that you use a combination of the two indicators to get an overall picture of the forex market and what it is going to do.  Some tools look at the strength of a trend while other look at the direction and you need to know which ones you should be using.

 

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Foreign Currency Exchange: Aussie Gold Relationship

Foreign Currency Exchange Trading

There are a number of different currencies that you can trade on the foreign currency exchange market.  These currencies will include the Australian dollar.

When you trade the Australian dollar you will be told that this is a commodity driven currency.  One of the main commodities that drives the currency is gold.  It is important that you consider the relationship between gold and the Australian dollar.  You should consider how this relationship works and how you can trade with this.

The Link Between Currency and Commodity

When you look at the foreign currency exchange you need to consider the correlation between currency and commodity.  There are certain currencies that are affected by the commodity prices more than others.  The major currencies that are most affected by commodity prices are the Australian and Canadian dollars.

The price of commodities impacts the currency because it affects the supply and demand of the currency.  When the price of a commodity increases the demand for the producer countries currency increases.  This is a correlation that you need to keep in mind when you look at the gold prices and the Australian dollar.

Gold and the Australian Dollar

The Australian dollar is one of the commodity currencies which means that the currency value is driven by the price of different commodities.  One of the commodities that affect this currency is gold.  This is due to the fact that Australia is one of the major gold producers.  As Australia is one of the major gold producers the currency will be greatly affected by the gold price.

As Australia is a producer of gold the currency will increase in value when the gold price increases.  This is due to the supply and demand of the currency that comes from increased gold prices.  The higher the price of gold the greater the demand for the currency is going to be.

The Analysis of the Foreign Currency Exchange

If you are going to be trading the Australian dollar and looking at the gold correlation you need to know what analysis should be done.  Much of the analysis will be done using fundamental analysis.  There are a number of reports that you can look at including the commodity reserve report, the COT report and the Australian economic development reports.

When you look at the technical analysis with this trading you have to consider the time it takes for commodity price changes to affect forex rates.  The amount of time will vary depending on a number of factors.  These factors will include the market sentiment and the actual changes in the price.  If the changes are very small then there may be very little movement on the forex market.

More to Trading

When you look at trading the Australian dollar you have to consider that there is more to trading than the gold currency relationship.  You have to consider all the other fundamental and technical changes that could cause movements in the currency value.  There are also times when the gold prices do not actually affect the currency value very much.  You need to consider that there is a big picture to trading and that the gold and Australian dollar relationship is only part of this.

 

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Lower Your Risk: Foreign Exchange Sydney Market

Foreign Exchange Sydney Stop Loss and Take Profit

It is advisable to have low risk levels when you make the decision to trade on the foreign exchange Sydney market.  All forex trading comes with some level of risk, but there are ways that you can limit the impact of this risk on your trading account.

Some traders feel that they are forced to increase the risks they face because it brings greater profits.  While this may seem like a good idea, you have to weigh up the risks you face, against the rewards you could be getting.  Some of the ways that you can lower the risks is by using a mini account, lower the leverage you use and have stop loss and take profit points.

Mini Accounts

Mini accounts are the middle account offered by forex brokers.  There are some brokers that only offer mini and standard accounts.  If the broker you are using does not offer mini accounts, you are able to trade in mini lots with a standard account.  Mini lots will limit your risk level because they are offered with smaller lot sizes than standard lots.  A mini lot equals 10,000 units which mean that a single pip movement is worth $1.

Mini lots lower your risk level because of the smaller lot size and value.  If your trade turns against you, the amount you stand to lose is lower than a similar trade using standard lots.  Additionally, if you are using a standard account to trade, you need to have higher amounts of capital to buffer your trade.

Leverage in Foreign Exchange Sydney Trading

When you trade on the foreign exchange Sydney market you may be using an Australian broker.  Unlike American brokers, Australians do not have a limit on the amount of leverage they are allowed to offer.  There are some brokers that cap their leverage amounts at 50:1.  However, there are brokers that offer leverage levels of up to 400:1 or more.  While having this leverage available may seem like a good idea it will increase the risk of your trade when you use it.

To lower your risks you should limit the amount of leverage you use.  Expert traders state that a 20:1 leverage ratio should be enough for any trade.  When you register an account with a broker you have to verify that you can change the leverage amounts for each trade.  There are brokers that do not allow you to place less than the maximum leverage on a trade.

Stop-Loss and Take-Profit Orders

The best way to limit the risks you face on the market is by including stop loss and take profit orders in your trade.  The stop loss order will limit the amount of money you lose on a trade.  The take profit order ensures that you get the profit your trade is making.  Of course, you should know about the different types of stop loss orders you can use.

One of the most commonly used stop loss orders is the trailing stop.  The trailing stop will move with the price when you start to make a profit, but not if the trade is making a loss.  This stop order ensures that you keep the profits you have made from your trade.

 

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How to be Sophisticated in Forex Australia Trading

Forex Australia Currency

All forex Australia traders should look at being sophisticated in their trading.  To do this you need to know what a sophisticated trader is and how you can become one.  You also have to know about the misconceptions that people have about how sophisticated trading entails.  It is important that you know about these misconceptions so that you can avoid them when you trade on the forex Australia market.

What is a Sophisticated Forex Australia Trader?

The first step in knowing how to become a sophisticated trader is to know what this is.  A sophisticated trader will have the relevant knowledge and experience on the market to be able to weigh up the risks and benefits of trading.  These traders will know what they want to get out of the market and how they are going to go about this.  All of their expectations of the market are going to be realistic because they have the experience to back up what they expect from the market.

The way that these traders approach the market will suit their trading style and personality.  They will completely understand what their trading strategy requires from them and how it works.  These traders never use a strategy that they do not understand or feel uncomfortable with.

Determining Your Level of Sophistication

Once you know what a sophisticated trader is you have to consider the level of your sophistication.  If you know you strategy and are comfortable with it then you are on your way to becoming a sophisticated trader.  If you are able to weigh the pros and cons of a trading decision rationally and logically then you are also on your way to being a sophisticated trader.

However, if you divert from your trading strategy or are uncomfortable with the type of trading you are doing then you are not on your way to sophistication.  If you are over-diversifying your trading then you are also not on your way to becoming a sophisticated trader.

Being Aware of Your Limits

One of the most important points to becoming a sophisticated trader is knowing your limits.  All sophisticated traders will know where their limits are and they will not push these too far.  When you push your limits you are going to fall into emotional trading and divert from your trading strategy.

When you know your limits you will also be able to find the right trading strategy and plan to use.  As you know your limits you can use the points that you are good with in your trading.  If you are not good with fundamental analysis then you should limit the amount you need to use.  This will not only decrease the stress of trading, but also increase the sophistication and profits that you can make.

Skills and Management

The main points to being a sophisticated trader are the skills that you have and the way that you manage these skills.  Sophisticated traders will know what they can and cannot do.  They will also know how to incorporate this into their trading to ensure that they get the most out of the market.

 

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Establishing a Forex Training Programme for Beginners

Forex training

Some people find self-study easy. They can research, locate, and assimilate information quickly and easily. However, there are also people who need a more structured approach to learning. They need to be able to sit in a classroom or have information presented in a classroom format in order to be able to assimilate it. This means there are plenty of opportunities for people who want to create a Forex training programme because there are people who are going to want to learn through this type of method.

Different Formats

Forex training programmes can come in a variety of different formats. You can create a web-based programme similar to an e-book, you can create videos or you can offer it in a more traditional brick and mortar location. In some cases you may even want to consider holding a web based live course. There are plenty of options available for any type of training programme. You just have to decide what type of programme you want to create.

For people who are looking to create a Forex training programme for beginners there are definitely a few things to consider. The first thing to consider is how to present the information so that people from all different occupations can understand the information you are presenting and be able to incorporate that information. This means that they have to be able to relate to the information you are providing and be able to use it.

It can be difficult to create a format that is going to work for the majority of your target audience and it can be difficult to create the perfect curriculum for that audience. It is one of the reasons why so many training programmes are little more than e-books that list the basics of whatever area of the foreign exchange and how to manage trading on it. As a result, it can be difficult if you are looking to establish something basic without something unique.

Uniqueness

The real draw to audiences when you are creating a Forex training programme is to come up with something that is going to make your programme unique. For example, if you were to do a search for forex trading you would get a great deal of information. A great deal of that information is the basic information that everyone needs to know. You have to find a unique way of presenting the information or provide information that is not readily available.

This is one of the reasons why many forex training programmes are built into other things such as software applications and trading platforms. The best way to determine what you need to do to make your programme unique is to field your market. Host a poll or survey and find out exactly what people are willing to pay. As with any investment or business, research is essential. You can also include other data such as questions geared towards marketing, answering things like what would make people look at your programme or what would draw them to consider it.

 

 

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Why Foreign Exchange Trading Is Like A Business

Anyone serious about making a consistent and sustainable return as a foreign exchange trader must learn to view their trading much like their own business. Foreign exchange traders who treat their trading in this manor are simply more inclined to give their trading the dedication, respect and care that it deserves.

In fact, trading and business are closer bedfellows than you might at first suspect.

Why Foreign Exchange Trading & Small Business Are Very Similar

1. Both Disciplines Require Planning. Just as you would not try and set up a business without an articulate and finely detailed plan, you wouldn’t try to trade the markets without a blueprint. A trading system is the equivalent of a business plan – both exist to identify opportunity, and spout clear methods and techniques to turn that opportunity into gain.

2. Capital Requirement. Business startups often require insatiable amounts of capital to get up and running. In much the same way, foreign exchange trading also requires a financial commitment from the trader. Some level of equity is needed to start trading, although the availability of higher leverage and micro lots mean that traders require far less capital to make a running start than your average business owner.

3. Risk Is Eternal. Business, like foreign exchange trading, carries risk. In business, there is no certainty to success. A business owner parlays funds and sets up an operation with the hope that at the end of the financial year, more money will have come in than gone out. Similarly, a trader has to weigh up risk when opening every single position. Sometimes the risk will pay dividends, and the trade will be profitable. Sometimes, it wont – but a good trader at the end of the day will have more pips coming in than wasted.

4. Immense Learning Curve. Both business and foreign exchange trading have a steep learning curve attached. A business person must understand the many facets of running a successful corporation – from sales and marketing to finance and operations. Only by learning and successfully applying all these things can he or she hope to run a profitable going concern. The currency trader also has a staunch learning curve to master, and must apply the many different facets of trading into one well balanced trading plan. From risk control to the countless tentacles of technical analysis, there is much for the trader to understand before testing himself before the markets.

5. High Stress & Emotion – Business owners and traders are both often faced with high stress decisions. Both must be able to control emotions during key and testing times. The business person must keep a cool head when the business has a bit of a wobble – perhaps sales have been low, or there is a cash flow crisis – there will be many negative emotions felt during such periods. In an almost identical way, the currency trader will face just as many stresses and emotions. Fear, greed and frustration will keep revisiting the traders mind, and a cool and level head are required to deal with these feelings.

6. Not Being In Control. Neither small business owners or traders have any real control over their environment. The business landscape alters fluidly and dramatically. Consumer trends can change as easily as the tide, and bigger competitors will frequently emerge to chomp away at a small business owners market share. The business landscape is vast, and ever changing – the business person can only adapt and adjust the situation they find themselves in at the moment. Guess what – it’s precisely the same for foreign exchange traders. Once in a position, the trader has no control whatsoever over events. The markets will determine the price, and all the trader can do is respond accordingly.

Hopefully this article will have shown you that as traders we are not gamblers. We’re business people. And just like business people, it is the blend of our dedication and skill, with the odd bit of luck that will determine the degree of our foreign exchange trading success.

 

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