Showing posts with label forex trading tutorial. Show all posts
Showing posts with label forex trading tutorial. Show all posts
where i can collect Forex Trading Online Video?
Posted by Ryanita
on
Sunday, February 9, 2014
, under
forex trading tutorial
|
comments (0)
Jacob Blac
Answer
What do you collect them for? For a starter's tutorial?
Youtube has surely plenty of them. But that is not the point. The real point is, how you can make real money thru forex trading.
Maybe you have heard of forex robot alike stuff. I tell you the truth, those are scams.
In forex realm, only human brain is gonna work.
For forex forecast, you need to know some basic knowledge. Elliott Wave Principle is the best of all. You can buy a book learning some 101 for that method.
http://www.elliottwave.com is a good place for you to go. While the daily forecast is a paid service.
There's a good place to get free daily forex forecast applying elliott wave theory.
What do you collect them for? For a starter's tutorial?
Youtube has surely plenty of them. But that is not the point. The real point is, how you can make real money thru forex trading.
Maybe you have heard of forex robot alike stuff. I tell you the truth, those are scams.
In forex realm, only human brain is gonna work.
For forex forecast, you need to know some basic knowledge. Elliott Wave Principle is the best of all. You can buy a book learning some 101 for that method.
http://www.elliottwave.com is a good place for you to go. While the daily forecast is a paid service.
There's a good place to get free daily forex forecast applying elliott wave theory.
Can i join forex company?
Shaukat
I am 15 years old and i need to join forex can anyone know that what i have to do there and is it good for me thax..
Answer
I think you mean how to start forex trading, you will find many online tutorials there explaining how to begin trading wright. It takes you from A to Z in forex world. you must learn well how to do forex cause it is very risky. best of luck.
I think you mean how to start forex trading, you will find many online tutorials there explaining how to begin trading wright. It takes you from A to Z in forex world. you must learn well how to do forex cause it is very risky. best of luck.
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Advice from anyone who has worked with or knows about Forex?
Posted by Ryanita
on
Saturday, November 30, 2013
, under
forex trading tutorial
|
comments (0)
Boots
I have watched some tutorials on the Forex site. But I am getting nervous because of all the risk I keep reading online concerning Forex and currency exchange. I will continue watching the videos and take notes as well as set up a practice account. Does anyone have any advice on the subject? What is the best way to start, can you be successful, do you lose more often than you gain? Anything is appreciated.
Answer
Your most important mission is to set up a practice account and make a zillion mistakes over whatever period of time this process may take you (generally speaking expect it to be as long as a year or even more, but of course it could be different)
You would greatly benefit from keeping a careful record of everything pertaining to the trades you're making. What you want to know about your trading is primarily covered by asking yourself this question: Why did I enter that trade? This question will become increasingly easier to answer and "second nature" to you ONLY after you gain experience; that's why this process is so important.
The truth is that you should strive to work with and thoroughly understand the workings of timeframes, chart patterns, support/resistance levels, identifying market trends/direction, entry/exit points, money management, using of leverage, fundamentals effect on the market, etc, to really be equipped enough to trade profitably. Add to that the vital importance of learning to control your emotions as to avoid non-objective/knee-jerk reactive trading.
Ideally and through a process of elimination, you should arrive to a personal system/strategy that proves successful over time. Regardless of what you hear from the naysayers, this is doable, but as you're probably tired of hearing this is certainly NOT EASY... it takes time and dedicated effort like ANYTHING worth accomplishing in life. You will be tested and will be tempted to quit from being frustrated, discouraged, and/or even worse, from excusing your lack of profits by joining the club of those who claim the whole thing is just a scam. (Yes, there are marketeer scammers all over the net who prowl on the naive and uninformed, but be assured that the Forex market is 100% legitimate. You can find successful -professional and private- documented trading records all over the net too.)
Last but not least, it is not true at all that you'll need special "super" computers or equipment to "compete with the pros" as some misguided people here constantly post. A solid platform provided by a reputable broker as well as access to fundamental analysis/quality data is all you'll ever need. But I insist and can't stress enough the fact that knowledge and experience are your best allies and where your time will be best invested. Without these ingredients, your chances at arriving at a working system/strategy are basically null.
Hope that helps and Best of Luck.
Your most important mission is to set up a practice account and make a zillion mistakes over whatever period of time this process may take you (generally speaking expect it to be as long as a year or even more, but of course it could be different)
You would greatly benefit from keeping a careful record of everything pertaining to the trades you're making. What you want to know about your trading is primarily covered by asking yourself this question: Why did I enter that trade? This question will become increasingly easier to answer and "second nature" to you ONLY after you gain experience; that's why this process is so important.
The truth is that you should strive to work with and thoroughly understand the workings of timeframes, chart patterns, support/resistance levels, identifying market trends/direction, entry/exit points, money management, using of leverage, fundamentals effect on the market, etc, to really be equipped enough to trade profitably. Add to that the vital importance of learning to control your emotions as to avoid non-objective/knee-jerk reactive trading.
Ideally and through a process of elimination, you should arrive to a personal system/strategy that proves successful over time. Regardless of what you hear from the naysayers, this is doable, but as you're probably tired of hearing this is certainly NOT EASY... it takes time and dedicated effort like ANYTHING worth accomplishing in life. You will be tested and will be tempted to quit from being frustrated, discouraged, and/or even worse, from excusing your lack of profits by joining the club of those who claim the whole thing is just a scam. (Yes, there are marketeer scammers all over the net who prowl on the naive and uninformed, but be assured that the Forex market is 100% legitimate. You can find successful -professional and private- documented trading records all over the net too.)
Last but not least, it is not true at all that you'll need special "super" computers or equipment to "compete with the pros" as some misguided people here constantly post. A solid platform provided by a reputable broker as well as access to fundamental analysis/quality data is all you'll ever need. But I insist and can't stress enough the fact that knowledge and experience are your best allies and where your time will be best invested. Without these ingredients, your chances at arriving at a working system/strategy are basically null.
Hope that helps and Best of Luck.
How can I learn Forex trading for free?
orbital_i
where can I find tutorials about Forex and the FXCM trading station 2?
Answer
Forex Trading Tips â Part 1
Why do hundreds of thousands online traders and investors trade the forex market every day, and how do they make money doing it?
This two-part report clearly and simply details essential tips on how to avoid typical pitfalls and start making more money in your forex trading.
1.Trade pairs, not currencies â Like any relationship, you have to know both sides. Success or failure in forex trading depends upon being right about both currencies and how they impact one another, not just one.
2.Knowledge is Power â When starting out trading forex online, it is essential that you understand the basics of this market if you want to make the most of your investments.
The main forex influencer is global news and events. For example, say an ECB statement is released on European interest rates which typically will cause a flurry of activity. Most newcomers react violently to news like this and close their positions and subsequently miss out on some of the best trading opportunities by waiting until the market calms down. The potential in the forex market is in the volatility, not in its tranquility.
3.Unambitious trading â Many new traders will place very tight orders in order to take very small profits. This is not a sustainable approach because although you may be profitable in the short run (if you are lucky), you risk losing in the longer term as you have to recover the difference between the bid and the ask price before you can make any profit and this is much more difficult when you make small trades than when you make larger ones.
4.Over-cautious trading â Like the trader who tries to take small incremental profits all the time, the trader who places tight stop losses with a retail forex broker is doomed. As we stated above, you have to give your position a fair chance to demonstrate its ability to produce. If you donât place reasonable stop losses that allow your trade to do so, you will always end up undercutting yourself and losing a small piece of your deposit with every trade.
5.Independence â If you are new to forex, you will either decide to trade your own money or to have a broker trade it for you. So far, so good. But your risk of losing increases exponentially if you either of these two things:
Interfere with what your broker is doing on your behalf (as his strategy might require a long gestation period);
Seek advice from too many sources â multiple input will only result in multiple losses. Take a position, ride with it and then analyse the outcome â by yourself, for yourself.
6.Tiny margins â Margin trading is one of the biggest advantages in trading forex as it allows you to trade amounts far larger than the total of your deposits. However, it can also be dangerous to novice traders as it can appeal to the greed factor that destroys many forex traders. The best guideline is to increase your leverage in line with your experience and success.
7.No strategy â The aim of making money is not a trading strategy. A strategy is your map for how you plan to make money. Your strategy details the approach you are going to take, which currencies you are going to trade and how you will manage your risk. Without a strategy, you may become one of the 90% of new traders that lose their money.
8.Trading Off-Peak Hours â Professional FX traders, option traders, and hedge funds posses a huge advantage over small retail traders during off-peak hours (between 2200 CET and 1000 CET) as they can hedge their positions and move them around when there is far small trade volume is going through (meaning their risk is smaller). The best advice for trading during off peak hours is simple â donât.
9.The only way is up/down â When the market is on its way up, the market is on its way up. When the market is going down, the market is going down. Thatâs it. There are many systems which analyse past trends, but none that can accurately predict the future. But if you acknowledge to yourself that all that is happening at any time is that the market is simply moving, you'll be amazed at how hard it is to blame anyone else.
10.Trade on the news â Most of the really big market moves occur around news time. Trading volume is high and the moves are significant; this means there is no better time to trade than when news is released. This is when the big players adjust their positions and prices change resulting in a serious currency flow.
11.Exiting Trades â If you place a trade and itâs not working out for you, get out. Donât compound your mistake by staying in and hoping for a reversal. If youâre in a winning trade, donât talk yourself out of the position because youâre bored or want to relieve stress; stress is a natural part of trading; get used to it.
12.Donât trade too short-term â If you are aiming to make less than 20 points profit, donât undertake the trade. The spread you are trading on will make the odds against you far too high.
13.Donât be smart â The most successful traders I know keep their trading simple. They donât analyse all day or research historical trends and track web logs and their results are excellent.
14.Tops and Bottoms â There are no real âbargainsâ in trading foreign exchange. Trade in the direction the price is going in and youâre results will be almost guaranteed to improve.
15.Ignoring the technicalsâ Understanding whether the market is over-extended long or short is a key indicator of price action. Spikes occur in the market when it is moving all one way.
16.Emotional Trading â Without that all-important strategy, youâre trades essentially are thoughts only and thoughts are emotions and a very poor foundation for trading. When most of us are upset and emotional, we donât tend to make the wisest decisions. Donât let your emotions sway you.
17.Confidence â Confidence comes from successful trading. If you lose money early in your trading career itâs very difficult to regain it; the trick is not to go off half-cocked; learn the business before you trade. Remember, knowledge is power.
Forex Trading Tips â Part 2
Why do hundreds of thousands online traders and investors trade the forex market every day, and how do they make money doing it?
The second and final part of this report clearly and simply details more essential tips on how to avoid the pitfalls and start making more money in your forex trading.
1.Take it like a man â If you decide to ride a loss, you are simply displaying stupidity and cowardice. It takes guts to accept your loss and wait for tomorrow to try again. Sticking to a bad position ruins lots of traders - permanently. Try to remember that the market often behaves illogically, so donât get commit to any one trade; itâs just a trade. One good trade will not make you a trading success; itâs ongoing regular performance over months and years that makes a good trader.
2.Focus â Fantasising about possible profits and then âspendingâ them before you have realised them is no good. Focus on your current position(s) and place reasonable stop losses at the time you do the trade. Then sit back and enjoy the ride - you have no real control from now on, the market will do what it wants to do.
3.Donât trust demos â Demo trading often causes new traders to learn bad habits. These bad habits, which can be very dangerous in the long run, come about because you are playing with virtual money. Once you know how your brokerâs system works, start trading small amounts and only take the risk you can afford to win or lose.
4.Stick to the strategy â When you make money on a well thought-out strategic trade, donât go and lose half of it next time on a fancy; stick to your strategy and invest profits on the next trade that matches your long-term goals.
5.Trade today â Most successful day traders are highly focused on whatâs happening in the short-term, not what may happen over the next month. If youâre trading with 40 to 60-point stops focus on whatâs happening today as the market will probably move too quickly to consider the long-term future. However, the long-term trends are not unimportant; they will not always help you though if youâre trading intraday.
6.The clues are in the details â The bottom line on your account balance doesnât tell the whole story. Consider individual trade details; analyse your losses and the telling losing streaks. Generally, traders that make money without suffering significant daily losses have the best chance of sustaining positive performance in the long term.
7.Simulated Results â Be very careful and wary about infamous âblack boxâ systems. These so-called trading signal systems do not often explain exactly how the trade signals they generate are produced. Typically, these systems only show their track record of extraordinary results â historical results. Successfully predicting future trade scenarios is altogether more complex. The high-speed algorithmic capabilities of these systems provide significant retrospective trading systems, not ones which will help you trade effectively in the future.
8.Get to know one cross at a time â Each currency pair is unique, and has a unique way of moving in the marketplace. The forces which cause the pair to move up and down are individual to each cross, so study them and learn from your experience and apply your learning to one cross at a time.
9.Risk Reward â If you put a 20 point stop and a 50 point profit your chances of winning are probably about 1-3 against you. In fact, given the spread youâre trading on, itâs more likely to be 1-4. Play the odds the market gives you.
10.Trading for Wrong Reasons â Donât trade if you are bored, unsure or reacting on a whim. The reason that you are bored in the first place is probably because there is no trade to make in the first place. If you are unsure, itâs probably because you canât see the trade to make, so donât make one.
11.Zen Tradingâ Even when you have taken a position in the markets, you should try and think as you would if you hadnât taken one. This level of detachment is essential if you want to retain your clarity of mind and avoid succumbing to emotional impulses and therefore increasing the likelihood of incurring losses. To achieve this, you need to cultivate a calm and relaxed outlook. Trade in brief periods of no more than a few hours at a time and accept that once the trade has been made, itâs out of your hands.
12.Determination â Once you have decided to place a trade, stick to it and let it run its course. This means that if your stop loss is close to being triggered, let it trigger. If you move your stop midway through a tradeâs life, you are more than likely to suffer worse moves against you. Your determination must be show itself when you acknowledge that you got it wrong, so get out.
13.Short-term Moving Average Crossovers â This is one of the most dangerous trade scenarios for non professional traders. When the short-term moving average crosses the longer-term moving average it only means that the average price in the short run is equal to the average price in the longer run. This is neither a bullish nor bearish indication, so donât fall into the trap of believing it is one.
14.Stochastic â Another dangerous scenario. When it first signals an exhausted condition thatâs when the big spike in the âexhaustedâ currency cross tends to occur. My advice is to buy on the first sign of an overbought cross and then sell on the first sign of an oversold one. This approach means that youâll be with the trend and have successfully identified a positive move that still has some way to go. So if percentage K and percentage D are both crossing 80, then buy! (This is the same on sell side, where you sell at 20).
15.One cross is all that counts â EURUSD seems to be trading higher, so you buy GBPUSD because it appears not to have moved yet. This is dangerous. Focus on one cross at a time â if EURUSD looks good to you, then just buy EURUSD.
16.Wrong Broker â A lot of FOREX brokers are in business only to make money from yours. Read forums, blogs and chats around the net to get an unbiased opinion before you choose your broker.
17.Too bullish â Trading statistics show that 90% of most traders will fail at some point. Being too bullish about your trading aptitude can be fatal to your long-term success. You can always learn more about trading the markets, even if you are currently successful in your trades. Stay modest, and keep your eyes open for new ideas and bad habits you might be falling in to.
18.Interpret forex news yourself â Learn to read the source documents of forex news and events - donât rely on the interpretations of news media or others.
Otherwise you can use http://www.forextrading-system.com They have all kind of explanations here and some nice free software
Forex Trading Tips â Part 1
Why do hundreds of thousands online traders and investors trade the forex market every day, and how do they make money doing it?
This two-part report clearly and simply details essential tips on how to avoid typical pitfalls and start making more money in your forex trading.
1.Trade pairs, not currencies â Like any relationship, you have to know both sides. Success or failure in forex trading depends upon being right about both currencies and how they impact one another, not just one.
2.Knowledge is Power â When starting out trading forex online, it is essential that you understand the basics of this market if you want to make the most of your investments.
The main forex influencer is global news and events. For example, say an ECB statement is released on European interest rates which typically will cause a flurry of activity. Most newcomers react violently to news like this and close their positions and subsequently miss out on some of the best trading opportunities by waiting until the market calms down. The potential in the forex market is in the volatility, not in its tranquility.
3.Unambitious trading â Many new traders will place very tight orders in order to take very small profits. This is not a sustainable approach because although you may be profitable in the short run (if you are lucky), you risk losing in the longer term as you have to recover the difference between the bid and the ask price before you can make any profit and this is much more difficult when you make small trades than when you make larger ones.
4.Over-cautious trading â Like the trader who tries to take small incremental profits all the time, the trader who places tight stop losses with a retail forex broker is doomed. As we stated above, you have to give your position a fair chance to demonstrate its ability to produce. If you donât place reasonable stop losses that allow your trade to do so, you will always end up undercutting yourself and losing a small piece of your deposit with every trade.
5.Independence â If you are new to forex, you will either decide to trade your own money or to have a broker trade it for you. So far, so good. But your risk of losing increases exponentially if you either of these two things:
Interfere with what your broker is doing on your behalf (as his strategy might require a long gestation period);
Seek advice from too many sources â multiple input will only result in multiple losses. Take a position, ride with it and then analyse the outcome â by yourself, for yourself.
6.Tiny margins â Margin trading is one of the biggest advantages in trading forex as it allows you to trade amounts far larger than the total of your deposits. However, it can also be dangerous to novice traders as it can appeal to the greed factor that destroys many forex traders. The best guideline is to increase your leverage in line with your experience and success.
7.No strategy â The aim of making money is not a trading strategy. A strategy is your map for how you plan to make money. Your strategy details the approach you are going to take, which currencies you are going to trade and how you will manage your risk. Without a strategy, you may become one of the 90% of new traders that lose their money.
8.Trading Off-Peak Hours â Professional FX traders, option traders, and hedge funds posses a huge advantage over small retail traders during off-peak hours (between 2200 CET and 1000 CET) as they can hedge their positions and move them around when there is far small trade volume is going through (meaning their risk is smaller). The best advice for trading during off peak hours is simple â donât.
9.The only way is up/down â When the market is on its way up, the market is on its way up. When the market is going down, the market is going down. Thatâs it. There are many systems which analyse past trends, but none that can accurately predict the future. But if you acknowledge to yourself that all that is happening at any time is that the market is simply moving, you'll be amazed at how hard it is to blame anyone else.
10.Trade on the news â Most of the really big market moves occur around news time. Trading volume is high and the moves are significant; this means there is no better time to trade than when news is released. This is when the big players adjust their positions and prices change resulting in a serious currency flow.
11.Exiting Trades â If you place a trade and itâs not working out for you, get out. Donât compound your mistake by staying in and hoping for a reversal. If youâre in a winning trade, donât talk yourself out of the position because youâre bored or want to relieve stress; stress is a natural part of trading; get used to it.
12.Donât trade too short-term â If you are aiming to make less than 20 points profit, donât undertake the trade. The spread you are trading on will make the odds against you far too high.
13.Donât be smart â The most successful traders I know keep their trading simple. They donât analyse all day or research historical trends and track web logs and their results are excellent.
14.Tops and Bottoms â There are no real âbargainsâ in trading foreign exchange. Trade in the direction the price is going in and youâre results will be almost guaranteed to improve.
15.Ignoring the technicalsâ Understanding whether the market is over-extended long or short is a key indicator of price action. Spikes occur in the market when it is moving all one way.
16.Emotional Trading â Without that all-important strategy, youâre trades essentially are thoughts only and thoughts are emotions and a very poor foundation for trading. When most of us are upset and emotional, we donât tend to make the wisest decisions. Donât let your emotions sway you.
17.Confidence â Confidence comes from successful trading. If you lose money early in your trading career itâs very difficult to regain it; the trick is not to go off half-cocked; learn the business before you trade. Remember, knowledge is power.
Forex Trading Tips â Part 2
Why do hundreds of thousands online traders and investors trade the forex market every day, and how do they make money doing it?
The second and final part of this report clearly and simply details more essential tips on how to avoid the pitfalls and start making more money in your forex trading.
1.Take it like a man â If you decide to ride a loss, you are simply displaying stupidity and cowardice. It takes guts to accept your loss and wait for tomorrow to try again. Sticking to a bad position ruins lots of traders - permanently. Try to remember that the market often behaves illogically, so donât get commit to any one trade; itâs just a trade. One good trade will not make you a trading success; itâs ongoing regular performance over months and years that makes a good trader.
2.Focus â Fantasising about possible profits and then âspendingâ them before you have realised them is no good. Focus on your current position(s) and place reasonable stop losses at the time you do the trade. Then sit back and enjoy the ride - you have no real control from now on, the market will do what it wants to do.
3.Donât trust demos â Demo trading often causes new traders to learn bad habits. These bad habits, which can be very dangerous in the long run, come about because you are playing with virtual money. Once you know how your brokerâs system works, start trading small amounts and only take the risk you can afford to win or lose.
4.Stick to the strategy â When you make money on a well thought-out strategic trade, donât go and lose half of it next time on a fancy; stick to your strategy and invest profits on the next trade that matches your long-term goals.
5.Trade today â Most successful day traders are highly focused on whatâs happening in the short-term, not what may happen over the next month. If youâre trading with 40 to 60-point stops focus on whatâs happening today as the market will probably move too quickly to consider the long-term future. However, the long-term trends are not unimportant; they will not always help you though if youâre trading intraday.
6.The clues are in the details â The bottom line on your account balance doesnât tell the whole story. Consider individual trade details; analyse your losses and the telling losing streaks. Generally, traders that make money without suffering significant daily losses have the best chance of sustaining positive performance in the long term.
7.Simulated Results â Be very careful and wary about infamous âblack boxâ systems. These so-called trading signal systems do not often explain exactly how the trade signals they generate are produced. Typically, these systems only show their track record of extraordinary results â historical results. Successfully predicting future trade scenarios is altogether more complex. The high-speed algorithmic capabilities of these systems provide significant retrospective trading systems, not ones which will help you trade effectively in the future.
8.Get to know one cross at a time â Each currency pair is unique, and has a unique way of moving in the marketplace. The forces which cause the pair to move up and down are individual to each cross, so study them and learn from your experience and apply your learning to one cross at a time.
9.Risk Reward â If you put a 20 point stop and a 50 point profit your chances of winning are probably about 1-3 against you. In fact, given the spread youâre trading on, itâs more likely to be 1-4. Play the odds the market gives you.
10.Trading for Wrong Reasons â Donât trade if you are bored, unsure or reacting on a whim. The reason that you are bored in the first place is probably because there is no trade to make in the first place. If you are unsure, itâs probably because you canât see the trade to make, so donât make one.
11.Zen Tradingâ Even when you have taken a position in the markets, you should try and think as you would if you hadnât taken one. This level of detachment is essential if you want to retain your clarity of mind and avoid succumbing to emotional impulses and therefore increasing the likelihood of incurring losses. To achieve this, you need to cultivate a calm and relaxed outlook. Trade in brief periods of no more than a few hours at a time and accept that once the trade has been made, itâs out of your hands.
12.Determination â Once you have decided to place a trade, stick to it and let it run its course. This means that if your stop loss is close to being triggered, let it trigger. If you move your stop midway through a tradeâs life, you are more than likely to suffer worse moves against you. Your determination must be show itself when you acknowledge that you got it wrong, so get out.
13.Short-term Moving Average Crossovers â This is one of the most dangerous trade scenarios for non professional traders. When the short-term moving average crosses the longer-term moving average it only means that the average price in the short run is equal to the average price in the longer run. This is neither a bullish nor bearish indication, so donât fall into the trap of believing it is one.
14.Stochastic â Another dangerous scenario. When it first signals an exhausted condition thatâs when the big spike in the âexhaustedâ currency cross tends to occur. My advice is to buy on the first sign of an overbought cross and then sell on the first sign of an oversold one. This approach means that youâll be with the trend and have successfully identified a positive move that still has some way to go. So if percentage K and percentage D are both crossing 80, then buy! (This is the same on sell side, where you sell at 20).
15.One cross is all that counts â EURUSD seems to be trading higher, so you buy GBPUSD because it appears not to have moved yet. This is dangerous. Focus on one cross at a time â if EURUSD looks good to you, then just buy EURUSD.
16.Wrong Broker â A lot of FOREX brokers are in business only to make money from yours. Read forums, blogs and chats around the net to get an unbiased opinion before you choose your broker.
17.Too bullish â Trading statistics show that 90% of most traders will fail at some point. Being too bullish about your trading aptitude can be fatal to your long-term success. You can always learn more about trading the markets, even if you are currently successful in your trades. Stay modest, and keep your eyes open for new ideas and bad habits you might be falling in to.
18.Interpret forex news yourself â Learn to read the source documents of forex news and events - donât rely on the interpretations of news media or others.
Otherwise you can use http://www.forextrading-system.com They have all kind of explanations here and some nice free software
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What are the tips and techniques for Forex trading?
Posted by Ryanita
on , under
forex trading tutorial
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comments (0)
Asthon
Hi, anyone can give me an advice about tips and techniques of Forex trading.
Answer
The best advice I can give you is not to try it; unless and until you have a good understanding of how the market works. Go and borrow books on the subject, and search the internet for tutorials.
The vast majority of inexperienced, amateur forex traders lose money; most of them lose everything they have and eventually exit the field upset, angry, disillusioned, and broke.
Consider this - you are "betting" against seasoned professionals who know everything about risk analysis and management. They are equipped with high speed computers located close to the trading floor, in every country whose currency they trade. They have tens of millions of dollars ready to short or long a currency and trigger margin calls and stop limits.
Most of all, they have more timely information than you - they get their news before you do, and by the time you hear about it, the currency has turned solidly against you.
This is why, among many other reasons, the odds are against you. you could make here & there, but not consistently, and not often, and not big. But you can lose big, and often.
The best advice I can give you is not to try it; unless and until you have a good understanding of how the market works. Go and borrow books on the subject, and search the internet for tutorials.
The vast majority of inexperienced, amateur forex traders lose money; most of them lose everything they have and eventually exit the field upset, angry, disillusioned, and broke.
Consider this - you are "betting" against seasoned professionals who know everything about risk analysis and management. They are equipped with high speed computers located close to the trading floor, in every country whose currency they trade. They have tens of millions of dollars ready to short or long a currency and trigger margin calls and stop limits.
Most of all, they have more timely information than you - they get their news before you do, and by the time you hear about it, the currency has turned solidly against you.
This is why, among many other reasons, the odds are against you. you could make here & there, but not consistently, and not often, and not big. But you can lose big, and often.
Is Options University and Forex Trading for real?
Craig Holl
Okay so i have been looking at some ways to make money and i came across Forex trading. Well the trading actually looks legit, but i'm not so sure about this learning course at options university. Can someone tell me about their experience with this, or if you know an even better way to learn, say from a better book. Also do you have to pay for the options university training course?
Answer
The Forex is real, however there are two forms of "Forex Trading".
"On Exchange" and "Off Exchange" This is a fact that few people know about.
On Exchange currency trading is only offered by two companies at the time I was doing my research. Ducas Copy and FXCM. Only one is American:
FXCM. and they only trade "On Exchange" if you have an account with 25k or more in it. And with them you want to ask for an off shore trade account- so you wont be limited in leverage and your allowed to hedge.
All... yes- I mean ALL the other brokerages trade "OFF EXCHANGE" Gain Capital , ACM, CMS, MB,PFG,easy forex, jforex, to name a few.
"OFF EXCHANGE" means just that- its not traded on the real exchange. What it is traded on is an online game that each company creates themselves. Creates, controls, and alters at will. No different than playing online poker. Your playing against the house and the table is controlled by them. Since they always take the position of the opposing party- its in their best interest that you loose.
Example of how they make you loose: (exerpt from Gain Capital's account contract section 4.2:
____________________________________________________________________
.In cases where the prevailing market represents prices different from the prices GAIN Capital has posted on our screen, GAIN Capital will attempt, on a best efforts basis, to execute trades on or close to the prevailing market prices.These prevailing market prices will be the prices, which are ultimately reflected on the Customer Statements.This may or may not adversely affect customer realized and unrealized gains and losses.
_____________________________________________________________________
This means they are trading your account not using the numbers you are being shown on the screen- but by the real market prices.On the game version you can see- the shoots up so you hit the buy tab- in reality the price dropped- in the game you think you made money- then your statement shows up- showing you lost money that day- there's nothing you can do about it either because you signed the contract that says they are allowed to do all sorts of things to make you loose.
As for the university- save your money! go to FXCM's website- open a practice account- you will have access to all their tutorials- however- all you need to know is to buy when the price drops- then sell when it peaks in the other direction- about 2-7 minutes later. Don't trade on Fridays or when they are making financial announcements on the news. Open an account with at least 25k or you will be trading off exchange Plus- opening an account with anything less wont get you anywhere fast. With 25k you can make 15k a day. I can- so you can too. Never use more than 1/3 of your margin.Don't ever use "stops" Always sit and watch the chart anytime your holding a contract.
good luck!
The Forex is real, however there are two forms of "Forex Trading".
"On Exchange" and "Off Exchange" This is a fact that few people know about.
On Exchange currency trading is only offered by two companies at the time I was doing my research. Ducas Copy and FXCM. Only one is American:
FXCM. and they only trade "On Exchange" if you have an account with 25k or more in it. And with them you want to ask for an off shore trade account- so you wont be limited in leverage and your allowed to hedge.
All... yes- I mean ALL the other brokerages trade "OFF EXCHANGE" Gain Capital , ACM, CMS, MB,PFG,easy forex, jforex, to name a few.
"OFF EXCHANGE" means just that- its not traded on the real exchange. What it is traded on is an online game that each company creates themselves. Creates, controls, and alters at will. No different than playing online poker. Your playing against the house and the table is controlled by them. Since they always take the position of the opposing party- its in their best interest that you loose.
Example of how they make you loose: (exerpt from Gain Capital's account contract section 4.2:
____________________________________________________________________
.In cases where the prevailing market represents prices different from the prices GAIN Capital has posted on our screen, GAIN Capital will attempt, on a best efforts basis, to execute trades on or close to the prevailing market prices.These prevailing market prices will be the prices, which are ultimately reflected on the Customer Statements.This may or may not adversely affect customer realized and unrealized gains and losses.
_____________________________________________________________________
This means they are trading your account not using the numbers you are being shown on the screen- but by the real market prices.On the game version you can see- the shoots up so you hit the buy tab- in reality the price dropped- in the game you think you made money- then your statement shows up- showing you lost money that day- there's nothing you can do about it either because you signed the contract that says they are allowed to do all sorts of things to make you loose.
As for the university- save your money! go to FXCM's website- open a practice account- you will have access to all their tutorials- however- all you need to know is to buy when the price drops- then sell when it peaks in the other direction- about 2-7 minutes later. Don't trade on Fridays or when they are making financial announcements on the news. Open an account with at least 25k or you will be trading off exchange Plus- opening an account with anything less wont get you anywhere fast. With 25k you can make 15k a day. I can- so you can too. Never use more than 1/3 of your margin.Don't ever use "stops" Always sit and watch the chart anytime your holding a contract.
good luck!
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