Learn Fx Forex Trading for Profit
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This video talks about Forex Trading System Software. Specifically, the video focus's in on what the software is, should you be using it, and the pros and cons.
Duration : 4 min 16 sec
I’ve heard the term a lot lately. Does the term mean just the automated software? Or does the term mean the software plus the trading platform? Does the term’s meaning include advice from an expert or broker or is it all the software computer stuff?
Thanks, I appreciate the help! And be sure to send me a reminder after a few hours to make sure I remember to select a best answer!
so is it restricted to just metatrade's proprietary platform? is it just an add-on to a software application or program? is there more to it than just that? that doesn't seem right to me…
Forex EA is simply a metatrader file that gives you trading signals or trade for you. You can read more about it at http://forexinblog.com/how-automatic-trading-works/.
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Indeed, you really do need to hone your skills at self-discipline and become a virtual Zen Master if you truly want to succeed in the fluid Forex market. Trading 24 hours per day (the market does close from Friday afternoon until Sunday) thanks to a network of inter-linked computers in financial institutions around the world, the Forex market is by far the largest and literally dwarfs the commodities and futures markets. Nearly 1.8 trillion dollars change hands each day and you can profit from the interchange of currencies-if you can control the four most dangerous emotions that tend to cloud judgment and cost you profits. These four emotions include:
 Greed
 Fear
 Hope
 Faith
With the right investment strategy, the Forex market can certainly be very profitable but greed is always a factor in any human endeavor-especially investing. Greed causes perhaps the greatest problem when it comes to investing in the Forex-overtrading. When an investor overtrades, there is a greater potential to risk too much and enter too late in the trend. Back testing should identify trends and help you determine whether the window has already passed so be sure to stick with your investment strategy and remember that the market is always right-greed can cloud our judgment quicker than anything else but self-discipline and homework can help you maintain focus and profits.
Fear is another emotion that has helped drive the markets from the very beginning and will surely continue to do so in the future-predictably. Fear always leads to panic selling but the market will always correct itself. The best way to combat fear is to learn and understand how the emotions affect the markets and then identify long term trends. These trends will help you plan the best investment strategy so that you can maximize profits but you need to have patience and look at what your charts are telling you.
Hope is something we all need but it can definitely cause some mistaken investment decisions-especially when it comes to staying with a position too long. Exit points exist for a reason so stick with them because the numbers don’t lie-period.
Unfortunately, we can sometimes have too much faith in our numbers. The short term trend can look fantastic and cause us to invest before we have properly researched all the facts-like the long term trends. If these two trends do not agree with one another, it is probably a bad idea to invest in a position.
The market may be driven by emotions but it can also be predicted-because it has ALWAYS been driven by the same four basic emotions. To keep your head in the game, the profits up, and your analysis accurate-use these simple tips:
 Block out noise-short term factors can affect long term profitability if you make rash investment decisions
 Look at what the charts are telling you-the charts are your lifeblood so never ignore what they are saying because the market is always right and ego investing will kill any great strategy
 Stick to investment strategy-this does not mean ignore the charts…simply continue to back test and refine analysis of charts to improve a strategy where the results have not been panning out as planned
You don’t actually have to be a Zen Master to be successful on the Forex market. However, you do need to understand that there is a psychology to investing and that emotions are very powerful forces in any investment market-especially the very fluid Forex. A good investment strategy will consistently produce profits over the long term if properly followed so be sure to control your emotions, do your homework, and stick with your plan-and the pieces will fall in place.
This is my 2nd day practicing in forex (using virtual cash) at forex.com.
I went for contract size 10,000 w/ min. deposit $ 250.
First I started at lowest lot size (1) then went on to 25 (lot).
In the last 2 hours, from .18 cents I was able to accumulate $ 400 (realized gain) by trading EUR/USD. I don't know if this is considered good or too small ??. I went in & out of trade 5-6 times during that time. BUT, when I printed out account summary, the highest amount gained shows $ 130 that I gained, and the latest realized P/L is only $ 67. did I do something wrong ?
also would you suggest to trade a couple of times a day?
Ok first of all whenever you are trading there is slippage, meaning a difference between the price it shows when you hit the button and the price you actually get filled at. Sometimes that difference can be quite large. Second of all there trading costs for executing your order. (Typically they are very small or nonexistant in FX). Look over your statement and the exact execution prices, to make 400 dollars on EURUSD on 10,000 you need to make around 325 pips which is a big move. On 25 lots its like 2 pips so thats quite little.
To trade FX effectively you should you need a minimum of 5000 in an account to trade well and be able to weather drawdowns, it is difficult, but can be quite rewarding once you get over the learning curve. Good luck and happy trading.
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Staying up all night to day-trade is really difficult. Not only is it boring, but you gotta monitor the screen every 10-15 mins. I have no trouble making 200+ pips every week, the only problem I have is that I am not willing to stay up long nights to make them. I am looking for a day-trading partner who will be willing to stay up long hours to chill and trade. I trade from 11 p.m. U.S. Central to 8a.m. U.S. Central.
If interested, you can email me at nliang@luc.edu
http://tradingforexonline.info/ provides information about forex trading, online forex trading forex trading software, forex trading system,forex currency trading.
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I don't want to pay thousands of dollars for another "one size fits all" training program. I also don't want to spend thousands of dollars on a software program that generates red and green lights telling you what to do when.
I think that the FOREX has advantages over other markets due to its sheer size, and hours of operation.
Thank you.
Thanks for the info, but I'm not really interested in ETF's either. I am talking strictly about the FOREX Spot Market.
There's only so many currency pairs to analyze, there's no commissions, and it's the largest market in the world.
You can start by reading everything on free websites like:
http://www.forextopten.com/
http://www.babypips.com/
http://freeforexebook.org/
http://forexfactory.com/
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