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Forex Trading System Software :: Should you be using it?

admin — Tue, 13 Jan 2009 18:52:38 +0000

This free lession is brought to you by: http://www.ForexSimpleTrading.com

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

Technorati Tags: forex

What is a Forex EA? Is it…?

admin — Sun, 11 Jan 2009 22:33:03 +0000

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/.

Forex Trading Psychology – The Art Of Mind Control

admin — Sun, 11 Jan 2009 22:31:05 +0000

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:

Â Greed
Â Fear
Â Hope
Â 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:

Â Block out noise-short term factors can affect long term profitability if you make rash investment decisions

Â 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

Â 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.

question about FOREX ?

admin — Fri, 09 Jan 2009 23:44:42 +0000

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.

Anyone looking for a Forex daytrading partner or ally???

admin — Wed, 07 Jan 2009 23:25:21 +0000

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.

Is there a good affordable way to learn to trade the FOREX?

admin — Tue, 06 Jan 2009 00:54:47 +0000

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/

Forex Trading Strategy – Don’t Work Hard Work Smart 3 Profit Tips

admin — Sun, 04 Jan 2009 21:31:00 +0000

Many traders donât win because they try to hard with their forex strategy, however there is no correlation between the effort you make and the profits you earn.

Letâs look how to work less on a forex trading strategy, work smart and make bigger profits.

1. Your method

Forget complicated methods simple ones work better and the top trading systems in the world are based on just a few indicators.

A simple system is more robust than a complicated one and another reason for a simple system is that its:

Easier to understand.

This gives you confidence so you can apply it with discipline an essential element of trading is to stick with your system through losing periods.

Many traders get frustrated with systems they donât understand or are to complicated and chop ad change â donât make this mistake.

A simple system based on sound logic is all you need.

Donât tick watch

Many traders watch the markets all through the day for hours.

There is absolutely no point in doing this all short term moves are random only watch the prices once a day.

2. Trade longer term

If you day trade you will lose (as we have said all short term moves are random), trading longer term means that you will only need the close.

3. Applying your system

If you have a simple system its going to be about 10 minutes a currency to decide entry and exit levels so thatâs around 30 minutes a day. Place your orders set your stops and thatâs it.

So how long does it take to do your forex trading strategy?

Getting a system that suits you is the longest part and we have given in the past advice on how to do this.

It doesnât take that long however and about a week or two is all you need to get one sorted, then its under 30 minutes a day.

Big profits

Once you are in big trends you can sit back for weeks or months and watch profits pile up. If you are wrong you are taken out on stop you set and thatâs it.

Trade sparingly

Only look for the best risk reward trades on breakouts, that could yield big profits and donât look to do marginal trades.

The big trades per currency only come a few times per year so be patient.

Thatâs about it.

There is no correlation between how much money you make and the time spent on trading in fact the opposite is true.

You need to work smart not hard on your forex trading strategy â remember that.

what is a stock investors average income?

admin — Sat, 03 Jan 2009 23:21:30 +0000

basically i want to open a mini account in forex and have $2,000 to put into it. if i am an above average trader, how much will my income be by the end of the month if i trade about 2 hours a day

-$2000

You will lose everything. If it were that easy, everyone would do it. Just put your money somewhere "safer" like a mutual fund.

Any anyone that tells you that you can make 20%/month is probably trying to sell you something.

HAs anyone ever made any money from the forex market i mean any kind of substantial profit? is it worth it?

admin — Thu, 01 Jan 2009 21:36:28 +0000

I am new to the forex market I literally dont even know how it works MY freind just told me you can make thousands of dollars a month if you know what you are doing, I WANT TO KNOW IF HE IS JUST HYPING ME UP OR IS HE FOR REAL? FROM WHAT I UNDERSTAND YOU MUST REALLY HAVE AN INCREDIBLE KNOWLEDGE OF THE SUBJECT AND HAVE YEArs of experience and even then its a a very good chance you wont make money I really would like to know if it is worth my time to spend hours researching currency trading because i dont know if it will give me much of a return.? I also have about 500 dollars to work with at least to start off with.

Most amateur or 'retail' forex investors lose money. It's similar to day-trading on the stock market in that it's closer to gambling than investing (at least the way that most amateurs approach it). It's easier to make money being a long-term, sensible investor in the stock market. However, knowledgeable people can make money on forex. Many of these successful forex investors invest in stocks, bonds, and other things — forex is only one aspect of their investing.

Forex Market. Can a regular income be made?

admin — Wed, 31 Dec 2008 00:51:29 +0000

I was hoping that someone could help me out. I am wanting to trade in the Forex market but am wondering a couple of things:

1. Is there a "school" that I could go to that would teach how to trade and stay profitable (Personally I NEED a classroom setting to really learn something. I know it can be done online but online does not work for me)
2. What is a reasonable expectation of what can be made from month to month and from year to year. Could a person expect to make $100K per year, $1 million per year? I have heard people say that you should be able to, at minimum, double your money consistently in a month. That sounds to high to me.
3. What kind of daily time investment would I be looking at? If I COULD double my money every month but I would have to be hands on for 12 hours a day 6 days a week it would not be worth it to me. Could a good income be made in 2 hours or less per day?
I am basically looking for a good school to get me started. And what I can expect.
just so everyone knows. if you post a link that does not have revelavent info on it but only google adds I am not going to report you but will make sure that your ctr stays WELL over 1000%. I welcome everyone who is looking to get ban from adsense.
I asked the question to get a real answer.

NC, has the best info.
Only thing I will add is that you will be trading on margin.
Some of the exchanges will 'guarantee' you will not lose your initial investment. They do that by putting a stop lose on your position, which you have no control over, and will take you flat in a heart beat if they think you are going into the hole.
Even with that 'guarantee', you can still windup owing them LOTS of money.