Remember that forex trading is never easy. You are going against pros in the market that have been TRADING FOR YEARS. This means that your chances of success when you initially start are not high. The key is to always learn from your mistakes and always to improve. It takes a long time to get good at something, but the people that succeed are those willing to always improve. Remember to stay positive and know that if you put enough time into something you will become good at it.
Sunday, August 14, 2011
Thursday, August 11, 2011
Why Finding A Broker With Low Spreads Is Important
Finding a broker with the lowest spreads is very important if you are a trader. Spreads can range from a pip to over 5 pips or even more! This means that to make 5 pips, you will actually have to make 10 because you lose 5 on the spread. This can eat into your profits enormously. In this example it reduced your profits by 50%.
Make sure you go with a broker that is going to charge you a low spread or your not going to make any money when you trade.
Make sure you go with a broker that is going to charge you a low spread or your not going to make any money when you trade.
Monday, August 8, 2011
What Would You Trade
Traders right now might have a hard time choosing what currency pair they want to trade. Its easy to see that there is a LOT of volatility in markets, but what is the right way to take advantage of this volatility?
The right currency is different for everyone depending on your trading style. If you are a scalper, and I would recommend taking a look at www.oanda.com if you are, then you want to trade something that trends reliably, like USD/JPY. If you are more of a fundamental player, you want to take advantage of a currency like EUR/USD which might make large moves based on fundamentals, but has a lot of market "noise" in the short term.
Whether you are a swing trader, scalper, or position trader, there are currencies out there for you at any given time. Take the time to learn how each trades and you will increase the pips you take exponentially.
The right currency is different for everyone depending on your trading style. If you are a scalper, and I would recommend taking a look at www.oanda.com if you are, then you want to trade something that trends reliably, like USD/JPY. If you are more of a fundamental player, you want to take advantage of a currency like EUR/USD which might make large moves based on fundamentals, but has a lot of market "noise" in the short term.
Whether you are a swing trader, scalper, or position trader, there are currencies out there for you at any given time. Take the time to learn how each trades and you will increase the pips you take exponentially.
Sunday, August 7, 2011
Opening a forex account is easy: Why Right Now is A Good Time To Open An Account
Opening a forex account is easy: Why Right Now is A Good Time To Open An Account: "Right now may be better than ever to open a forex account. Given the current financial world and US financial situation, we are likely to s..."
Why Right Now is A Good Time To Open An Account
Right now may be better than ever to open a forex account. Given the current financial world and US financial situation, we are likely to see a lot of instability in the markets. Instability always mean opportunity for a forex trader.
When a trader hears instability, he instantly thinks of volatility and the opportunity to profit. Some of this instability is even predictable. We know that Japan has threatened currency intervention in the short term to lower the value of the yen which has been strengthening like crazy against the dollar. We also know the US government just had its credit rating downgraded for the first time by S&P. This is going to lead to some predictable results in the short term, and anyone playing the market is getting ready to make a KILLING. So stop delaying because the time to get in to the market is now. If you have been thinking about opening an account, stop thinking and start acting. You can use whatever broker you feel most comfortable with but personally I recommend eToro Forex .
Whatever you are waiting for to open an account needs to be put in perspective about how this is one of the best opportunities we have ever seen to catch profit in the market.
When a trader hears instability, he instantly thinks of volatility and the opportunity to profit. Some of this instability is even predictable. We know that Japan has threatened currency intervention in the short term to lower the value of the yen which has been strengthening like crazy against the dollar. We also know the US government just had its credit rating downgraded for the first time by S&P. This is going to lead to some predictable results in the short term, and anyone playing the market is getting ready to make a KILLING. So stop delaying because the time to get in to the market is now. If you have been thinking about opening an account, stop thinking and start acting. You can use whatever broker you feel most comfortable with but personally I recommend eToro Forex .
Whatever you are waiting for to open an account needs to be put in perspective about how this is one of the best opportunities we have ever seen to catch profit in the market.
Opening A New Account Is As Easy As 1-2-3
We all have heard the same thing time and time again. So you want to open a forex account but you don't know which brokerage or platform to use. You are afraid of using one that is going to be a scam and don't know who you can trust. Well its time for a little advice you can use.
First of all the forex industry is now more regulated than ever. After congress passed the Dodd-Frank act of 2010, Forex accounts in the United States were subject to many more rules and restrictions than they had ever seen. The result of this was all the dishonest brokerages stopped servicing accounts in the United States. But you you the Trader, this is GOOD.
You can now count on all Forex brokerages to adhere to a certain set of standards, and bad practices like nonexistent margin calls and price manipulation can not take place. I prefer eToro as a platform, but if you are using citiforex, or forex.com platforms you can be sure they are trustworthy.
The point is, it is very easy to open an account now that you do not have to worry about finding a trustworthy broker. All you need is some basic information about yourself, and you can open a practice account. Everyone should do this before opening a real account, it will allow you to test strategies with "play" money before the real deal. After you have decided you are ready for a real account, simply provide a few more pieces of information, and fund your account. You can even do it by Credit or Debit Card! The whole process is very quick and painless. With large available margin, and small trading minimums, you often do not need to fund an account with more than a couple hundred dollars.
So now that you know how easy it is, what are you waiting for? Open a Forex Account today!
For information on learning forex basics, visit www.forexright.com.
First of all the forex industry is now more regulated than ever. After congress passed the Dodd-Frank act of 2010, Forex accounts in the United States were subject to many more rules and restrictions than they had ever seen. The result of this was all the dishonest brokerages stopped servicing accounts in the United States. But you you the Trader, this is GOOD.
You can now count on all Forex brokerages to adhere to a certain set of standards, and bad practices like nonexistent margin calls and price manipulation can not take place. I prefer eToro as a platform, but if you are using citiforex, or forex.com platforms you can be sure they are trustworthy.
The point is, it is very easy to open an account now that you do not have to worry about finding a trustworthy broker. All you need is some basic information about yourself, and you can open a practice account. Everyone should do this before opening a real account, it will allow you to test strategies with "play" money before the real deal. After you have decided you are ready for a real account, simply provide a few more pieces of information, and fund your account. You can even do it by Credit or Debit Card! The whole process is very quick and painless. With large available margin, and small trading minimums, you often do not need to fund an account with more than a couple hundred dollars.
So now that you know how easy it is, what are you waiting for? Open a Forex Account today!
For information on learning forex basics, visit www.forexright.com.
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