Mastering Forex Trading

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I’m questioning for who have been successful in forex trade. Can you give me some tips and advice on how to forex trade? Any strategy or rules?

This are 3 simple tips on how to forex trade:

Tip 1 – pick out a currency duo that you are familiar and comfortable with.

Tip 2 – Combine the use of both technical analysis and fundamental analysis.

Tip 3 – Take this tip onboard on how to forex trade is to be greedy whilst others are wary and be wary when others are greedy!

You can refer to the site below to know the detail about 3 tips above.

how to forex trade = http://www.forex-learning.com/forex-learning/how-to-forex-trade-3-tips

Cheers!!

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I’m currently in the process of selecting the right broker, and I’ve heard that ECN (or non-dealing table) brokers are the ones who will not try to sabotage your trades, as it would not be in their interest to do so.

But how easy/difficult is it to actually start out with the broker? Do you simply register on their website, or do you have to actually speak with them on the phone?

Aside from the minimum deposit, are there any other requirements? What I mean is, do you have to meet certain requirements in order to work with a broker, or is it simple to sign up with one?

It is my understanding that choosing the right broker is the second most important step in succeeding in this market, next to having an effective and proven trade strategy/plan.

I have been trading the forex market for years and only found a few brokers to be reliable. I have reviewed some of the best brokers and you can take a look at http://www.forexlane.com/brokers.html

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This is in Forex trading.

Since the average daily range of each of the 4 major currency pairs is about 104 pips…..20 pips is a very good target to have.

The key comes in understanding pivot points, fibonacci retracements, bollinger bands and consumer sentiment (over bought and over sold conditions). You also need to take a careful look at the times of day that the market is normally most active.

20 pips per day is very doable……..the cost is the amount of time you need to spend staring at a computer screen all day. Personally, I retired from technical analysis once I got a firm grasp on the merits of longer term conservative hedge trading.

Good luck.

Paul

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Do you recommend this strategy in the Asia-Pacific forex markets — Singapore, HK, Japan, Australia & NZ?

No, I don’t trade news stories, nor do I trade with a leverage of more than 1:50

The reason is simple: Broker spreads increase dramatically when a news report comes out. So the chances of manipulation & ‘price spikes’ are much higher.

Besides, the market itself goes into a volatile whipsaw at news time. Your stops can be taken out, trends takes a U-turn, and more often than not, you’ll end up with unwanted losses.

http://forex.ellsed.com
http://brokernightmare.ellsed.com

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Trying to understand the very fundamentals of a trade:
1) what am I buying
2) whats the balance of my trading account after a trade.
Only answer if you are a FOREX trader - experts only please.

Is it the case that
a) If I have an FOREX account with USD and I buy AUD, I then have an account with AUD dollars in it?
(a sub question of this is, can I then go on to buy another currency using AUD).
Some time later the market moves, and I buy USD using AUD. I realise a profit/loss based on my new USD balance

OR is it
b) If I have an account with USD and I buy AUD, I then have an account balance with USD:AUD at whatever rate.
Sometime later the market moves and I sell my USD:AUD at a new rate, making a profit/loss.
(A sub question of this is, what currency is the profit/loss in - USD or AUD)

Please do not include in your answer things such as margins, spreads, strategies etc. I can learn about those later, I just want the very basics.

Potentially different companys offer different methods so if you are comfortable doing so, in your answer please specify the company that your are trading with.

Cheers

Sam

A Forex trading account works basically like a stock trading account. If you deposit USD into your account, and buy a certain amount of AUD/USD, it’s still a USD account, but you’re holding AUD/USD as a position.

Your account balance, or equity, will fluctuate up or down (in USD) depending on whether the position moves in your favor, or against you.

I’ll mention margin just briefly, because it’s the most important aspect of Forex trading. If your account allows 100:1 margin, that basically means that you can enter a position that’s 100 times larger than what you’d be able to enter if you had no margin. And therefore, you can gain or lose money 100 times faster.

I highly recommend InterbankFX.com. They’re one of the most reputable Forex brokers in the US. I also recommend going to your local bookstore and reading everything you can about stock and currency trading.

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http://ForexAutopilotSystem.org — Forex Swing Trading Strategy - A Simple One For Huge Gains Anyone Can Use
To master the enclosed swing trading strategy, will only take a week or so and then your all set to start trading it for big regular currency profits - Let’s take a look at it in detail.

Before we look at the strategy, lets review exactly what swing trading is and why it works. Swing trading is simply buying or selling into overbought or oversold currencies.

So why do currencies move to overbought or oversold levels? The answer is simple because humans push prices to far on the upside when greed is present and to far on the downside when fear is present. All short term price spikes either up or down, don’t last long and prices move back to more realistic levels which reflect the long term supply and demand picture.

If you look at any currency chart, you will see this happen and it will always happen, as humans will always be subject to their emotions - but how do you swing trade successfully?

Let’s look at a simple Forex swing trading strategy for success. I have used this strategy with no alternations, for over 20 years and it will always work here it is:

1.Look at your charts for sharp movements either up or down.

2.Check how overbought or oversold the currency is by looking at some momentum indicators and I like the RSI and stochastic. These are visual indicators of price momentum and don’t take long to learn and you can see them on any free chart service.

Let’s look at an example, of a currency that is overbought and how to swing trade it:

1.When the currency moves up sharply look for the momentum indicators to become overbought and wait.

2. As soon as they turn down look to sell and put your stop above resistance.

3. Target an area of fair value on the downside and a great level to look at is the mid average of a Bollinger band

4. Take your profit just above this level and bank it.

In a bear market you would do exactly the opposite.

This strategy is simplicity itself but it works and will continue to work in addition, you will find it easy to use because you don’t need as much discipline as long term trend following, you also get plenty of trades, it’s exciting and fun.

I call swing trading “hit and run trading” and that’s what your doing - getting high odds set ups, hitting them and then banking profits, before the position can turn back on you. If you learn and practice the above strategy for a week or so, you will soon be confident enough to applly it for long term currency trading success.

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