FX is an open market for trading foreign exchange where money itself is bought and sold. 'Forex day trader' is in general referred to as simply the normal FX trading. Very less difference can be seen. In general cases forex day trader is a person who makes several trades in a day, buying and selling a number of currencies.
They are people who try to increase there profits by taking advantage of the small increase in the currency values. A forex day trader is similar to the stock market trades except that in the forex day traders trade currencies and not stocks. The major advantage of a forex market over stock market is that instead of forex day traders investing and waiting for many years for there stock values to increase, here they just see there currency values increasing and decreasing over time. This allows them to make several trades within a day.
Forex day trading allows forex day trader to open an account for themselves for as less as 250$. The amount that is needed to open an account varies from one company to company. There are several agencies that have brokers mediating a firm or an individual to the market. Brokers are people who educate individuals and firms to work there way through the market. The work of a broker is to help forex day traders to get through the market without suffering much loss.
Only after the internet FX trading becoming so popular, was there an opportunity for even commoners to trade. Until then only co-operate firms and large financial institutions was able to trade in the forex market. Forex now has become so simple that certain traders have taken it as a hobby. With the help of the vast number of software's available they are able to predict the changes in the market and make alterations in there trade accordingly.
Friday 25 December 2009
Understanding Forex Day Trading
Strategy To Make Money Off The FX market
Trading The FX market can be a lucrative way to make money if you have a firm understanding of what you are doing. The Foreign Exchange Currency Market also known as FOREX, is one of the largest financial markets in the World, and the great thing about it is that it is not heavily regulated or controlled by any major institution, in turn allowing the ordinary person to make money off the FX market if they are properly educated.
The FX market operates 24 hours, 6 days a week and is extremely liquid so it is well suited to intraday and swing traders who are looking to make quick profits in a short timeframe.
However the truth of the matter is that even after most new traders have educated themselves on how the FX market works, they still struggle to make money and eventually become part of the 90% of traders who lose money in the world of Forex. You see trading the FX market is not that simple, and to become profitable you must gain a competitive edge over the competition, and in order to do so you must be an expert or become one fast if you wish to succeed.
A smarter and more efficient way to make some money off the FX market would be to follow in the footsteps of the experts who have already figured out how the market works and developed their own profitable systems to trade the FX markets.
Foreign Exchange Online Trading
To become a Foreign exchange participant, you should at least read a book, if not take a course. Because real money is involved here, you must proceed with utmost caution.
Many Foreign exchange investors sign up with Foreign exchange related websites to receive newsletters, advice, and to keep up with currency trends. Some investors even sign up to receive trends on their phones and PDA's to stay in the game.
The good news is that you have the opportunity to practice with play money before you put any of your hard-earned cash through the Foreign exchange market. When you sign up with a brokerage firm that offers the option to trade online, you can use play money to test and understand the software.
You can use this valuable opportunity to put your research to the test by trying out different trading methods to see if your predictions and analyses are correct. While the money may not be real, the conditions are, which allow you a stable playground to learn and adapt to the Foreign exchange market.
Wednesday 16 December 2009
The Ultimate Trader Champion
Win Cash Prizes
ForexGen has the pleasure to announce the launching of the ultimate trader champion on the first of every month.Interested clients who wish to participate in this event shall send an e-mail request on contest@forexgen.com including the following information:
- Full name
- Phone number
" Certified copy of the information pages of account holder current valid passport or government issued photo ID"
After we receive your request we will provide you with further details and with your ForexGen demo account login information which will be used in the trading contest.
This Forex contest for the current month will starts on Sunday 20-12-2009 at 10 pm GMT and ends on Thursday 31-12-2009 at 10 pm GMT.
For more information about our current and future promotions, kindly contact one of our customers support agents at promotions@forexgen.com
Tuesday 15 December 2009
ForexGen is Giving You Cash This Christmas
There aren’t many Forex promotions like this one, but then again there aren’t many Forex Brokers like this one.- We offer 24/7 hour support and a personal account manager to all of our traders.
- We offer training and education resources.
- We send our traders daily Market Reviews by email each day.
- We send the latest trading signals by email.
- And we don’t charge fees or commission.
- Free hedging activities.
- Free Signals, Charts and news.
For more information about Christmas at ForexGen email us at Operations@forexgen.com
Monday 12 January 2009
Why Your Forex Trading Strategy Should be Excellent
Said to be one of the largest exchange market the Forex market is also gaining popularity. The possibility of earning large profits adds to the traders appeal. Although trading in this market is not easy, it can be, provided one understands the Forex trading system. Even a planned investment can many times take a wrong turn. The investor has a bad day even after planning his actions. Nevertheless, this is of little concern to the Forex trader. Every trader in the Forex market knows that to keep the losses at a minimum the trader will have to use the trading signals and this can be done only and when the trader uses the Forex trading system. In this way, he will learn to survive the volatile investment market and brave investing again. The Forex trade allows the traders to conduct their trade in a rather emotionless manner. This is because the pre-determined guidelines that form the system make it an easy task.
Executing his actions is now easy as there are fixed price levels of initial stop loss and trailing loss. Apart form this there already exists a computed price profit, which is projected in the trader’s interests. This in built system of computation allows the trader to know what his level of loss or profit is and even the risk to reward ratio before he even begins to trade for the day. Using the trading system the trader plans his trades and makes a profit if he trades correctly. But on the other hand if the trader makes a wrong move and is more likely to make a loss than a profit then the Forex trading system will show the trader that he is making a wrong move. In this way the trader is able to move out of the situation quickly and the huge losses he would have otherwise incurred is no more a worry. Trading in this way is very safe and the trader is warned when he makes a wrong move. The Forex trading comes under the day trading, meaning the investors buy and sell their securities or they open and close their markets on the very same day. There are many traders who believe that the day trading system is not worthwhile and does not give it much importance.
When you want to check the Forex trading system as an option, what you can do is review this trading system by finding out how other Forex traders like it. You can easily ask the existing Forex traders their trading experience and how they like it via the trading system. Trading forums are another way of receiving reviews about the Forex trading system. As there are a number of forums, you will have no difficulty in getting the information you require. However many professionals feel that day trading is quite profitable though it is not the easiest way to trade. If this wasn’t a profitable method of investing then how does one explain the large number of day traders who earn their income solely from this source? Therefore, if you wish to be part of any system that relates to day trading then it is necessary that you have sufficient knowledge about the Forex trading systems. Many sites let you in on the secrets of Forex trading. These sites provide you with Forex Strategies, Forex techniques and all other information that you may be in need of.
A number of tools, information and techniques are made available so that the Forex trading is made easy. Additionally these sites provide the facility of online Forex trading. There are sites that provide free online trading. This is extremely helpful for day trading as the trader can be up-to-date with the changes in the market. No matter whether you are interested in day trade or swing trade as long as you have a good trading system in place. These systems should help you conduct your trade in a safe manner and ease your trade. In this way, you can make the most of your investments and have the chance to increase your profits and reduce the losses. Knowledge of the Forex Trading System will help you even in your other day trading endeavors.
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[ForexGen Money Manager]
Benefits of being a Money Manager with [ForexGen]:
* Providing three different commission sources.
* Weekly commission plan.
* Easy & fast commission withdrawals.
* Fixed percentage of the profits.
* P = k * D “P=Profit, k=Variable Parameter, D=Deposits”
The money manager gets a fixed percentage of the profit previously agreed upon with the client for managing the client funds as a bonus feature.
The most competitive trading conditions:
* 2 pips spread on six currency pairs.
* Providing online trading services without maintenance margin, margin call and no automatic closing of positions below the initial margin on weekdays for accounts with initial equity of up to $1 million US. The margin level have to be recognized Fridays at 23:00 CET and before public holidays.
* Leverages up to 1:200 for accounts up to $1 million US.
* Liquidity and 24/5 availability are the characteristic factors of the Forex market compared with other financial markets.
Forex Trend Following
Using Breakouts Huge Profits
The most lucrative form of trading is locking into and following long term trends in forex that can last for months or years. Most traders have no idea how to profit from forex trend following so we will show you how to do it in 5 simple steps.
1. Be Selective
The first point to keep in mind is that the big trades don’t come around very often so you need to be patient and selective. You don’t get rewarded for trading frequently; you get rewarded for being right.
You can trade less than a dozen times a year and make triple digit gains, if you pick the right trades. So don’t be tempted to get in the market for the sake of it be patient.
2. Watch Breakouts
Forget buying low and selling high – most great trends start from new market highs and you have to be ready to buy these breaks.
If you wait for a pullback you will simply miss the best trends, because when a new trend breaks out - it moves quickly.
The best risk/ reward is offered on the these breaks. Most traders can’t buy breakouts, as they want to buy at a lower better price and wait for a pullback and they never get in and miss the trade.
3. Use a Simple System
To trend follow and catch breakouts you don’t need a complicated system.
All you need to understand are basic trend lines and the concept of support and resistance and that’s it.
A simple forex trading system is best, as it’s easy to understand and easy to apply – if you complicate your system, it will be less robust and will have too many elements which will break in trading.
All the best forex trading systems are simple and yours should be to.
4. Trade Valid Support and resistance only
Keep in mind, you only want to trade breaks that are considered important by the market.
This means that levels have been tested several times, in at least two time frames, preferably a few months.
When these levels are broken, chances are there are stops behind the level wating to be hit and new trend followers waiting to kick in which will accelerate the price trend.
5. Confirm – Confirm – Confirm!
Make sure that any breakout is confirmed by momentum oscillators – this will ensure you filter out false breakouts.
If you are not trading with price momentum, you’re not trading the odds and you won’t win – period.
Only take breakouts confirmed by a rise in price momentum.
We don’t have time to discuss the indicators to use here - but look up: RSI, ADX and the stochastic, as a good place to start.
6. Accept Short Term volatility
Breakout trading can see huge volatility after the initial breakout has occurred, don’t be tempted to move your stop to quickly WAIT.
You’re trying to catch the big trends so accept that you will see counter moves eat into your profits by several thousand a day.
If you want to catch the big trends and make $10, $20, $30,000 or more - accept the drawdowns in the short term and keep your eyes on the bigger prize if you dont you will be stopped out early and miss the big profit you were aiming at.
So there you have it.
A simple, logical system, that can and will pile up huge profits in under an hour a day.
You won’t have to spend much time on this system and you won’t trade very often – but you will make a lot of money and that at the end of the day, is what forex trading is all about.
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