How To Read Forex Economic Calendar – 8 Most Important Steps to Successful Forex Trading

March 1, 2012 by  
Filed under Forex Trading

How To Read Forex Economic Calendar

After months of practice and learning, every struggling novice trader begins to wonder whether the decision to enter forex trading was actually a big mistake. Why do other traders make money and I don’t? Do these successful individuals possess any special qualities? Can I improve myself in order to finally start making money?

How To Read Forex Economic Calendar

In order to become profitable in forex, you need to not only learn and practice, but work hard in improving yourself. Below are the major characteristics needed in order to become successful. If you already possess the essential traits – good for you! Just keep practicing and soon you will see the cash flow. If you don’t have the necessary traits yet – don’t give up. Start working on yourself. It is possible to craft yourself into a trader.
So, here goes:
1. Don’t Copy

Copying others is absolutely useless in forex. Every trader is unique and his/her strategies fit their personality and goals. You cannot rely on anyone else but yourself.
2. Be Disciplined

Stick to the plan, even when your self-esteem is over the top. Use your experience and knowledge of the market to make the right decisions, instead of irrational i-can-make-a-million-right-now conclusions, without skipping any important steps in your trading plan.

3. Accept Losses with Grace

Losses are not necessary a bad thing – write down the unfortunate experience in your trading journal, analyze why this happened and voila! You have received one of the valuable lessons by learning from your own mistakes. Practice makes perfect – so don’t freak out over the losses. Instead, learn from it and move on. The main difference between a successful trader and a novice beginner is in accepting the loss. The sooner you learn to lose, the faster you earn money!

4. Be Patient and Reasonable

Know exactly why and when to enter a trade. And here is a great tip – say all those reasons out loud. It is a great way to give a last glance before you make a final click.
Don’t expect the profitable opportunities to pop up all day long. Sometimes, it is wise to give it a break and start again the next day with a clear head. Don’t worry about missing out either, because forex market is always on the move. Not catching the big wave doesn’t mean you will be left out without any profits for ages! How To Read Forex Economic Calendar

5. Control Your Money

Forex is not just about making more and more money, but also keeping what you have already made! You need to have very strict money management rules in order to keep your losses at minimum:
· Never trade what you cannot lose
· Determine your target gains and losses before opening a position
· Use stop/loss orders to minimize the risks

6. Keep It Simple

You don’t need to use all available forex indicators and create a one of a kind Michelangelo-like-masterpiece trading strategy. Keep trading ideas to the minimum – know when to get in and out of the trades and stay away from sentences such as “Let’s stay a bit longer and see what happens”!
· Try trading daily during the same hours in order to get full grasp of currency behavior, liquidity and volatility changes.
· Don’t trade on Sundays, holidays and opening/closing of the specific market.
· Stay informed – read the news, follow the economic calendar, keep your eyes on unemployment rates, decisions on interest rates, gross domestic products, industrial production price, index consumptions, retail sales etc.
· Follow the trend – don’t try to find something that there isn’t, just follow the rend and identify the point of inversion.

7. Develop Strategies

Use free demo accounts to develop your own strategy and a good trading plan. List out several possibilities (plan a, plan b, plan c) – and always have a clear instructions from getting out of troubles. The key to success in forex is to know how to behave in different situations, instead of trying hard to predict what market will bring us today.

8. Control Yourself!

Here is the tough part – the psychological issues related to trading. It is important to stay as cold-blooded as possible by controlling your emotions.
Most importantly, don’t blame the market – blame only yourself! Are your losses still greater than profits? Stop trading right now and start analyzing your strategy. There is a flow somewhere and it is up to you to fix it. How To Read Forex Economic Calendar

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Recommendation of books/articles to read for learning how to create stock options strategy screeners?

May 28, 2011 by  
Filed under Option Trading

I have some basic knowledge of options trading and options strategies. I would like to create screeners for various strategies (covered call, straddle, etc, etc. ) but am not sure what filters/variables to select and what parameters to choose. Wondering whether there are books/articles providing discussion of this topic. Thank you.

Forex Real Time Chart – How to Read and Interpret Forex Charts

September 6, 2010 by  
Filed under Forex Trading

Real Time Forex Chart of the first m? S important ques? No, that comes to mind of a reader, How is this letter is Forex? Like any n? Simply more than one diagram, the Forex is also? Ass to a study of some data and the status? No Forex data, the gr? Traffic presents the evolution? N hist? Rich price and the price mechanism in an ig? No pict? rich. Normally, a table outlines the changes in price levels in the shaft and the age difference in the x-axis Real Time Forex Chart The presentation? N of the letters tend to be different frequencies, while fluctuations in currency and sector moving too? N due to the enormous amount of data generated throughout the world. Although forex charts seemingly appears to be quite dif? Easier to understand, but in the Forex charts are in fact not very different from The graphics of shares. With little knowledge of history and general knowledge of the forex market, even a novice operator can read and understand easily. If a trader wants to read a gr? Forex traffic, then you first have to select some currency pair specs? Traffic and the period, but required time for each bar gr? Traffic. Real Time Forex Chart of the presentation? S real currency timetable too? N depends on the Forex trading system that is used for trade purposes. gr? Ficosa de l? lines, tables and gr * OHLC? Ficosa candle stick are the kind commonly used in the lists. Once selected the currency pair, duty? indicate the pairs in order from left to right. For example EUR / USD always be? Wing with the euro is the base currency and USD currency being traded. Forex real time table so that if a gr? Real-time traffic exchange on the USD / Eury that the current five minutes sailing est? fluctuating around 1. 3000 then it means that one euro equals about 1. 3000 USD. fixation? n different time of 1 minute, 5 minutes, so time can be chosen to project the data, employee time frames depend on the currency trading system in use by the trader or broker. Forex real-time picture of each system tends to use a different period to confirm the character? Sticas and trends. If a trader takes the currency pair (in length), trade is in their direction? N if the gr? Traffic goes up, it means the base currency is climbing against the modernity of the Quotation? N. If the operator has the couple then? L the desire of the couple to fall, which means that the gr? Traffic must go down to show the trade in favor of the merchant. time frame is really crucial and always check qu? period of time you are concerned, consult a gr while? traffic because some gr? Ficosa to present the data in time frames m? multiple. Forex real time drawing board Most? A letter of exchange on the price twice a day you, as well? Be careful when entering a trade to place? purchase orders of continuation? No, you get? ASK price, i. e. , Aggregate supply price with the propagation? N. Stop what he is? doing now and get your life changed real time currency box program. Will change your life forever!

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