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

Always dream of being Rich? Never able to make a Consistent Profit through trading?Get your How To Read Forex Economic Calendar and be Successful forever!Try this Forex Auto Money and be Financial Free in 6 Months!

Be Successful in Forex Trading by using these Strategies

September 21, 2011 by  
Filed under Currency, Forex Trading

Forex trading is not an easy job. So if someone hopes to makes a profit from day one then it is not their cup of tea. There are Forex trading strategies which one needs to know  to be successful. In addition to this the person would also require enough time, knowledge as well as an understanding of the market along with a great quantity of self-control on oneself to be successful.

There are different Forex trading strategies for being successful. A person should only trade in Forex with that money which he/she thinks can afford to lose. Since the market of Forex trading is a highly speculative  it can also lead to a grave loss. Therefore you should know an effective Forex trading strategy to limit your losses. The money with which you would be able to survive the market of Forex trading should never be traded out. One needs to fully understand the Forex trading strategies to be comfortable in trading.

If a person is not that sure about a Forex trading then it is feasible for him to stay out of it. A person should look to it that he or she can enter forex trading transactions in some kind of reasonable sizes only. Trading in a marginal manner would give an opportunity to the traders to offer a very large  leverage. And if such a type of marginal trading is done full scale, then it can offer very large amounts of profits and sometimes even losses on an account.

It is advisable that a that a person does not put his whole money in one kind of trade, since it may sometimes put him in danger of great losses. The state of the market should always be studied before Forex trading whether the market is moving in an upward or downward manner. An effective trading strategy is to consider a number of factors like whether the trend of the market is weak or strong and when the trend started.

The Forex trading strategy should help in giving the right knowledge about determining the right time frame for doing the trading. Traders should know when to get out of the trading market when they enter into it. A person should know whether they should be doing intraday trading, or longer term trading.

It is also very important to perform Technical analysis . Determining the entry points is a crucial Forex trading strategy. Technical studies of the market are required for a person to determine if it is a right time and also at the right price to make a move in the market.

Knowing about the right sentiment of the market would make a person successful in Forex trading. If a person moves forward in the right direction and with a strong trend they would be able to become successful. Fundamental and technical data would help in knowing the correct trend of the Forex market. Forex trading strategy gives utmost importance to the expectation of the market that a person would make.

Successful Forex trading strategies suggests a trader to use some Technical tools. Technical tools like 9- and 14-day RSI, MACD and 9-, 20- and 40-day exponential moving averages, clear trend lines and support levels along with Fibonacci retracement.

About Author Paul Bryant’ s article on Forex TRADING Strategies – Click here

Simple Successful FOREX Technical Analysis Basics

June 2, 2011 by  
Filed under Forex Trading

What Are The Most Studied or you simple things in Technical Analysis Knew That You Can Use in Forex trading?, Of course MOST events will answer this Without thinking about it, trend lines, resistance and support points and moving averages. The more professional traders will think more about it and Would answer “Yes, trend lines, resistance and support points and moving averages But Who Can Use Them Alone successfully in trading FOREX. ?? Here it is my turn to answer, trend lines, resistance and support points and moving averages Are the best Simplest Ways to Achieve Success in trading FOREX and keep the area always positive. ?? Just to make it simple we Need first to state the definition of These tools and Later to know how to use and Apply Them To Our chart in order to Succeed FOREX and build a real fortune. ?? 1. Trend Line: Trend line is the line That We Can Draw Between Two more price tops or bottoms or whatever on a chart Was the type of the chart “linear, bars or candlesticks”, this line Itself Which Could Be an uptrend line Which Is Being entre drawn in a bullish market bottoms and it Becomes a good support if the price goes south again or a downtrend line drawn entre Which Is Being tops on the price chart is down and when to market it as a resistance Considered the price when to up turns to direction . Note: The line Which touches more tops or bottoms is more Stronger and the signal produced by it is more reliable. ?? 2. Channel Trend: A trend channel is The Space Between two lines, the trend line and a line parallel to it Which is always drawn on the Opposite side of the trend line is drawn so it tops entre in an up trend or direction in a bottoms-through Movement bearish price. The trend channel Requires some conditions to Give an Accurate signal, the MOST important are: To Be a wide channel, more WIDER more reliable and to last more longer. ?? 3. Moving Average: Moving average is a Mathematical average of set of prices we can say That a simple moving average (SMA) with value of 5 and Applied to close is the sum of close prices for 5 moving bars on the chart Divided to 5 (eg . the average of Friday is the sum of the previous 5 days’ week “on a daily chart Divided to 5, while Thursday’s average is the sum of the 5 days before Divided to 5 and so, the moving average is the line Which pass through These averages points “, the MOST important condition for reliability is STI STI value, more great value more reliable moving average. Note: I suggest using More Than One moving average, 2 or 3 are accepted.???? 4. Support And Resistance Points: Support points Are the price points tested Were More Than Two Times When Price was going south and it Could not pass it, support points Are Completely the Opposite. These points Are Being Used to measure the probability of turning at mean price points, These Can Be DECIDED points by using “pivot points, fibonacci rates….. etc.” Note: The more times price touches a point and turn ITS Stronger direction the more it is.?? How Can We Apply this to chart and get money, I’ll summarize this in the Following chart image, it Explains Itself, it’s a chart for GBP / JPY, return signal WAS 1000 + pips in 2 days :???? Three Were going south moving averages, trend line WAS broken “price in green circle” to support good point. “23 WAS Nearly 6% fibonacci broken”, strong signal, yes?? For the chart please visit moneytecThe best resource for FOREX trading is MoneyTec MoneyTec,? – Active Traders Community Forum, Chat. MoneyTec is an online trading community That Promotes mature, intelligent Respectful & & positive discussion in a safe environment for everyone.

About Author Balayya is an active trader at MoneyTec MoneyTec, – Active Traders Community Forum, Chat. MoneyTec is an online trading community that promotes mature, intelligent & respectful discussion in a positive & safe environment for everyone.

Next Page »