Thursday, June 05, 2008

My forex trading Reviews

Beginners Education in Forex Trading - Find The Best



If you are looking for a beginners education in Forex Trading the best place to look is on the World Wide Web. Simply type in a "beginners education in forex trading" into a well known search engine like Google or Yahoo and you will be presented with scores of websites offering you step by step articles and also full downloadable e-books and e-courses on the subject. You can get this type of material from either an affiliate marketing type site that specializes in linking you to the different Forex traders or you can go directly to a Forex trading site.


Most Forex trading sites offer a beginners education in forex trading. Sometimes this is conveyed through a Help or FAQ section on the site and other times it appears in a series of articles. Some well known futures trading companies simply put all of their beginners education in forex trading right on their site as they take you through the process of actually doing some trades.


Although learning as you go will probably work for most people it might also be a good idea to invest in an e-book or check out some of the more general sites that offer free online how-to articles and guides about a beginner's guide in Forex Trading. This is because any mistakes that you make as a beginning trader could be expensive, especially if you have never gambled with funds by investing in the online futures market before.


There are all kinds of sites on line that can easily take you through the entire process so that you are well informed before you trade a penny online. These library style sites contain compendiums of articles that will teach you everything that you need to know about futures trading including puts and calls, expiration and option values, exercising options, taking profits on option trades and selling options outright.

About the Author


Tiffany Walker is an author who works for various financial publications online. Read her most recent articles here: Beginners Education in Forex Trading.

Making Money In Forex Trading Fact or Fiction?


Find out the real truth about making money in forex trading.

Recently theres been a surge of everyday, average investors choosing to invest the majority of their portfolio in forex trading. If you talk with those people, you'll find many feel making money in forex trading is much easier than using more traditional types of investing.

The process used for making money in forex trading has a different set of strategies, and plan that trading stocks, mutual funds or bonds. The forex market is a little more complicated to learn, but once you understand the forex market and currency exchanges the possibility of making money in forex is good.

Making Money in Forex Trading - The Advantages

There are advantages to the forex market not available when you invest in the stock market realm. First off, industry changes and changes in company profits dont affect the forex market. Bull and bear markets wont cause major fluctuations as in normal stock trading.

Another advantage is the fact forex trading is open twenty-four hours a day, six days a week. Its not like learning about a major industry event in the evening news and not being able to do anything until the market opens on Monday. You can make your trades anytime of the day.

Learning about making money in forex trading has never been easier. Many online brokerage sites offer free information and education about learning how to invest the forex market. You can also train in real-life" trading without using any money. Its the online version of paper-trading. Youll be able to fine-tune your market strategies and analysis before you actually risk any of your own money.

As with any form of investment there is the potential for loss. Setting your stop points and minimizing your loss potential is not at all difficult, once you understand the forex lingo, and how currencies are traded.

Making money in forex trading occurs by buying and selling once currency for another. The trading is done in pairs. Quotes are displayed in the same manner. The money you make is determined by the change in pips.

Simply put forex (foreign exchange) trades are made according to the value of one currency as compared to another. These values of currencies are constantly changing. Quotes on prices are quoted in pips (percentage in point). If a particular currency quote goes higher, it means that currency is stronger. If it goes lower it means the currency weakening.

Learning to identify potential patterns and points of value changes in currencies is the basis for making money in forex trading. Theres lots of online help and education if you have an interest in the forex market. Youll also find you dont have to invest a large amount to begin to learn to trade. Some firms allow opening an account with as little as two hundred dollars. Plus, you get to practice before you make a trade with real money. What better way to learn and earn?



A Great automated forex trading Resource.

Your FOREX trading potential can be predicted by looking at your daily emotional behavior



As hundreds and thousands of articles have been written on the subject of trading the markets, and with the emergence of new financial instruments every day, I feel compelled to put together a dissertation on the most important element of trading, the emotional effect.


Before detailing the key elements, I will offer to you the thoughts of two prominent individuals. They do not need any introduction, as their work is known and appreciated all over the world. I am sure you will love their insight into the human psyche.


"When dealing with people, remember you are not dealing with creatures of logic but creatures of emotion". Dale Carnegie (1888-1955)


"Let's not forget that the little emotions are the great captains of our lives and we obey them without realizing it". Vincent Van Gogh (1853-1890)


In a world apparently dominated by logic, it is very interesting to find such "heretic" ideas. There is nothing more debilitating than the thought of us acting not on our heavily trained conscious, but rather on the unknown subconscious impulses.


I would like to add just one more fact to my presentation, in order for you to fully grasp the importance of this new approach to trading and in general to any business activity.


The Institute for Health and Human Potential, with offices in U.S.A., Canada and Australia is a research and learning organization that uses Emotional Intelligence to leverage performance and leadership. Fortune 500 companies, the world's top business schools, professional athletes and Olympic medallists seek their expertise.


According to their studies, "Research tracking over 160 high performing individuals in a variety of industries and job levels revealed that emotional quotient was two times more important in contributing to excellence than intellect and expertise alone"


Shocking? Not at all. It is our way to act on impulse, without questioning the triggers. .


It is well known already that the two emotions dominating trading are GREED and FEAR. What is less grasped is the extent to which these emotions influence our decisions.


While amateur traders are greedy when they lose and fearful when they win, professional operators have an exactly opposite attitude, being fearful when losing and greedy when winning.


While simple psychological training could help you discipline your impulse reactions, it is the experience you get "in the ring" that makes you understand how to play with these primal emotions.


We all hate to lose, not necessarily money. The sentiment is very powerful. ALL professional operators are well versed in dealing with it day in and day out.
Although they have been through tense moments due to financial losses, they have learned the most important rule in trading the markets: losses are the COST OF DOING BUSINESS.
They have a high emotional management procedure and are trained to implement it no matter how hard their "ego" may suffer.


This is easier said than done, as emotions kick in and all theory crash and burn together with any trading plan.


Here you have some easy steps to help you start taming your emotional horses.


- What you see is NOT what you get, as opposed to what you have been taught all your life. The way you act is just a consequence of years and years of education and interaction with others and not your genuine attitude. You are the product of an outside education, not necessarily positive.


- In the long run, your FOREX business is just PART of your whole life, together with your family, friends, hobbies, long-term projects and various other activities. I personally use a very powerful "mantra" when in pain following a loss. LIVE TO FIGHT ANOTHER DAY!


- Never lose sight of the general picture. That is your primary goal. For a professional FOREX operator, the primary goal is the PROTECTION of his or her trading capital. Keep a trading journal and learn from your mistakes.


- If you want to get a pretty accurate picture of your trading prospects, take a look at your daily emotional decisions. Most of the time, you will repeat all emotional behavior in your professional life.


If you take your time to sit back and observe your daily routines, the picture will emerge with greater clarity, helping you foresee hurdles along your trading career. Do you have a swinging mood? Do you change your mind very often? Are you capable of keeping a commitment? Do you lose your temper easily? Are you on the "half-full glass" or "half-empty glass" side of life?


These traits will not change just because you start trading. That is why you have to be very careful with your expectations. Base them both on your assets as well as liabilities, in order to obtain an accurate picture.


That is just the beginning, but a very resourceful one on a journey few of us have started yet.


I have seen traders taking NLP (Neuro-Linguistic Programming) lessons, practicing the Tai-Chi art or simply meditating. They try to get in touch with unseen forces at work deep inside, vectors of influence that rule our inner world.


The way to succeed in life has infinite variations but one common start, superbly crystallized in the following aphorism, inscribed in golden letters at the entrance to the Temple Of Apollo at Delphi and attributed to Socrates, among several other ancient Greek philosophers: NOSCE TE IPSUM,(Know yourself).


The magic of success is within our grasp. We just need to find the wand!


Bogdan VASILE


Professional FOREX trader and owner of FOREX educational website Forex-Arena.com
www.forex-arena.com,
headoffice@forex-arena.com

About the Author


Mr. VASILE is the founder and President of VORTEX Capital Management, a seasoned FOREX trader, member of the Securities & Investment Institute in London and author of the revolutionary SyncronDec? program used in his professional FOREX course. He has a Professional Certification in Financial Regulation with the above Institute as well as extensive experience in the field of Investment Management.

Types Of Orders In Forex Trading


The forex market provides different kinds of orders for trading. The following are some major types of orders that can be found on forex trading stations.

Market orders - A buy or sell order in which the forex firm is to execute the order at the best available current price. It is also called at the market.

Entry orders - A request from a client to a forex firm to buy or sell a specified amount of a particular currency pair at a specific price. The order will be filled once the requested price is hit.

Stop Loss orders - An order placed to close a position when it reaches a specified price. It is designed to limit a trader's loss on a position. If the position is opened with buying a currency pair, the stop loss order would be a request to sell the position when the price fall to the specified level. And vice versa. Traders are strongly recommended to use stop loss orders to limit their losses. It is also important to use stop loss orders when investors may enter a situation where they are unable to monitor their portfolio for an extended period.

Take Profit Orders - An order placed to close a position when it reaches a predetermined profit exit price. It is designed to lock in a position's profit. Once the price surpasses the predefined profit-taking price, the take profit order becomes market order and closes the position.

Good Until Cancelled (GTC) - In online forex trading, most of the orders are GTC, meaning an order will be valid until it is cancelled, regardless of the trading session. The trader must specify that they wish a GTC order to be cancelled before it expires. Generally, the entry orders, stop loss orders and take profit orders in online forex trading are all GTC orders.

The above are the basic orders types available in most of them trading systems. Some trading systems may offer more sophisticated orders. Traders should be familiar with the different orders and make the most of them during trading.


About the Author:

Action Forex provides forex analysis reports, live pivot points on majors and crosses, etc are provided with collection of carefully selected educational articles and free trading ebooks downloads.





Forex Trading - Using The Right Tools To Avoid Costly Mistakes



Foreign Exchange Trading, also known as Forex, is the world's financial market. Within Forex, currencies are purchased and sold on a regular basis, generally for the purpose of carrying out international transactions.


A perfect example of international transactions with Forex, would be an instance of Canada purchasing items from the United States. Canada would have to purchase USD (United States Dollars) to complete the transactions. They would therefore, essentially buy USD using their own currency called CAD (Canadian Dollar).


Of course, Forex is operating in the same way as the stock market, only brokers can trade on the market. Typically, in each country there is a large bank, these banks are generally known as Forex brokers. Therefore, if you are interested in Forex trading, you will need to choose a broker to handle the transactions for you.


When choosing a broker, you need to determine which brokers are dealing with the Forex trading market. You should also consider the goals you have within the market. For example, in some instances it may be suitable to use a local banker for the transactions.


However, if you are interested in the market, on a more serious level such as converting global Forex receipts, intentions of profiting from the market, or hedging the risks, you may want to consider opting for a specialized Forex broker.


When choosing a broker, you should also consider the commissions they earn. You should also base your decision on the amount of time it takes the broker to complete your transactions. You should also ensure that the chosen broker has a host of financial tools at their disposal for use in Forex trading. Some examples of such tools include instruments for Forex currency options, futures, and forward contracts.


When it comes to tools and your Forex broker, you will want to ensure that the broker has the extensive knowledge on how to use these tools. For example, with it comes to forward contracts, this is typically offered only through banking institutions.


Your broker should also understand when they should implement these tools. As in the forward contracts, they should know that forward Forex trading should only be implemented when the date of the transaction and the specific number of transactions should be implemented.


Overall, it is important to deal only with a Forex broker that has the experience, knowledge, and expertise that is required when dealing with Forex trading. When entering into the world of Forex trading, you should also have the knowledge needed, you do not want to rely on the hopes that your broker can offer you the advice needed on all transactions.


Summary:


Forex trading actually means Foreign Exchange Trading. A country needs Forex for carrying out internal transactions. You can earn money by investing in the forex trading market, just like you can do at the stock exchange; if you are have the required knowledge.

About the Author


Brooke Hayles

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