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GENERATE YOUR OWN FOREX SIGNAL

2010-03-14T18:02:00.002+01:00

To calculate Buy area and Sell area, input yesterday's High, Close and Low prices from a Daily chart of the currency pair you are analysing, then press "Calculate!" do not use decimal format, example for 1.9576 you must enter 19576 or this generator will not work properly !!! Use Decimal Round on CLOSE data to get right Pivot and BUY/SELL area

Forex Money Management: A New Approach

2010-03-08T16:36:00.001+01:00

Have you come across a trader who reported a large amount of profit from a relatively small account? Such stories are wide spread and often attract inexperienced trader’s attention. In this 4 part article we will explore into traders mind and psychology plus look into ways of managing money the right way.

Was it a Fluke? Perhaps just a stroke of luck. Anyone claiming outstanding gains overnight is probably exposing his trading account to enormous risk by trade large number of lots. It is only matter of time before huge losses would wipe out gains and beyond, leaving trader feel devastated financially and emotionally. Trust me, I know that from personal experience. Money management in Forex Trading is a combination of specialized techniques and your trading judgment. Lets look further into it.

Calculating Right Trade Size / Lot:

Overexposing or underexposing your account can change the end result drastically and hence the first thing we need to do is to come up with the right size for our trades. Also remember that this is not a one time process, in fact it is an ongoing process because variables like account size, stop loss and pip value keep changing with time.

Before we can even look into the formula for successfully calculating the right trade size we need to agree one very important thing, Risk. So what should be the ideal risk per trade? Answer to this question would depend on the trader however most successful traders would recommend 2-3%. In my personal opinion you should not risk more than 3% per Pair Category. You can read up further on Trade Category here: Risk Management

Once you have made up your mind about the Risk % then calculate Risk in Dollars by multiplying the account size by Risk %. For Example if you have $10,000 account and willing to risk 3% then total risk in dollars is $300 ({10,000 x 3} / 100).

Next step is to determine the Stop Loss. Whatever trading system you are using, you would know by now what is your Stop Loss. Lets say for the sake of this exercise your Stop Loss is 100 pips. The next important factor is to determine Pip Value of the pair your are about to trade. The easiest way to find out is to look at your brokers trading platform. Look at the attached screenshots from MBT and FXCM trading Platform. MBT represents Pip Value/Lot for a Mini Lot under their Watchlist or Position window and FXCM calls it Pip Cost under Simple Trading Rates window represented for a Standard Lot.

In the example I’ve used MBT Pip Value as 1 resulting in Trade Size in Mini Lots. If you use FXCM Pip Value then the result would be in Standard Lots. Also keep in mind that resulting Trade Size may not come out as whole number and may be a fraction. In that case always go down to whole number and never go up. For Example, If the resulting Trade Size is 2.32 Mini Lots then make it 2 Mini Lots and not 3. Some broker may let you trade fractional lot sizes and in that case you won’t need to worry about it.

Click here to link to the original site of this article www.forex.firepips.com

Forex Trading Strategies For Beginners - Understanding the "Fundamentals"

2010-02-27T15:41:00.001+01:00

The best way to familiarize yourself with Forex trading in a safe manner to begin with is to open a demo account. A demo account allows you to download the free Forex trading software that shows you the movement of the currency and place fake buys and sells of the currency pair. This way you get your feet wet without drowning.

You have to realize also that mastering the trends of currency is next to impossible if your not an economics major or something to that effect. My suggestion is to get your self and automated Forex trading robot. They are slightly pricey ($99-$200). What the Forex robot is is software that monitors, constantly, what all the currency pairs are doing and then sends you (via email or cell phone or directly through the robot software) a buy or sell signal.

Use this Forex robot while you are using your demo account. Do this for about a month AT LEAST, maybe 2, and then when you feel 100% familiar with the concept of Forex trading and how to successfully use your automated Forex trading robot THEN open a real account. You should be able to start small. You should be able to start trading with a real Forex account with no more than $500. And most important Do not EVER let ANYONE discourage you from your dream of being a Forex trader for a living. You will fast notice that it is the people that ARE NOT rich have so much great advice for you on how NOT to do it.

A great FREE ebook explains for trading in such a manner that a 5 year old could understand it. It is called Forex Auto Trading - Riches on Auto Pilot This ebook also tells you how you can start with only $250 safely. Download Ebook

Article Source: http://EzineArticles.com/?expert=Dan_Appleman

Tips For Day Trading Online

2009-08-25T17:21:00.000+01:00

Day trading signifies buying and selling stock within the market day. The market day is the time period between the opening and closure of markets. Traders find this activity extremely profitable because of the financial leverage and rapid returns that accompany day trading.

Online day trading requires good dependable equipment. A good computer for trading, with a memory capacity of 1024mb RAM is required. Experts are divided about the number of monitors required for this activity. Some believe that 2 -3 monitors are needed for effective online transactions while others believe a single large size monitor is sufficient. A high speed broadband internet connection is required for speedy inflow of real time quotes and charts. A good UPS or unlimited power supply is also required for effective trading at the computer. Direct access software will help the trader to place orders and get the orders executed faster.Online day trading requires a good broker who gives instant information.

The online platform of the broker should be dependable and all services should be instantly accessible. Access to the account of the trader should be easy and the response should be quick and efficient. The trader should be able to place orders and get results before the market closes. The website of the broker should be easy to use and constant updates should be available to the trader. The broker should execute orders instantly with small margins and low spreads. All transactions should be secure online transactions that are encrypted and password protected.

Additional Resources: Online TradeKing Review

http://EzineArticles.com/?expert=Matthew_Mitchell

Matthew Mitchell - EzineArticles Expert Author

Dollar Tumbles Further after Weaker than Expected Housing Data

2008-04-16T18:59:00.000+01:00

Dollar tumbles across the board today and remains generally weak in early US session after much weaker than expected housing data from the US. Housing starts dropped much more than expected by -11.9% to 0.947m annualized rate in March, reaching a 17 year low. Building permits, on the other hand, dropped -5.8% to 0.927m comparing to expectation of 0.97m. CPI was inline with expected and was unchanged at 4.0% yoy in Mar, with core CPI unchanged at 2.4%. Industrial production rose 0.3% mom in Mar. Dollar was sold off against Euro earlier today after strong inflation data from Eurozone. Another round of selling is seen in the greenback against Aussie in US session.

Earlier in the day, Euro finally breaks out of recent range against the dollar after Mar HICP final was revised more than expected from 3.3% to 3.6% yoy comparing to expectation of 3.5%. Looking at the details of the report, inflation quickens in all category. Note that Trichet and other ECB officials has maintained their hawkish tone on inflation and with the current outlook, there's no room for ECB to cut rates in the near future. EUR/USD reaches is now set to take on 1.6 psychological resistance. On the other hand, EUR/GBP also makes new record high of 0.8076 and is set to continue the rally. Sterling also rides on larger than expected drop in Claimant count in March by -1.2k. ILO unemployment rate was unchanged at 5.20% in Feb. Canadian dollar rides on rally in oil to new record high above $114.5 a barrel.

Looking ahead, Fed's beige book will be released later in the US session. Markets will also liten to speeches from Fed's Plosser & Mishkin.

Forex Confidential - One Of Those Days

2008-04-02T16:49:00.000+01:00

Hello have you ever had “one of those days” when everything went wrong? When it comes to trading, “one of those days” may be when you have a run of losing trades. Having a “bad day” sometimes places us in an emotional state that is not conducive to a good trading mind-set. When you start to have a “bad ‘day” while trading you may experience yourself mis-reading the market, or perhaps, you start to have technical issues like your charts not coming up properly. It is hard enough to keep your cool while trading let alone doing so when having an “off day”.

It happend to me the past few days and as soon as I lost I found myself entering into another trade thinking that what I saw as the clear cut signal , but then the market just goes the other way bringing me to yet another loss.

Now I just want you to understand that this sort of thing happens to each and every trader out there , of course there are times when things will not just want to work your way , it really doesnt mean that you are losing it but as it is that we don not control the market rather we are followers, I can say sometimes it really does mislead us-which is normal.

So to help you deal with those moments here are some of my tips that have helped me deal with the situation and I am sure that it will help you as well.

Keep in tune with your emotions. Know when things are not quite right. If needed, turn your computer off and take a rest. Perhaps a brisk walk will jumble you up some. Go throw the ball for your dog or help your child with his/her homework. Do something different. Just mix it up a bit. After rested come back and things will be more clear. At this time, you may now concentrate on a positive attitude and winning trades.

FOREX TRADER CREED
I am a champion.
I have discipline
I believe in my ability to be a successful trader.
I have the will to win.
I set goals for myself
I surround myself with other positive traders.
I am cool, positive, and confident.
I understand that I am constantly learning.
I am in control of my emotions.
I stay focused on my trading.
I mentally visualize winning trades.
I am a champion

I tell you that if you keep all these in mind you surely will come out successful at the end as you will bounce back to all your winning stream of trades.

Please feel free to email on on vingozee@gmail.com for further comments or suggestions. Happy pipping and have a great day!

Weekly Technical Strategist

2008-03-31T18:49:00.000+01:00

Hey all see what I got off a website FXTechstrategy.com you guys take a good look at at it EURUSD: Halts Its Corrective Pullbacks, Shifts Focus To The 1.5904 Level

EURUSD- EUR put in a strong performance the past week halting its corrective pullback off the 1.5904 high to close the week at 1.5808. The pair is now poised to ascend further towards its YTD high at 1.5904 with a loss of there triggering further gains targeting its big psycho resistance at 1.6000.Above there will set the stage for higher prices towards the 1.6100 and 1.6200 levels, representing its psycho resistance levels. Its daily stochastics remains bullish to overbought. Support starts at the 1.5700 level, its psycho support and extends to the 1.5600 area, another psycho level. Under there will target its Mar 24’08 low/.382 Ret (1.4440-1.5904 rally, daily chart) at 1.5344/42 followed by the 1.5174 level, representing its .50 Ret. On the whole, having reversed almost its entire decline off the 1.5904 level, EUR now looks to retest and ultimately break through there to new highs.

Directional Bias:
Nearer Term –Bullish
Short Term –Bullish
Medium Term –Bullish

Performance in %:
Past Week: +2.43%
Past Month: +2.12%
Past Quarter: +2.20%
Year-To-Date: +8.37%

Weekly Range:
High -1.5859
Low -1.5342

GBPUSD: Fails Ahead Of The 2.000 Level, Forms Evening Star Candle Pattern

GBPUSD-Having recovered from its decline to as low as 1.9736 to a high of 2.0193 on Thursday, GBP closed the week lower forming an evening star candle pattern(reversal signal) at the end of Friday trading session. This development now leaves the pair vulnerable to further declines towards the 1.9757/38 area, its Mar 20/24’08 low ahead of the 1.9653/23 zone, its Aug 17’07 high/Jun 08’07 low and then its 2008 lows at the 1.9360/35.On the other hand, a close back above its psycho resistance at 2.0000 followed with a break and hold above its Mar 27’08 high at 2.0193 is required to reduce its present downside pressure. Beyond there will open up gains towards its Mar 10’08 low/Dec 06’07 high at 2.0218/2.0310 accompanied by its 2008 high at 2.0396 printed on Mar 14’08.All in all, the pair must trade above the 2.0193 level to prevent further weakness lower in the days ahead.

Directional Bias:
Nearer Term -Bearish
Short Term -Bearish
Medium Term -Bearish

Performance in %:
Past Week: +0.64.%
Past Month: -0.05%
Past Quarter: -3.00 %
Year-To-Date: -0.17%

Weekly Range:
High -2.0193
Low -1.9759

USDJPY: Follow through On Hammer Candle Pattern Formation Remains Slow And Unconvincing.

USDJPY- USDJPY continues to struggle closing on the negative side at the end of the week following the formation of a hammer candle pattern the previous week. Until a convincing and quick recovery are seen, the pair could weaken back lower to retest the low of the said hammer candle at 95.95(Mar 17’08).If a break through there occurs then a run at its 1.272 Fib Ext at 95.34 and next its 1.618 Fib Ext. at 87.51 may be seen. On the upside, the 100.00 level, its psycho resistance will serve as the immediate upside target with a break of there paving the way for further gains towards the 101.68/86 zone, its Nov’04/Jan’05 lows ahead of its Mar’05 low at 103.66 with an extension aiming at its May’05 low at 104.20.Its weekly stochastics remains in an oversold zone. In short, if a convincing follow through on the formation of the mentioned hammer fails to materialize, a turn lower towards its YTD low at 95.75 is likely.

Directional Bias:
Nearer Term -Bearish
Short Term -Bearish
Medium Term -Bearish

Performance in %:
Past Week: -0.43%
Past Month: -2.32%
Past Quarter: -2.67%
Year-To-Date: -11.27%

Weekly Range:
High -101.04
Low -98.56

This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report.

Slow Trading after long holiday

2008-03-25T12:14:00.000+01:00

Hello guys , the market opened this morning after the long hols and as we didnt expect , there has actually been slow movements with so many pairs moving against their trend, just noticing now that the Euro broke the weekly pivot 1.5577 which has been a strong esistance for it today, we sure hope that it will continue its move upwards , the US will be expecting some news today so they are expected to further enhance the move on the Euro. But then , we can only wait till the market shows us its hands then we follow it. Happy trading all, I will be back with more info.

Happy New Year

2008-03-21T12:00:00.000+01:00

Happy new year and welcome to a wonderful year for trading the forex market. Since the year begun we have seen quite a lot happening in the forex arena. These events have brought millions to those who have devised ways of tapping into profitable trading. I have been doing alot of practicing myself on my trading and getting helpful tips from fellow forex traders, I must say that it really hasnt been easy for me, as my expectations before I got into the forex market was not actually playing out the way I thought them to be. But then thats the market , no one can actually tell what will happen in US that will make the dollar head north or south, but then you just need to be prepared and wait for events to play out before you trade in the line of the trend because its said that the trend is your friend and you should never trade against the treand.
Well I know we will be discussing quite so many things on this blog in the nearest future, so please always pay a visit and HAPPY TRADING.

Currency Trading Success - A Simple Tip for Bigger Profits by kelly price

2007-11-28T18:19:00.000+01:00

If you want to enjoy currency trading success then this simple tip will help you. Most currency traders simply do one thing they shouldn't and that's why they lose - so here is the tip.
When trading in currencies always keep this point firmly in mind:
The amount you trade has no bearing on how much money you are going to make so cut your trading and focus on high odds trades and focus on high odds trades.
Most currency traders when they start want to trade and be in on the action - but this means they lose, as the high odds trades don't come around very often.
I know traders who trade 6 - 10 times a year and make over 100% and others who trade all the time and make nothing.
Consider the vast number of traders who day trade and lose.
Why do they lose?
Because all short term moves are random. Sure they have clever systems and work hard but their not trading the odds and a long term trader will win hands down against them in terms of profit.
There is the view that the more effort you put in the more you get out and that's true in many areas of life but not the forex markets.
In forex markets you get paid for being right and that's it.
If you want to win, you have to trade the high odds trades - so what is a high odds trade?
The best way to look for a high odds trade is to look for areas of support and resistance the market considers valid - this means they have been tested several times and these tests have taken place in several different time frames - normally weeks or months apart.
When you look at these levels you are looking to go with breaks of support and resistance and go with the break.
It's a fact that most of the big currency trends start from new market highs or lows and if you don't go with these breaks you will miss some of the best trends.
Most traders can't do this.
Their obsessed with getting in at a lower or better price and wait for the pullback.
It doesn't come and they sit their waiting and wonder what might have been.
The above may sound a simple way to make money and it is - but most traders refuse to do it trade too often on trades with bad odds and lose.
Trading is an odds game and if you want to win you need to trade when the odds are in your favour it's as simple as that.
I would say that you will get a trade like this in forex markets no more than once a month and you get about 10 - 12 really good breakouts a year. Learn to focus on these and you will be trading with the odds in your favour and load up the trade in terms of how much you risk.
Forex trading involves taking calculated risks at the right time and if you trade breakouts that are considered valid you are doing just that.
So if you want to enjoy currency trading success with your trading system trade the high odds breakouts.
About the Author
PROFESSIONAL FOREX TRADING COURSE and FREE ESSENTIAL TRADER PDFS
For an exclusive Forex Trading Course visit our website at: http://www.learncurrencytradingonline.com/index.html

Welcome message

2007-11-28T17:47:00.000+01:00

Hello and welcome all!
My name is Adim Vincent a young graduate of Linguistics in African Languages (Igbo language to be precise). In my 26 years of being here on earth I have ever since I gained awareness strived to be real good at every little thing I find myself in, if not the best. One thing I find so interesting in life is the fact about being independent-financially independent.

Growing up in a large family I have seen the need for one to find means to get finance for himself and believe you me there is nothing as fun as having some extra cash for yourself to meet personal needs. This got me into seeking financial knowledge in order to fulfill this task. Really this hasn’t been an easy task for me because like everything in life, when you are looking for something real chances are that you will come across stumbling blocks that will TRY to stop you but you can only be stopped if you give in to defeat.

Of course you will say I speak like someone that has so many guts, yeah well the truth is that I gained so much will power after I started developing myself through searching for ways to avoid getting into the rat race not to talk of being caught up in it. Truth is that my mentality changed after I read Robert Kiyosaki’s Rich Dad Poor Dad.

Well in this Blog I will be exploring tips on how to be financially independent so that we can all live our dream life. Also I will be giving out free trading signals on this site , but I suggest you try it out on DEMO account first! I bet we all dream of having so much money to do so many things that we want to do but the little hitch is that most of us don’t really know to come about it in life. So that is going to be our focus on this blog and I pray and know that by the time we explore the principles that have produced great millionaires of our time, we will join them and be counted as one of them.

So make it a date and always join me as we build that future we’ve always dreamt of!