Forex Trading Tutorial

This trading tip is all about why poker players tend to make great traders in fact, a huge number of poker players have become trading legends and the reason is simple - the skills you need to win at poker are exactly the same skills you need to win at Forex trading. Let's look at the similarities in more detail.

What makes the poker player such a good trader is the way they are able to trade with patience and discipline which are two traits most traders lack. Before we look at the importance of discipline, lets look at a major error traders make in terms of how and why prices move. Most Forex traders think the markets move to science or some higher force and can predicted in advance and think the market can be beaten. The markets cannot be predicted in advance of course but you can win, if you play the odds correctly - so how do you trade the odds? In a game of poker, the good players have no idea what hands other people may have or what order the cards will come out of the deck but what they do know, (by looking at their hand and the cards dealt) is their odds of success based on the odds and they play with the odds firmly in mind. 

When a Forex trader starts to lose, he holds his losses and hopes they they turn around, the poker player doesn't, he will pass hands by or folds, until he sees the right opportunity and when he does, he plays his hand. He knows that one good hand, can make up for 5,10 or more folds he had previously. What he is doing is trading with discipline, keeping losses small and being patient and waiting for the right opportunity and running his profits to cover his losses.

Source: http://www.youtube.com/watch?v=M_L85p-1UyU

How to Be Successful in Your Forex Trading

There are many different perspectives on forex trading, some may only concentrate on fundamental analysis while some may focus on technical charts. There will be some traders who will take advantage of the leverage while others will keep away from it as the risks will be greater. You do not have to follow them, but these are general forex trading tips to keep you on good shape.

1) Basic Knowledge - This applies to whatever you do or whatever your approach in your life. How can you expect to fly when you have not even learnt how to walk? Especially for the forex market you should know what are the risks involved and how the market works before you even trade. There are many of forex trading systems out there, so you should choose your methods wisely. In addition, you should define your short term and long term goals based on your character and personality.

Every forex trading strategy have its own risks and advantages. You will have to choose carefully based on the type of person you are. For example, if you are the type who can't really control emotions well and very anxious whenever you trade, then you should go for a long term investment where you seldom have to monitor your trades.

2) Forex Broker That Suits You - This may be the biggest decision that you will have to make when you decide to step into the forex world. Do not rush into this because you will have to depend on your broker for the rest of your trading. Find a forex broker that really suits your style. So to do that, you will have to read up and find reviews on various brokers to find out their advantages and disadvantages. After that, extensive comparisons have to be done before you choose one.

After you have narrowed down your selection to some brokers, you should compare their trading platforms. The trading platforms are very important because whether you are successful or not depends on that. You will find that some platforms are not user friendly and you will take a lot of time to figure it out. Try to find one which you feel very comfortable in using. Also make sure that the broker's support and customer service will be there whenever you need it.

3) Selection of Forex Strategy and Application - There are only two primary methods when it comes to analyzing the forex market. One is technical analysis and the other is fundamental analysis. We shall look into technical analysis first. I'm sure you have always heard of 'The trend is your best friend'. This is so because traders believe that the market will repeat its history and movements. There are many tools to help you to analyze the market such as levels and indicators. But there are cons as well. Most indicators are lagging and you should not just depend on indicators to trade.

On fundamental analysis, many believe what gets the market really moving is the news of the specific country. This method is the tougher one as we can't predict what will be the changes in a country. Not many traders use fundamental analysis as their main strategy nowadays though they still use it as a guide and reference. Whatever it is, choose the methodology that suits you well concentrate on it. Consistency is the part of the game.

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Source: http://www.artipot.com/articles/380454/forex-trading-tips-how-to-be-successful-in-your-forex-trading.htm

Forex Trading Basics - 5 Forex Trading Tips For Beginners

Forex Trading Basics - Read the 5 top forex trading tips for new traders

http://www.currencymarketupdates.com/...

* Find the right trading platform
* Get practising
* Start small
* Follow other traders
* Do your homework

Forex trading online can be quite confusing without the proper guidance. Follow the forex trading basics and guidance eToro offers within its social investment network and specially developed forex trading course.

The eToro Forex Matador forex course will take you step by step through all the basics of forex trading to the more advanced strategies of trading online. Start your forex trading career on the right foot with eToro.

Source: http://www.youtube.com/watch?v=Sh-6gPM-4-8

4 Easy Ways to Trade Forex in Choppy Markets

Forex trading does not trend all the time. In fact, we will experience choppy markets or some called whipsaws markets for quite a number of times. Choppy market is where the price moves dramatically up or down and may look identical to start of a new trend in early stages. But instead of continuing the trend, the price may suddenly dive back down to your entry price or trigger your stop loss. I believe it's a challenge for most people trading forex, particularly those who are new to forex trading. Why is it so? The reason is they may not be able to identify what kind of market is that and may be unable to resist the temptation of false fast price movements. So how to trade forex in this kind of situation? Below are some of the forex trading tips:

1. Don't expect a long swing plan or any sustained price movements if you are already in an open position, get some profits out when you have made some from the forex market or shift it to the breakeven price as soon as possible. This will reduce the risk of losing that position.

2. When the forex markets are choppy and you really need to trade, it is safer to trade those currency pairs which are highly correlated. Examples of highly correlated forex currency pairs are EUR/USD with USD/CHF, and EUR/GBP with GBP/CHF. This means if EUR/USD falls, USD/CHF will climb, and vice versa. It usually happens 95% of the time on hourly charts. So you should look at the support and resistance levels pertaining to EUR/USD and USD/CHF if you are to trade either one of the currency pairs, to assist you in making a decision.

3. You should refer to the calendar of economic announcements every now and then in forex trading. Sometimes a choppy market occurs when there is two or more economic data releasing at the same time or within a few hours. A particular news may trigger an up movement while the other one may trigger a down. Therefore it is a bad time to trade forex as you do not know exactly where the forex market is moving.

4. Sometimes when the forex trading market is choppy, it forms range-trading channels, which sets one up for a breakout. If there's is no indication on which direction the market is moving, forex traders may go long when it's at the bottom range, and short when it is at the top range. This may earn you some pips, but again, it is better to wait for price to break out from the range-trading channels so that ideally you will be able to catch the breakout trend.

Although those above can help you to counter choppy markets, I still must say that when the forex market is particularly ruthless, it is best that one simply walk away and wait for another good trading opportunity. Here is another tip for you that may help: Unless there are some fundamental reasons to drive the currency markets, such as news release etc, probably you will be looking at a market that is not trending at all.

Article Source: http://EzineArticles.com/1557787

Forex Trading Tip - 3 Tips to Super Charge Your Profits

The forex trading tip enclosed is all about increasing your profitability and there logical, easy to apply and work. So here are your 3 trading tips, to increase the profitability of your forex trading strategy.

1. Learn The 80 - 20 Rule

It's a fact that in many areas of business work etc that 80% of your profits come from 20% of your efforts and it's also true in forex trading.

Most traders over trade and trade for the sake of trading, they think that if their not trading they will miss a move or the more they trade the better and this is not true. What you need to do is:

Cut you're trading dramatically and only focus on the high odds set ups. I know traders who trade less than once a month but earn triple digit profits. They know trading frequency has nothing to do with forex trading success and you should learn this to.

2. Don't Diversify

Diversification is seen as a way to cut risk - that's only true if you diversify into good high odds trades, but most traders think they should trade a spread of positions, take marginal trades but all that does is dilute profit potential.

Most forex trader's accounts are so small they simply can't diversify and have meaningful gains. No you need to concentrate on high odds trades and then use the next tip to milk them for all their worth.

3. Load up The Risk Reward

How many times do you read that you should only risk 2% per trade well for a small forex account of say $5,000 you wont make much doing that that's $100!

No you need to risk up to 20% on the high odds set ups - if you don't take a risk, you won't make big gains, its as simple as that.

You are not being rash, you are taking a calculated risk based upon the odds and like a good card player, you are going to load up your trade.

The tips above are simple and mean that you have to see forex trading for what it is a high risk - high return odds based game, where you need to be patient, to wait for the right trades and when you see them - hit them hard.

Article Source: http://EzineArticles.com/999733

Learn to Trade The Best Chart Set Ups

Take 21 days for each of these practices. Focus on them one-by-one to help them become ingrained in your method of operation. By building good habits one at a time, you will become a more successful investor.

Think about your schedule when deciding what trading strategy to use. If you're only able to trade for limited time during the day, consider using strategies that take part over a longer period of time, such as delayed orders.

There are several advantages to investing in the Forex market. Forex is can be traded on any time of the day or night. You do not need much money to enjoy lots of great opportunities in forex. This makes forex accessible to almost anyone at anytime.

All of this advice is directly from people who have personally achieved success in Forex trading. While there is no promise of success, implementing some of the Forex ideas, tactics, and tricks presented here will go a long way to improving your chances of becoming a profitable Forex trader. Try to apply the tips here, and you might make some profits when trading forex!

Source: http://www.youtube.com/watch?v=NMm3uHezD98

Forex Trading Tips - 6 Golden Rules To Keep Your Sanity When Trading Forex

Many people are trying to make a living from home in the currency trading market. It is an extremely profitable opportunity, but it can also be extremely stressful. This is especially so if you want to become a professional forex trader. As a professional forex trader, here are some my personal advice to all forex traders which can help to lower your stress level and you keep your sanity.

1. Check the economic calendar before you start your trading session

Imagine spending half of your day to find some forex trading signals that are going to turn into nice profit. You jump in and the next thing you know your investment is going into the tank for no apparent reason. Then you found out that there were some announcements that you were not aware of going against your trades. Making this forex strategy a regular part of your routine will help you avoid this pratfall. A website that you can refer to every day is ForexFactory.

2. Get away from your computer

A lot of home traders fall into the trap of all but becoming a hermit. When you are not trading, get an activity by hanging out with your buddies or do something more relaxing. You just know that you need get out of this environment and get your head cleared before deciding on your forex trading strategies.

3. Surf the internet and going to forums

If you are trading at home, you more than likely don't have anyone to bounce idea's off of or to even discuss what is going on. Joining a public forum on currency trading will address both of those issues. When the market slows down, pop in and see what everyone is talking about and you will find it to be a pleasant distraction. You may find some interesting forex indicators in the forum that could fascinate you for a while, or you can even search for some forex reviews for the product people are selling.

4. Trading is not only depending on brain, get healthy!

Although it may sound funny to you, but it is a forex trading tip that has merit all by itself. You have to keep both your mind and body healthy in order to concentrate. The occupation itself is very sedentary. You are sitting at a desk and staring at a computer all day, so give yourself a good sweat every day and you will be much sharper at your trading.

5. Make a great trade, treat yourself to a break

You will soon realize that you are always under the gun when you are trading and you are going to have to ease up at times to keep that intensity level up. If you have a successful trade or possibly avoided what could have been a major loss, give yourself a quick 15 minute break so you can recharge and keep that focus. Nobody can maintain that stressful level all day, never try to be superman.

6. Diversify your money

Diversification is also one of the forex trading techniques that you may want to implement. You may want buy some regular stocks or get some investment properties and put your money to work for you. That is passive income.

The above forex trading tips may help you to distress, but remember that it still depends on whether you have the discipline to follow your very own forex trading system. If you can, you will have the confidence to trade without much worries.

Source: http://www.artipot.com/articles/277520/forex-trading-tips-6-golden-rules-to-keep-your-sanity-when-trading-forex.htm